The 'Indian Accounting Standards' (Ind AS) are issued by: MCQ with Answer and Explanation
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Question #1
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A: The Consolidated Fund of India is mentioned in Article 266 of the Constitution. R: It includes all revenues received by the Government of India. Choose the correct option.
Correct Answer: Option D
Explanation:
Article 266 of the Constitution establishes the Consolidated Fund of India. It includes all revenues, loans, and repayments. Both are true, but R describes the contents, not the constitutional basis (which is Article 266).
Article 266 of the Constitution establishes the Consolidated Fund of India. It includes all revenues, loans, and repayments. Both are true, but R describes the contents, not the constitutional basis (which is Article 266).
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Transfer Pricing' regulations in India are contained in:
Correct Answer: Option C
Explanation:
Transfer pricing provisions apply to international transactions and specified domestic transactions.
Transfer pricing provisions apply to international transactions and specified domestic transactions.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under the Income Tax Act, if a business loss of ₹5,00,000 (non-speculative) and a speculation loss of ₹2,00,000 are incurred in the same year, and the total profit from other heads is ₹3,00,000, what is the maximum loss that can be carried forward?
Correct Answer: Option B
Explanation:
Non-speculative business loss can be set off against any other head (up to ₹3,00,000), leaving ₹2,00,000 to carry forward. Speculation loss can only be set off against speculation profit (₹0 here), so the full ₹2,00,000 carries forward. Total carry forward = ₹2,00,000 + ₹2,00,000 = ₹4,00,000.
Non-speculative business loss can be set off against any other head (up to ₹3,00,000), leaving ₹2,00,000 to carry forward. Speculation loss can only be set off against speculation profit (₹0 here), so the full ₹2,00,000 carries forward. Total carry forward = ₹2,00,000 + ₹2,00,000 = ₹4,00,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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