The 'Updated Return' (ITR-U) attracts additional tax of: MCQ with Answer and Explanation
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Question #1
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The 'Form 26AS' is a statement of:
Correct Answer: Option D
Explanation:
Form 26AS is a consolidated tax credit statement.
Form 26AS is a consolidated tax credit statement.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: The sacrificing ratio is always in the old profit-sharing ratio. S2: The gaining ratio is always in the new profit-sharing ratio. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
The sacrificing ratio is calculated as Old Ratio - New Ratio. The gaining ratio is calculated as New Ratio - Old Ratio. They are not necessarily the same as the old or new ratios unless specifically stated. Both are incorrect.
The sacrificing ratio is calculated as Old Ratio - New Ratio. The gaining ratio is calculated as New Ratio - Old Ratio. They are not necessarily the same as the old or new ratios unless specifically stated. Both are incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A Trial Balance will not disclose which error?
Correct Answer: Option B
Explanation:
Compensating errors cancel each other's effect on trial balance totals, so the trial balance still agrees. Errors of casting, posting one side, wrong totaling will cause disagreement.
Compensating errors cancel each other's effect on trial balance totals, so the trial balance still agrees. Errors of casting, posting one side, wrong totaling will cause disagreement.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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