Which of the following is NOT one of the 5 heads of income under the Income Tax Act? MCQ with Answer and Explanation
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Question #1
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If a business purchases land for Rs 10 lakhs and its market value increases to Rs 15 lakhs, it is still recorded at Rs 10 lakhs due to:
Correct Answer: Option D
Explanation:
The Cost Concept (Historical Cost) requires assets to be recorded at their original purchase price, ignoring subsequent market value fluctuations.
The Cost Concept (Historical Cost) requires assets to be recorded at their original purchase price, ignoring subsequent market value fluctuations.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Ind AS 1 deals with Presentation of Financial Statements. S2: Ind AS 101 deals with First-time Adoption of Ind AS. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Ind AS 1 prescribes the basis for presentation of general purpose financial statements. Ind AS 101 provides the procedures for an entity adopting Ind AS for the first time. Both statements correctly identify the standards.
Ind AS 1 prescribes the basis for presentation of general purpose financial statements. Ind AS 101 provides the procedures for an entity adopting Ind AS for the first time. Both statements correctly identify the standards.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Amortisation is related to:
Correct Answer: Option C
Explanation:
Amortisation is the systematic write-off of intangible assets like patents, copyrights.
Amortisation is the systematic write-off of intangible assets like patents, copyrights.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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