The 'Alternate Minimum Tax' (AMT) applies to: MCQ with Answer and Explanation

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The 'Alternate Minimum Tax' (AMT) applies to:

A. All companies

B. Foreign companies

C. Non-corporate taxpayers claiming deductions under certain sections

D. All individuals

Answer: Option C

Solution (By JKSSB Mock Tests)

AMT is for non-corporate assessees having adjusted total income exceeding ₹20 lakhs and claiming specified deductions.

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

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Question #1

A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of:

A. Omission

B. Principle

C. Compensation

D. Commission

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Correct Answer: Option D

Explanation:
Error of commission occurs when a transaction is incorrectly recorded, e.g., wrong amount, wrong posting.

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Question #2

In a computerized accounting system, a voucher is:

A. A type of software

B. A printed report

C. A physical paper document

D. A screen to input transaction data

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Correct Answer: Option D

Explanation:
In accounting software, voucher refers to the data entry form for recording transactions.

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Question #3

Working Capital Management specifically deals with:

A. Current assets and current liabilities

B. Fixed assets and long-term debt

C. Dividend payouts

D. Issuing new equity shares

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Correct Answer: Option A

Explanation:
It involves managing the relationship between a firm's short-term assets and its short-term liabilities to ensure adequate liquidity.

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

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