The 'Securities Transaction Tax' (STT) is levied under: MCQ with Answer and Explanation

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The 'Securities Transaction Tax' (STT) is levied under:

A. GST Act

B. Securities Contracts (Regulation) Act

C. Income Tax Act

D. Finance Act (Chapter VII of Finance (No.2) Act, 2004)

Answer: Option D

Solution (By JKSSB Mock Tests)

STT is levied through the Finance Act.

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

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Question #1

The 'Expected Error' in audit sampling is:

A. Error in the sample only

B. The error the auditor expects to find in the population

C. Actual error after testing

D. The maximum acceptable error

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Correct Answer: Option B

Explanation:
Expected error is estimated before testing; it affects sample size.

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Question #2

The 'Break-Even Point' in units is calculated as:

A. Profit / Sales

B. Fixed cost / Contribution per unit

C. Sales / Contribution per unit

D. Fixed cost / Variable cost per unit

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Correct Answer: Option B

Explanation:
BEP (units) = Fixed Costs / (Selling price per unit - Variable cost per unit) = Fixed Cost / Contribution per unit.

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Question #3

An amount of Rs 10,000 withdrawn by the proprietor for personal use will cause:

A. Decrease in Cash and Increase in Capital

B. Increase in Drawings and Increase in Liabilities

C. No change in total assets

D. Decrease in Cash and Decrease in Capital

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Correct Answer: Option D

Explanation:
Drawings reduce cash on the asset side and simultaneously reduce the proprietor's capital on the equity side.

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

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