The 'Central Board of Indirect Taxes and Customs' (CBIC) is under: MCQ with Answer and Explanation

Question
The 'Central Board of Indirect Taxes and Customs' (CBIC) is under:
A. Ministry of Commerce
B. RBI
C. Ministry of Finance, Department of Revenue
D. Ministry of Law
Answer: Option C
Solution (By JKSSB Mock Tests)
CBIC is the apex indirect tax body under the Department of Revenue.
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 'Section 80GGC' deduction is available for:
A. Donations to political parties by individuals
B. Donations to charitable trusts
C. All donations
D. Donations to political parties by companies
Discuss
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Correct Answer: Option A

Explanation:
Section 80GGC is for individuals to claim deduction for contributions to political parties. Companies claim under Section 80GGB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Tolerable Error' in audit sampling is:
A. Expected error
B. Zero error
C. The maximum error in the population that the auditor is willing to accept and still conclude that the audit objective is achieved
D. Actual error
Discuss
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Correct Answer: Option C

Explanation:
Tolerable error is a planned level of misstatement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
S1: Ind AS 115 deals with Revenue from Contracts with Customers. S2: Ind AS 116 deals with Leases. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. S1 only
C. S2 only
D. Both S1 and S2
Discuss
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Correct Answer: Option D

Explanation:
Ind AS 115 prescribes the principles for recognizing revenue from contracts with customers. Ind AS 116 specifies the accounting for leases. Both statements correctly identify the respective standards.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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