A. A calendar year

B. A financial year from 1st April to 31st March

C. A financial year from 1st January to 31st December

D. Any 12-month period as determined by the business

A. Any person liable to pay tax or any other sum of money

B. Only individuals who earn income

C. Only companies

D. Only public sector units

A. Salary expenses

B. Rent expenses

C. Purchase of machinery

D. Office supplies

A. 1st January to 31st December

B. 1st April to 31st March

C. 1st June to 31st May

D. 1st October to 30th September

A. Unlimited

B. Limited to the extent of their capital contribution

C. Limited to the personal assets of the partners

D. Limited to the amount guaranteed by the LLP

A. It deals with the classification and measurement of financial assets

B. It prescribes the accounting treatment for lease transactions

C. It deals with the treatment of goodwill

D. It provides guidelines for preparing the statement of cash flows

A. 1st April 2017

B. 1st July 2017

C. 1st August 2017

D. 1st January 2018

A. It is done at the discretion of the company

B. It is done according to the provision of the Companies Act, 2013

C. It is optional for small companies

D. It is only concerned with the profitability of the company

A. Market value of an asset

B. The cost of an asset in the historical period

C. The net value of an asset after the depreciation

D. The amount paid for an asset

A. They are current assets.

B. They are current liabilities.

C. They are long-term assets.

D. They are income.

A. Future expense that is certain

B. Uncertain future expense

C. Liability due to uncertain future events

D. Current liability of routine expenses

A. 5%

B. 12%

C. 18%

D. 28%

A. 2 years

B. 5 years

C. 8 years

D. 10 years

A. Indian Accounting Standards (Ind AS)

B. IFRS (International Financial Reporting Standards)

C. Generally Accepted Accounting Principles (GAAP)

D. Companies Act, 2013

A. Corporate Tax

B. Income Tax

C. GST

D. Property Tax

A. Direct labor costs

B. Manufacturing overhead

C. Selling and distribution expenses

D. Direct material costs

A. To determine tax liability

B. To get financial statements for use by the entity's management

C. To include day-to-day transactions

D. To get financial statements for use by outsiders

A. Sale of goods

B. Sale of fixed assets

C. Income from services

D. Interest income

A. Companies only

B. Individuals and businesses

C. Individuals only

D. Businesses and government organizations

A. Companies Act, 2013

B. Indian Partnership Act, 1932

C. Income Tax Act, 1961

D. Goods and Services Tax Act, 2017

A. It is a multi-stage tax

B. It is charged on the value added at each stage of production

C. It is a direct tax

D. It is levied by state governments

A. Equity capital plus reserves

B. Total assets minus current liabilities

C. Total liabilities minus fixed liabilities

D. Fixed assets plus working capital

A. Accrual principle

B. Matching principle

C. Consistency principle

D. Prudence principle

A. They are applicable to only public companies.

B. They are in conformity with IFRS (International Financial Reporting Standards).

C. They are mandatory only for large companies.

D. They are a set of tax-related guidelines.

A. 31st March

B. 30th June

C. 31st July

D. 31st December

A. Trade Payables

B. Short-term loans

C. Dividend Payable

D. Long-term debt

A. Temporary difference between book profit and taxable profit

B. The company's choice to do prepaid taxes

C. Revaluation of fixed assets

D. Tax laws are changed

A. It must have at least 2 members.

B. It can offer shares to the public.

C. It must have at least 1 director.

D. It cannot issue debentures.