The 'National Anti-Profiteering Authority' (NAA) has now been subsumed by: MCQ with Answer and Explanation

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The 'National Anti-Profiteering Authority' (NAA) has now been subsumed by:

A. GST Council

B. NFRA

C. CAG

D. Competition Commission of India (CCI)

Answer: Option D

Solution (By JKSSB Mock Tests)

From December 2022, anti-profiteering cases are handled by CCI.

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

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Question #1

Under 'Operating Lease', the asset is shown in the books of:

A. Lessor

B. Lessee

C. Both

D. None

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Correct Answer: Option A

Explanation:
In operating lease, lessor retains ownership and asset is in his books.

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

Question #2

The 'Surcharge' on income tax is levied for:

A. High-income individuals/entities

B. All taxpayers

C. Companies only

D. Senior citizens only

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Correct Answer: Option A

Explanation:
Surcharge is additional tax on income above specified thresholds for individuals, HUFs, companies.

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

Question #3

The 'Statement of Changes in Equity' as per Ind AS 1 includes:

A. Only dividends

B. Total comprehensive income, transactions with owners, and reconciliation of equity components

C. Only share capital

D. Only reserves

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Correct Answer: Option B

Explanation:
It shows all changes in equity, including profit/loss, OCI, capital transactions, dividends.

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

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