Tax Book 2023

Method of Accounting and Records Chapter- 11

Q.9. The record maintained by a taxpayer required to be kept for a period of ____years after the end
of year to which they relate.
(a) one
(b) Two
(c) Three
(d) Six

Q.10. The books of accounts of companies should be maintained in accordance with

(a) International Accounting Standard

(b) Companies Act, 2017

(c) Both a and b

(d) None of the above

Q.11. An individual deriving income from business is required to maintain books at

(a) Residence

(b) Place of business

(c) any other place

(d) None of these

Q.12. A person deriving income from property is required to maintain _____ documents.

(a) Rent deed

(b) Tenancy termination agreement

(c) Receipt of rent

(d) All of the above

Q.13. In Prime cost method the cost of stock in trade consists of

(a) Direct material cost

(b) Direct labour cost

(c) Variable factory cost

(d) All of these

Q.14. A person deriving income from royalty is required to maintain

(a) Royalty agreement

(b) Rent deed

(c) Cost of acquisition

(d) All of these

Q.15. Where the person has commenced the business during the year, the opening value of stock shall be
------------- at the time when the stock is ventured in business.
(a) Fair market value
(b) Actual value
(c) none of these

Q.16. Person who is required to use the ETR shall keep the copies of ETR for the period of -------.

(a) 2 years

(b) 5 years

(c) 6 years

Q.17 Dividend income received by a company shall be taxed on_____.

(a) Accrual basis