The 'Intangible Asset' (AS 26) is recognised if: MCQ with Answer and Explanation
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Question #1
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Cost Audit in India is mandatory for specific companies under which section of the Companies Act, 2013?
Correct Answer: Option B
Explanation:
Section 148 empowers the Central Government to mandate cost audits for companies engaged in specific production or manufacturing activities.
Section 148 empowers the Central Government to mandate cost audits for companies engaged in specific production or manufacturing activities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A partner who lends money to the firm is entitled to:
Correct Answer: Option B
Explanation:
In absence of agreement, a partner is entitled to interest on loan advanced to the firm at 6% per annum as per Partnership Act, 1932.
In absence of agreement, a partner is entitled to interest on loan advanced to the firm at 6% per annum as per Partnership Act, 1932.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Input Tax Credit under GST is available for:
Correct Answer: Option C
Explanation:
Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.
Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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