Quizzes & Surveys

Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Direct and Indirect Taxation

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

What is the threshold limit for GST registration for service providers in India?

₹10 lakh

₹20 lakh

₹30 lakh

₹40 lakh

None

Which of the following taxes were subsumed into GST?

Income tax

Excise duty

Custom duty

Professional tax

None

Which of the following is not a type of GST in India?

FGST

SGST

CGST

FGST

None

Who is considered the first point of contact for GST assessment?

Supplier

Buyer

GST Practitioner

GST Officer

None

GST is applicable on which type of supply?

Intra-state only

Inter-state only

Both intra-state and inter-state

None of the above

None

What is the maximum time limit to avail input tax credit (ITC)?

3 months from the date of invoice

1 year from the date of invoice

Before filing September return of the next financial year

None of the above

None

Which form is used for filing annual GST returns?

GSTR-3B

GSTR-9

GSTR-4

GSTR-1

None

What is the maximum penalty for delay in filing GST returns?

₹50 per day

₹100 per day

₹200 per day

No penalty

None

Which schedule in GST law describes activities that are treated neither as a supply of goods nor services?

Schedule I

Schedule II

Schedule III

None of the above

None

10.

Composite supply includes:

Two or more taxable supplies bundled together

Only exempted supplies

Only taxable supplies

None of the above

None

11.

Under GST, the reverse charge mechanism applies to:

Imports

Exports

Inter-state transactions

Supply to unregistered dealers

None

12.

Which of the following is not a direct tax?

GST

Income Tax

Corporate Tax

Wealth Tax

None

13.

IGST is levied on:

Inter-state supplies

Intra-state supplies

Both a and b

None of the above

None

14.

What does HSN stand for in GST?

Harmonized System of Numbers

Harmonized System of Nomenclature

Harmonized Sales Number

Harmonized Sales Nomenclature

None

15.

Which form is used to claim a refund under GST?

GSTR-3B

RFD-01

GSTR-1

GSTR-4

None

16.

Under the composition scheme, the rate for manufacturers is:

0.5%

None

17.

What is the full form of SAC in GST?

Service Account Code

Service Amount Code

Service Accounting Code

Service Auditing Code

None

18.

The due date to file GSTR-3B for a regular taxpayer is:

10th of the next month

15th of the next month

20th of the next month

25th of the next month

None

19.

*Which of the following is not eligible for input tax credit?

Goods used for personal consumption

Goods used for business purpose

Inputs for production

Input services

None

20.

The term 'Exempt Supply' means:

Supply taxable at zero percent

Supply not chargeable to tax

Supply outside the GST scope

None of the above

None

21.

What is the penalty for minor offenses under GST?

5% of tax due

10% of tax due

20% of tax due

25% of tax due

None

22.

GST was implemented in India on:

April 1, 2017

July 1, 2017

October 1, 2017

January 1, 2018

None

23.

Which section of the CGST Act deals with the time of supply of goods?

Section 12

Section 13

Section 14

Section 15

None

24.

Anti-profiteering measures under GST aim to ensure that:

Businesses retain their profits

Benefits of tax reduction reach the consumer

Tax rates remain constant

None of the above

None

25.

*For inter-state supply of services, which type of GST is applicable?

CGST only

SGST only

IGST

UTGST

None

26.

Which schedule defines activities treated as supply even without consideration?

Schedule I

Schedule II

Schedule III

None of the above

None

27.

Which of the following forms is used for composition dealers to file returns?

GSTR-1

GSTR-4

GSTR-3B

GSTR-9

None

28.

The validity period of an e-way bill is:

24 hours

48 hours

Depends on the distance

None of the above

None

29.

What is the maximum GST rate applicable in India?

18%

20%

28%

30%

None

30.

Under which section of the CGST Act can the Commissioner authorize provisional attachment of property for protecting revenue?

Section 80

Section 83

Section 85

Section 87

None

31.

What is the time limit for issuance of a tax invoice for the supply of services under GST?

Within 30 days from the date of supply

Within 45 days from the date of supply

On the same day as the supply

Before filing the next GSTR

None

32.

Which of the following is not considered an export of goods under GST?

Goods sent out of India for repair

Goods sent out of India for sale

Goods sold to a foreign buyer

All goods leaving India

None

33.

The GST Council in India is chaired by:

The Finance Minister of India

The Prime Minister of India

The President of India

The Reserve Bank Governor

None

34.

What is the time limit for issuance of a credit note related to a supply in GST?

Before filing the next return

By 30th September following the end of the financial year

Within 6 months from the date of supply

Anytime within the same financial year

None

35.

Which of the following goods are not covered under GST?

Alcoholic liquor for human consumption

Petroleum crude

Electricity

All of the above

None

36.

Which form is used to apply for GST registration?

GST REG-01

GST REG-03

GST REG-05

GST REG-10

None

37.

Which tax is levied on imports into India?

CGST

IGST

SGST

None of the above

None

38.

What does the term 'Input Service Distributor' mean in GST?

A person who distributes credit for goods

A person who distributes credit of input tax for services

A person who collects tax on behalf of the government

None of the above

None

39.

The GST return that must be filed monthly for outward supplies is:

GSTR-1

GSTR-2A

GSTR-3B

GSTR-4

None

40.

What does RCM stand for in GST?

