Which of the following is a feature of the double entry system? MCQ with Answer and Explanation
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Question #1
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Tax deduction at source (TDS) is a mechanism under:
Correct Answer: Option A
Explanation:
TDS is part of the Income Tax Act, a direct tax, requiring the payer to deduct tax at source on certain payments.
TDS is part of the Income Tax Act, a direct tax, requiring the payer to deduct tax at source on certain payments.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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When analyzing Cost Accounting data, 'Contribution' is useful for:
Correct Answer: Option A
Explanation:
Contribution (Sales - Variable Cost) is a key metric in marginal costing used for managerial decisions like 'Make or Buy', dropping a product, or accepting special orders.
Contribution (Sales - Variable Cost) is a key metric in marginal costing used for managerial decisions like 'Make or Buy', dropping a product, or accepting special orders.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Revenue Recognition' under Ind AS 115 is based on:
Correct Answer: Option C
Explanation:
Ind AS 115 uses a five-step model based on transfer of control.
Ind AS 115 uses a five-step model based on transfer of control.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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