The 'Statement of Changes in Equity' as per Ind AS 1 includes: MCQ with Answer and Explanation
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Question #1
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Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are:
Correct Answer: Option A
Explanation:
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In the Trial Balance, a bank overdraft is shown in the:
Correct Answer: Option D
Explanation:
Bank overdraft is a liability, and all liabilities have a credit balance, thus appearing in the credit column of the trial balance.
Bank overdraft is a liability, and all liabilities have a credit balance, thus appearing in the credit column of the trial balance.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to:
Correct Answer: Option A
Explanation:
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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