The Trading Account shows a gross profit of Rs 50,000. Indirect expenses are Rs 20,000 and indirect income is Rs 5,000. What is the Net Profit? MCQ with Answer and Explanation
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Question #1
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A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in:
Correct Answer: Option B
Explanation:
Wealth tax was abolished in the Union Budget of 2015-16, replaced by an additional surcharge on the super-rich.
Wealth tax was abolished in the Union Budget of 2015-16, replaced by an additional surcharge on the super-rich.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:
Correct Answer: Option D
Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The term 'Working Capital' refers to:
Correct Answer: Option C
Explanation:
Working capital, or net working capital, is the difference between current assets and current liabilities, representing the short-term liquidity of the firm.
Working capital, or net working capital, is the difference between current assets and current liabilities, representing the short-term liquidity of the firm.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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