In the 'Finance Act, 2023', which change was introduced for the new income tax regime? MCQ with Answer and Explanation

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In the 'Finance Act, 2023', which change was introduced for the new income tax regime?

A. Abolished the new regime

B. Increased tax rates

C. No change

D. Made default tax regime with more exemptions

Answer: Option D

Solution (By JKSSB Mock Tests)

The new regime was made the default regime from FY 2023-24, with certain reliefs.

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Which of the following is shown on the credit side of Trading Account?

A. Wages

B. Purchases

C. Opening stock

D. Sales

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Correct Answer: Option D

Explanation:
Sales (net) appears on the credit side of Trading Account. Opening stock, purchases, wages appear on debit side.

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Question #2

A trader paid carriage on purchase of goods. It will be debited to:

A. Carriage Inward A/c

B. Trading A/c (Direct expense)

C. Profit & Loss A/c

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Correct Answer: Option A

Explanation:
Carriage paid on purchases is a direct expense, debited to Carriage Inward A/c, and later transferred to Trading A/c.

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Question #3

Cash Flow Statement as per AS 3 classifies activities into:

A. Current and Non-current

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Correct Answer: Option D

Explanation:
AS 3 requires classification into operating, investing, and financing activities.

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

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