S1: The Treasury Single Account (TSA) is a unified bank account of the government. S2: Under TSA, all cash balances of various government departments are pooled together. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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S1: Income Tax is a direct tax. S2: Income Tax is levied by the State Governments in India. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The accounting treatment for loss by fire of uninsured goods is:
Correct Answer: Option B
Explanation:
Loss by fire is abnormal loss, charged to Profit & Loss Account, not to Trading Account.
Loss by fire is abnormal loss, charged to Profit & Loss Account, not to Trading Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The term 'Sweat Equity' refers to:
Correct Answer: Option C
Explanation:
Sweat equity shares are issued to employees or directors for providing know-how or value addition.
Sweat equity shares are issued to employees or directors for providing know-how or value addition.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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