Financial and Management Accounting-Recent Trends in Audit [NTA-NET (UGC-NET) Commerce (08)]: Questions 1 - 2 of 2

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Question 1

Appeared in Year: 2018

Question Assertion-Reason▾

Assertion(Ꭺ)

Among all methods of charging depreciation on fixed assets, diminishing balance method is the best method (December)

Reason(Ꭱ)

Diminishing balance method of charging depreciation has been permitted under the Income Tax Act, 1961 for claiming deduction for depreciation.

Choices

Choice (4)Response

a.

Both Ꭺ and Ꭱ are false

b.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

c.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

d.

Ꭺ is true but Ꭱ is false

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Question 2

Appeared in Year: 2020

Question MCQ▾

Cost audit for Materials covers:

(A) Goods inward procedure.

(B) Methods of calculating standard cost variance.

(C) Classification of overhead.

(D) Accounting for scrap, wastage, materials transfers

(E) Accounting treatment of under or over absorption

Choose the most appropriate answer from the options given below: (17 October Morning Shift)

Choices

Choice (4)Response

a.

(A) , (B) only

b.

(A) , (E) only

c.

(E) , (C) only

d.

(A) , (D) only

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