The 'Annual Information Statement' (AIS) under Income Tax provides: MCQ with Answer and Explanation

Question
The 'Annual Information Statement' (AIS) under Income Tax provides:
A. GST details
B. Comprehensive view of financial transactions reported by various entities
C. Tax audit report
D. Only TDS details
Answer: Option B
Solution (By JKSSB Mock Tests)
AIS consolidates information like TDS, TCS, interest, dividends, share transactions, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Expected Credit Loss' model (Ind AS 109) requires recognition of impairment on:
A. No provision
B. Only when default occurs
C. Only incurred losses
D. 12-month expected credit losses or lifetime expected credit losses depending on credit risk
Discuss
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Correct Answer: Option D

Explanation:
ECL model recognises either 12-month ECL (Stage 1) or lifetime ECL (Stage 2/3) based on deterioration in credit risk.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a feature of a joint venture?
A. It has a separate legal entity
B. It is formed for a specific, short-term project
C. It is governed by the Companies Act
D. It has perpetual succession
Discuss
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Correct Answer: Option B

Explanation:
A joint venture is a temporary partnership formed for a specific venture or project, and it ceases to exist once the project is completed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The objective of social audit is to:
A. Ensure compliance with tax laws
B. Maximize profits
C. Detect financial frauds
D. Assess the social impact of an organization's activities
Discuss
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Correct Answer: Option D

Explanation:
Social audit evaluates how well an organization achieves its social and environmental goals, assessing its broader impact on society.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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