In single entry system, profit is generally determined by: MCQ with Answer and Explanation
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Question #1
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The 'Fraud' in an audit context refers to:
Correct Answer: Option C
Explanation:
Fraud is intentional; error is unintentional.
Fraud is intentional; error is unintentional.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Income Tax Act, which of the following is NOT eligible for deduction under the specific Section 80C limit of ₹1,50,000?
Correct Answer: Option C
Explanation:
Medical insurance premiums are eligible for deduction under Section 80D, not Section 80C. LIC, PPF, and Sukanya Samriddhi are all eligible under Section 80C.
Medical insurance premiums are eligible for deduction under Section 80D, not Section 80C. LIC, PPF, and Sukanya Samriddhi are all eligible under Section 80C.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows which of the following basic transactions?
Correct Answer: Option C
Explanation:
AePS allows basic banking transactions like Balance Inquiry, Cash Withdrawal, and Mini Statement using Aadhaar authentication. Cash Deposit is generally not supported through AePS micro-ATMs.
AePS allows basic banking transactions like Balance Inquiry, Cash Withdrawal, and Mini Statement using Aadhaar authentication. Cash Deposit is generally not supported through AePS micro-ATMs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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