Revenue Collection Mechanism

Reverse Charge Mechanism

Refund Claim Management

Return Compliance Management

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Direct and Indirect Taxation

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Under the customs law, 'basic customs duty' is levied on goods at the rate specified in:

GST tariff

Customs tariff

Income tax act

None of the above

None

The tax collected on goods imported from outside India is:

IGST

CGST

SGST

Import duty

None

Which of the following taxes was not merged into GST?

Central excise duty

Customs duty

Service tax

VAT

None

Which form is used to provide details of outward supplies of goods or services in GST?

GSTR-2

GSTR-2A

GSTR-1

GSTR-4

None

*What is the rate of GST on gold jewelry?

12% -

18%

None

In case of exports under GST, the tax rate applied is:

12%

18%

None

The customs valuation is done based on:

Purchase price

Retail price in India

CIF (Cost, Insurance, and Freight) value

None of the above

None

Under GST law, a taxable person can claim input tax credit on capital goods if:

They are used exclusively for personal purposes

They are used exclusively for business purposes

They are donated

None of the above

None

In customs duty, goods can be cleared under which type of bill?

Bill of Exchange

Bill of Entry

Bill of Tax

Bill of Sale

None

10.

A person paying tax under the composition scheme cannot:

Charge tax to customers

File returns quarterly

Claim ITC

Both a and c

None

11.

What is the validity period of a GST registration certificate for a regular taxpayer?

1 year

2 years

5 years

Permanent unless canceled

None

12.

Which of the following is considered as 'zero-rated supply' under GST?

Exports

Supplies to SEZ (Special Economic Zone)

Both a and b

None of the above

None

13.

In the case of reverse charge under GST, the liability to pay tax is on the:

Supplier

Recipient

Both supplier and recipient

Either of the above

None

14.

Which of the following is not included in the valuation of supply under GST?

Price actually paid

Discounts after supply

Taxes other than GST

Incidental expenses charged before supply

None

15.

What is the time limit for issuing a debit note under GST?

No time limit

Within 30 days of supply

Within the same financial year

Before filing the annual return

None

16.

Which of the following forms is used for the final return in GST if the registration is canceled?

GSTR-9

GSTR-10

GSTR-11

GSTR-12

None

17.

An e-way bill is not required for transporting goods if the value of goods is below:

₹10,000

₹25,000

₹50,000

₹1,00,000

None

18.

Which of the following activities would be considered a 'supply' under GST?

Personal use of business assets without charge

Donation of business assets to charity

Sale of goods

All of the above

None

19.

Which of the following is not eligible for the composition scheme under GST?

Service providers (other than restaurants)

Traders of goods

Manufacturers

Restaurants (non-alcoholic)

None

20.

Which form is used by an Input Service Distributor (ISD) to file returns under GST?

GSTR-1

GSTR-2A

GSTR-6

GSTR-8

None

21.

Under customs law, the 'assessable value' is used to calculate:

Income tax

Import duty

Goods and services tax

Corporate tax

None

22.

Which of the following is the rate of customs duty for goods imported for charitable purposes?

10%

18%

None

23.

Under GST, who is responsible for deducting tax at source (TDS)?

E-commerce operators

Central Government departments

Large businesses

Any registered taxpayer

None

24.

Under the customs law, goods not claimed within a specified period are:

Auctioned by customs authorities

Returned to the consignor

Destroyed by customs authorities

Sent back to the warehouse

None

25.

Under GST, what is the rate of tax on lottery, betting, and gambling?

12%

18%

28%

None

26.

Which of the following supplies are exempt under GST?

Basic education services

Sale of newspapers

Healthcare services

All of the above

None

27.

In which form is an e-way bill generated?

FORM GST EWB-01

FORM GST REG-01

FORM GSTR-1

FORM GSTR-4

None

28.

Which of the following is not a type of assessment under GST?

Self-assessment

Provisional assessment

Transfer assessment

Summary assessment

None

29.

What is the rate of GST applicable on food served in an air-conditioned restaurant?

12%

18%

28%

None

30.

What is the prescribed period for retention of accounts and records under GST?

3 years

5 years

6 years

8 years

None

31.

The customs duty exemption is generally not available for:

Goods imported by government agencies

Goods imported for re-export

Goods imported for personal use

Goods imported for charity

None

32.

Which form is used by an unregistered person to claim a refund under GST?

RFD-01

RFD-02

RFD-10

RFD-11

None

33.

What is the GST rate on educational books?

12%

18%

None

34.

Under customs law, what is the duty-free allowance for an Indian resident returning from abroad after a stay of more than 3 days?

₹10,000

₹25,000

₹50,000

₹1,00,000

None

35.

Which of the following activities is treated as deemed exports under GST?

Supply of goods by a manufacturer to an SEZ

Supply of goods from India to a foreign country

Supply of goods from India to another state

None of the above

None

36.

Under GST, the penalty for issuing an incorrect invoice can go up to:

₹10,000

₹25,000

₹50,000

₹1,00,000

None

37.

Which of the following items is subject to excise duty but not GST?

Alcohol for human consumption

Petroleum products

Both a and b

None of the above

None

38.

Which of the following forms is used to apply for a refund of unutilized input tax credit in GST?

RFD-01

RFD-03

RFD-10

RFD-11

None

39.

In GST, the place of supply for services provided by way of admission to a cultural, artistic, or sporting event is:

Location of the event

Location of the service provider

Location of the recipient

Place of business of the service provider

None

40.

Which authority is responsible for investigating cases of tax evasion in India?

