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