As per income tax rules, which of the following Sections is applicable for inventory valuation? (a) Sec.

Question:

As per income tax rules, which of the following Sections is applicable for inventory valuation?

(a) Sec. 80HHC

(b) Sec. 145

(c) Both

(d) Neither of these

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

Question Posted: Dec 15, 2023 11:39 PM

See More Questions

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
Which of the following statements concerning asset-based valuation as applied to Oakstar is most accurate? The approach is applicable A. Only when a guideline public company for the valuation is not...
Multiple Choice Questions 1. Which of the following statements is correct? a. A calendar year corporation must file its tax return no later than April 15 unless it requests an extension. b. A...
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owner's equity for the year. Apr 30 Doug Stone Capital Doug...
A copper wire is 8.00 m long and has a cross-sectional area of 1.00 x 104 m2. The wire forms a one-turn loop in the shape of square and is then connected to a battery that applies a potential...
If the Sun were the size of a beach ball, Earth would be the size of a green pea 110 m away. Show that the nearest star, Alpha Centauri (4.4 light-years away), would be about 30,000 km distant. (Find...
You work for a firm that manufactures childrens toys. Despite little international experience, management wants to start exporting. Your boss understands the importance of using strong distributors...
For seven years, Monaco Corporation has been owned entirely by Stacy and Monique, who are husband and wife. Stacy and Monique have a $165,000 basis in their jointly owned Monaco stock. The Monaco...
Keith purchased a house for $375,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 4.22% compounded semi-annually amortized over...
An investor purchases 100 shares of a company at a price of 60. At the end of one year, he gets a dividend of 5 per share and sells the share in the market at a price of 67 per share after one year....
While reporting inventory in the final accounts, which rule is used as accounting prudence? (a) Showing all inventory items at cost or market price, whichever is less (b) Showing inventory always at...
Estimates for a proposed small public facility are as follows: Plan A has a first cost of $50,000, a life of 25 years, a $5,000 market value, and annual maintenance expenses of $1,200. Plan B has a...
Let $N$ be a positive integer. Consider the relation $\circledast$ among pairs of integers $r, s \in \mathbb{Z}$ defined as $r \circledast s$ when $r-s$ is an integer multiple of $N$. Prove that...
Draw a circuit diagram for a typical home hair dryer. To which form (or forms) of energy is electric potential energy converted when you use the dryer?
Draw a vector field diagram for particles carrying charges $+2 q$ and $-q$ separated by a distance $r$. Comment on the significance of the vector diagram.
(a) Show that the Jones matrix of a polarization analyzer set at angle $\alpha$ to the $X$-axis is given by \[ \underline{\mathbf{L}}(\alpha)=\left[\begin{array}{cc} \cos ^{2} \alpha & \sin...
Let $\mathbf{V}(t)$ be a linearly filtered complex-valued, wide-sense stationary random process with sample functions given by \[ \mathbf{v}(t)=\int_{-\infty}^{\infty} \mathbf{h}(t-\tau)...
A square matrix A of size n is upper triangular if [A]ij = 0 whenever i > j. Let UTn be the set of all upper triangular matrices of size n. Prove that UTn is a subspace of the vector space of all...
1. Firms may hold financial assets to earn returns. How the firm would classify financial assets? What treatment will such financial assets get in the financial statements in accordance with US GAAP...
(a) Under what conditions is the use of an accelerated depreciation method most appropriate? (b) Why is an accelerated depreciation method often used for income tax purposes? (c) What is the Modified...
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
Maddox Resources has credit sales of $ 1 8 0 , 0 0 0 yearly with credit terms of net 3 0 days, which is also the average collection period. Maddox does not offer a discount for early payment, so its...
Selk Steel Co., which began operations on January 4, 2017, had the following subsequent transactions and events in its long-term investments. 2017 Jan. 5 Selk purchased 50,000 shares (25% of total)...
Equipment with a book value of $84,000 and an original cost of $166,000 was sold at a loss of $36,000. Paid $100,000 cash for a new truck. Sold land costing $330,000 for $415,000 cash, yielding a...

As per income tax rules, which of the following Sections is applicable for inventory valuation? (a) Sec.

Question:

Step by Step Answer:

b ...View the full answer

Financial Accounting

Students also viewed these Business questions