The 'Survey' under Income Tax Act (Section 133A) is: MCQ with Answer and Explanation

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The 'Survey' under Income Tax Act (Section 133A) is:

A. Assessment

B. A raid

C. Audit

D. Visit by tax authorities to discover and collect information

Answer: Option D

Solution (By JKSSB Mock Tests)

Survey is a verification of books at business premises without seizure.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is a contra account?

A. Provision for Doubtful Debts

B. All of the above

C. Bank Account in Cash Book

D. Accumulated Depreciation

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Correct Answer: Option B

Explanation:
Provision for Doubtful Debts is a contra asset to Debtors, Bank/Cash is a contra account in the cash book, and Accumulated Depreciation is a contra asset to Fixed Assets.

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

Question #2

Debentures are shown in Balance Sheet under:

A. Current liabilities

B. Reserves and surplus

C. Long-term borrowings

D. Share capital

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Correct Answer: Option C

Explanation:
Debentures are long-term borrowings unless they are due within 12 months, then current liabilities.

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

Question #3

The 'Income Tax Refund' received is:

A. Deferred revenue

B. Liability

C. Revenue receipt

D. Capital receipt

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Correct Answer: Option C

Explanation:
Income tax refund is a revenue receipt as it pertains to business profits.

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

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