Accountancy and Book Keeping MCQs

Accountancy and Statistics

Accountancy and Book Keeping MCQs

Practice the latest Accountancy MCQs with answers and detailed explanations. Explore chapter-wise multiple-choice questions covering important accounting concepts, bookkeeping, financial statements, journal entries, ledger, trial balance, depreciation, ratio analysis, partnership accounts, company accounts, and more. Perfect for Class 11 & 12, B.Com, CA Foundation, CUET, Banking, SSC, JKSSB, JKPSC and competitive exams.

1861
Total Questions

Practice Questions

Page 63 of 94
Question #1241
The 'Angel Tax' exemption for startups was enhanced to include investments up to:
A. ₹50 crore
B. ₹25 crore
C. ₹10 crore
D. ₹5 crore
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Eligible startups can receive angel investments up to ₹25 crore without angel tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1242
The 'Vivad se Vishwas' scheme for direct taxes was enacted to:
A. Increase tax rates
B. Simplify GST
C. Introduce new taxes
D. Settle pending tax disputes by providing waiver of interest and penalty
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The scheme offers a mechanism to resolve legacy direct tax disputes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1243
The 'Sabka Vishwas' scheme for indirect taxes was for:
A. Income tax disputes
B. Customs only
C. GST disputes
D. Resolution of legacy disputes under excise and service tax
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
It was a dispute resolution scheme for pre-GST indirect tax matters.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1244
The 'National Financial Reporting Authority' (NFRA) was established under:
A. Companies Act, 2013
B. SEBI Act
C. Income Tax Act
D. Chartered Accountants Act
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
NFRA was constituted under Section 132 of Companies Act, 2013 to oversee audit quality.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1245
NFRA has jurisdiction over:
A. Only public sector units
B. Listed companies and large unlisted companies
C. Only banks
D. All companies
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
NFRA covers listed companies and such class of unlisted companies as prescribed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1246
The 'Peer Review' of audit firms is conducted by:
A. NFRA
B. SEBI
C. MCA
D. ICAI's Peer Review Board
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
ICAI has a Peer Review Board to ensure quality of audit services.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1247
The 'Companies (Auditor's Report) Order' (CARO) 2020 applies to:
A. All companies
B. Certain class of companies as specified
C. Only listed companies
D. Only banks
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
CARO 2020 is applicable to specified companies, excluding certain categories like banking, insurance, OPC.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1248
The 'Internal Financial Controls' reporting is required under:
A. CARO 2020
B. Income Tax Act
C. Section 143(3)(i) of Companies Act, 2013
D. GST Act
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Auditor's report must state whether the company has adequate internal financial controls system.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1249
The 'Secretarial Audit' is mandated for:
A. Listed companies and certain prescribed class of companies
B. Small companies only
C. Private companies only
D. All companies
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1250
The 'Cost Records' under Companies Act 2013 are required to be maintained by:
A. Companies engaged in specified sectors as per MCA rules
B. Only service companies
C. Only manufacturing companies
D. All companies
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
The central government specifies class of companies required to maintain cost records.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1251
The 'Insolvency and Bankruptcy Code' (IBC) 2016 provides:
A. For winding up of companies only
B. Tax collection
C. Time-bound resolution of insolvency and bankruptcy
D. Audit procedures
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
IBC aims at resolution in a time-bound manner, maximising asset value.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1252
The 'National Company Law Tribunal' (NCLT) deals with:
A. Labour disputes
B. Criminal cases
C. Company law matters including insolvency and merger
D. Tax disputes
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
NCLT adjudicates corporate disputes, mergers, winding up, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1253
The 'Goods and Services Tax Appellate Tribunal' (GSTAT) deals with:
A. Customs matters
B. Company matters
C. Income tax appeals
D. GST disputes
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
GSTAT is the appellate authority for GST disputes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1254
The 'Customs Act, 1962' levies duty on:
A. Goods manufactured in India
B. Imported and exported goods
C. Income
D. Services
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Customs duty is on imports and exports.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1255
The 'Basic Customs Duty' is levied under:
A. Income Tax Act
B. Customs Tariff Act, 1975
C. GST Act
D. Finance Act
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Basic customs duty is imposed under Customs Tariff Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1256
The 'Integrated Goods and Services Tax' on imports is levied under:
A. IGST Act
B. Both A and B
C. Customs Tariff Act
D. Only Customs Act
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
IGST on imports is levied under IGST Act read with Customs Tariff Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1257
The 'Social Welfare Surcharge' is levied on:
A. GST
B. Income tax
C. All taxes
D. Basic customs duty
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Social welfare surcharge is levied on the aggregate of duties of customs, except certain items.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1258
The 'Anti-Dumping Duty' is imposed to:
A. Reduce customs duty
B. Increase imports
C. Protect domestic industry from cheap imports sold below normal value
D. Promote exports
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Anti-dumping duty is a trade remedy measure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1259
The 'Goods and Services Tax' on ocean freight in case of imports is:
A. Only CGST
B. Not applicable
C. Exempt
D. Taxable under IGST (reverse charge for importer)
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Ocean freight on imports is subject to GST under reverse charge mechanism.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1260
The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:
A. Only GST exemption
B. Nil customs duty
C. High duty
D. Concessional rate of customs duty subject to export obligation
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
EPCG allows import of capital goods at reduced duty against export commitment.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

More Accountancy and Statistics Topics

Statistics MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Geography GK 6121 Static General Knowledge 6362 Maths 5575 Economy GK 2220 English 15164
Practice Mix
Select the most appropriate meaning of the idiom: 'A queer fish'.
x86-64 is also known as:
My eyes are tired because I ___ on the computer for hours.
He stands ___ the door.
Which railway system is designed exclusively for urban mass rapid transport?