Central Board of Direct Taxes (CBDT)

Central Bureau of Investigation (CBI)

Directorate General of GST Intelligence (DGGI)

Enforcement Directorate (ED)

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

What is the usual term for a bill of exchange?

30 days

60 days

90 days

Any agreed period

None

Who is the drawer in a bill of exchange?

The person who pays the bill

The person who writes the bill

The person to whom the bill is payable

The bank

None

When a bill of exchange is accepted, it becomes:

A promissory note

A payable instrument

An accepted bill

A negotiable instrument

None

The drawer of a bill of exchange is also known as the:

Debtor

Creditor

Payee

Drawee

None

What is the purpose of discounting a bill of exchange?

To extend the due date

To get immediate cash

To avoid payment

To secure additional credit

None

In a bill of exchange, the term "endorsement" refers to:

Payment acceptance

Transfer of rights

Dishonor of bill

Drawer's agreement

None

The person who accepts a bill of exchange is called:

Payee

Drawee

Drawer

Discount holder

None

If the drawee does not pay the bill on the due date, the bill is considered:

Endorsed

Honored

Dishonored

Discounted

None

In a bill of exchange, when interest is charged for an extension of the due date, it is termed

Discount

Rebate

Noting charges

Renewal charges

None

10.

The interest for the period of a bill of exchange is generally charged by:

Drawer

Drawee

Notary public

Holder

None

11.

Who is a consignee in a consignment transaction?

Seller

Buyer

Agent

Owner

None

12.

The goods sent by the consignor are recorded in the books of the consignee as

Purchases

Sales

Consignment stock

Goods in transit

None

13.

Commission earned by a consignee for guaranteeing credit sales is called:

Overriding commission

Ordinary commission

Del credere commission

Fixed commission

None

14.

Which of the following is not a feature of consignment?

Ownership remains with the consignor

Consignee earns a commission

It’s a contract of sale

Consignee acts as an agent

None

15.

Goods sent on consignment are treated as:

Purchases by the consignee

Sales by the consignee

Goods belonging to the consignor

Consignee's assets

None

16.

Which account is prepared by the consignor to calculate profit or loss on consignment?

Trading account

Profit and loss account

Consignment account

Commission account

None

17.

The unsold goods in the hands of the consignee are valued at

Invoice price

Market price

Cost price

Net realizable value

None

18.

Which account represents expenses paid by the consignee for consigned goods?

Cash account

Consignment account

Consignee’s personal account

Sales account

None

19.

If the consignee bears risk on credit sales, they are entitled to

Extra salary

Del credere commission

Guarantee commission

No additional commission

None

20.

The term "proforma invoice" in consignment refers to:

Consignment note

Draft invoice

Invoice prepared for consignee

Invoice prepared by consignee

None

21.

A joint venture is similar to:

Partnership

Sole proprietorship

Limited liability company

Corporate partnership

None

22.

In a joint venture, the co-venturers are entitled to:

Fixed interest

Profit-sharing based on agreement

Commission

Bonus

None

23.

The joint venture agreement typically terminates:

After one year

Upon the completion of a project

After profit distribution

By mutual consent

None

24.

In a joint venture, unsold goods at the end of the venture are valued at

Selling price

Market price

Cost price or NRV, whichever is lower

Retail price

None

25.

Which of the following accounts is opened to close a joint venture?

Bank account

Joint venture account

Capital account

Profit and loss account

None

26.

Joint venture differs from consignment because:

It involves sharing of profit and loss

Ownership remains with one party

Only one party bears risk

It has no fixed duration

None

27.

Which of the following expenses are shared among co-venturers?

Common expenses only

Personal expenses only

Both common and specific expenses

None

28.

The profit or loss on joint venture is transferred to the:

Profit and loss account

Joint venture account

Personal accounts of co-venturers

Common expense account

None

29.

When one co-venturer maintains accounts, it’s termed as:

Memo method

Joint bank account method

Single-venture method

Co-venturer method

None

30.

Joint venture capital contribution by co-venturers is recorded in:

Co-venturer’s personal account

Joint bank account

Profit and loss account

Capital account

None

31.

When a bill is retired before its due date, the drawer usually allows the drawee a:

Discount

Premium

Fine

Extra interest

None

32.

Noting charges are paid when a bill is:

Honored

Dishonored

Endorsed

Renewed

None

33.

If a bill of exchange is dishonored, the amount due is credited to the:

Bills Receivable Account

Bills Payable Account

Drawer’s Account

Drawee’s Account

None

34.

The term "usance" in relation to bills of exchange refers to:

The drawer’s location

The duration or period before payment is due

The drawee's responsibility

The discount allowed

None

35.

The expenses incurred by the consignor to bring the goods to the consignee’s location are called:

Selling expenses

Non-recurring expenses

Recurring expenses

Commission expenses

None

36.

Abnormal loss in consignment is generally transferred to the:

Consignment Account

Consignor's Capital Account

Profit and Loss Account

Consignee’s Account

None

37.

If the consignee bears all risk of credit sales, it is recorded in the books as:

Normal Commission

Special Commission

Del Credere Commission

Extra Sale Commission

None

38.

The account that shows the transactions between co-venturers in a joint venture is called:

Joint Venture Account

Co-venturers’ Personal Account

Profit and Loss Account

Consignment Account

None

39.

In joint venture accounting, if there is a balance remaining in the Joint Venture Account, it is transferred to

The bank account - (B) - (C) - (D) P

The personal accounts of the co-venturers

The trading account

Profit and Loss Account

None

40.

