The 'Base Erosion and Profit Shifting' (BEPS) project is an initiative of: MCQ with Answer and Explanation

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The 'Base Erosion and Profit Shifting' (BEPS) project is an initiative of:

A. UN

B. IMF

C. World Bank

D. OECD

Answer: Option D

Solution (By JKSSB Mock Tests)

OECD's BEPS project aims to tackle tax avoidance by multinationals.

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

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Question #1

The 'Employee Benefits' (Ind AS 19) includes:

A. Only pension

B. Only gratuity

C. Short-term benefits, post-employment benefits, other long-term benefits, termination benefits

D. Only wages

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Correct Answer: Option C

Explanation:
Ind AS 19 covers various types of employee benefits.

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

Question #2

The 'Schedule III' format of Balance Sheet applies to:

A. Sole proprietorship

B. Companies

C. Partnership firms

D. All entities

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Correct Answer: Option B

Explanation:
Schedule III of Companies Act 2013 prescribes the format for companies.

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Question #3

The term 'Imprest System' is related to:

A. Petty cash book

B. Cash book

C. Purchase book

D. Sales book

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Correct Answer: Option A

Explanation:
Under imprest system, a fixed amount of petty cash is maintained and reimbursed periodically.

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

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