The 'Tax Deduction and Collection Account Number' (TAN) is required for: MCQ with Answer and Explanation

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The 'Tax Deduction and Collection Account Number' (TAN) is required for:

A. Persons responsible for deducting or collecting tax at source

B. Companies only

C. All taxpayers

D. Individuals only

Answer: Option A

Solution (By JKSSB Mock Tests)

TAN is a 10-digit alphanumeric number required for deductors/collectors of tax.

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

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Question #1

'AS 22' covers:

A. Impairment of assets

B. Earnings per share

C. Accounting for Taxes on Income

D. Borrowing costs

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Correct Answer: Option C

Explanation:
AS 22 deals with deferred tax and current tax.

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

Question #2

The 'Materiality Level' in audit is set to:

A. Increase fees

B. Avoid audit

C. Determine the significance of misstatements that could influence economic decisions

D. Reduce sample size

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Correct Answer: Option C

Explanation:
Materiality is a threshold to guide audit procedures and evaluation of misstatements.

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

Question #3

Which of the following is NOT a principle of cash-based accounting?

A. Revenue is recognized when cash is received

B. Revenue is recognized when earned

C. Expenses are recognized when cash is paid

D. No record of credit transactions

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Correct Answer: Option B

Explanation:
Recognizing revenue when earned is a principle of accrual accounting. Cash-based accounting only recognizes revenue when cash is actually received.

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

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