/80 ACCOUNTING MOCK TEST 01 Attempt once this test to increase your confidence level at the time of interview 1 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 2 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 3 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 4 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 5 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 6 / 80 GST registration is based on ? Aadhar PAN Passport TAN 7 / 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 8 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 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 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 11 / 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 12 / 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 13 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 14 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 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 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 17 / 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. 18 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 19 / 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 20 / 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 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 is Depreciation not Charged on ? Land Building Furniture Machinery 23 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 24 / 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 25 / 80 TDS rate for professional services? 5% 10% 15% 20% 26 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 27 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 28 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 29 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 30 / 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 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 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 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 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 35 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 36 / 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. 37 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 38 / 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 39 / 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 40 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 41 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 42 / 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 43 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 44 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 45 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 46 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 47 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 48 / 80 GST registration is based on ? Aadhar PAN Passport TAN 49 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 50 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 51 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 52 / 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 53 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 54 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 55 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 56 / 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 57 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 58 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 59 / 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 60 / 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 61 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 62 / 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 63 / 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. 64 / 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 65 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 66 / 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 67 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 68 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 69 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 70 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 71 / 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 72 / 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 73 / 80 Input tax credit as credited in electronic credit ledger can be utilised for? Payment of interest Payment of panalty Payment of Fine payment of Taxes 74 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 75 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 76 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 77 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 78 / 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 79 / 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 80 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 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 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. 2 / 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 3 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 4 / 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. 5 / 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 6 / 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 7 / 80 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 8 / 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 9 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 10 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 11 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 12 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 13 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 14 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 15 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 16 / 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 17 / 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 18 / 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 19 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 20 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 21 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 22 / 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 23 / 80 TDS on Professional charges which section is applicable below 194C 194D 194I 194J 24 / 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 25 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 26 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 27 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 28 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 29 / 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 30 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 31 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 32 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value 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 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 35 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 36 / 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 37 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 38 / 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 39 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 40 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 41 / 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 42 / 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 43 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 44 / 80 GST registration is based on ? Aadhar PAN Passport TAN 45 / 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 46 / 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 47 / 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 48 / 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. 49 / 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 50 / 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 51 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 52 / 80 Time of supply will be Removal of Goods on 15th July,2019 Issue of Invoice is 15th July,2019 Delivery of Goods 20th July,2019 Receipt of Payment on 30th Aug,2019 53 / 80 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 54 / 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 55 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 56 / 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 57 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 58 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 59 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 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 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 62 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 63 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 64 / 80 Additional surcharge (education cess) of 3% per cent is payable on income Tax Surcharge Income tax plus Surcharge All of the Above 65 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 66 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 67 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 68 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 69 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 70 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 71 / 80 TDS rate for professional services? 