'Benami Transactions' are prohibited under: MCQ with Answer and Explanation
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Question #1
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The 'Presumptive Taxation' scheme under Section 44AD is for:
Correct Answer: Option A
Explanation:
Section 44AD allows eligible businesses to declare 8% (or 6% digital) of turnover as presumptive income.
Section 44AD allows eligible businesses to declare 8% (or 6% digital) of turnover as presumptive income.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A credit purchase of machinery worth ₹50,000 will:
Correct Answer: Option D
Explanation:
Machinery (asset) increases, and a creditor liability increases. So assets and liabilities both increase.
Machinery (asset) increases, and a creditor liability increases. So assets and liabilities both increase.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Transfer Price' in cost accounting for internal transfers is:
Correct Answer: Option A
Explanation:
Transfer price is the value placed on internal transfers between responsibility centres.
Transfer price is the value placed on internal transfers between responsibility centres.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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