The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on: MCQ with Answer and Explanation

Question
The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on:
A. 1st January every year
B. Date of incorporation of the company
C. 1st April every year
D. Diwali every year
Answer: Option C
Solution (By JKSSB Mock Tests)
The Assessment Year in India is a uniform 12-month period beginning on the 1st of April and ending on the 31st of March.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In financial statement analysis, the current ratio is calculated as:
A. Total assets / Total liabilities
B. Quick assets / Current liabilities
C. Current assets / Current liabilities
D. Current liabilities / Current assets
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Correct Answer: Option C

Explanation:
Current ratio = Current assets / Current liabilities, measuring short-term liquidity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Business Combinations' (Ind AS 103) require acquisition method. It involves:
A. Only merger accounting
B. Identifying acquirer, determining acquisition date, recognising and measuring identifiable assets, liabilities, and non-controlling interest, and recognising goodwill or bargain purchase
C. No goodwill
D. Pooling of interests
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Correct Answer: Option B

Explanation:
Ind AS 103 mandates the acquisition method for business combinations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Money kept in Provident Funds and small savings schemes forms part of the:
A. Contingency Fund of India
B. Public Account of India
C. Consolidated Fund of India
D. RBI Reserves
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Correct Answer: Option B

Explanation:
The Public Account holds money acting as a banker (e.g., provident funds) and does not require parliamentary vote for disbursements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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