Under the Income Tax Act, if a taxpayer has a business profit of ₹3,00,000 and a brought forward business loss of ₹2,00,000, what is the total income after set-off? MCQ with Answer and Explanation
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Question #1
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An error where the effect of one error is neutralized by the effect of another error is called:
Correct Answer: Option C
Explanation:
Compensating errors mutually cancel each other out, ensuring the Trial Balance continues to tally despite the mistakes.
Compensating errors mutually cancel each other out, ensuring the Trial Balance continues to tally despite the mistakes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Voucher' approach in accounting helps to:
Correct Answer: Option B
Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.
Voucher system ensures that every transaction is supported by documentary evidence and approval.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Emphasis of Matter' paragraph in audit report is used to:
Correct Answer: Option C
Explanation:
Emphasis of Matter does not affect the audit opinion; it highlights significant matters.
Emphasis of Matter does not affect the audit opinion; it highlights significant matters.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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