The 'Ledger Folio' (L.F.) column in journal is filled when: MCQ with Answer and Explanation
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Question #1
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Which of the following errors will NOT be revealed by a Trial Balance?
Correct Answer: Option D
Explanation:
Errors of principle (like treating capital expenditure as revenue) affect debit and credit equally, hence the Trial Balance will still agree.
Errors of principle (like treating capital expenditure as revenue) affect debit and credit equally, hence the Trial Balance will still agree.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is NOT one of the 5 heads of income under the Income Tax Act?
Correct Answer: Option A
Explanation:
The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.
The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Updated Return' (ITR-U) attracts additional tax of:
Correct Answer: Option C
Explanation:
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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