In case of a joint venture, if one co-venturer is maintaining all records, the profit-sharing ratio is used to:

Distribute common expenses

Share the joint venture profits

Determine ownership percentage

Define liability limits

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Direct and Indirect Taxation

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Income Tax in India is governed by which Act?

Wealth Tax Act

Central Excise Act

Income Tax Act

Finance Act

None

The Income Tax Act was enacted in which year?

1950

1961

1972

1982

None

Which type of income is NOT taxable under the Income Tax Act?

Agricultural income

Salary income

Capital gains

Agricultural income

None

Which of the following is a type of taxable income?

Income from gambling

Agricultural income

Income from a registered charitable trust

Capital receipts

None

An individual is considered a 'Resident' in India if he/she spends how many days in India in a financial year?

60 days

120 days

182 days

365 days

None

Which section of the Income Tax Act deals with deductions for interest paid on a home loan?

Section 80C

Section 80D

Section 24(b)

Section 80E

None

Which of the following is NOT a head of income under the Income Tax Act?

ncome from Salary

Income from House Property

Income from Interest

Income from Capital Gains

None

Salary is taxable on the basis of

Receipt basis

Accrual basis

Whichever is earlier

Whichever is later

None

Which of the following deductions is allowed under Section 80C?

Interest on education loan

Premium on life insurance policy

Medical insurance premium

Interest on housing loan

None

10.

Which of the following incomes is not taxable?

Bonus received from employer

Agricultural income

Income from lottery

Rent from house property

None

11.

Which section provides deduction for medical insurance premiums?

Section 80C

Section 80D

Section 80E

Section 80G

None

12.

Which form is used for filing income tax returns by salaried individuals?

Form 1

Form 2

ITR-1

ITR-4

None

13.

The tax treatment of a minor's income is under which section?

Section 60

Section 64(1A)

Section 50

Section 10

None

14.

What is the basic exemption limit for individuals under the age of 60?

₹1,00,000

₹2,50,000

₹3,00,000

₹5,00,000

None

15.

The amount received on maturity of a life insurance policy is

Fully taxable

Partly taxable

Exempt under Section 10(10D)

Exempt up to ₹1,00,000

None

16.

Under Section 24, a deduction is allowed for interest on loan taken for

Education

Medical treatment

Purchase of residential property

Purchase of agricultural land

None

17.

Which of the following is eligible for deduction under Section 80E?

Home loan interest

Donation to charity

Interest on education loan

Health insurance premium

None

18.

A taxpayer can claim deduction under Section 80TTA for interest income from

Fixed deposits

Savings accounts

Recurring deposits

Bonds

None

19.

House Rent Allowance (HRA) is

Fully taxable

Fully exempt

Partially exempt

Not covered under Income Tax Act

None

20.

The income of a partnership firm is taxed at the rate of

15%

20%

25%

30%

None

21.

Advance tax is required to be paid if the tax liability exceeds

₹5,000

₹10,000

₹20,000

₹50,000

None

22.

An individual who qualifies as a senior citizen under the Income Tax Act is of age

55 years

58 years

60 years

65 years

None

23.

Standard deduction under the head salary income is

₹20,000

₹30,000

₹40,000

₹50,000

None

24.

Section 80G provides deduction for

Medical expenses

Donations to charities

Interest on savings

HRA exemption

None

25.

For filing income tax returns electronically, the portal used is

incometaxindia.gov.in

gov.taxreturns.in

income.portal.in

incomeindia.tax.in

None

26.

Income tax for individuals is charged on

Annual gross income

Net profit

Gross salary

Taxable income

None

27.

Which of the following cannot claim deduction under Section 80C?

An individual

A partnership firm

A Hindu Undivided Family (HUF)

A trust

None

28.

The income of a minor is clubbed with the income of the

Minor’s sibling

Parent with higher income

Minor's guardian

Grandparents

None

29.

Under which section is income from winning lotteries taxed?

) Section 10

Section 115BB

Section 80C

Section 45

None

30.

If a resident earns income outside India, it is

Fully taxable in India

Partly taxable

Taxed in the foreign country only

Exempt

None

31.

The 'Previous Year' for income tax purposes refers to

Calendar year

Financial year

Assessment year

Tax year

None

32.

Which of the following is fully exempt from income tax?

Leave Travel Allowance

Gratuity received by a government employee

Bonus received from employer

Dearness Allowance

None

33.

Which of the following is not considered a "person" under the Income Tax Act, 1961?

Individual

Hindu Undivided Family (HUF)

Association of Persons (AOP)

Minor

None

34.

Income from salary is taxed under which head of income?

Income from House Property

Profits and Gains of Business or Profession

Income from Salaries

Income from Other Sources

None

35.

Which of the following is the basic exemption limit for individual taxpayers below the age of 60, for Assessment Year 2023-24?

₹2,50,000

₹3,00,000

₹5,00,000

₹1,50,000

None

36.

Which of the following is exempt from tax under section 10 of the Income Tax Act?

Salary income

Agriculture income

Capital gains

Professional income

None

37.

Under the Income Tax Act, 1961, which form is used by individual taxpayers for filing an income tax return when they have only salary income?

ITR-1

ITR-2

ITR-3

ITR-4

None

38.

