Which document serves as the basis for recording transactions in the books of accounts? MCQ with Answer and Explanation
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Question #1
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The 'Segment Reporting' is primarily useful for:
Correct Answer: Option B
Explanation:
Segment information helps users understand the entity's diverse operations.
Segment information helps users understand the entity's diverse operations.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The maximum rate of income tax (excluding surcharge and cess) for individuals in India as per recent budget is:
Correct Answer: Option C
Explanation:
As per current income tax slabs, the highest marginal rate for individuals (old regime) is 30%. Under new regime, surcharge may increase effective rate but base rate is still 30% up to certain limit. The question asks maximum rate excluding surcharge, so 30%.
As per current income tax slabs, the highest marginal rate for individuals (old regime) is 30%. Under new regime, surcharge may increase effective rate but base rate is still 30% up to certain limit. The question asks maximum rate excluding surcharge, so 30%.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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GST collected on sales is credited to:
Correct Answer: Option B
Explanation:
GST collected from customers is a liability to government, recorded as Output GST.
GST collected from customers is a liability to government, recorded as Output GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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