/80 ACCOUNTING MOCK TEST 01 Attempt once this test to increase your confidence level at the time of interview 1 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 2 / 80 Maximum gratuity payable is Rs 5 lakhs for Government & Non Government employees Rs 10 lakhs for Government & Non Government employees Rs 15 lakhs for Government & Non Government employees Rs 20 lakhs for Government & Non Government employees 3 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 4 / 80 Non-deduction of tax at source is possible only if your income is going to be below the minimum income tax slab. 2.5 Lakhs 5 Lakhs 10 Lakhs None 5 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 6 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 7 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 8 / 80 when does liability to pay GST arises in the case of supply of goods? On raising of invoice At the time of supply of goods On receipt of payment Earlist of the any 9 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 10 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 11 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 12 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 13 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 14 / 80 In case of salary or wage earners whose salary or wage for a month is not less than_________ the employer is liable to deduct Profession Tax payable under this Act ₹. 5,000 ₹. 10,000 ₹. 15,000 ₹. 20,000 15 / 80 Ram (Hyderabad) supplied goods to Rahim (Delhi) for Rs. 20,000, Tax @12%, which tax should be imposed to Rahim? IGST CGST + SGST IGST + CGST + SGST Not liable to pay tax 16 / 80 Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of: Going concern Conservatism Consistency Disclosure 17 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 18 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 19 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 20 / 80 Due date for GST returns GSTR 1, GSTR 2A and GSTR 3B? 10th, 15th and 20th 5th, 10th and 15th 15th, 18th and 20th 5th, 15th and 20th 21 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 22 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 23 / 80 _____is the expenditure incurred in one accounting year and the benefits from which is also enjoyed in the same period only Capital Expenditure Revenue Expenditure Defferred Expenditure None 24 / 80 Gift of Rs 10,00,000 received cheque from a other person Exempted Chargable income from other sources Treated as Capital Gains Treated as Business income 25 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 26 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 27 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 28 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 29 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 30 / 80 GST registration is based on ? Aadhar PAN Passport TAN 31 / 80 if an aircraft departs from Delhi to Chennai after taking onboard food for consumption on board, the place of supply will be Chennai Delhi Can't Say None 32 / 80 Payment made through challan will be credited to which ledger? Electronic Tax Liability Ledger Electronic Cash Ledger Electronic credit ledger Any of the above 33 / 80 Neeraj bought a Goods on credit from Deeraj. Which of the following journal entries will be made for this transaction in Neeraj‘s books? Dr. Deeraj Cr. Purchase Dr. Purchase Cr. Deeraj Dr. Neeraj Cr. Purchases Dr. Vehicle Cr. Deeraj 34 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 35 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 36 / 80 A partnership of banking business is valid, when the number of partners exceeds 5, but does not exceed 10 10, but does not exceed 20 20, but does not exceed 40 20, but does not exceed 50 37 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 38 / 80 How is the Scheme financed ? Employees’ contribution – 1.75% of the wages. Employers’ contribution – 5.75% of the wages. Employees’ contribution – 1.75% of the wages. Employers’ contribution – 4.75% of the wages. Employees’ contribution – 2.75% of the wages. Employers’ contribution – 3.75% of the wages. Employees’ contribution – 0.75% of the wages. Employers’ contribution – 3.25% of the wages. 39 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 40 / 80 TDS rate for professional services? 5% 10% 15% 20% 41 / 80 Time of supply will be Removal of Goods on 15th July,2019 Issue of Invoice is 15th July,2019 Delivery of Goods 20th July,2019 Receipt of Payment on 30th Aug,2019 42 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 43 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 44 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 45 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 46 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 47 / 80 GST registration is based on ? Aadhar PAN Passport TAN 48 / 80 Which method of depreciation is approved as per the income tax rules? Sinking fund method Written Down Value Method Annuity Method None of the above 49 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 50 / 80 Profession tax is levied under the Andhra Pradesh Tax on A.P. Tax on Professions, Trades, Act, 1977 A.P. Tax on Professions, Trades, Act, 1987 A.P. Tax on