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Corporate Tax Planning mcqs with answers practice set

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Exam Question

A tax applied at the same rate to all levels of income is … Tax.

  • 1. Straight Line
  • 2. Flat Tax
  • 3. Forward
  • 4. Fixed Tax

View Answer

Answer 2. Flat Tax

Practice set and Exam Quiz

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Exam Question

…lease is where the lessor is considered only as a financier.

  • 1. Finance
  • 2. Left
  • 3. Right
  • 4. Time

View Answer

Answer 1. Finance

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Exam Question

Association of two or more person (individuals or companies) formed for the purpose of making a profit.

  • 1. Sole Propreitorship
  • 2. JSCs
  • 3. Strategic Alliance
  • 4. Partnership

View Answer

Answer 4. Partnership

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Exam Question

Rule under which one is precluded and forbidden by law to speak against his own act or deed.

  • 1. Pestel
  • 2. Escort
  • 3. Estoppel
  • 4. onograph

View Answer

Answer 3. Estoppel

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Exam Question

Tax is to be rounded off to nearest multiple of …

  • 1. Ten
  • 2. Hundred
  • 3. Rupee
  • 4. Thousand

View Answer

Answer 1. Ten

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Exam Question

Tax and/or accounting convention under which the value of assets/liabilities is adjusted to reflect fair market value of a specific date.

  • 1. conventional tax rate
  • 2. Sovereign Rate
  • 3. Mark to market
  • 4. Managerial

View Answer

Answer 3. Mark to market

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Exam Question

Capital receipts are shown in the Balance Sheet on the … side.

  • 1. Above
  • 2. Below
  • 3. Asset
  • 4. Liability

View Answer

Answer 4. Liability

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Exam Question

Wealth tax is to be rounded off to nearest multiple of…

  • 1. 1
  • 2. 10
  • 3. 100
  • 4. 1000

View Answer

Answer 3. 100

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Exam Question

A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.

  • 1. Sales
  • 2. Excise
  • 3. Income Tax
  • 4. IPR tax

View Answer

Answer 2. Excise

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Exam Question

Obligation to persuade a court or other entity of the validity of a factual assertion.

  • 1. Branch Tax
  • 2. Statutiory Tax
  • 3. Burden of Proof
  • 4. Compliance Tax

View Answer

Answer 3. Burden of Proof

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Exam Question

A risk-management strategy to balance positions of different business units or with unrelated third parties is called … hedging.

  • 1. Liberal
  • 2. Expatriate
  • 3. Foreign
  • 4. Global

View Answer

Answer 4. Global

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Exam Question

A deduction used to reduce net income for tax purposes.

  • 1. Taxation
  • 2. Liability
  • 3. Write Off
  • 4. Reserves Creation

View Answer

Answer 3. Write Off

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Exam Question

A written application addressed to a court or judge, and stating facts and circumstances relied upon as a cause for judicial action.

  • 1. Filing
  • 2. Petition
  • 3. Application
  • 4. Writ

View Answer

Answer 2. Petition

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Exam Question

A lack of due care or failure to do what a reasonable and ordinarily prudent person would do under the given circumstances.

  • 1. Accounting Fraud
  • 2. Negligence
  • 3. Accounting Mistake
  • 4. Fraud

View Answer

Answer 2. Negligence

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Exam Question

Generally, an income amount that relates to a future period and therefore can be set aside and included in income for that period.

  • 1. Asset
  • 2. Liability
  • 3. Surplus
  • 4. Reserves

View Answer

Answer 4. Reserves

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Exam Question

Financial transaction whereby an enterprise sells its debt claims to a third party in order to obtain cash

  • 1. Factoring
  • 2. Forfaiting
  • 3. Accounting
  • 4. Cash Management

View Answer

Answer 1. Factoring

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Exam Question

The period following the due date of taxes during which legal action for recovery of delinquent taxes will not be instituted and interest will not commence to run is … Period.

  • 1. Flexible
  • 2. Grace
  • 3. Advanced
  • 4. Extended

View Answer

Answer 2. Grace

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Exam Question

Department of government generally responsible for formulating monetary policy, implementing the tax laws, collecting revenue, etc.

  • 1. Ministry of Accounting
  • 2. Monistry of Commerce
  • 3. Ministry of Finance
  • 4. Ministry of Taxation

View Answer

Answer 3. Ministry of Finance

Practice set and Exam Quiz

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Exam Question

…Property is also called as real property, immovable property comprises land, houses and buildings.

  • 1. Movabale
  • 2. Fixed
  • 3. Immovable
  • 4. Liquid

View Answer

Answer 3. Immovable

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Exam Question

Any 12month period which is set for accounting purpose of an enterprise.

  • 1. Accounting Year
  • 2. Fiscal Year
  • 3. Calender Year
  • 4. Assessment Year

View Answer

Answer 2. Fiscal Year

Practice set and Exam Quiz

Yes! You can do Online MCQ practice of Corporate Tax Planning question set and give online exam quiz test for Corporate Tax Planning, so you can check your knowledge. You can get MCQ Study and Exam link from home page.

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