The 'Double Taxation Avoidance Agreement' (DTAA) aims to: MCQ with Answer and Explanation

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The 'Double Taxation Avoidance Agreement' (DTAA) aims to:

A. Increase tax rates

B. Unify all taxes

C. Tax income twice

D. Avoid double taxation of same income in two countries

Answer: Option D

Solution (By JKExamLibrary)

DTAA provides relief from double taxation through exemption or credit method.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Earnings Per Share' (Ind AS 33) requires disclosure of:

A. Diluted EPS only

B. Basic EPS only

C. Cash EPS

D. Basic and diluted EPS

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Correct Answer: Option D

Explanation:
Ind AS 33 mandates both basic and diluted EPS for entities whose shares are publicly traded.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Integrated Reporting' framework is developed by:

A. ICAI

B. FASB

C. IFRS Foundation

D. International Integrated Reporting Council (IIRC)

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Correct Answer: Option D

Explanation:
IIRC (now part of IFRS Foundation) developed the International Framework.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'External Confirmation' from a bank is an example of:

A. External evidence obtained directly by the auditor

B. Oral evidence

C. Analytical procedure

D. Internal evidence

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Correct Answer: Option A

Explanation:
Direct confirmation from bank is highly reliable.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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