Professions, Trades, Act, 1997 A.P. Tax on Professions, Trades, Act, 2007 51 / 80 Carry forward and set off of losses for Speculation Up to 2 Years Up to 4 Years Up to 6 Years Up to 8 Years 52 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 53 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 54 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 55 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 56 / 80 _____ is a revenue expenditure which has been incurred during an accounting year but the benefit of which may be extended to a number of years. Capital Expenditure Revenue Expenditure Defferred Expenditure None 57 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 58 / 80 After an employee leaves organization, in how many days a company should pay his gratuity amount? Max within 30 days. Max within 60 days. Max within 90 days. Max within 120 days. 59 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 60 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 61 / 80 Every registered person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to? Personal ledger account Refund Account Electronic Cash Ledger Electronic credit ledger 62 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 63 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 64 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 65 / 80 What is the location of supply importance of goods? location of importer Onwer of the goods Place where goods delivered from custom port custom port 66 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 67 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 68 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 69 / 80 As per Section 207, If not having any income from business or profession is not liable to pay advance tax. A resident individual who is of the age of below 60 years A resident HUF A nonresident individual A resident senior citizen 70 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 71 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 72 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 73 / 80 Input tax credit as credited in electronic credit ledger can be utilised for? Payment of interest Payment of panalty Payment of Fine payment of Taxes 74 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 75 / 80 Due dates for Advance Tax 15th June, 15th Sep, 15th Dec and 15th mar 20th June, 20th Sep, 20th Dec and 20th mar 10th June, 10th Sep, 10th Dec and 10th mar 30th June, 30th Sep, 30th Dec and 30th mar 76 / 80 Minors income is clubbed to Father’s income Mother’s income Father’s income or mother’s income whichever is greater Both mother’s and father’s income 77 / 80 bank reconciliation statement? The passbook balance differs from the cash book balance. The passbook balance differs from the creditor book balance. The Cash book balance differs from the cash book balance. The passbook balance differs from the passbook balance. 78 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 79 / 80 What are the benefits that the employees get out of this Scheme ? Sickness benefit, Maternity benefit,Disablement benefit,Dependants’ benefit Funeral Expenses ,Rehabilitation allowance, Vocational rehabilitation, Medical Bonus Medical Care All of the above 80 / 80 Employer register as per the provisions of the ESI Act they will get code ? 15 Digit code 16 Digit code 17 Digit code 18 Digit code Your score is 0% Restart quiz /80 ACCOUNTING MOCK TEST 01 Attempt once this test to increase your confidence level at the time of interview 1 / 80 _____ is a revenue expenditure which has been incurred during an accounting year but the benefit of which may be extended to a number of years. Capital Expenditure Revenue Expenditure Defferred Expenditure None 2 / 80 bank reconciliation statement? The passbook balance differs from the cash book balance. The passbook balance differs from the creditor book balance. The Cash book balance differs from the cash book balance. The passbook balance differs from the passbook balance. 3 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 4 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 5 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 6 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 7 / 80 Time of supply will be Removal of Goods on 15th July,2019 Issue of Invoice is 15th July,2019 Delivery of Goods 20th July,2019 Receipt of Payment on 30th Aug,2019 8 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 9 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 10 / 80 What are the benefits that the employees get out of this Scheme ? Sickness benefit, Maternity benefit,Disablement benefit,Dependants’ benefit Funeral Expenses ,Rehabilitation allowance, Vocational rehabilitation, Medical Bonus Medical Care All of the above 11 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 12 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 13 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 14 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 15 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 16 / 80 Every registered person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to? Personal ledger account Refund Account Electronic Cash Ledger Electronic credit ledger 17 