The 'Revised Return' under Income Tax can be filed: MCQ with Answer and Explanation

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The 'Revised Return' under Income Tax can be filed:

A. Before the end of the assessment year or completion of assessment, whichever is earlier

B. Within one year

C. Only once

D. Any time

Answer: Option A

Solution (By JKSSB Mock Tests)

Revised return can be filed up to 3 months before the end of relevant assessment year or before completion of assessment, whichever is earlier.

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

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Question #1

A firm's 'Re-order Level' is calculated as:

A. Maximum consumption * minimum lead time

B. Minimum consumption * minimum lead time

C. Maximum consumption * maximum lead time

D. Average consumption * average lead time

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Correct Answer: Option C

Explanation:
Re-order level = Maximum consumption * Maximum lead time, ensuring stock doesn't run out.

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

Question #2

The primary objective of Financial Management is:

A. Profit maximization

B. Wealth maximization of shareholders

C. Minimizing taxes

D. Maximizing market share

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Correct Answer: Option B

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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Question #3

In cost accounting, the prime cost is equal to:

A. Direct materials + Direct labor + Direct expenses

B. Total cost - Profit

C. Factory cost + Admin overheads

D. Cost of production + Selling overheads

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Correct Answer: Option A

Explanation:
Prime cost is the aggregate of all direct costs, specifically direct materials, direct labor, and direct expenses.

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

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