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PRACTICE MOCK TEST FOR INTERVIEW

Accounting Mock Tests

MOCK TEST 1

MOCK TEST 2

MOCK TEST 3

MOCK TEST 4

MOCK TEST 5

Accounting Mock Tests

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MOCK TEST 1

/80

MOCK TEST

Attempt once this test to increase your confidence level at the time of interview

1 / 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

2 / 80

TDS on Professional charges which section is applicable below

194C

194D

194I

194J

3 / 80

Through ________we can transfer the stock from one project to another project?

Sales

Delivery Note

Manufacturing Journal

Stock Journal

4 / 80

Carry forward and set off of losses for Speculation

Up to 2 Years

Up to 4 Years

Up to 6 Years

Up to 8 Years

5 / 80

ITC is not aviable for

Exempted supplies

Non Taxable Supplies

Nil rated supplies

All

6 / 80

The term “employee” is defined in __________ of the gratuity Act

Section 2(b)

Section 2(c)

Section 2(d)

Section 2(e)

7 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

8 / 80

HSN Code Stands for?

Home shopping network

Harmonised system of Nomenclature

Harmonised ship Number

Harmonised state Number

9 / 80

The value of supply of goods and services shall be?

Transaction value

Market value

Cost Value

None

10 / 80

Additional surcharge (education cess) of 3% per cent is payable on

income Tax

Surcharge

Income tax plus Surcharge

All of the Above

11 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

12 / 80

Time of supply will be

Removal of Goods on 15th July,2019

Issue of Invoice is 15th July,2019

Delivery of Goods 20th July,2019

Receipt of Payment on 30th Aug,2019

13 / 80

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

14 / 80

Can a company refuse to pay gratuity due to financial Loss to employees?

No

Yes

Can’t Say

None of the above

15 / 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

16 / 80

Every registered person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to?

Personal ledger account

Refund Account

Electronic Cash Ledger

Electronic credit ledger

17 / 80

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

How many types of security levels pre -exist in Tally ERP9?

2

3

4

5

19 / 80

Preliminary expenses incurred are allowed deduction in

5 equal annual installments

10 equal annual installments

15 equal annual installments

20 equal annual installments

20 / 80

Mode of Payment of Gratuity is

Cash

Cheque or demand draft

Postal Money Order

All of the above

21 / 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

22 / 80

____is an amount incurred for acquiring the long term assets such as land, building, machine etc

Revenue Expenditure

Capital Expenditure

Differed Expenditure

None

23 / 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

24 / 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

25 / 80

All assets in business either tangible or intangible classify as

Nominal Accounts

Real Accounts

Personal Accounts

Representative Accounts

26 / 80

Non-deduction of tax at source is possible only if your income is going to be below the minimum income tax slab.

2.5 Lakhs

5 Lakhs

10 Lakhs

None

27 / 80

The Income Tax Act came into force from

1st April 1961

1st April 1971

1st April 1981

1st April 1951

28 / 80

Basic accounting equation?

Assets = Liabilities + Owners Equity.

Assets -Owners Equity = Liabilities

Assets – Liabilities = Owners Equity.

All of the above

29 / 80

When shares are issued to promoters for the services offered by them ____ A/c is debited.

Preliminary Expenses

Goodwill

Asset

Equity Share capital

30 / 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.

31 / 80

____ deals with PAN

sec 139A

sec 139B

sec 139C

sec 139 D

32 / 80

Which of the following formats are supported by Tally ERP 9 for Export?

XML

HTML

PDF

All of the above

33 / 80

Form is used for Mothly return for GST?

GSTR -1

GSTR -2A

GSTR -3B

GSTR – 9

34 / 80

According to which concept, the proprietor pays interest on drawings

Accrual concept

Conservatism concept

Entity concept

Dual Aspect concept

35 / 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

36 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

37 / 80

Default ‘godown’ name in tally is ____________

Default Location

Primary Location

Main Location

All of the above

38 / 80

Which of the following products are outside the purview of GST?

Alcohal

Petrol

Tobacco

All of the above

39 / 80

Date of issue of Invoice is

Actual date of Invoice

Last date of Invoice

Earlier of a or b

None

40 / 80

Electrical Charges is Rs. 26000/- GST will be

5%

12%

18%

None

41 / 80

How many types of Measurement Units we can create in Tally?

2

3

4

5

42 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

43 / 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

44 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

45 / 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

46 / 80

‘Tally vault’ is a

Security mechanism

Ledger a/c

Backup

None of the above

47 / 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

48 / 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

49 / 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

50 / 80

What is the place of supply when goods are assembled?

Place of assembled

Place of supplier

Place of recipient

None

51 / 80

Which of the following is the predefined stock category in tally?

