S1: Under the Companies Act 2013, a company can buy back its shares up to 25% of its total paid-up equity capital in a financial year. S2: The debt-equity ratio should not exceed 2:1 after a buyback of shares. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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The 'Income Tax Return' form for individuals having salary and one house property is:
Correct Answer: Option A
Explanation:
ITR-1 is for individuals with salary, one house property, other sources, total income up to ₹50 lakh.
ITR-1 is for individuals with salary, one house property, other sources, total income up to ₹50 lakh.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A firm's break-even point is 4,000 units. The variable cost per unit is ₹20, and the fixed cost is ₹40,000. What is the selling price per unit?
Correct Answer: Option B
Explanation:
At BEP, Total Contribution = Fixed Costs. Contribution per unit = Fixed Cost / BEP units = 40,000 / 4,000 = ₹10. Selling Price = Variable Cost + Contribution = 20 + 10 = ₹30.
At BEP, Total Contribution = Fixed Costs. Contribution per unit = Fixed Cost / BEP units = 40,000 / 4,000 = ₹10. Selling Price = Variable Cost + Contribution = 20 + 10 = ₹30.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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If a partner retires, the balance in his capital account is either paid off or transferred to his:
Correct Answer: Option A
Explanation:
If the firm cannot pay cash immediately, the retiring partner's dues are transferred to a Loan Account, carrying an interest of 6% p.a.
If the firm cannot pay cash immediately, the retiring partner's dues are transferred to a Loan Account, carrying an interest of 6% p.a.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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