The 'Related Party' as per AS 18 includes: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Updated Return' (ITR-U) can be filed within:
Correct Answer: Option A
Explanation:
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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If a machinery costing ₹80,000 is sold for ₹70,000 with accumulated depreciation ₹20,000, the profit/loss on sale is:
Correct Answer: Option B
Explanation:
Book value = 80,000 - 20,000 = 60,000. Sale price 70,000. Profit = 70,000 - 60,000 = ₹10,000.
Book value = 80,000 - 20,000 = 60,000. Sale price 70,000. Profit = 70,000 - 60,000 = ₹10,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Safeguards' against threats to independence may be:
Correct Answer: Option A
Explanation:
Safeguards are measures that eliminate or reduce threats to an acceptable level.
Safeguards are measures that eliminate or reduce threats to an acceptable level.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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