The 'MAT credit' can be carried forward for: MCQ with Answer and Explanation

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The 'MAT credit' can be carried forward for:

A. 15 years

B. 8 years

C. Indefinite

D. 5 years

Answer: Option A

Solution (By JKSSB Mock Tests)

MAT credit can be carried forward for 15 assessment years.

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

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Question #1

The objective of social audit is to:

A. Maximize profits

B. Assess the social impact of an organization's activities

C. Ensure compliance with tax laws

D. Detect financial frauds

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Correct Answer: Option B

Explanation:
Social audit evaluates how well an organization achieves its social and environmental goals, assessing its broader impact on society.

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

Question #2

Closing stock is valued at:

A. Cost Price

B. Cost Price or Market Value, whichever is higher

C. Market (Net Realizable) Value

D. Cost Price or Market Value, whichever is lower

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Correct Answer: Option D

Explanation:
Based on the principle of conservatism (prudence), inventory is valued at Cost or Net Realizable Value (Market Value), whichever is less.

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

Question #3

IFRS stands for:

A. International Financial Reporting Standards

B. Indian Financial Reporting Standards

C. Integrated Financial Record System

D. Internal Fraud Recording System

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Correct Answer: Option A

Explanation:
IFRS are globally recognized accounting standards issued by the IASB to bring consistency and comparability to financial statements worldwide.

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

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