The term 'Amortization' refers to: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
Accounting data is considered 'Relevant' if it:
Correct Answer: Option A
Explanation:
Relevance is a qualitative characteristic implying the information has predictive or confirmatory value for decision-makers.
Relevance is a qualitative characteristic implying the information has predictive or confirmatory value for decision-makers.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
Which transaction will increase an asset and decrease another asset, keeping the accounting equation unchanged?
Correct Answer: Option B
Explanation:
Purchasing machinery for cash increases the Machinery asset and decreases the Cash asset by the same amount.
Purchasing machinery for cash increases the Machinery asset and decreases the Cash asset by the same amount.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
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
No comments yet. Be the first to start the discussion!