Primary

Symbol

Stock

Main location

52 / 80

Letter of Credit is presented by–

Exporter

Importer

Custom Officer

Shipping Company

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

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

TDS rate for professional services?

5%

10%

15%

20%

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

Bill of material feature can be enabled for which type of stock item?

Finished goods

Components

Scrap

Raw Material

58 / 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

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

Account books for how many preceding years should be preserved in good condition?

5

8

10

12

61 / 80

TDS rate for Payment to contractor/sub-contractor company

1%

2%

5%

10%

62 / 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

63 / 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

64 / 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

65 / 80

Application for Gratuity by an Employee in the form of

Form-I

Form-A

Form-K

Form-J

66 / 80

In Tally ERP 9 We can synchronize the data from one location to another?

True

False

Can’t Say

None

67 / 80

Payment of Gratuity (Central) Rules 1972, Form- A for

Notice of Opening

Notice of change

Notice of closure

None

68 / 80

Will an employee resigning from service or retrenched by employer will be eligible for Gratuity?

No

Yes

Can’t say

None

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

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

71 / 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

72 / 80

We can cancel a voucher using

Alt + X

Ctrl + X

Shift + X

Ctrl + Shift + X

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

Reverse charge means

Onus to pay tax on Supplier

Onus to pay tax on Recipient

Both

None of the these

76 / 80

Fictitious assets are?

Goodwill

Copyright

Trademarks

All of the Above

77 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

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

In India GST is effective from?

1st April,2017

1st June,2017

1st July, 2017

1st march,2017

80 / 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.

Your score is

0%

MOCK TEST 2

/80

MOCK TEST

Attempt once this test to increase your confidence level at the time of interview

1 / 80

In India GST is effective from?

1st April,2017

1st June,2017

1st July, 2017

1st march,2017

2 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

3 / 80

Basic accounting equation?

Assets = Liabilities + Owners Equity.

Assets -Owners Equity = Liabilities

Assets – Liabilities = Owners Equity.

All of the above

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

Letter of Credit is presented by–

Exporter

Importer

Custom Officer

Shipping Company

6 / 80

In Tally ERP 9 We can synchronize the data from one location to another?

True

False

Can’t Say

None

7 / 80

According to which concept, the proprietor pays interest on drawings

Accrual concept

Conservatism concept

Entity concept

Dual Aspect concept

8 / 80

Which of the following products are outside the purview of GST?

Alcohal

Petrol

Tobacco

All of the above

9 / 80

When shares are issued to promoters for the services offered by them ____ A/c is debited.

Preliminary Expenses

Goodwill

Asset

Equity Share capital

10 / 80

Bill of material feature can be enabled for which type of stock item?

Finished goods

Components

Scrap

Raw Material

11 / 80

How many types of security levels pre -exist in Tally ERP9?

2

3

4

5

12 / 80

Payment of Gratuity (Central) Rules 1972, Form- A for

Notice of Opening

Notice of change

Notice of closure

None

13 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

14 / 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

15 / 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

16 / 80

Every registered person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to?

Personal ledger account

Refund Account

Electronic Cash Ledger

Electronic credit ledger

17 / 80

Default ‘godown’ name in tally is ____________

Default Location

Primary Location

Main Location

All of the above

18 / 80

Credit Electronic cash ledger means

Amount has been utilised to pay dues

Amount has been deposited by taxable person

Both

None

19 / 80

ITC is not aviable for

Exempted supplies

Non Taxable Supplies

Nil rated supplies

All

20 / 80

HSN Code Stands for?

Home shopping network

Harmonised system of Nomenclature

Harmonised ship Number

Harmonised state Number

21 / 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

22 / 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

23 / 80

____ deals with PAN

sec 139A

sec 139B

sec 139C

sec 139 D

24 / 80

Which of the following is the predefined stock category in tally?

Primary

Symbol

Stock

Main location

25 / 80

The Income Tax Act came into force from

1st April 1961

1st April 1971

1st April 1981

1st April 1951

26 / 80

Fictitious assets are?

Goodwill

Copyright

Trademarks

All of the Above

27 / 80

Additional surcharge (education cess) of 3% per cent is payable on

income Tax

Surcharge

Income tax plus Surcharge

All of the Above

28 / 80

SAC code Stands for?

Service accounting code

System accounting code

Software accounting code

Service application code

29 / 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

30 / 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

31 / 80

Can a company refuse to pay gratuity due to financial Loss to employees?

No

Yes

Can’t Say

None of the above

32 / 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.

33 / 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

34 / 80

bank reconciliation statement?

The passbook balance differs from the cash book balance.

The passbook balance differs from the creditor book balance.

The Cash book balance differs from the cash book balance.

The passbook balance differs from the passbook balance.

35 / 80

Form is used for Mothly return for GST?

