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 64 of 94
Question #1261
The 'Merchandise Exports from India Scheme' (MEIS) has been replaced by:
A. Duty Drawback
B. Service Exports from India Scheme
C. Remission of Duties and Taxes on Exported Products (RoDTEP)
D. GST refund
Discuss
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Correct Answer: Option C

Explanation:
RoDTEP replaced MEIS to ensure WTO compliance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1262
The 'Advance Authorisation' scheme under Foreign Trade Policy allows:
A. Duty-free import of inputs for export production
B. Cash subsidy
C. Income tax exemption
D. Tax holiday
Discuss
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Correct Answer: Option A

Explanation:
Advance authorisation permits duty-free import of inputs that are physically incorporated in export product.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1263
The 'Export Oriented Unit' (EOU) scheme provides:
A. Customs and excise duty exemption on imports and domestic procurement
B. Income tax holiday only
C. GST exemption only
D. No benefit
Discuss
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Correct Answer: Option A

Explanation:
EOUs enjoy various tax and duty exemptions to boost exports.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1264
The 'Goods and Services Tax' on exports is:
A. Taxable
B. Nil-rated
C. Exempt
D. Zero-rated
Discuss
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Correct Answer: Option D

Explanation:
Exports are zero-rated, meaning 0% GST with refund of input tax credits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1265
The 'Letter of Undertaking' (LUT) is used for exporting goods/services without payment of IGST by:
A. Exporters with a good compliance history
B. Only new exporters
C. All exporters
D. Only manufacturers
Discuss
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Correct Answer: Option A

Explanation:
Exporters can furnish LUT instead of paying IGST and claiming refund.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1266
The 'GST Refund' for exporters is processed through:
A. Manual application only
B. Income tax portal
C. RFDD-01 form on GST portal
D. Bank
Discuss
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Correct Answer: Option C

Explanation:
Refund application is filed electronically in Form GST RFD-01.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1267
The 'Deemed Exports' under GST are:
A. All interstate supplies
B. High sea sales
C. Supplies to SEZ
D. Supplies that do not leave India but are treated as exports for certain benefits
Discuss
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Correct Answer: Option D

Explanation:
Deemed exports are specified transactions where goods supplied do not leave India, but the supplier is entitled to refund of GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1268
The 'Special Economic Zone' (SEZ) supplies are treated as:
A. Intra-state supply
B. Exempt supply
C. Inter-state supply
D. Zero-rated supply
Discuss
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Correct Answer: Option D

Explanation:
Supply to SEZ is zero-rated, allowing input tax credit refund.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1269
The 'E-Commerce Operator' under GST is required to:
A. Collect TCS (Tax Collected at Source) under Section 52
B. Pay tax on behalf of sellers
C. Collect TDS under Section 51
D. No obligation
Discuss
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Correct Answer: Option A

Explanation:
E-commerce operators must collect TCS at 1% on net taxable supplies made through their platform.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1270
The 'TCS' collected by e-commerce operator is to be deposited by:
A. 10th of the month following the month of collection
B. Monthly
C. Quarterly
D. 10th of next month
Discuss
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Correct Answer: Option D

Explanation:
TCS is to be remitted within 10 days after the end of the month of collection.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1271
The 'RCM' (Reverse Charge Mechanism) under GST applies to:
A. Specified categories of supplies and registered persons
B. Only goods
C. All supplies
D. Only services
Discuss
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Correct Answer: Option A

Explanation:
RCM is applicable to notified categories of goods/services and where supplier is unregistered to registered recipient.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1272
The 'Annual Information Statement' (AIS) under Income Tax provides:
A. Comprehensive view of financial transactions reported by various entities
B. Only TDS details
C. Tax audit report
D. GST details
Discuss
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Correct Answer: Option A

Explanation:
AIS consolidates information like TDS, TCS, interest, dividends, share transactions, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1273
The 'Form 26AS' is a statement of:
A. GST paid
B. Only income tax paid
C. Wealth tax
D. All tax credits, TDS, TCS, and high-value transactions
Discuss
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Correct Answer: Option D

Explanation:
Form 26AS is a consolidated tax credit statement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1274
The 'Updated Return' under Income Tax (Section 139(8A)) can be filed within:
A. 1 year from end of relevant assessment year
B. No time limit
C. 3 years
D. 2 years from end of relevant assessment year
Discuss
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Correct Answer: Option D

Explanation:
Updated return can be filed within 24 months from the end of the relevant assessment year, subject to conditions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1275
The 'Penalty' for under-reporting of income is:
A. 50% of tax payable on under-reported income
B. No penalty
C. 100% of tax
D. 200% of tax
Discuss
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Correct Answer: Option A

Explanation:
Penalty for under-reporting is 50% of tax on under-reported income; for misreporting, 200%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1276
The 'Survey' under Income Tax Act (Section 133A) is:
A. Audit
B. A raid
C. Visit by tax authorities to discover and collect information
D. Assessment
Discuss
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Correct Answer: Option C

Explanation:
Survey is a verification of books at business premises without seizure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1277
The 'Search and Seizure' under Section 132 of Income Tax Act is commonly known as:
A. Survey
B. Audit
C. Assessment
D. Raid
Discuss
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Correct Answer: Option D

Explanation:
Search and seizure is an extreme measure to unearth undisclosed income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1278
The 'Settlement Commission' for income tax was abolished and replaced by:
A. No replacement
B. GSTAT
C. Dispute Resolution Committee
D. Interim Board for Settlement
Discuss
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Correct Answer: Option D

Explanation:
The Settlement Commission has been discontinued and an Interim Board for Settlement handles pending cases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1279
The 'Dispute Resolution Committee' (DRC) under Income Tax deals with:
A. Large corporates
B. All taxpayers
C. Non-residents
D. Small taxpayers with returned income up to ₹50 lakh and disputed demand up to ₹10 lakh
Discuss
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Correct Answer: Option D

Explanation:
DRC facilitates resolution of disputes for eligible small taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1280
The 'Advance Pricing Agreement' (APA) programme in India is for:
A. Customs valuation
B. Fixing GST rates
C. Audit fees
D. Determining arm's length price in international transactions prospectively
Discuss
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Correct Answer: Option D

Explanation:
APA provides certainty on transfer pricing for future years.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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