The 'Minimum Alternate Tax' (MAT) is applicable to: MCQ with Answer and Explanation

Question
The 'Minimum Alternate Tax' (MAT) is applicable to:
A. Individuals
B. Companies paying low or no tax due to exemptions
C. Partnership firms
D. All taxpayers
Answer: Option B
Solution (By JKSSB Mock Tests)
MAT ensures that companies with substantial book profits pay at least a minimum amount of tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The audit report is addressed to:
A. Government
B. Board of directors
C. Shareholders
D. Management
Discuss
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Correct Answer: Option C

Explanation:
The auditor's report is addressed to the members (shareholders) of the company.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: The Trading Account shows the gross profit or loss. S2: The Profit and Loss Account shows the net profit or loss. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. S1 only
C. S2 only
D. Both S1 and S2
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Correct Answer: Option D

Explanation:
The Trading Account calculates Gross Profit/Loss by matching direct expenses with net sales. The Profit and Loss Account calculates Net Profit/Loss by matching all indirect expenses and incomes with the Gross Profit. Both are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
An example of a Semi-Variable Cost is:
A. Factory Rent
B. Direct Material
C. Insurance Premium
D. Telephone Bill
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Correct Answer: Option D

Explanation:
A telephone bill typically has a fixed rental component plus a variable component based on call volume.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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