Which of the following is the correct accounting equation?

• Assets + Liabilities = Capital
• Assets = Liabilities + Capital
• Capital = Assets × Liabilities
• Assets – Liabilities = Revenue

Which accounting principle assumes a business will continue operations indefinitely?

• Matching Principle
• Cost Principle
• Going Concern Assumption
• Realization Principle

The three golden rules of accounting are based on which system?

• Single-entry system
• Double-entry system
• Accrual system
• Cash system

A Trial Balance is primarily prepared to:

• Calculate profit or loss
• Record all transactions
• Ensure total debits equal total credits
• Prepare journal entries

Income from House Property is taxable under Sections:

• 20 to 24
• 22 to 27
• 25 to 29
• 18 to 21

Which of the following qualifies as ‘self-occupied property’?

• Property used for owner’s business
• Property let out to relatives
• Property used for own residence
• Property rented for more than 12 months

The time limit for filing a belated return of income under Section 139(4) is:

• Before end of relevant assessment year
• Before completion of assessment or 3 months before end of relevant AY, whichever earlier
• Within 6 months of filing the original return
• Before 31 March of the next financial year

As per Section 143(1), intimation must be sent within:

• 6 months from end of assessment year
• 9 months from end of financial year in which return is made
• 12 months from end of relevant financial year
• 18 months from end of financial year

Under which Article of the Constitution is it stated that no tax shall be levied or collected except by the authority of law?

• Article 260
• Article 265
• Article 270
• Article 271

As per Section 6(1), an individual is treated as Resident if he stays in India for 182 days or more during the PY OR 365 days in preceding 4 years & 60 days in current PY.

• 182 days only
• 365 days only
• 60 days only
• 120 days only