Tax Deduction at Source (TDS) on salary is governed by: MCQ with Answer and Explanation

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

A. Section 10

B. Section 192 of Income Tax Act

C. Section 80C

D. Section 194C

Answer: Option B

Solution (By JKSSB Mock Tests)

TDS on salary is covered under Section 192.

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

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Question #1

Rent paid in advance is considered a(n):

A. Expense

B. Liability

C. Income

D. Asset

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Correct Answer: Option D

Explanation:
Prepaid expenses are considered assets because they provide future economic benefits to the business.

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

Question #2

If opening stock is ₹20,000, purchases are ₹80,000, and closing stock is ₹15,000, what is the cost of goods sold?

A. ₹1,15,000

B. ₹85,000

C. ₹95,000

D. ₹1,00,000

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Correct Answer: Option B

Explanation:
COGS = Opening Stock + Purchases - Closing Stock = 20,000 + 80,000 - 15,000 = ₹85,000.

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Question #3

The 'Related Party Disclosures' (Ind AS 24) requires disclosure of:

A. Only borrowing

B. Key management compensation, related party relationships, and transactions

C. Only sales transactions

D. Only parent-subsidiary

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Correct Answer: Option B

Explanation:
Ind AS 24 requires comprehensive disclosures.

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

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