Goods distributed as free samples should be credited to which account? MCQ with Answer and Explanation
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Question #1
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A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:
Correct Answer: Option C
Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Verification of liabilities ensures that:
Correct Answer: Option C
Explanation:
Verification confirms the existence, completeness, and accurate valuation of liabilities recorded in the balance sheet.
Verification confirms the existence, completeness, and accurate valuation of liabilities recorded in the balance sheet.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Section 194N' of Income Tax Act deals with TDS on:
Correct Answer: Option D
Explanation:
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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