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.

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Practice Questions

Page 78 of 94
Question #1541
The 'Section 80GGC' deduction is available for:
A. Donations to charitable trusts
B. Donations to political parties by individuals
C. All donations
D. Donations to political parties by companies
Discuss
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Correct Answer: Option B

Explanation:
Section 80GGC is for individuals to claim deduction for contributions to political parties. Companies claim under Section 80GGB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1542
The 'Faceless Appeal' scheme under income tax was introduced by:
A. Finance Act, 2018
B. Finance Act, 2019
C. Finance Act, 2020
D. Finance Act, 2021
Discuss
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Correct Answer: Option C

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1543
The 'Dispute Resolution Committee' (DRC) under Income Tax is meant for:
A. Foreign companies
B. Companies only
C. All taxpayers
D. Small taxpayers with returned income up to ₹50 lakh and aggregate disputed demand ≤ ₹10 lakh
Discuss
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Correct Answer: Option D

Explanation:
DRC provides an alternative dispute resolution mechanism for eligible small taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1544
The 'Updated Return' (ITR-U) can be filed within:
A. No time limit
B. 36 months
C. 12 months from the end of the relevant assessment year
D. 24 months from the end of the relevant assessment year
Discuss
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Correct Answer: Option D

Explanation:
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1545
The 'Payment of Bonus Act, 1965' is applicable to:
A. All employees
B. Employees drawing wages up to ₹21,000 per month
C. Only government employees
D. Only private sector
Discuss
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Correct Answer: Option B

Explanation:
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1546
The 'Minimum Wages Act, 1948' provides for:
A. Fixation of minimum rates of wages for certain employments
B. Bonus
C. Overtime only
D. Maximum wages
Discuss
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Correct Answer: Option A

Explanation:
The Act aims to prevent exploitation by ensuring minimum wages.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1547
The 'Employee Provident Fund' (EPF) contribution is shared by:
A. Employer only
B. Both employee and employer
C. Government
D. Employee only
Discuss
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Correct Answer: Option B

Explanation:
Employee and employer both contribute 12% of wages (basic + DA) to EPF.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1548
The 'Employees' State Insurance' (ESI) scheme provides:
A. Education loan
B. Medical, sickness, maternity, disablement, and dependent benefits
C. Housing loan
D. Pension only
Discuss
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Correct Answer: Option B

Explanation:
ESI is a social security scheme offering comprehensive medical and cash benefits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1549
The 'Goods and Services Tax' (GST) compensation cess is levied on:
A. All goods and services
B. Exported goods
C. Agricultural produce
D. Luxury goods, demerit goods, and certain other specified items
Discuss
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Correct Answer: Option D

Explanation:
Compensation cess is specifically on pan masala, tobacco, coal, aerated drinks, automobiles, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1550
The 'Reverse Charge Mechanism' (RCM) under GST applies when:
A. Only for imports
B. For exports
C. A registered person buys from another registered person
D. A registered person buys from an unregistered person (for specified goods/services)
Discuss
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Correct Answer: Option D

Explanation:
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1551
The 'E-way Bill' is generated through the portal:
A. GSTN portal (ewaybillgst.gov.in)
B. Customs portal
C. Income Tax portal
D. MCA portal
Discuss
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Correct Answer: Option A

Explanation:
E-way bill is generated on the dedicated portal ewaybillgst.gov.in.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1552
The 'Customs Act, 1962' empowers the Central Government to:
A. Collect income tax
B. Impose GST
C. Regulate imports and exports and levy customs duties
D. Regulate company law
Discuss
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Correct Answer: Option C

Explanation:
Customs Act governs import and export of goods and levy of customs duties.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1553
The 'Customs Tariff Act, 1975' prescribes:
A. Rates of basic customs duty and other duties
B. Procedures for import
C. Appeal procedures
D. Penal provisions
Discuss
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Correct Answer: Option A

Explanation:
Customs Tariff Act contains the schedules specifying duty rates.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1554
The 'Baggage Rules' under Customs provide for:
A. Duty-free allowances for passengers arriving in India
B. Duty on cargo
C. No allowance
D. Duty on all luggage
Discuss
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Correct Answer: Option A

Explanation:
Baggage Rules specify the quantity and value of goods that can be brought duty-free.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1555
The 'Customs Bonded Warehouse' allows:
A. Destruction of goods
B. Re-export without any record
C. Storage of imported goods without payment of customs duty until clearance
D. Immediate sale of imported goods
Discuss
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Correct Answer: Option C

Explanation:
Bonded warehouses store imported goods under customs supervision; duty is deferred.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1556
The 'Advance Authorisation' scheme under Foreign Trade Policy is related to:
A. Duty-free import of inputs required for export production
B. Service exports
C. Import of goods without export obligation
D. Capital goods import
Discuss
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Correct Answer: Option A

Explanation:
Advance Authorisation allows duty-free import of inputs, which are physically incorporated in the export product.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1557
The 'Duty Drawback' scheme under Customs provides:
A. Refund of duties on imported inputs used in exported goods
B. Exemption from income tax
C. No refund
D. GST refund
Discuss
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Correct Answer: Option A

Explanation:
Duty drawback refunds customs/excise duties paid on inputs used in exported products.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1558
The 'Remission of Duties and Taxes on Exported Products' (RoDTEP) scheme replaced:
A. Merchandise Exports from India Scheme (MEIS)
B. SEZ scheme
C. EPCG
D. Advance Authorisation
Discuss
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Correct Answer: Option A

Explanation:
RoDTEP replaced MEIS to ensure WTO compliance, refunding embedded taxes not refunded through GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1559
The 'Special Economic Zone' (SEZ) units are considered:
A. Partially inside
B. Within the customs territory of India
C. Like DTA
D. Outside the customs territory of India
Discuss
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Correct Answer: Option D

Explanation:
SEZ is treated as foreign territory for customs purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1560
The 'Foreign Trade Policy 2023' has introduced:
A. Increased import tariffs
B. Only service export incentives
C. One-time amnesty for export obligation defaults, new e-commerce export hubs, etc.
D. Abolition of all schemes
Discuss
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Correct Answer: Option C

Explanation:
FTP 2023 focused on ease of doing business, amnesty, and new initiatives.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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