The 'Banking Cash Transaction Tax' (BCTT) was a: MCQ with Answer and Explanation

Question
The 'Banking Cash Transaction Tax' (BCTT) was a:
A. Indirect tax
B. Direct tax on cash withdrawals above certain limit (now abolished)
C. TDS
D. GST component
Answer: Option B
Solution (By JKSSB Mock Tests)
BCTT was a direct tax on cash withdrawals from banks, abolished in 2009.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A 'Shell Company' is a term used for:
A. A company with substantial assets
B. A listed company
C. A government company
D. A company with no active business or significant assets
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Correct Answer: Option D

Explanation:
Shell companies exist mainly on paper with no significant operations or assets, often used for illicit activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The audit report is addressed to:
A. Board of directors
B. Management
C. Government
D. Shareholders
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Correct Answer: Option D

Explanation:
The auditor's report is addressed to the members (shareholders) of the company.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A firm's current ratio is 2.5:1. If current assets are ₹5,00,000, current liabilities are:
A. ₹1,25,000
B. ₹5,00,000
C. ₹2,50,000
D. ₹2,00,000
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Correct Answer: Option D

Explanation:
2.5 = 5,00,000 / CL => CL = 5,00,000 / 2.5 = ₹2,00,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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