NTA-NET (Based on NTA-UGC) Commerce (Paper-II): Questions 284 - 285 of 1424

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Question number: 284

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

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Appeared in Year: 2018

MCQ▾

Question

Under the Income Tax Act, 1961 “block of assets” for the purpose of charging depreciation means: (September Paper II)

Choices

Choice (4)Response

a.

Value of all the assets after depreciation

b.

Gross value of machinery and plant less accumulated depreciation

c.

Value of all those assets to which one rate of depreciation is applicable

d.

Value of all tangible assets after charging depreciation

Question number: 285

» Business Economics » Concept of Profit and Wealth Maximization » For SET

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Appeared in Year: 2018

MCQ▾

Question

The following are the two statements regarding concept of profit. Indicate the correct code of the statements being correct or incorrect.

Statement (I): Accounting profit is a surplus of total revenue over and above all paid-out costs, including both manufacturing and overhead expenses.

Statement (II): Economic or pure profit is a residual left after all contractual costs have been met, including the transfer costs of management, insurable risks, depreciation and payments to shareholders sufficient to maintain investment at its current level. (September Paper II)

Choices

Choice (4)Response

a.

Statements (I) and (II) are correct.

b.

Statements (I) and (II) are incorrect.

c.

Statement (I) is correct while Statement (II) is incorrect.

d.

Statement (I) is incorrect while Statement (II) is correct.

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