The 'Dispute Resolution Committee' (DRC) under Income Tax deals with: MCQ with Answer and Explanation

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The 'Dispute Resolution Committee' (DRC) under Income Tax deals with:

A. Non-residents

B. Large corporates

C. All taxpayers

D. Small taxpayers with returned income up to ₹50 lakh and disputed demand up to ₹10 lakh

Answer: Option D

Solution (By JKSSB Mock Tests)

DRC facilitates resolution of disputes for eligible small taxpayers.

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

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Question #1

A petty cash voucher is authorized by:

A. The payee

B. The bank manager

C. The external auditor

D. The petty cashier or an authorized manager

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Correct Answer: Option D

Explanation:
For internal control, petty cash vouchers must be authorized by a responsible official before disbursement is made.

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

Question #2

The 'Arm's Length Price' is:

A. Government fixed price

B. Price that would be charged between unrelated parties

C. Price charged between related parties

D. Market price

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Correct Answer: Option B

Explanation:
Arm's length price is the price applied in a transaction between independent parties under similar conditions.

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

Question #3

Under single entry system, it is often difficult to prepare:

A. Personal accounts

B. Cash account

C. Debtors list

D. Profit and Loss Account and Balance Sheet

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Correct Answer: Option D

Explanation:
Because real and nominal accounts are incomplete, final accounts cannot be prepared directly.

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

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