The 'Master File' under transfer pricing documentation is a part of: MCQ with Answer and Explanation

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The 'Master File' under transfer pricing documentation is a part of:

A. Audit report

B. Income tax return

C. Transfer pricing documentation (three-tiered structure)

D. GST return

Answer: Option C

Solution (By JKSSB Mock Tests)

Master file, local file, and CbCR form the three-tier transfer pricing documentation.

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

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Question #1

The 'Traditional Approach' classifies accounts into:

A. Income, expenses, assets

B. Assets, liabilities, equity

C. Current and non-current

D. Real, personal, nominal

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Correct Answer: Option D

Explanation:
Under traditional British approach, accounts are classified as personal, real, and nominal.

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Question #2

The 'Integrated Tax' (IGST) is levied and collected by:

A. Both centre and state

B. Central government

C. State government

D. Local bodies

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Correct Answer: Option B

Explanation:
IGST is levied by the central government on inter-state supplies and imports.

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Question #3

A: Closing stock is valued at cost or net realizable value, whichever is lower. R: This is based on the Conservatism (Prudence) Concept. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true but R is NOT the correct explanation of A

C. A is false but R is true

D. A is true but R is false

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Correct Answer: Option A

Explanation:
AS 2 mandates inventory valuation at cost or NRV, whichever is lower. This prevents overstating assets and profits, directly applying the Prudence (Conservatism) Concept. R correctly explains A.

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