B:-Tax free benefits
C:-Gift

D:-Perquisites

Correct Answer:- Option-D

Question57:-If an asset transferred without consideration is again transferred by the transferee, the resultant gain or loss is
clubbed with the income of

A:-Former transferee

B:-Later transferee

C:-Former transferor

D:-Any of the above

Correct Answer:- Option-C
Question58:-Business losses cannot be set off against any income except

A:-Income from house property

B:-Capital gains

C:-Income from salary

D:-None of the above

Correct Answer:- Option-C
Question59:-Voluntary return is filled under section

A:-139(1)

B:-142(1)

C:-145(1)

D:-None of these

Correct Answer:- Option-A
Question60:-Ex-parte assessment is also called

A:-Precautionary assessment

B:-Best Judgement assessment

C:-Income escaping assessment

D:-None of these

Correct Answer:- Option-B
Question61:-The balance in the Shares Forfeited Account is transferred to

A:-Capital reserve

B:-General reserve

C:-Securities premium

D:-Free reserves

Correct Answer:- Option-A
Question62:-The Sinking Fund Account is finally closed by transferring the balance to

A:-Capital Reserve

B:-Debentures

C:-Sinking Fund Investment Account

D:-General Reserve Account

Correct Answer:- Option-D
Question63:-Which of the following do not amount to appropriation of profit?

A:-Proposed Dividend

B:-General Reserve

C:-Interim Dividend

D:-Provision for taxation

Correct Answer:- Option-D
Question64:-Any profit on realization of assets at the time of amalgamation is transferred to

A:-Transferee Company

B:-Creditors

C:-Debenture holders

D:-Equity shareholders

Correct Answer:- Option-D
Question65:-Depreciation account is given in

A:-AS 10

B:-AS 14

C:-AS 6

D:-AS 5

Correct Answer:- Option-C