Under the Super Profit method, Goodwill is calculated as: MCQ with Answer and Explanation
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Question #1
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The 'Tax on Provident Fund contributions' above specified limit was introduced by:
Correct Answer: Option C
Explanation:
Interest on employee contributions exceeding ₹2.5 lakh per annum (₹5 lakh for government employees) in PF is taxable from FY 2021-22.
Interest on employee contributions exceeding ₹2.5 lakh per annum (₹5 lakh for government employees) in PF is taxable from FY 2021-22.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: A Receipt Voucher is prepared for cash receipts. S2: A Payment Voucher is prepared for cash payments. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A Suspense Account is generally closed when:
Correct Answer: Option B
Explanation:
The Suspense Account exists only as a temporary fix. Once all one-sided errors are found and rectified, its balance becomes zero.
The Suspense Account exists only as a temporary fix. Once all one-sided errors are found and rectified, its balance becomes zero.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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