The 'Cooling-off Period' for an audit partner after rotation is: MCQ with Answer and Explanation
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Question #1
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Which of the following deductions is not allowed under the new income tax regime (default)?
Correct Answer: Option C
Explanation:
Under the new regime, Section 80C deductions are not allowed.
Under the new regime, Section 80C deductions are not allowed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: In Activity-Based Costing (ABC), a cost driver is a factor that causes a change in the cost of an activity. S2: Transaction drivers are generally more accurate than duration drivers in ABC. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
S1 is the correct definition of a cost driver. S2 is incorrect because duration drivers (which measure the time taken) are generally more accurate than transaction drivers (which merely count the number of times an activity occurs), though transaction drivers are cheaper to implement.
S1 is the correct definition of a cost driver. S2 is incorrect because duration drivers (which measure the time taken) are generally more accurate than transaction drivers (which merely count the number of times an activity occurs), though transaction drivers are cheaper to implement.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Cost Records' under Companies Act 2013 are required to be maintained by:
Correct Answer: Option B
Explanation:
The central government specifies class of companies required to maintain cost records.
The central government specifies class of companies required to maintain cost records.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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