When a trial balance tallies, it provides: MCQ with Answer and Explanation
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Question #1
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The 'Set-off and Carry Forward' of losses under Income Tax: Speculation loss can be set off against:
Correct Answer: Option C
Explanation:
Speculation loss can only be set off against speculation profit.
Speculation loss can only be set off against speculation profit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In standard costing, if the actual material mix is changed due to a shortage of a specific material, how should the Material Mix Variance be calculated?
Correct Answer: Option A
Explanation:
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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'Internal Control' is the responsibility of:
Correct Answer: Option C
Explanation:
Management is responsible for establishing and maintaining internal controls.
Management is responsible for establishing and maintaining internal controls.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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