Which of the following is shown on the credit side of Trading Account? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is shown on the credit side of Trading Account?

A. Wages

B. Opening stock

C. Sales

D. Purchases

Answer: Option C

Solution (By JKSSB Mock Tests)

Sales (net) appears on the credit side of Trading Account. Opening stock, purchases, wages appear on debit side.

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

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Question #1

What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?

A. To find accounting errors

B. To assess social impact

C. To value the shares of the company

D. To ensure books are maintained per tax laws and compute taxable income correctly

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Correct Answer: Option D

Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.

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

Question #2

The 'Updated Return' (ITR-U) attracts additional tax of:

A. No additional tax

B. 10%

C. 25% of tax and interest if filed within 12 months, 50% if filed after 12 months

D. Fixed penalty

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Correct Answer: Option C

Explanation:
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.

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

Question #3

The 'Form 10IE' is to be filed for:

A. TDS return

B. Tax audit

C. GST registration

D. Opting for new income tax regime

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Correct Answer: Option D

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

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

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