The concept of “Previous Year” under the Income Tax Act refers to:

The year in which income is assessed

The financial year in which income is earned

The calendar year in which income is received

The year prior to the assessment year

None

39.

The assessment year refers to the period in which income is

Earned

Assessed

Paid

Exempt

None

40.

Income from self-occupied house property is

Taxable under house property

Taxable under other sources

Partially exempt

Exempt up to ₹2,00,000 interest

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Strategic Financial Management

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

The Profitability Index of a project is 1.28, and its cost of investment is ₹2,50,000. The NPV of the project is:

₹75,000

₹80,000

₹70,000

₹65,000

None

The IRR of a project is 10%. If the annual cash flow after tax is ₹1,30,000 and the project duration is 4 years, what is the initial investment in the project?

₹4,10,000

₹4,12,100

₹3,90,000

₹4,05,000

None

The NPV of a 4-year project is ₹220 lakh, and PVIFA at 12% for 4 years is 3.037. The Equivalent Annual Benefit of the project is:

₹66.52 lakh

₹94.74 lakh

₹66.96 lakh

₹76.65 lakh

None

The following is not a disadvantage of the pay-back period as an evaluation measure for selecting a project:

Before the pay-back period, the mix of cash flows can be rearranged to get the same result.

It does not consider the magnitude of cash flows after the payback period.

It can give a conflicting decision compared to the net present value method.

A company that is cash-poor gauges the early recovery of funds invested

None

Annual Cost Saving ₹4,00,000; Useful life 4 years; Cost of the Project ₹11,42,000. The Payback period would be:

2 years 8 months

2 years 11 months

3 years

1 year 10 months

None

The Profitability Index of a project is 1.28, and its cost of investment is ₹2,50,000. The NPV of the project is:

₹75,000

₹80,000

₹70,000

₹65,000

None

A project with an initial investment of ₹100 lakhs and life of 10 years generates CFAT of ₹20 lakh per annum. The Payback Reciprocal is:

25%

20%

10%

30%

None

A company with PAT of ₹40 lakh, tax rate of 50%, and RONW of 100% will have pre-tax EPS of:

₹4.00

₹40.00

₹36.00

₹42.00

None

A bond with a par value of ₹1,000 has a 6% annual coupon rate, and the price of the bond is ₹1,025. What is the current yield?

3.0%

2.9%

6.2%

5.9%

None

10.

Given a project with an annual cost savings of ₹4,00,000, IRR of 15%, and a useful life of 4 years, the Discounted Payback Period is:

2.85 years

2.89 years

3.54 years

2.95 years

None

11.

The following is not a disadvantage of the pay-back period as an evaluation measure:

It ignores cash flows after the payback period.

It can give conflicting decisions compared to NPV.

It measures the risk of early cash recovery.

It ignores the time value of money.

None

12.

According to the constant growth model, the market price with a next year’s dividend of ₹2.00, a required rate of return of 15%, and a growth rate of 10% would be:

₹50

₹45

₹40

₹48

None

13.

A stock with a dividend pay-out ratio of 45%, required rate of return of 15%, and a growth rate of 10% will have a P/E ratio of:

3 times

9 times

8 times

7.5 times

None

14.

A 20-year bond with semi-annual payments at a coupon rate of 8% and YTM of 9% is priced at:

₹1080

₹1000

₹908

₹966

None

15.

A project with an initial cost of ₹15,000 and projected cash flows over three years requires analysis of the NPV. The expected net present value is:

₹6,995

₹7,500

₹6,000

₹5,995

None

16.

If a company with limited funds needs to choose between four projects, it should select:

The project with the highest NPV

The project with the lowest risk

The combination with the highest total profitability index

The shortest payback period

None

17.

Which of the following securities is most liquid?

Money Market instruments

Capital Market instruments

Gilt-edged securities

Index futures

None

18.

The beta of a stock is 2.00, and if the expected return increases from 10% to 12%, what would be the new required rate of return on the stock?

15.0%

16.0%

20.0%

22.5%

None

19.

The MIRR of a project with an initial outlay of ₹50,000, a cost of capital of 12%, and a future value of cash flows of ₹1,04,896.50 is:

20.35%

21.53%

31.25%

12.25%

None

20.

A mutual fund wants to hedge its portfolio of shares worth ₹10 crore using the NIFTY Index Futures. The number of contracts to be traded is:

110

116

145

123

None

21.

If the profitability index of a project is greater than 1, then:

The project should be rejected

The project is acceptable

The IRR is less than the discount rate

None of the above

None

22.

What is the impact of inflation on investment decisions?

No effect

It reduces the real cash flows

It increases the nominal discount rate

Both b and c

None

23.

Which of the following investment avenues has the least risk associated with it?

Corporate Fixed Deposits

Government Securities

Equity

Real Estate

None

24.

If the cost of an investment is ₹25,000 and it results in a net cash inflow of ₹1,800 per annum forever, the Net Profitability Index of the investment is:

0.9

(-) 0.1

1.11

0.8

None

25.

A project has the following cash flows. If the discount rate is 20%, then the NPV of the project is:

11.75

12.34

12.74

11.50

None

26.

A project with an initial investment of ₹100 lakhs and a life of 10 years generates cash flows after tax (CFAT) of ₹20 lakh per annum. The Payback Reciprocal is:

25%

20%

10%

30%

None

27.

The NPV of a 5-year project is ₹250 lakh and PVIFA at 10% for 5 years is 3.79. The Equivalent Annual Benefit of the project is:

₹65.96 lakh

₹947.5 lakh

₹56.96 lakh

₹96.65 lakh

None

28.

