Which of these is a Direct Tax? MCQ with Answer and Explanation

Question
Which of these is a Direct Tax?
A. Goods and Services Tax
B. Customs Duty
C. Excise Duty
D. Income Tax
Answer: Option D
Solution (By JKSSB Mock Tests)
Income tax is a direct tax because the liability and burden of the tax fall on the same individual.
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 true regarding a Trial Balance?
A. It detects errors of principle.
B. It is prepared at the end of every month.
C. It proves the arithmetical accuracy of books.
D. It is a part of the double entry system.
Discuss
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Correct Answer: Option C

Explanation:
Trial balance only checks arithmetical accuracy; it does not detect all errors, especially errors of principle.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'External Confirmation' from a bank is an example of:
A. Analytical procedure
B. Internal evidence
C. Oral evidence
D. External evidence obtained directly by the auditor
Discuss
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Correct Answer: Option D

Explanation:
Direct confirmation from bank is highly reliable.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Indian Financial Management System' for central government is managed by:
A. Reserve Bank of India
B. Controller General of Accounts (CGA)
C. Ministry of Corporate Affairs
D. Securities and Exchange Board of India
Discuss
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Correct Answer: Option B

Explanation:
CGA is the principal advisor on accounting matters for the Union Government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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