The 'Financial Statements' of a company must comply with: MCQ with Answer and Explanation

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The 'Financial Statements' of a company must comply with:

A. Income Tax Act

B. Partnership Act

C. GST Act

D. Companies Act and Accounting Standards

Answer: Option D

Solution (By JKSSB Mock Tests)

Companies Act 2013 and Accounting Standards govern financial statements.

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

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Question #1

The 'Exempt Supply' under GST means:

A. Supply with concessional rate

B. Supply not subject to GST

C. Supply with 0% tax and ITC available

D. Supply on which no GST is payable but ITC not available

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Correct Answer: Option D

Explanation:
Exempt supplies are not taxed and no credit of input tax is allowed.

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Question #2

'Angel Tax' is a term used for tax on:

A. Income of angels

B. Religious institutions

C. Charitable trusts

D. Investments in startups by angel investors above fair market value

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Correct Answer: Option D

Explanation:
Angel tax refers to Section 56(2)(viib) tax on excess share premium received by closely held companies.

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Question #3

Which of the following is NOT a method of costing?

A. Job costing

B. Marginal costing

C. Process costing

D. Forensic costing

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Correct Answer: Option D

Explanation:
Forensic costing is not a standard costing method. Job, process, batch, contract, marginal are methods/techniques.

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

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