Business loss can be carried forward for: MCQ with Answer and Explanation

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Business loss can be carried forward for:

A. 8 years

B. 4 years

C. 16 years

D. Indefinitely

Answer: Option A

Solution (By JKSSB Mock Tests)

Unabsorbed business loss can be carried forward for 8 assessment years immediately succeeding the assessment year in which loss was incurred.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which of the following is not a financial statement?

A. Balance Sheet

B. Profit & Loss Account

C. Trial Balance

D. Cash Flow Statement

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Correct Answer: Option C

Explanation:
Trial balance is a working paper, not a financial statement.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Country-by-Country Report' (CbCR) filing in India is required for MNE groups with consolidated revenue exceeding:

A. ₹500 crore

B. ₹1,000 crore

C. ₹5,500 crore (€750 million)

D. No threshold

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Correct Answer: Option C

Explanation:
The threshold is aligned with BEPS Action 13, i.e., €750 million.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

In a common size income statement, all items are expressed as a percentage of:

A. Total assets

B. Net profit

C. Revenue from operations (net sales)

D. Gross profit

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Correct Answer: Option C

Explanation:
Common size income statement base is net sales/revenue from operations.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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