For an investment project, the following information is available: Annual Cost Savings = ₹4,00,000; IRR = 15%; Useful life = 4 years; PVIFA (15%, 4) = 2.85. The Discounted Payback Period is:

2.85 years

2.89 years

3.54 years

2.95 years

None

29.

NPV at discounting rate of 10% = ₹1250 and NPV at discounting rate of 11% = ₹(-) 200. The IRR of the proposal is:

11.86%

10.86%

9.87%

11.96%

None

30.

The Profitability Index of a project is 1.28 and its cost of investment is ₹2,50,000. The NPV of the project is:

₹75,000

₹80,000

₹70,000

₹65,000

None

31.

The IRR of a project is 10%. If the annual cash flow after tax is ₹1,30,000 and the project duration is 4 years, what is the initial investment in the project?

₹4,10,000

₹4,12,100

₹3,90,000

₹4,05,000

None

32.

The NPV of a 4-year project is ₹220 lakh and PVIFA at 12% for 4 years is 3.037. The Equivalent Annual Benefit of the project is:

₹66.52 lakh

₹94.74 lakh

₹66.96 lakh

₹76.65 lakh

None

33.

A real option provides the firm the _______, but not the obligation, to take some action in the future.

right

duty

responsibility

commitment

None

34.

If nominal discounting rate is 15% and inflation rate is 5%, then real discounting rate will be:

9.52%

9.25%

10.25%

10.52%

None

35.

A 20-year bond with semi-annual payments at a coupon rate of 8% and YTM of 9% is priced at:

₹1080

₹1000

₹908

₹966

None

36.

Which of the following securities is most liquid?

Money Market instruments

Capital Market instruments

Gilt-edged securities

Index futures

None

37.

A stock with a dividend pay-out ratio of 45%, required rate of return of 15%, and a growth rate of 10% will have a P/E ratio of:

3 times

9 times

8 times

7.5 times

None

38.

Which of the following techniques is the most suitable, when NPV and IRR lead to inconsistent ranking due to life disparity between two or more projects?

Modified Net Present Value

Modified Internal Rate of Return

Uniform Annual Equivalent Cost/Benefit

Discounted Payback Period

None

39.

A bond with a par value of ₹1,000 has a 6% annual coupon rate, and the price of the bond is ₹1,025. What is the current yield?

3.0%

2.9% -

6.2%

5.9%

None

40.

Which investment has the highest risk? - X: SD = 37,947, Expected NPV = 90,000 - Y: SD = 44,497, Expected NPV = 1,06,000 - Z: SD = 42,163, Expected NPV = 1,00,000 - U: SD = 41,997, Expected NPV = 90,000

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Corporate and Economic Laws

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

What is the minimum number of members required to form a public company?

None

What is the maximum number of members in a private company?

100

200

Unlimited

None

Which section of the Companies Act, 2013 defines a 'small company'?

Section 2(85)

Section 3

Section 12

Section 44

None

The concept of 'One Person Company' (OPC) was introduced under the Companies Act, 2013. How many directors must an OPC have?

At least

At least 5

Minimum 1

No restriction

None

Which authority is responsible for issuing the Certificate of Incorporation?

Ministry of Finance

Reserve Bank of India

Registrar of Companies

Ministry of Commerce

None

A company that limits the liability of its members to the amount unpaid on their shares is known as

Unlimited company

Company limited by shares

Guarantee company

Non-profit company

None

Under Section 135, which activity is considered a part of Corporate Social Responsibility (CSR)?

Political donations

Employee bonuses

Promotion of education

Profit sharing

None

What is the quorum for a general meeting in a public company with 5000 members?

2 members

5 members

30 members

50 members

None

What is the tenure of an independent director under the Companies Act, 2013?

3 years

4 years

5 years

6 years

None

10.

Which entity is established to investigate serious corporate frauds as per the Companies Act, 2013?

NCLT

SFIO

SEBI

RBI

None

11.

Which section of the Companies Act, 2013 deals with the incorporation of a company?

Section 3

Section 4

Section 7

Section 10

None

12.

What is the maximum number of directors a company can appoint without seeking special permission?

Unlimited

None

13.

Who is primarily responsible for maintaining the statutory registers of a company?

Director

Shareholders

Company Secretary

Auditor

None

14.

The minimum paid-up share capital for a public company is:

₹5 lakh

₹10 lakh

₹1 lakh

No minimum requirement

None

15.

Which section specifies the contents of a prospectus?

Section 26

Section 32

Section 42

Section 50

None

16.

Under the Companies Act, 2013, the appointment of an auditor is covered under:

Section 124

Section 139

Section 145

Section 161

None

17.

What percentage of the net profit must companies spend on CSR activities as per Section 135?

None

18.

Which body hears appeals against decisions of the NCLT?

Supreme Court

High Court

NCLAT

SEBI

None

19.

What is the minimum number of independent directors required for a listed company?

One-third of the total directors

None

20.

The penalty for non-compliance with CSR provisions under Section 135 includes:

Fine only

Fine and imprisonment

Warning letter

CSR non-compliance has no penalty

None

21.

Under the Companies Act, 2013, dividends must be paid within how many days from declaration?

15 days

30 days

45 days

60 days

None

22.

Which schedule specifies the format of financial statements?

