Which of the following errors does NOT affect the trial balance? MCQ with Answer and Explanation
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Question #1
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The 'Gift Tax' in India:
Correct Answer: Option D
Explanation:
Gift tax Act was abolished; gifts are now taxed in the hands of recipient under Section 56(2)(x) of Income Tax Act if exceeding ₹50,000.
Gift tax Act was abolished; gifts are now taxed in the hands of recipient under Section 56(2)(x) of Income Tax Act if exceeding ₹50,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'National Financial Reporting Authority' (NFRA) has jurisdiction over:
Correct Answer: Option A
Explanation:
NFRA regulates auditors and audit quality of public interest entities.
NFRA regulates auditors and audit quality of public interest entities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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What is the rule of Double Entry for Real Accounts?
Correct Answer: Option A
Explanation:
Real accounts relate to tangible or intangible assets. The golden rule is 'Debit what comes in, Credit what goes out'.
Real accounts relate to tangible or intangible assets. The golden rule is 'Debit what comes in, Credit what goes out'.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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