The 'Annual Information Statement' (AIS) under Income Tax provides: MCQ with Answer and Explanation
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Question #1
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Goods withdrawn by the proprietor for personal use are recorded by:
Correct Answer: Option B
Explanation:
Drawing goods reduces the stock of items bought for resale, so Purchases A/c is credited at cost price.
Drawing goods reduces the stock of items bought for resale, so Purchases A/c is credited at cost price.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the General Financial Rules (GFR) 2017, who is the primary authority responsible for sanctioning contingent expenditure in a government department?
Correct Answer: Option D
Explanation:
Under GFR 2017, the Controlling Officer is primarily responsible for sanctioning contingent expenditure and ensuring that such expenditure is within the authorized limits.
Under GFR 2017, the Controlling Officer is primarily responsible for sanctioning contingent expenditure and ensuring that such expenditure is within the authorized limits.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'ASB' stands for:
Correct Answer: Option D
Explanation:
ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.
ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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