GSTR -1

GSTR -2A

GSTR -3B

GSTR – 9

36 / 80

Account books for how many preceding years should be preserved in good condition?

5

8

10

12

37 / 80

What is the place of supply when goods are assembled?

Place of assembled

Place of supplier

Place of recipient

None

38 / 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

39 / 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

40 / 80

Will an employee resigning from service or retrenched by employer will be eligible for Gratuity?

No

Yes

Can’t say

None

41 / 80

Reverse charge means

Onus to pay tax on Supplier

Onus to pay tax on Recipient

Both

None of the these

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

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

44 / 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

45 / 80

The term “employee” is defined in __________ of the gratuity Act

Section 2(b)

Section 2(c)

Section 2(d)

Section 2(e)

46 / 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

47 / 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

48 / 80

Ram (Hyderabad) supplied goods to Rahim (Delhi) for Rs. 20,000, Tax @12%, which tax should be imposed to Rahim?

IGST

CGST + SGST

IGST + CGST + SGST

Not liable to pay tax

49 / 80

Payment made through challan will be credited to which ledger?

Electronic Tax Liability Ledger

Electronic Cash Ledger

Electronic credit ledger

Any of the above

50 / 80

TDS rate for Payment to contractor/sub-contractor company

1%

2%

5%

10%

51 / 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

52 / 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

53 / 80

TDS rate for professional services?

5%

10%

15%

20%

54 / 80

Preliminary expenses incurred are allowed deduction in

5 equal annual installments

10 equal annual installments

15 equal annual installments

20 equal annual installments

55 / 80

Electrical Charges is Rs. 26000/- GST will be

5%

12%

18%

None

56 / 80

_____ is a revenue expenditure which has been incurred during an accounting year but the benefit of which may be extended to a number of years.

Capital Expenditure

Revenue Expenditure

Defferred Expenditure

None

57 / 80

All assets in business either tangible or intangible classify as

Nominal Accounts

Real Accounts

Personal Accounts

Representative Accounts

58 / 80

____is an amount incurred for acquiring the long term assets such as land, building, machine etc

Revenue Expenditure

Capital Expenditure

Differed Expenditure

None

59 / 80

‘Tally vault’ is a

Security mechanism

Ledger a/c

Backup

None of the above

60 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

61 / 80

Through ________we can transfer the stock from one project to another project?

Sales

Delivery Note

Manufacturing Journal

Stock Journal

62 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

63 / 80

TDS on Professional charges which section is applicable below

194C

194D

194I

194J

64 / 80

The value of supply of goods and services shall be?

Transaction value

Market value

Cost Value

None

65 / 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

66 / 80

Date of issue of Invoice is

Actual date of Invoice

Last date of Invoice

Earlier of a or b

None

67 / 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

68 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

69 / 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

70 / 80

Mode of Payment of Gratuity is

Cash

Cheque or demand draft

Postal Money Order

All of the above

71 / 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

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

Which of the following formats are supported by Tally ERP 9 for Export?

XML

HTML

PDF

All of the above

74 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

75 / 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

76 / 80

How many types of Measurement Units we can create in Tally?

2

3

4

5

77 / 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

78 / 80

We can cancel a voucher using

Alt + X

Ctrl + X

Shift + X

Ctrl + Shift + X

79 / 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

80 / 80

Application for Gratuity by an Employee in the form of

Form-I

Form-A

Form-K

Form-J

Your score is

0%

MOCK TEST 3

/80

MOCK TEST

Attempt once this test to increase your confidence level at the time of interview

1 / 80

All assets in business either tangible or intangible classify as

Nominal Accounts

Real Accounts

Personal Accounts

Representative Accounts

2 / 80

Which of the following formats are supported by Tally ERP 9 for Export?

XML

HTML

PDF

All of the above

3 / 80

Which of the following is the predefined stock category in tally?

Primary

Symbol

Stock

Main location

4 / 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

5 / 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

6 / 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

7 / 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

8 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

9 / 80

Additional surcharge (education cess) of 3% per cent is payable on

income Tax

Surcharge

Income tax plus Surcharge

All of the Above

10 / 80

The value of supply of goods and services shall be?

Transaction value

Market value

Cost Value

None

11 / 80

Date of issue of Invoice is

Actual date of Invoice

Last date of Invoice

Earlier of a or b

None

12 / 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

13 / 80

Account books for how many preceding years should be preserved in good condition?

5

8

10

12

14 / 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

15 / 80

‘Tally vault’ is a

Security mechanism

Ledger a/c

Backup

None of the above

16 / 80

HSN Code Stands for?

Home shopping network

Harmonised system of Nomenclature

Harmonised ship Number

Harmonised state Number

17 / 80

The Income Tax Act came into force from

1st April 1961

1st April 1971

1st April 1981

1st April 1951

18 / 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

19 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

20 / 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

21 / 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

22 / 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

23 / 80

When shares are issued to promoters for the services offered by them ____ A/c is debited.

