The 'Income Tax (Ind AS 12)' requires deferred tax on: MCQ with Answer and Explanation

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The 'Income Tax (Ind AS 12)' requires deferred tax on:

A. No deferred tax

B. Only timing differences

C. Permanent differences

D. All temporary differences

Answer: Option D

Solution (By JKSSB Mock Tests)

Deferred tax is recognised for temporary differences between carrying amount and tax base.

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

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Question #1

Which of the following is an example of an 'Error of Commission'?

A. Failing to record a transaction entirely

B. Two errors cancelling each other out

C. Recording a machinery purchase in the Purchases Account

D. Entering Rs 4,500 instead of Rs 5,400 in an account

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Correct Answer: Option D

Explanation:
An error of commission involves incorrect casting, posting, or carry-forward, such as writing the wrong numerical amount.

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Question #2

Under GST, what does HSN stand for?

A. Harmonized Service Number

B. Highly Sensitive Network

C. Home State Number

D. Harmonized System of Nomenclature

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Correct Answer: Option D

Explanation:
HSN is an internationally accepted system of naming, classifying, and coding goods, widely used for calculating GST and Customs duties.

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Question #3

The 'Customs Act, 1962' levies duty on:

A. Income

B. Services

C. Imported and exported goods

D. Goods manufactured in India

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Correct Answer: Option C

Explanation:
Customs duty is on imports and exports.

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

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