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 18 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 19 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 20 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 21 / 80 Input tax credit as credited in electronic credit ledger can be utilised for? Payment of interest Payment of panalty Payment of Fine payment of Taxes 22 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 23 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 24 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 25 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 26 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 27 / 80 A partnership of banking business is valid, when the number of partners exceeds 5, but does not exceed 10 10, but does not exceed 20 20, but does not exceed 40 20, but does not exceed 50 28 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 29 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 30 / 80 GST registration is based on ? Aadhar PAN Passport TAN 31 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 32 / 80 Ram (Hyderabad) supplied goods to Rahim (Delhi) for Rs. 20,000, Tax @12%, which tax should be imposed to Rahim? IGST CGST + SGST IGST + CGST + SGST Not liable to pay tax 33 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 34 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 35 / 80 TDS rate for professional services? 5% 10% 15% 20% 36 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 37 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 38 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 39 / 80 Employer register as per the provisions of the ESI Act they will get code ? 15 Digit code 16 Digit code 17 Digit code 18 Digit code 40 / 80 How is the Scheme financed ? Employees’ contribution – 1.75% of the wages. Employers’ contribution – 5.75% of the wages. Employees’ contribution – 1.75% of the wages. Employers’ contribution – 4.75% of the wages. Employees’ contribution – 2.75% of the wages. Employers’ contribution – 3.75% of the wages. Employees’ contribution – 0.75% of the wages. Employers’ contribution – 3.25% of the wages. 41 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 42 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 43 / 80 Non-deduction of tax at source is possible only if your income is going to be below the minimum income tax slab. 2.5 Lakhs 5 Lakhs 10 Lakhs None 44 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 45 / 80 After an employee leaves organization, in how many days a company should pay his gratuity amount? Max within 30 days. Max within 60 days. Max within 90 days. Max within 120 days. 46 / 80 GST registration is based on ? Aadhar PAN Passport TAN 47 / 80 What is the location of supply importance of goods? location of importer Onwer of the goods Place where goods delivered from custom port custom port 48 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 49 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 50 / 80 Maximum gratuity payable is Rs 5 lakhs for Government & Non Government employees Rs 10 lakhs for Government & Non Government employees Rs 15 lakhs for Government & Non Government employees Rs 20 lakhs for Government & Non Government employees 51 / 80 when does liability to pay GST arises in the case of supply of goods? On raising of invoice At the time of supply of goods On receipt of payment Earlist of the any 52 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 53 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 54 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 55 / 80 Gift of Rs 10,00,000 received cheque from a other person Exempted Chargable income from other sources Treated as Capital Gains Treated as Business income 56 / 80 Due dates for Advance Tax 15th June, 15th Sep, 15th Dec and 15th mar 20th June, 20th Sep, 20th Dec and 20th mar 10th June, 10th Sep, 10th Dec and 10th mar 30th June, 30th Sep, 30th Dec and 30th mar 57 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 58 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 59 / 80 Minors income is clubbed to Father’s income Mother’s income Father’s income or mother’s income whichever is greater Both mother’s and father’s income 60 / 80 Which method of depreciation is approved as per the income tax rules? Sinking fund method Written Down Value Method Annuity Method None of the above 61 / 80 if an aircraft departs from Delhi to Chennai after taking onboard food for consumption on board, the place of supply will be Chennai Delhi Can't Say None 62 / 80 Neeraj bought a Goods on credit from Deeraj. Which of the following journal entries will be made for this transaction in Neeraj‘s books? Dr. Deeraj Cr. Purchase Dr. Purchase Cr. Deeraj Dr. Neeraj Cr. Purchases Dr. Vehicle Cr. Deeraj 63 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 64 / 80 Due date for GST returns GSTR 1, GSTR 2A and GSTR 3B? 10th, 15th and 20th 5th, 10th and 15th 15th, 18th and 20th 5th, 15th and 20th 65 / 80 Payment made through challan will be credited to which ledger? Electronic Tax Liability Ledger Electronic Cash Ledger Electronic credit ledger Any of the above 66 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 67 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 68 / 80 Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of: Going concern Conservatism Consistency Disclosure 69 / 80 In case of salary or wage earners whose salary or wage for a month is not less than_________ the employer is liable to deduct Profession Tax payable under this Act ₹. 