The 'Section 194O' deals with TDS on: MCQ with Answer and Explanation

Question

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The 'Section 194O' deals with TDS on:

A. Professional fees

B. E-commerce transactions

C. Rent

D. Salary

Answer: Option B

Solution (By JKSSB Mock Tests)

E-commerce operators deduct TDS on payments to e-commerce participants at 1%.

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

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Question #1

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If a partner takes over an unrecorded liability during dissolution, the accounting entry is:

A. Debit Liability A/c, Credit Cash

B. Debit Partner's Capital A/c, Credit Realisation A/c

C. Debit Realisation A/c, Credit Partner's Capital A/c

D. No entry is required

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Correct Answer: Option C

Explanation:
The firm is assuming a cost (Debit Realisation) and compensating the partner who took the liability (Credit Partner's Capital).

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Question #2

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The 'Threats to Independence' include:

A. Only intimidation

B. No threats

C. Self-interest, self-review, advocacy, familiarity, and intimidation threats

D. Only self-interest

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Correct Answer: Option C

Explanation:
The Code identifies five categories of threats.

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Question #3

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'Bills Payable' is shown under:

A. Current liabilities

B. Non-current liabilities

C. Current assets

D. Capital

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Correct Answer: Option A

Explanation:
Bills payable are obligations payable on demand or within a year, thus current liabilities.

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

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