The 'Section 194O' (TDS on e-commerce) rate is: MCQ with Answer and Explanation

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The 'Section 194O' (TDS on e-commerce) rate is:

A. 2%

B. 10%

C. 1%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

TDS at 1% on gross amount of sales facilitated by e-commerce operator.

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

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Question #1

Rent paid in advance is considered a(n):

A. Asset

B. Income

C. Liability

D. Expense

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Correct Answer: Option A

Explanation:
Prepaid expenses are considered assets because they provide future economic benefits to the business.

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

Question #2

The term 'Imprest Money' is related to:

A. Petty cash

B. Fixed deposit

C. Overdraft

D. Cash credit

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Correct Answer: Option A

Explanation:
Imprest system is used to maintain petty cash.

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Question #3

Which of the following is not a feature of a partnership?

A. Unlimited liability

B. Separate legal entity

C. Sharing of profits

D. Agreement between partners

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Correct Answer: Option B

Explanation:
A partnership firm does not have a separate legal entity distinct from its partners (except limited liability partnerships).

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

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