5% 10% 15% 20% 72 / 80 GST registration is based on ? Aadhar PAN Passport TAN 73 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 74 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 75 / 80 Due dates for Advance Tax 15th June, 15th Sep, 15th Dec and 15th mar 20th June, 20th Sep, 20th Dec and 20th mar 10th June, 10th Sep, 10th Dec and 10th mar 30th June, 30th Sep, 30th Dec and 30th mar 76 / 80 _____ 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 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 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 79 / 80 What are the benefits that the employees get out of this Scheme ? Sickness benefit, Maternity benefit,Disablement benefit,Dependants’ benefit Funeral Expenses ,Rehabilitation allowance, Vocational rehabilitation, Medical Bonus Medical Care All of the above 80 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 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 on Professional charges which section is applicable below 194C 194D 194I 194J 2 / 80 Will an employee resigning from service or retrenched by employer will be eligible for Gratuity? No Yes Can't say None 3 / 80 When shares are issued to promoters for the services offered by them ____ A/c is debited. Preliminary Expenses Goodwill Asset Equity Share capital 4 / 80 GST registration is based on ? Aadhar PAN Passport TAN 5 / 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 6 / 80 Account books for how many preceding years should be preserved in good condition? 5 8 10 12 7 / 80 Payment of Gratuity (Central) Rules 1972, Form- A for Notice of Opening Notice of change Notice of closure None 8 / 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 9 / 80 Default 'godown' name in tally is ____________ Default Location Primary Location Main Location All of the above 10 / 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 11 / 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. 12 / 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 13 / 80 ITC is not aviable for Exempted supplies Non Taxable Supplies Nil rated supplies All 14 / 80 Date of issue of Invoice is Actual date of Invoice Last date of Invoice Earlier of a or b None 15 / 80 Application for Gratuity by an Employee in the form of Form-I Form-A Form-K Form-J 16 / 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 17 / 80 Credit Electronic cash ledger means Amount has been utilised to pay dues Amount has been deposited by taxable person Both None 18 / 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 19 / 80 According to which concept, the proprietor pays interest on drawings Accrual concept Conservatism concept Entity concept Dual Aspect concept 20 / 80 All assets in business either tangible or intangible classify as Nominal Accounts Real Accounts Personal Accounts Representative Accounts 21 / 80 Through ________we can transfer the stock from one project to another project? Sales Delivery Note Manufacturing Journal Stock Journal 22 / 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 23 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 24 / 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 25 / 80 Bill of material feature can be enabled for which type of stock item? Finished goods Components Scrap Raw Material 26 / 80 Basic accounting equation? Assets = Liabilities + Owners Equity. Assets -Owners Equity = Liabilities Assets - Liabilities = Owners Equity. All of the above 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 Letter of Credit is presented by– Exporter Importer Custom Officer Shipping Company 29 / 80 SAC code Stands for? Service accounting code System accounting code Software accounting code Service application code 30 / 80 In Tally ERP 9 We can synchronize the data from one location to another? True False Can't Say None 31 / 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. 32 / 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 33 / 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. 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 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 36 / 80 The Income Tax Act came into force from 1st April 1961 1st April 1971 1st April 1981 1st April 1951 37 / 80 We can cancel a voucher using Alt + X Ctrl + X Shift + X Ctrl + Shift + X 38 / 80 Mode of Payment of Gratuity is Cash Cheque or demand draft Postal Money Order All of the above 39 / 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 40 / 80 Which of the following is the predefined stock category in tally? Primary Symbol Stock Main location 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 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 43 / 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 44 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 45 / 80 'Tally vault' is a Security mechanism Ledger a/c Backup None of the above 46 / 80 Electrical Charges is Rs. 26000/- GST will be 5% 12% 18% None 47 / 80 GST registration is based on ? Aadhar PAN Passport TAN 48 / 80 Which of the following formats are supported by Tally ERP 9 for Export? XML HTML PDF All of the above 49 / 80 ____is an amount incurred for acquiring the long term assets such as land, building, machine etc Revenue Expenditure Capital Expenditure Differed Expenditure None 50 / 80 In India GST is effective from? 1st April,2017 1st June,2017 1st July, 2017 1st march,2017 51 / 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 52 / 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 53 / 80 TDS rate for professional services? 5% 10% 15% 20% 54 / 80 The value of supply of goods and services shall be? Transaction value Market value Cost Value None 55 / 80 How many types of security levels pre -exist in Tally ERP9? 2 3 4 5 56 / 80 How many types of Measurement Units we can create in Tally? 2 3 4 5 57 / 80 Form is used for Mothly return for GST? GSTR -1 GSTR -2A GSTR -3B GSTR - 9 58 / 80 Preliminary expenses incurred are allowed deduction in 5 equal annual installments 10 equal annual installments 15 equal annual installments 20 equal annual installments 59 / 80 is Depreciation not Charged on ? Land Building Furniture Machinery 60 / 80 HSN Code Stands for? Home shopping network Harmonised system of Nomenclature Harmonised ship Number Harmonised state Number 61 / 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 62 / 80 Can a company refuse to pay gratuity due to financial Loss to employees? No Yes Can’t Say None of the above 63 / 80 Limitation for regular registration for GST ? Above 20 Lakhs Above 30 Lakhs Above 40 Lakhs Above 50 Lakhs 64 / 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 65 / 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 66 / 80 ____ deals with PAN sec 139A sec 139B sec 139C sec 139 D 67 / 80 What is the place of supply when goods are assembled? Place of assembled Place of supplier Place of recipient None 68 / 80 Fictitious assets are? Goodwill Copyright Trademarks All of the Above 69 / 80 TDS rate for Payment to contractor/sub-contractor company 1% 2% 5% 10% 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 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 72 / 80 Reverse charge means Onus to pay tax on Supplier Onus to pay tax on Recipient Both None of the these 73 / 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 74 / 80 Due dates for Advance Tax 15th June, 15th Sep, 15th Dec and 15th mar 20th June, 20th Sep, 20th Dec and 20th mar 10th June, 10th Sep, 10th Dec and 10th mar 30th June, 30th Sep, 30th Dec and 30th mar 75 / 80 _____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 76 / 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 77 / 80 Which of the following products are outside the purview of GST? Alcohal Petrol Tobacco All of the above 78 / 80 The term “employee” is defined in __________ of the gratuity Act Section 2(b) Section 2(c) Section 2(d) Section 2(e) 79 / 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 80 / 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 Your score is 0% Restart quiz
