The 'Form 10IE' is to be filed for: MCQ with Answer and Explanation

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The 'Form 10IE' is to be filed for:

A. TDS return

B. GST registration

C. Opting for new income tax regime

D. Tax audit

Answer: Option C

Solution (By JKSSB Mock Tests)

Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

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

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Question #1

The term 'Window Dressing' in accounting refers to:

A. Manipulation of financial statements to present a better picture

B. Decorating the office

C. Auditing process

D. Maintaining proper records

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Correct Answer: Option A

Explanation:
Window dressing is the act of manipulating financial data to make the company's financial position appear more favorable than it actually is.

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

Question #2

Provision for doubtful debts created at the year-end is debited to:

A. Trading Account

B. Sundry Debtors Account

C. Profit & Loss Account

D. Suspense Account

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Correct Answer: Option C

Explanation:
Creating a provision is an expected indirect loss based on conservatism, so it is charged to the Profit and Loss Account.

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Question #3

The 'Operating Cycle' concept is used to determine:

A. Inventory valuation

B. Current asset/liability classification

C. Depreciation method

D. Fixed asset classification

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Correct Answer: Option B

Explanation:
An asset/liability is current if expected to be realised/settled within the operating cycle or 12 months, whichever longer.

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

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