5,000 ₹. 10,000 ₹. 15,000 ₹. 20,000 70 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 71 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 72 / 80 Carry forward and set off of losses for Speculation Up to 2 Years Up to 4 Years Up to 6 Years Up to 8 Years 73 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 74 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 75 / 80 As per Section 207, If not having any income from business or profession is not liable to pay advance tax. A resident individual who is of the age of below 60 years A resident HUF A nonresident individual A resident senior citizen 76 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 77 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 78 / 80 Profession tax is levied under the Andhra Pradesh Tax on A.P. Tax on Professions, Trades, Act, 1977 A.P. Tax on Professions, Trades, Act, 1987 A.P. Tax on Professions, Trades, Act, 1997 A.P. Tax on Professions, Trades, Act, 2007 79 / 80 _____is the expenditure incurred in one accounting year and the benefits from which is also enjoyed in the same period only Capital Expenditure Revenue Expenditure Defferred Expenditure None 80 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital Your score is 0% Restart quiz /80 ACCOUNTING MOCK TEST 01 Attempt once this test to increase your confidence level at the time of interview 1 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 2 / 80 Due date for GST returns GSTR 1, GSTR 2A and GSTR 3B? 10th, 15th and 20th 5th, 10th and 15th 15th, 18th and 20th 5th, 15th and 20th 3 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 4 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 5 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 6 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 7 / 80 bank reconciliation statement? The passbook balance differs from the cash book balance. The passbook balance differs from the creditor book balance. The Cash book balance differs from the cash book balance. The passbook balance differs from the passbook balance. 8 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 9 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 10 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 11 / 80 Neeraj bought a Goods on credit from Deeraj. Which of the following journal entries will be made for this transaction in Neeraj‘s books? Dr. Deeraj Cr. Purchase Dr. Purchase Cr. Deeraj Dr. Neeraj Cr. Purchases Dr. Vehicle Cr. Deeraj 12 / 80 Minors income is clubbed to Father’s income Mother’s income Father’s income or mother’s income whichever is greater Both mother’s and father’s income 13 / 80 Ram (Hyderabad) supplied goods to Rahim (Delhi) for Rs. 20,000, Tax @12%, which tax should be imposed to Rahim? IGST CGST + SGST IGST + CGST + SGST Not liable to pay tax 14 / 80 A partnership of banking business is valid, when the number of partners exceeds 5, but does not exceed 10 10, but does not exceed 20 20, but does not exceed 40 20, but does not exceed 50 15 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 16 / 80 Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of: Going concern Conservatism Consistency Disclosure 17 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 18 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 19 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 20 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 21 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 22 / 80 After an employee leaves organization, in how many days a company should pay his gratuity amount? Max within 30 days. Max within 60 days. Max within 90 days. Max within 120 days. 23 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 24 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 25 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 26 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 27 / 80 Payment made through challan will be credited to which ledger? Electronic Tax Liability Ledger Electronic Cash Ledger Electronic credit ledger Any of the above 28 / 80 Employer register as per the provisions of the ESI Act they will get code ? 15 Digit code 16 Digit code 17 Digit code 18 Digit code 29 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 30 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 31 / 80 GST registration is based on ? Aadhar PAN Passport TAN 32 / 80 Gift of Rs 10,00,000 received cheque from a other person Exempted Chargable income from other sources Treated as Capital Gains Treated as Business income 33 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 34 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 35 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 36 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 37 / 80 Input tax credit as credited in electronic credit ledger can be utilised for? Payment of interest Payment of panalty Payment of Fine payment of Taxes 38 