Schedule II

Schedule III

Schedule IV

Schedule VI

None

23.

The provision for 'Related Party Transactions' is covered under:

Section 177

Section 184

Section 188

Section 194

None

24.

Which document defines the scope of a company's activities and powers?

Articles of Association

Memorandum of Association

Prospectus

Share Certificate

None

25.

Which section governs the conduct of Annual General Meetings (AGMs)?

Section 92

Section 96

Section 102

Section 108

None

26.

Under Section 12, the registered office of a company must be verified within how many days of incorporation?

15 days

30 days

45 days

60 days

None

27.

What is the penalty for failing to file annual returns with the Registrar of Companies?

₹50,000

₹1 lakh

₹5 lakh

₹10 lakh

None

28.

Under the Companies Act, 2013, a dormant company is one that has:

Defaulted on loans

No significant accounting transactions

Not held any meetings

No director

None

29.

Which section governs the resignation of a director?

Section 160

Section 168

Section 170

Section 180

None

30.

Which authority is responsible for maintaining the Director Identification Number (DIN)?

SEBI

MCA

RBI

NCLT

None

31.

What is the maximum tenure for which a company auditor can hold office?

3 years

5 years

7 years

10 years

None

32.

The minimum subscription amount for shares offered to the public is:

50%

75%

90%

100%

None

33.

Which section deals with 'Oppression and Mismanagement'?

Sections 245-246

Sections 241-242

Sections 249-250

Sections 254-255

None

34.

Which section relates to the rotation of auditors?

Section 138

Section 139

Section 141

Section 144

None

35.

Under which section is the Serious Fraud Investigation Office (SFIO) empowered?

Section 212

Section 213

Section 214

Section 215

None

36.

A company is required to maintain books of account for how many years?

3 years

5 years

8 years

10 years

None

37.

Which chapter of the Companies Act, 2013 deals with the 'Compromises, Arrangements, and Amalgamations'?

Chapter XII

Chapter XIV

Chapter XV

Chapter XVI

None

38.

Which schedule defines the Code for Independent Directors?

Schedule I

Schedule II

Schedule IV

Schedule VII

None

39.

What is the maximum amount of penalty for a company failing to comply with Section 10A?

₹50,000

₹1 lakh

₹5 lakh

₹10 lakh

None

40.

The 'Doctrine of Ultra Vires' applies to:

Articles of Association

Memorandum of Association

Board Resolutions

Corporate Social Responsibility

None

1 out of 4

May the best brain win! Let the games begin! May knowledge be your guide, and may your answers be swift and precise.

Embrace the challenge, unleash your potential, and may the thrill of the competition ignite your passion for learning.

Good luck to you!

CMA Madhuri Kashayp

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Direct Taxation

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Which of the following incomes is not taxable in India?

Agricultural income in India

Business income from abroad of a resident

Interest earned on NRE account by a non-resident

Capital gain on sale of rural agricultural land

None

The surcharge for individuals earning above ₹5 crore in the FY 2023-24 is:

10%

15%

25%

37%

None

A person is considered a resident in India if:

They stay in India for 182 days in the current financial year

They stay in India for 60 days in the current year and 365 days in the past 4 years

Both a and b

None of the above

None

Which of the following is not taxable as perquisites?

Rent-free accommodation

Reimbursement of medical expenses up to ₹25,000

Use of employer’s car for personal use

Employer paying income tax on behalf of the employee

None

Gratuity received by a Government employee is:

Fully taxable

Exempt up to ₹20 lakh

Exempt fully

Taxable at a flat rate of 10%

None

Deduction under Section 24(b) for interest on housing loan is available up to:

₹1,50,000

₹2,00,000

₹3,00,000

No limit

None

Unrealized rent recovered during the year is:

Taxed under "Income from other sources

Taxed under "Income from house property"

Exempt from tax

Taxed under "apital gains

None

Which of the following expenses is disallowed under Section 40A(3)?

Cash payment exceeding ₹10,000 in a day

Payment through account payee cheque

Payment made to relatives

None of the above

None

Deduction for depreciation is mandatory for:

All assets used in the business

Tangible fixed assets only

Assets held for personal use

None of the above

None

10.

Long-term capital gains (LTCG) on listed equity shares are taxed at:

15%

10% above ₹1 lakh

20%

Exempt

None

11.

Which section provides for exemption on the reinvestment of LTCG into residential property?

Section 80C

Section 54

Section 54EC

Section 54F

None

12.

Under Section 80C, the maximum allowable deduction is

₹1,00,000

₹1,50,000

₹2,00,000

₹2,50,000

None

13.

Contribution to the National Pension Scheme (NPS) is eligible for additional deduction under which section?

Section 80CCC

Section 80CCD(1B)

Section 80D

Section 10(10D)

None

14.

TDS on professional fees under Section 194J is deducted at:

10%

20%

None

15.

The due date for the first installment of advance tax for companies is:

15th March

15th June

15th September

15th December

None

16.

Income tax return (ITR) under Section 139(1) for individuals without audit is due by:

31st March

30th September

31st July

30th June

None

17.

Scrutiny assessments are covered under:

Section 139

Section 142(1)

Section 143(3)

Section 144

None

18.

Double Taxation Avoidance Agreement (DTAA) is based on which model?

UN Model

OECD Model

Both a and b

None of the above

None

19.

The concept of "Significant Economic Presence" was introduced in which Finance Act?

2018

2019

2020

2021

None

20.

