The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for: MCQ with Answer and Explanation

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The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for:

A. Companies

B. LLPs

C. All businesses

D. Eligible businesses with turnover up to ₹2 crore

Answer: Option D

Solution (By JKSSB Mock Tests)

Section 44AD applies to resident individuals/HUFs/firms (except LLP) carrying on eligible business.

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

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Question #1

The 'Materiality Level' in audit is set to:

A. Determine the significance of misstatements that could influence economic decisions

B. Avoid audit

C. Increase fees

D. Reduce sample size

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Correct Answer: Option A

Explanation:
Materiality is a threshold to guide audit procedures and evaluation of misstatements.

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

Question #2

'Creditors' in the balance sheet are shown as:

A. Reserves

B. Assets

C. Liabilities

D. Capital

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Correct Answer: Option C

Explanation:
Creditors are amounts payable, hence liabilities.

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Question #3

An amount received from a debtor whose account was previously written off as bad debt is:

A. Debited to Bad Debts A/c

B. Credited to Sales A/c

C. Credited to Bad Debts Recovered A/c

D. Credited to Debtor's A/c

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Correct Answer: Option C

Explanation:
It represents a new gain and is credited to Bad Debts Recovered, a nominal account, without reopening the debtor's account.

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

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