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 39 / 80 What are the benefits that the employees get out of this Scheme ? Sickness benefit, Maternity benefit,Disablement benefit,Dependants’ benefit Funeral Expenses ,Rehabilitation allowance, Vocational rehabilitation, Medical Bonus Medical Care All of the above 40 / 80 GST registration is based on ? Aadhar PAN Passport TAN 41 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 42 / 80 How is the Scheme financed ? Employees’ contribution – 1.75% of the wages. Employers’ contribution – 5.75% of the wages. Employees’ contribution – 1.75% of the wages. Employers’ contribution – 4.75% of the wages. Employees’ contribution – 2.75% of the wages. Employers’ contribution – 3.75% of the wages. Employees’ contribution – 0.75% of the wages. Employers’ contribution – 3.25% of the wages. 43 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 44 / 80 Profession tax is levied under the Andhra Pradesh Tax on A.P. Tax on Professions, Trades, Act, 1977 A.P. Tax on Professions, Trades, Act, 1987 A.P. Tax on Professions, Trades, Act, 1997 A.P. Tax on Professions, Trades, Act, 2007 45 / 80 As per Section 207, If not having any income from business or profession is not liable to pay advance tax. A resident individual who is of the age of below 60 years A resident HUF A nonresident individual A resident senior citizen 46 / 80 Gratuity shall be calculated as per the below formula: Gratuity = Last drawn salary x 5/26 x No. of years of service Gratuity = Last drawn salary x 10/26 x No. of years of service Gratuity = Last drawn salary x 15/26 x No. of years of service Gratuity = Last drawn salary x 20/26 x No. of years of service 47 / 80 Maximum gratuity payable is Rs 5 lakhs for Government & Non Government employees Rs 10 lakhs for Government & Non Government employees Rs 15 lakhs for Government & Non Government employees Rs 20 lakhs for Government & Non Government employees 48 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 49 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 50 / 80 Which method of depreciation is approved as per the income tax rules? Sinking fund method Written Down Value Method Annuity Method None of the above 51 / 80 _____is the expenditure incurred in one accounting year and the benefits from which is also enjoyed in the same period only Capital Expenditure Revenue Expenditure Defferred Expenditure None 52 / 80 Time of supply will be Removal of Goods on 15th July,2019 Issue of Invoice is 15th July,2019 Delivery of Goods 20th July,2019 Receipt of Payment on 30th Aug,2019 53 / 80 if an aircraft departs from Delhi to Chennai after taking onboard food for consumption on board, the place of supply will be Chennai Delhi Can't Say None 54 / 80 when does liability to pay GST arises in the case of supply of goods? On raising of invoice At the time of supply of goods On receipt of payment Earlist of the any 55 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 56 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 57 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 58 / 80 _____ is a revenue expenditure which has been incurred during an accounting year but the benefit of which may be extended to a number of years. Capital Expenditure Revenue Expenditure Defferred Expenditure None 59 / 80 Every registered person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to? Personal ledger account Refund Account Electronic Cash Ledger Electronic credit ledger 60 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 61 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 62 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 63 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 64 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 65 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 66 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 67 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 68 / 80 TDS rate for professional services? 5% 10% 15% 20% 69 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 70 / 80 What is the location of supply importance of goods? location of importer Onwer of the goods Place where goods delivered from custom port custom port 71 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 72 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 73 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 74 / 80 Due dates for Advance Tax 15th June, 15th Sep, 15th Dec and 15th mar 20th June, 20th Sep, 20th Dec and 20th mar 10th June, 10th Sep, 10th Dec and 10th mar 30th June, 30th Sep, 30th Dec and 30th mar 75 / 80 Non-deduction of tax at source is possible only if your income is going to be below the minimum income tax slab. 2.5 Lakhs 5 Lakhs 10 Lakhs None 76 / 80 In case of salary or wage earners whose salary or wage for a month is not less than_________ the employer is liable to deduct Profession Tax payable under this Act ₹. 5,000 ₹. 10,000 ₹. 15,000 ₹. 20,000 77 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 78 / 80 Carry forward and set off of losses for Speculation Up to 2 Years Up to 4 Years Up to 6 Years Up to 8 Years 79 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 80 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these Your score is 0% Restart quiz
