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