The 'Securities Transaction Tax' (STT) is levied under: MCQ with Answer and Explanation

The 'Securities Transaction Tax' (STT) is levied under:

A. Securities Contracts (Regulation) Act

B. Income Tax Act

C. Finance Act (Chapter VII of Finance (No.2) Act, 2004)

D. GST Act

Answer: Option C

STT is levied through the Finance Act.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Share Based Payments' (Ind AS 102) require equity-settled transactions to be measured at:

A. Nominal value

B. Intrinsic value

C. Market price on grant date only

D. Fair value of goods/services received, or if not reliably determinable, fair value of equity instruments granted

Correct Answer: Option D

Explanation:
Equity-settled share-based payments are measured at fair value.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Fund-based Accounting' is used by:

A. Companies

B. Sole traders

C. Non-profit organizations and government entities

D. Partnership firms

Correct Answer: Option C

Explanation:
Fund-based accounting tracks resources for specific purposes, common in NPOs and government.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

In a journal entry, a brief explanation of the transaction written below the entry is called:

A. Narration

B. Folio

C. Posting

D. Voucher

Correct Answer: Option A

Explanation:
Narration is a short description of the transaction written in brackets immediately below the journal entry.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping