NTA-NET (Based on NTA-UGC) Commerce (Paper-II): Questions 202 - 206 of 1424

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Question number: 202

» Accounting and Finance » Accounting Standards in India

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MCQ▾

Question

At the end of the accounting year, every business firm has to make

Choices

Choice (4)Response

a.

Asset Book

b.

Final Accounts

c.

Sales Book

d.

Cash book

Question number: 203

» Accounting and Finance » Venture Capital Funds

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Appeared in Year: 2018

MCQ▾

Question

and Y sharing profits in the ratio of admit for share in the new firm in which he takes from and from . The new ratio of will be: (July Paper 2)

Choices

Choice (4)Response

a.

b.

c.

d.

Question number: 204

» Income-Tax Law and Tax Planning » Residential Status and Tax Incidence

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MCQ▾

Question

Income Tax is a tax on income earned by a ________

Choices

Choice (4)Response

a.

HUF (Hindu Undivided Family)

b.

Body of Individual

c.

Individual

d.

Person

Question number: 205

» Accounting and Finance » Measurement of Risk and Returns Securities and Portflios

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Appeared in Year: 2018

MCQ▾

Question

Total return on a security is equal to the following: (September Paper II)

Choices

Choice (4)Response

a.

b.

c.

d.

Question number: 206

» Income-Tax Law and Tax Planning » Computation of Taxable Income of Individuals and Firms

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Appeared in Year: 2018

MCQ▾

Question

Which one of the following statements is not correct with reference to the assessment of firms? (September Paper II)

Choices

Choice (4)Response

a.

All partnership firms formed under the Indian Partnership Act, 1932, are assessed as firms under the Income Tax Act, 1961.

b.

Income of a firm is taxable at a flat rate of without any exemption.

c.

Partners’ share in the income of a firm is not chargeable to tax in the hands of partners.

d.

Remuneration paid to partners of a firm (assessed as such) is allowed as deduction subject to statutory limit.

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