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. Income tax return

B. Audit report

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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Which of the following is considered a 'Recent Development' in environmental accounting?

A. Trial Balance Preparation

B. Cash Book Management

C. Carbon Credit Accounting

D. Double Entry System

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Correct Answer: Option C

Explanation:
Accounting for carbon credits (emissions trading) is a modern concept dealing with intangible assets related to environmental compliance.

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Question #2

The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for:

A. All businesses

B. Companies

C. Eligible businesses with turnover up to ₹2 crore

D. LLPs

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Correct Answer: Option C

Explanation:
Section 44AD applies to resident individuals/HUFs/firms (except LLP) carrying on eligible business.

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Question #3

The term 'Current Cost Accounting' deals with:

A. Opportunity cost

B. Sunk cost

C. Replacement cost

D. Historical cost

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Correct Answer: Option C

Explanation:
Current cost accounting values assets at their current replacement cost, not historical cost.

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

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