Question

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

• A. Duties and Taxes
• B. Miscellaneous Expenditures
• C. Reserves & Surplus
• D. Direct Expenses

Hint:

Always review how accounting software groups ledgers — categories like Duties and Taxes may behave differently based on context (receivable or payable).

Answer 1

The Correct Option is A

In computerised accounting systems like Tally, ‘Duties and Taxes’ is classified under Current Liabilities, not Assets. So the correct current asset from typical groups would include Stock-in-hand, Sundry Debtors, Cash-in-hand, etc. But among the given options, none perfectly match a typical current asset classification. However, if we refer to Tally groupings, Duties and Taxes is most commonly associated with receivables/payables within current classifications. In certain localized settings (like TDS receivable), it may appear under Current Assets temporarily.