The 'Minimum Alternate Tax' (MAT) rate for companies is: MCQ with Answer and Explanation

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The 'Minimum Alternate Tax' (MAT) rate for companies is:

A. 15% (plus surcharge and cess)

B. 22%

C. 18.5%

D. 15%

Answer: Option A

Solution (By JKSSB Mock Tests)

MAT is 15% of book profits (plus surcharge and cess).

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

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Question #1

Financial audit is conducted mainly to:

A. Calculate tax liability

B. Detect frauds and errors

C. Express an opinion on the true and fair view of financial statements

D. Evaluate management performance

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Correct Answer: Option C

Explanation:
The primary objective of a financial audit is to express an independent opinion on whether the financial statements present a true and fair view.

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

Question #2

The 'Dividend' is paid on:

A. Called-up capital

B. Authorised capital

C. Issued capital

D. Paid-up capital

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Correct Answer: Option D

Explanation:
Dividend is paid on the paid-up share capital, i.e., the amount actually received from shareholders.

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

Question #3

S1: Under Ind AS 19, actuarial gains and losses on defined benefit plans are recognized in Other Comprehensive Income (OCI). S2: These actuarial gains and losses recognized in OCI are subsequently reclassified to the Profit and Loss account in future periods. Which statement(s) is/are correct?

A. S1 only

B. S2 only

C. Neither S1 nor S2

D. Both S1 and S2

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Correct Answer: Option A

Explanation:
Ind AS 19 requires remeasurements (actuarial gains/losses) of defined benefit plans to be recognized in OCI. S2 is incorrect because these amounts are recognized directly in retained earnings and are NOT reclassified (recycled) to P&L in subsequent periods.

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