The 'Audit Programme' is: MCQ with Answer and Explanation
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Question #1
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Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
Correct Answer: Option C
Explanation:
Section 194IA mandates TDS at 1% on the transfer of immovable property (other than agricultural land) if the consideration exceeds ₹50,00,000.
Section 194IA mandates TDS at 1% on the transfer of immovable property (other than agricultural land) if the consideration exceeds ₹50,00,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Ind AS 116, if a lease contract is modified and the modification is not accounted for as a separate lease, how should the lessee remeasure the lease liability?
Correct Answer: Option D
Explanation:
Under Ind AS 116, a lease modification not treated as a separate lease requires the lessee to remeasure the lease liability using a revised discount rate at the effective date of the modification.
Under Ind AS 116, a lease modification not treated as a separate lease requires the lessee to remeasure the lease liability using a revised discount rate at the effective date of the modification.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which error will cause a mismatch in trial balance?
Correct Answer: Option B
Explanation:
Posting on the wrong side causes one side to be more/less, making totals unequal.
Posting on the wrong side causes one side to be more/less, making totals unequal.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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