The 'Set-off and Carry Forward' of losses is governed by: MCQ with Answer and Explanation

Question
The 'Set-off and Carry Forward' of losses is governed by:
A. Partnership Act
B. Sections 70 to 80 of Income Tax Act
C. GST Act
D. Companies Act
Answer: Option B
Solution (By JKSSB Mock Tests)
Provisions for set-off and carry forward of losses are contained in Sections 70-80.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
S1: Bank Reconciliation Statement is prepared by the bank. S2: Bank Reconciliation Statement is prepared on a specific date. Which statement(s) is/are correct?
A. S2 only
B. S1 only
C. Both S1 and S2
D. Neither S1 nor S2
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
BRS is prepared by the account holder (the customer), not the bank. It is prepared for a specific date to reconcile the balances as per the Cash Book and the Pass Book on that day. S1 is incorrect, S2 is correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Activity Based Costing' (ABC) method focuses on:
A. Identifying activities and assigning costs based on usage of those activities
B. Allocating overheads based on labour hours
C. Budgeting
D. Only direct costs
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
ABC assigns overheads more accurately by tracing them to activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is an example of a deferred revenue expenditure?
A. Purchase of machinery
B. Payment of rent
C. Payment of salary
D. Heavy advertising campaign for a new product launch
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
A heavy advertising campaign for a new product provides benefits over multiple years, making it a deferred revenue expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: