The 'Minimum Wages Act, 1948' provides for: MCQ with Answer and Explanation

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The 'Minimum Wages Act, 1948' provides for:

A. Fixation of minimum rates of wages for certain employments

B. Bonus

C. Maximum wages

D. Overtime only

Answer: Option A

Solution (By JKSSB Mock Tests)

The Act aims to prevent exploitation by ensuring minimum wages.

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

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Question #1

The Income Tax Act, 1961 classifies income under how many heads?

A. Seven

B. Six

C. Five

D. Four

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Correct Answer: Option C

Explanation:
Heads of income: Salary, House property, Business/profession, Capital gains, Other sources. Total five heads.

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Question #2

Hidden goodwill at the time of admission of a partner is calculated by comparing:

A. Assets and outside liabilities

B. Average profits of last 5 years

C. Super profit and normal rate of return

D. Total capital based on new partner's share and actual total capital of all partners

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Correct Answer: Option D

Explanation:
Hidden goodwill is the excess of the firm's inferred total capital (based on the new partner's contribution and share) over the actual combined capital balances.

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

Question #3

The 'Related Party' as per AS 18 includes:

A. Government

B. Key management personnel and their relatives

C. All customers

D. All suppliers

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Correct Answer: Option B

Explanation:
Related parties include key management, enterprises with control or significant influence, etc.

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

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