The 'Section 115BAC' relates to: MCQ with Answer and Explanation

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The 'Section 115BAC' relates to:

A. Alternate Minimum Tax

B. Minimum Alternate Tax

C. Tax on dividends

D. New tax regime for individuals and HUFs

Answer: Option D

Solution (By JKSSB Mock Tests)

Section 115BAC provides the concessional tax regime for individuals/HUFs.

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

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Question #1

Which of the following is an example of a personal account?

A. Capital Account

B. Building Account

C. Salary Account

D. Ramesh's Account

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Correct Answer: Option D

Explanation:
Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.

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

Question #2

Under Ind AS 109, a debt instrument can be measured at Amortized Cost only if it passes which two tests?

A. Cash Flow Test and Impairment Test

B. SPPI Test (Solely Payments of Principal and Interest) and Business Model Test

C. Business Model Test and Fair Value Test

D. Liquidity Test and Solvency Test

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Correct Answer: Option B

Explanation:
For a financial asset to be measured at Amortized Cost under Ind AS 109, it must pass the Business Model test (held to collect contractual cash flows) and the SPPI test (cash flows are solely payments of principal and interest).

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

Question #3

A 'Bill Receivable Book' records:

A. Bills drawn by the business and accepted by debtors

B. Bills payable

C. All bills

D. Bills accepted by business

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Correct Answer: Option A

Explanation:
Bills Receivable Book records all bills of exchange drawn on debtors and accepted by them.

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

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