In the context of taxation, the term 'PAN' stands for: MCQ with Answer and Explanation

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In the context of taxation, the term 'PAN' stands for:

A. Public Account Number

B. Permanent Account Number

C. Primary Account Number

D. Personal Account Number

Answer: Option B

Solution (By JKSSB Mock Tests)

PAN stands for Permanent Account Number, a unique 10-character alphanumeric identifier issued by the Income Tax Department of India.

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

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Question #1

The 'Export Oriented Unit' (EOU) scheme provides:

A. Customs and excise duty exemption on imports and domestic procurement

B. No benefit

C. Income tax holiday only

D. GST exemption only

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Correct Answer: Option A

Explanation:
EOUs enjoy various tax and duty exemptions to boost exports.

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Question #2

Which ratio is a strict measure of a firm's immediate ability to pay off current liabilities?

A. Current Ratio

B. Proprietary Ratio

C. Debt-Equity Ratio

D. Quick Ratio (Acid Test Ratio)

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Correct Answer: Option D

Explanation:
The Quick Ratio excludes inventory and prepaid expenses, comparing only highly liquid assets (cash, receivables) to current liabilities.

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Question #3

The 'Audit Risk' is composed of:

A. Inherent risk, control risk, detection risk

B. Only detection risk

C. Only inherent risk

D. Business risk and financial risk

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Correct Answer: Option A

Explanation:
Audit risk = Inherent risk × Control risk × Detection risk.

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