Net Profit Ratio is calculated on: MCQ with Answer and Explanation

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Net Profit Ratio is calculated on:

A. Net sales

B. Total assets

C. Gross sales

D. Capital

Answer: Option A

Solution (By JKSSB Mock Tests)

Net profit ratio = (Net profit / Net sales) * 100.

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

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Question #1

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Tax Deduction at Source (TDS) on salary is governed by:

A. Section 194C

B. Section 10

C. Section 80C

D. Section 192 of Income Tax Act

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Correct Answer: Option D

Explanation:
TDS on salary is covered under Section 192.

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

Question #2

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The 'Institute of Chartered Accountants of India' (ICAI) was established by:

A. RBI

B. A resolution of Government

C. SEBI

D. An Act of Parliament

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Correct Answer: Option D

Explanation:
ICAI was established by the Chartered Accountants Act, 1949.

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Question #3

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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

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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

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