The 'Advance Pricing Agreement' (APA) programme in India is for: MCQ with Answer and Explanation

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The 'Advance Pricing Agreement' (APA) programme in India is for:

A. Audit fees

B. Fixing GST rates

C. Customs valuation

D. Determining arm's length price in international transactions prospectively

Answer: Option D

Solution (By JKSSB Mock Tests)

APA provides certainty on transfer pricing for future years.

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

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Question #1

The term 'Current Cost Accounting' deals with:

A. Historical cost

B. Opportunity cost

C. Replacement cost

D. Sunk cost

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Correct Answer: Option C

Explanation:
Current cost accounting values assets at their current replacement cost, not historical cost.

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

Question #2

Which government initiative relies on PFMS to ensure that farmers receive minimum income support seamlessly?

A. Smart Cities Mission

B. Make in India

C. Skill India

D. PM KISAN

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Correct Answer: Option D

Explanation:
PM KISAN uses the Direct Benefit Transfer (DBT) mechanism of the PFMS to transfer funds directly into the bank accounts of farmers.

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

Question #3

Under the imprest system of petty cash, the petty cashier is reimbursed with:

A. The exact amount spent during the period

B. Ten percent of total cash sales

C. A fixed arbitrary amount every week

D. Half of the original float

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Correct Answer: Option A

Explanation:
In the imprest system, the chief cashier reimburses the petty cashier the exact amount disbursed so the float returns to its original fixed amount.

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

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