The 'Base Erosion and Profit Shifting' (BEPS) project is an initiative of: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
The 'Settlement Commission' for income tax was abolished and replaced by:
Correct Answer: Option D
Explanation:
The Settlement Commission has been discontinued and an Interim Board for Settlement handles pending cases.
The Settlement Commission has been discontinued and an Interim Board for Settlement handles pending cases.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
S1: In standard costing, the 'Idle Time Variance' is always adverse. S2: 'Abnormal Idle Time' is treated as a cost of the period and transferred to the Costing P&L. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Idle time represents unproductive time, so the variance is always adverse (actual > standard). Normal idle time is absorbed in overheads, but abnormal idle time (due to strikes, accidents) is treated as a period cost and charged to the Costing P&L. Both are correct.
Idle time represents unproductive time, so the variance is always adverse (actual > standard). Normal idle time is absorbed in overheads, but abnormal idle time (due to strikes, accidents) is treated as a period cost and charged to the Costing P&L. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The 'Monetary Unit Sampling' (MUS) is a:
Correct Answer: Option B
Explanation:
MUS selects sample items based on monetary units, focusing on larger values.
MUS selects sample items based on monetary units, focusing on larger values.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!