The 'Faceless Assessment' in income tax aims to: MCQ with Answer and Explanation
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Question #1
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In a journal entry, a brief explanation of the transaction written below the entry is called:
Correct Answer: Option A
Explanation:
Narration is a short description of the transaction written in brackets immediately below the journal entry.
Narration is a short description of the transaction written in brackets immediately below the journal entry.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Break-Even Point' in units is calculated as:
Correct Answer: Option A
Explanation:
BEP (units) = Fixed Costs / (Selling price per unit - Variable cost per unit) = Fixed Cost / Contribution per unit.
BEP (units) = Fixed Costs / (Selling price per unit - Variable cost per unit) = Fixed Cost / Contribution per unit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The Margin of Safety is the difference between:
Correct Answer: Option B
Explanation:
Margin of safety indicates how much sales can drop before the business starts incurring a loss. Formula: Actual Sales - Break-Even Sales.
Margin of safety indicates how much sales can drop before the business starts incurring a loss. Formula: Actual Sales - Break-Even Sales.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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