The Consolidated Fund of India is formed by: MCQ with Answer and Explanation
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Question #1
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S1: Goodwill is an intangible asset. S2: Goodwill can be self-generated and recorded in the books of accounts. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
Goodwill is an intangible asset representing the firm's reputation. However, AS 26 prohibits the recognition of self-generated goodwill in the balance sheet; only purchased goodwill can be recorded. S1 is correct, S2 is incorrect.
Goodwill is an intangible asset representing the firm's reputation. However, AS 26 prohibits the recognition of self-generated goodwill in the balance sheet; only purchased goodwill can be recorded. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A characteristic feature of a Direct Tax is that:
Correct Answer: Option A
Explanation:
In direct taxes like Income Tax, the person upon whom the tax is legally imposed is the one who bears its economic burden.
In direct taxes like Income Tax, the person upon whom the tax is legally imposed is the one who bears its economic burden.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Retention Period' for audit working papers is generally:
Correct Answer: Option C
Explanation:
As per ICAI's Standard on Quality Control, retention period is at least 7 years.
As per ICAI's Standard on Quality Control, retention period is at least 7 years.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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