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

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The 'Banking Cash Transaction Tax' (BCTT) was a:

A. TDS

B. Direct tax on cash withdrawals above certain limit (now abolished)

C. Indirect tax

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

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If goods worth Rs 2,000 returned to a supplier are not recorded at all, this error is called:

A. Error of Principle

B. Compensating Error

C. Error of Commission

D. Error of Omission

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Correct Answer: Option D

Explanation:
A complete failure to record a transaction in the books of original entry is an error of complete omission.

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Question #2

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Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:

A. ₹3,000

B. ₹8,000

C. ₹13,000

D. ₹5,000

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Correct Answer: Option A

Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.

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Question #3

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The 'Companies (Auditor's Report) Order' (CARO) 2020 applies to:

A. Certain class of companies as specified

B. Only listed companies

C. All companies

D. Only banks

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Correct Answer: Option A

Explanation:
CARO 2020 is applicable to specified companies, excluding certain categories like banking, insurance, OPC.

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