The 'Revised Return' under Income Tax can be filed: MCQ with Answer and Explanation
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Question #1
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The concept of 'Materiality' implies that:
Correct Answer: Option D
Explanation:
Materiality means that items of significant value or nature should be disclosed; trivial items may be ignored.
Materiality means that items of significant value or nature should be disclosed; trivial items may be ignored.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Employees' State Insurance' (ESI) scheme provides:
Correct Answer: Option B
Explanation:
ESI is a social security scheme offering comprehensive medical and cash benefits.
ESI is a social security scheme offering comprehensive medical and cash benefits.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A partner's drawings are ₹12,000 drawn evenly throughout the year. Interest on drawings @ 10% p.a. would be:
Correct Answer: Option A
Explanation:
If drawings are made evenly throughout the year, average period = 6 months. Interest = 12,000 × 10% × 6/12 = ₹600.
If drawings are made evenly throughout the year, average period = 6 months. Interest = 12,000 × 10% × 6/12 = ₹600.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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