In the context of taxation, the term 'Input Tax Credit' (ITC) is associated with: MCQ with Answer and Explanation

Explanation:
Material Yield Variance measures the difference between the actual output and the standard output expected from the actual input. It is calculated as (Standard Yield - Actual Yield) x Standard Cost per unit of Yield. A positive value indicates a favorable variance.

Explanation:
A debit note is sent to the supplier indicating that their account has been debited (reduced) in our books due to returned goods.

Explanation:
The Contingency Fund of India is an imprest held by the President to meet urgent, unforeseen expenditures. The President can authorize advances from it, which are later regularized by Parliament. R correctly explains the mechanism.