Overhead absorption rate is calculated as: MCQ with Answer and Explanation
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Question #1
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The CAG's audit report on government accounts is submitted to:
Correct Answer: Option D
Explanation:
CAG submits reports to the President (Union) or Governor (State), who cause them to be laid before Parliament/Legislature.
CAG submits reports to the President (Union) or Governor (State), who cause them to be laid before Parliament/Legislature.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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'AS 10' deals with:
Correct Answer: Option A
Explanation:
AS 10 covers accounting for fixed assets (now Ind AS 16).
AS 10 covers accounting for fixed assets (now Ind AS 16).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under the Income Tax Act, if a taxpayer incurs a short-term capital loss of ₹2,00,000 and a long-term capital gain of ₹1,50,000 in the same year, what is the net taxable capital gain?
Correct Answer: Option D
Explanation:
Short-term capital loss can be set off against both STCG and LTCG. Here, the STCL of ₹2,00,000 is set off against the LTCG of ₹1,50,000. The remaining STCL of ₹50,000 is carried forward. The net taxable capital gain for the year is Nil.
Short-term capital loss can be set off against both STCG and LTCG. Here, the STCL of ₹2,00,000 is set off against the LTCG of ₹1,50,000. The remaining STCL of ₹50,000 is carried forward. The net taxable capital gain for the year is Nil.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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