The 'Taxpayer's Charter' in India is a part of: MCQ with Answer and Explanation

Question
The 'Taxpayer's Charter' in India is a part of:
A. Income Tax Act
B. Companies Act
C. GST Act
D. Finance Act, 2020
Answer: Option D
Solution (By JKSSB Mock Tests)
Taxpayer's Charter was introduced as part of the Finance Act, 2020, outlining rights and obligations of taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Companies (Auditor's Report) Order' (CARO) 2020 applies to:
A. Only listed companies
B. All companies
C. Only banks
D. Certain class of companies as specified
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Correct Answer: Option D

Explanation:
CARO 2020 is applicable to specified companies, excluding certain categories like banking, insurance, OPC.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: AS 1 mandates the disclosure of all accounting policies used. S2: AS 3 deals with the preparation of cash flow statements. Which statement(s) is/are correct?
A. Both S1 and S2
B. S1 only
C. Neither S1 nor S2
D. S2 only
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Correct Answer: Option A

Explanation:
AS 1 requires the disclosure of significant accounting policies. AS 3 mandates the preparation and presentation of cash flow statements. Both statements are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
An audit that is conducted between two annual audits is called:
A. Interim audit
B. Final audit
C. Statutory audit
D. Continuous audit
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Correct Answer: Option A

Explanation:
Interim audit is performed in between the year, often for dividend declaration or half-yearly results.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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