Free AAFM CWM_LEVEL_2 Exam Actual Questions

The questions for CWM_LEVEL_2 were last updated On Nov 3, 2024

Question No. 1

Section A (1 Mark)

One of the tax exemption under avoidance of Double Taxation is U/S Sec 10(6)(ii) for exemption on income received by the diplomats, ambassador, etc

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Correct Answer: A

Question No. 2

Section B (2 Mark)

Reproduction cost has been estimated as Rs 350,000 for a property with a 70-year economic life. The current effective age of the property is 15 years. The value of the land is estimated to be Rs 55,000. What is the estimated market value of the property using the cost approach, assuming no external or functional obsolescence?

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Correct Answer: A

Question No. 3

Section A (1 Mark)

For calculating the benefit under Entertainment allowance, Salary means,

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Correct Answer: B

Question No. 4

Section A (1 Mark)

Which of the following is not a Key Benefit of the In-kind process used by the ETFs?

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Correct Answer: B

Question No. 5

Section A (1 Mark)

The trust which is empty at creation during life and tranfers the property into the trust at death is called ____________

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Correct Answer: D