'Segment Reporting' is governed by: MCQ with Answer and Explanation

'Segment Reporting' is governed by:

A. AS 18

B. AS 20

C. AS 17

D. AS 19

Answer: Option C

AS 17 requires disclosure of segment-wise information for listed companies and those in the process of listing.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The mechanism by which a business can reduce its tax liability by claiming credit for taxes paid on purchases is called:

A. Tax Deduction at Source (TDS)

B. Input Tax Credit (ITC)

C. Reverse Charge Mechanism (RCM)

D. Tax Refund

Correct Answer: Option B

Explanation:
ITC avoids the cascading effect of taxes by allowing a set-off of tax paid on inputs against tax payable on output.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Updated Return' (ITR-U) can be filed within:

A. No time limit

B. 24 months from the end of the relevant assessment year

C. 12 months from the end of the relevant assessment year

D. 36 months

Correct Answer: Option B

Explanation:
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'Exempt Supply' under GST means:

A. Supply not subject to GST

B. Supply on which no GST is payable but ITC not available

C. Supply with 0% tax and ITC available

D. Supply with concessional rate

Correct Answer: Option B

Explanation:
Exempt supplies are not taxed and no credit of input tax is allowed.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping