The 'Section 80GGC' deduction is available for: MCQ with Answer and Explanation
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Question #1
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Which of the following is an example of a fixed cost?
Correct Answer: Option A
Explanation:
Factory rent remains constant irrespective of production volume, hence fixed cost.
Factory rent remains constant irrespective of production volume, hence fixed cost.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Direct taxes are progressive in nature because:
Correct Answer: Option A
Explanation:
Direct taxes like income tax have higher rates for higher income slabs, making them progressive.
Direct taxes like income tax have higher rates for higher income slabs, making them progressive.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A: Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives. R: Internal control can guarantee the prevention of all frauds. Choose the correct option.
Correct Answer: Option D
Explanation:
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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