/80 ACCOUNTING MOCK TEST 01 Attempt once this test to increase your confidence level at the time of interview 1 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 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 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 4 / 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 5 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 6 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 7 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 8 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 9 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 10 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 11 / 80 GST registration is based on ? Aadhar PAN Passport TAN 12 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 13 / 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 14 / 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 15 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 16 / 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 17 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 18 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 19 / 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 20 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 21 / 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 22 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 23 / 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 24 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 25 / 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 26 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 27 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 28 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 29 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 30 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 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 _____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 33 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 34 / 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 35 / 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 36 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 37 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 38 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 39 / 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 40 / 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 41 / 80 GST registration is based on ? Aadhar PAN Passport TAN 42 / 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 43 / 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 44 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 45 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 46 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 47 / 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 48 / 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 49 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 50 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 51 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 52 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 53 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 54 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 55 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 56 / 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. 57 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 58 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 59 / 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. 60 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 61 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 62 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 63 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 64 / 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 65 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 66 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 67 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 68 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 69 / 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 70 / 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 71 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 72 / 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 73 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 74 / 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. 75 / 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 76 / 80 TDS rate for professional services? 5% 10% 15% 20% 77 / 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 78 / 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 79 / 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 80 / 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 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 TDS rate for professional services? 5% 10% 15% 20% 2 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 3 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 4 / 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 5 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 6 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 7 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 8 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 9 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 10 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 11 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 12 / 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 13 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 14 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 15 / 80 GST registration is based on ? Aadhar PAN Passport TAN 16 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 17 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 18 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 19 / 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 20 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 21 / 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 22 / 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 23 / 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 24 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 25 / 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 26 / 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 27 / 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 28 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 29 / 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 30 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 31 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 32 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 33 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 34 / 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. 35 / 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 36 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 37 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 38 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 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 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 41 / 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 42 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 43 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 44 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 45 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 46 / 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 47 / 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 48 / 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 49 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 50 / 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 51 / 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 52 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 53 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 54 / 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 55 / 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 56 / 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 57 / 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 58 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 59 / 80 GST registration is based on ? Aadhar PAN Passport TAN 60 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 61 / 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 62 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 63 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 64 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 65 / 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. 66 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 67 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 68 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 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 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 71 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 72 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 73 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 74 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 75 / 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 76 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 77 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 78 / 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. 79 / 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 80 / 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 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 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 2 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 3 / 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 4 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 5 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 6 / 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 7 / 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 8 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 9 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 10 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 11 / 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 12 / 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 13 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 14 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 15 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 16 / 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 17 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 18 / 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 19 / 80 GST registration is based on ? Aadhar PAN Passport TAN 20 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 21 / 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 22 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 23 / 80 TDS rate for professional services? 5% 10% 15% 20% 24 / 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 25 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 26 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 27 / 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 28 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 29 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 30 / 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 31 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 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 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 34 / 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. 35 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 36 / 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. 37 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 38 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 39 / 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 40 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 41 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 42 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 43 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 44 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 45 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 46 / 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 47 / 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 48 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 49 / 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 50 / 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 51 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 52 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 53 / 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 54 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 55 / 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. 56 / 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 57 / 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 58 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 59 / 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 60 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 61 / 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 62 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 63 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 64 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 65 / 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 66 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 67 / 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 68 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 69 / 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 70 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 71 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 72 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 73 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 74 / 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 75 / 80 GST registration is based on ? Aadhar PAN Passport TAN 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 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 78 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 79 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 80 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above Your score is 0% Restart quiz
