The 'Tax Return Preparer' (TRP) scheme was launched to: MCQ with Answer and Explanation

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The 'Tax Return Preparer' (TRP) scheme was launched to:

A. Assist small and marginal taxpayers in filing returns

B. Replace CAs

C. Collect tax

D. Audit returns

Answer: Option A

Solution (By JKSSB Mock Tests)

TRP scheme helps individuals who cannot afford professional help.

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

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Question #1

Which of the following is not a method of depreciation?

A. Straight-line

B. Machine hour rate

C. Sum of years' digits

D. Perpetual inventory method

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Correct Answer: Option D

Explanation:
Perpetual inventory method is a method of inventory valuation, not depreciation.

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

Question #2

A 'Endowment Fund' received by a non-profit organisation is treated as:

A. Revenue receipt

B. Capital receipt

C. Income

D. Expense

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Correct Answer: Option B

Explanation:
Endowment fund is a capital receipt, usually invested, and only the income is used.

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

Question #3

A trial balance is prepared to check:

A. The cash flow of the business

B. The profitability of the business

C. The arithmetical accuracy of the ledger

D. The financial position of the business

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Correct Answer: Option C

Explanation:
The primary purpose of a trial balance is to verify the arithmetical accuracy of the ledger by ensuring total debits equal total credits.

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

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