Preliminary Expenses

Goodwill

Asset

Equity Share capital

24 / 80

Can a company refuse to pay gratuity due to financial Loss to employees?

No

Yes

Can’t Say

None of the above

25 / 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

26 / 80

TDS on Professional charges which section is applicable below

194C

194D

194I

194J

27 / 80

Payment made through challan will be credited to which ledger?

Electronic Tax Liability Ledger

Electronic Cash Ledger

Electronic credit ledger

Any of the above

28 / 80

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.

29 / 80

TDS rate for Payment to contractor/sub-contractor company

1%

2%

5%

10%

30 / 80

What is the place of supply when goods are assembled?

Place of assembled

Place of supplier

Place of recipient

None

31 / 80

In India GST is effective from?

1st April,2017

1st June,2017

1st July, 2017

1st march,2017

32 / 80

SAC code Stands for?

Service accounting code

System accounting code

Software accounting code

Service application code

33 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

34 / 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

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

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

37 / 80

Form is used for Mothly return for GST?

GSTR -1

GSTR -2A

GSTR -3B

GSTR – 9

38 / 80

Mode of Payment of Gratuity is

Cash

Cheque or demand draft

Postal Money Order

All of the above

39 / 80

Letter of Credit is presented by–

Exporter

Importer

Custom Officer

Shipping Company

40 / 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

41 / 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.

42 / 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

43 / 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

44 / 80

Default ‘godown’ name in tally is ____________

Default Location

Primary Location

Main Location

All of the above

45 / 80

According to which concept, the proprietor pays interest on drawings

Accrual concept

Conservatism concept

Entity concept

Dual Aspect concept

46 / 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

47 / 80

We can cancel a voucher using

Alt + X

Ctrl + X

Shift + X

Ctrl + Shift + X

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

Application for Gratuity by an Employee in the form of

Form-I

Form-A

Form-K

Form-J

50 / 80

is Depreciation not Charged on ?

Land

Building

Furniture

Machinery

51 / 80

_____is the expenditure incurred in one accounting year and the benefits from which is also enjoyed in the same period only

Capital Expenditure

Revenue Expenditure

Defferred Expenditure

None

52 / 80

ITC is not aviable for

Exempted supplies

Non Taxable Supplies

Nil rated supplies

All

53 / 80

In Tally ERP 9 We can synchronize the data from one location to another?

True

False

Can’t Say

None

54 / 80

Through ________we can transfer the stock from one project to another project?

Sales

Delivery Note

Manufacturing Journal

Stock Journal

55 / 80

Bill of material feature can be enabled for which type of stock item?

Finished goods

Components

Scrap

Raw Material

56 / 80

Will an employee resigning from service or retrenched by employer will be eligible for Gratuity?

No

Yes

Can’t say

None

57 / 80

Reverse charge means

Onus to pay tax on Supplier

Onus to pay tax on Recipient

Both

None of the these

58 / 80

Limitation for regular registration for GST ?

Above 20 Lakhs

Above 30 Lakhs

Above 40 Lakhs

Above 50 Lakhs

59 / 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

60 / 80

Fictitious assets are?

Goodwill

Copyright

Trademarks

All of the Above

61 / 80

How many types of Measurement Units we can create in Tally?

2

3

4

5

62 / 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

63 / 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

64 / 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

65 / 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.

66 / 80

TDS rate for professional services?

5%

10%

15%

20%

67 / 80

GST registration is based on ?

Aadhar

PAN

Passport

TAN

68 / 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

69 / 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

70 / 80

Which of the following products are outside the purview of GST?

Alcohal

Petrol

Tobacco

All of the above

71 / 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

72 / 80

How many types of security levels pre -exist in Tally ERP9?

2

3

4

5

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

Payment of Gratuity (Central) Rules 1972, Form- A for

Notice of Opening

Notice of change

Notice of closure

None

75 / 80

____is an amount incurred for acquiring the long term assets such as land, building, machine etc

Revenue Expenditure

Capital Expenditure

Differed Expenditure

None

76 / 80

The term “employee” is defined in __________ of the gratuity Act

Section 2(b)

Section 2(c)

Section 2(d)

Section 2(e)

77 / 80

Basic accounting equation?

Assets = Liabilities + Owners Equity.

Assets -Owners Equity = Liabilities

Assets – Liabilities = Owners Equity.

All of the above

78 / 80

Electrical Charges is Rs. 26000/- GST will be

5%

12%

18%

None

79 / 80

____ deals with PAN

sec 139A

sec 139B

sec 139C

sec 139 D

80 / 80

Credit Electronic cash ledger means

Amount has been utilised to pay dues

Amount has been deposited by taxable person

Both

None

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