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10489+ MCQ Questions in english हिन्दी

5449. A partnership firm must keep the books of accounts for how many years under the Indian Income Tax Act?

A. 2 years

B. 5 years

C. 8 years

D. 10 years

5448. A company has to present its financial statements under which of the following?

A. Indian Accounting Standards (Ind AS)

B. IFRS (International Financial Reporting Standards)

C. Generally Accepted Accounting Principles (GAAP)

D. Companies Act, 2013

5447. Which of the following is an indirect tax?

A. Corporate Tax

B. Income Tax

C. GST

D. Property Tax

5446. Of the following, which is NOT included in COGS?

A. Direct labor costs

B. Manufacturing overhead

C. Selling and distribution expenses

D. Direct material costs

5445. What are some of the main reasons for preparing financial accounting?

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

5444. Which of the following is an example of a non-operating income item?

A. Sale of goods

B. Sale of fixed assets

C. Income from services

D. Interest income

5443. The Income Tax Act, 1961 in India applies to:

A. Companies only

B. Individuals and businesses

C. Individuals only

D. Businesses and government organizations

5442. The audit of a company is carried out as per which of the following Acts?

A. Companies Act, 2013

B. Indian Partnership Act, 1932

C. Income Tax Act, 1961

D. Goods and Services Tax Act, 2017

5441. Which of the following is NOT a characteristic of Indian VAT?

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

5440. The word 'capital employed' means

A. Equity capital plus reserves

B. Total assets minus current liabilities

C. Total liabilities minus fixed liabilities

D. Fixed assets plus working capital

5439. According to which accounting principle, expenses should be recognized in the same period in which it helped the revenue to be generated?

A. Accrual principle

B. Matching principle

C. Consistency principle

D. Prudence principle

5438. Which of the following statements is correct about Indian Accounting Standards (Ind AS)?

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.

5437. What is the maximum time period for the income tax returns for an individual in India under normal circumstances?

A. 31st March

B. 30th June

C. 31st July

D. 31st December

5436. Which of the following is NOT treated as current liability?

A. Trade Payables

B. Short-term loans

C. Dividend Payable

D. Long-term debt

5435. The term ‘deferred tax liability’ arises due to:

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

5434. Which of the following is a characteristic of a public company under the Indian Companies Act?

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.

5433. Which of the following bodies regulates the Goods and Services Tax (GST) in India?

A. Ministry of Finance

B. GST Council

C. Reserve Bank of India

D. Securities and Exchange Board of India (SEBI)

5432. As per Indian Accounting Standards, an asset is recognized when:

A. It is probable that future economic benefits will flow to the enterprise.

B. The legal title is transferred to the company.

C. The cash is paid for the asset.

D. The asset is held under physical control.

5431. Which of the following is NOT a type of accounting error?

A. Error of omission

B. Error of commission

C. Error of principle

D. Error of judgment

5430. Which of the following taxes is a direct tax in India?

A. Sales Tax

B. Value Added Tax (VAT)

C. Income Tax

D. Goods and Services Tax (GST)

5429. The term 'working capital' refers to:

A. Total assets minus total liabilities

B. Current assets minus current liabilities

C. Fixed assets minus current liabilities

D. Current assets plus fixed assets

5428. Which of the following is treated as a contingent liability under Indian GAAP?

A. Outstanding expenses

B. Bills receivable

C. Guarantee given by the company

D. Provision for doubtful debts

5427. Under the Companies Act, the minimum number of directors required for a public company is:

A. 1

B. 2

C. 3

D. 4

5426. The accounting entry to record the payment of income tax will include:

A. Debit to Income Tax Expense, Credit to Cash

B. Debit to Income Tax Expense, Credit to Bank

C. Debit to Bank, Credit to Income Tax Expense

D. Debit to Bank, Credit to Tax Payable

5425. Which of the following taxes is levied by the central government in India?

A. Sales Tax

B. Income Tax

C. Property Tax

D. Entertainment Tax

5424. Which of the following is NOT a characteristic of a partnership?

A. Mutual agency

B. Limited liability

C. Profit sharing

D. Contractual relationship

5423. Sundarbans Reserve Forest is a UNESCO World Heritage site located in which state?

A. Odisha

B. West Bengal

C. Andhra Pradesh

D. Tamil Nadu

5422. The Kali River flows through which two states?

A. Karnataka and Tamil Nadu

B. Maharashtra and Goa

C. Uttarakhand and Himachal Pradesh

D. Uttar Pradesh and Bihar

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Subjectwise MCQ

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10489+ MCQ Questions in english हिन्दी

5449. A partnership firm must keep the books of accounts for how many years under the Indian Income Tax Act?

5448. A company has to present its financial statements under which of the following?

5447. Which of the following is an indirect tax?

5446. Of the following, which is NOT included in COGS?

5445. What are some of the main reasons for preparing financial accounting?

5444. Which of the following is an example of a non-operating income item?

5443. The Income Tax Act, 1961 in India applies to:

5442. The audit of a company is carried out as per which of the following Acts?

5441. Which of the following is NOT a characteristic of Indian VAT?

5440. The word 'capital employed' means

5439. According to which accounting principle, expenses should be recognized in the same period in which it helped the revenue to be generated?

5438. Which of the following statements is correct about Indian Accounting Standards (Ind AS)?

5437. What is the maximum time period for the income tax returns for an individual in India under normal circumstances?

5436. Which of the following is NOT treated as current liability?

5435. The term ‘deferred tax liability’ arises due to:

5434. Which of the following is a characteristic of a public company under the Indian Companies Act?

5433. Which of the following bodies regulates the Goods and Services Tax (GST) in India?

5432. As per Indian Accounting Standards, an asset is recognized when:

5431. Which of the following is NOT a type of accounting error?

5430. Which of the following taxes is a direct tax in India?

5429. The term 'working capital' refers to:

5428. Which of the following is treated as a contingent liability under Indian GAAP?

5427. Under the Companies Act, the minimum number of directors required for a public company is:

5426. The accounting entry to record the payment of income tax will include:

5425. Which of the following taxes is levied by the central government in India?

5424. Which of the following is NOT a characteristic of a partnership?

5423. Sundarbans Reserve Forest is a UNESCO World Heritage site located in which state?

5422. The Kali River flows through which two states?

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