Penalty for failure to furnish PAN is covered under which section?

Section 271A

Section 271B

Section 272B

Section 271H

None

21.

Income from lotteries is taxed at:

10%

20%

30%

40%

None

22.

The time limit for filing a revised return under Section 139(5) is:

31st March of the next year

Before the completion of the assessment

Earlier of a or b

None of the above

None

23.

MAT is applicable to which type of taxpayers?

Individual

Partnership firm

Corporate taxpayers

LLP

None

24.

Which of the following deductions is not allowed while computing income under the head "Profits and Gains of Business or Profession"?

Depreciation on motor cars

Salary paid to a relative at market rate

Personal expenses of the proprietor

Interest on borrowed capital

None

25.

Loss under the head "Income from house property" can be carried forward for:

4 years

8 years

10 years

Indefinitely

None

26.

Short-term capital loss can be set off against:

Only short-term capital gains

Only long-term capital gains

Both short-term and long-term capital gains

Income under any head

None

27.

Business losses cannot be set off against which of the following incomes?

Salary income

Capital gains

House property income

Income from other sources

None

28.

The "Equalization Levy" introduced by the Government of India is charged at:

10%

15%

None

29.

The threshold turnover for mandatory Transfer Pricing documentation for specified domestic transactions is:

5 crore

10 crore

20 crore

50 crore

None

30.

Gift received from a non-relative is taxable if the aggregate value exceeds:

₹25,000

₹50,000

₹1,00,000

₹2,50,000

None

31.

Family pension received is taxable under which head of income?

Salaries

Income from other sources

Capital gains

Exempt income

None

32.

Minimum Alternate Tax (MAT) under Section 115JB is calculated on:

Gross Total Income

Net Profit as per books of accounts

Adjusted book profit

Taxable income after deductions

None

33.

The concessional corporate tax rate of 15% under Section 115BAB is applicable to:

Start-ups

Newly incorporated domestic manufacturing companies

All domestic companies

Foreign companies

None

34.

Deduction under Section 80D for medical insurance premium paid for a senior citizen is:

₹25,000

₹30,000

₹50,000

₹75,000

None

35.

Donations eligible for 100% deduction without restriction under Section 80G include:

National Defence Fund

Prime Minister’s National Relief Fund

Both a and b

None of the above

None

36.

TDS under Section 194IA is applicable on the transfer of immovable property if the transaction value exceeds:

₹25 lakh

₹50 lakh

₹1 crore

₹2 crore

None

37.

The rate of TDS on interest paid to a resident under Section 194A is:

7.5%

10%

15%

None

38.

Penalty for failure to maintain transfer pricing documentation is:

₹50,000

₹1,00,000

2% of the transaction value

₹5,00,000

None

39.

The maximum penalty for concealment of income under Section 270A is:

50% of tax evaded

100% of tax evaded

200% of tax evaded

300% of tax evaded

None

40.

Which of the following conditions is NOT required to claim deduction under Section 35 for scientific research?

The expenditure must be on in-house research

The research must relate to the taxpayer's business

Approval from a prescribed authority is mandatory

Research must be outsourced to a recognized institution

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Direct and Indirect Taxation

Total Number of Question: 40

Time: 41 Minutes

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All the best...

Name

Phone No

State

1. Expenditures in respect of certain types of assets whose usefulness does not expires in the year of their occurrence but generally expires in the near future are called

Revenue Expenditure

Capital Expenditure

Deferred Revenue Expenditure

None of the above

None

2. Actuarial valuation relates to:

Banking company

Electric Supply Company

Insurance Company

None of the above

None

3. Name the book in which, entries are recorded on the basis of credit notes issued.

Sales Book

Purchase Book

Sales Return Book

Purchase Return Book

None

4. Which of the following incomes is not taxable?

Bonus received from employer

Agricultural income

Income from lottery

Rent from house property

None

5. Contingent Liability would appear

a) on the liabilities side of the Balance Sheet

on the assets side of the Balance Sheet.

as a note in the Balance Sheet

None of the above

None

6. The main objective of average clause contained in a fire insurance policy is to

Encourage full Insurance

Discourage full Insurance

Encourage under Insurance

Encourage full Insurance and Discourage under Insurance

None

7. Canteen expenses are apportioned among departments in the proportion of

Departmental floor space

Departmental direct wages

Departmental sales

Departmental No. of employees

None

8. Provision for bad and doubtful debts is created in anticipation of actual bad debts on the basis of:

Business Entity Concept

Conservatism Concept

Accrual Concept

Full Disclosure Concept

None

9. Debtors Ledger Adjustment Account is opened in the

Debtors Ledger

Creditors Ledger

General Ledger

Both Creditors Ledger and General Ledger

None

10. . Exception to consistency principle is

Cost Principle

Going Concern Principle

Matching Principle

Prudence Principle

None

11. Short working can be recouped out of

Minimum Rent

Excess of Actual Royalty over Minimum Rent

Excess of Minimum Rent over Actual Royalty

Profit and Loss Account

None

12. Which of the following term is most suitable for writing off Patent?

Depletion

Amortization

Depreciation

All of the above

None

13. The out flow of funds to acquire an asset that will benefit the business for more than one accounting period is referred to as:

Miscellaneous Expenditure

Revenue Expenditure

Capital Expenditur

Deferred Revenue Expenditure

None

14. . Which of the following is not a Qualitative characteristicof Financial Statement?

Cost Principle

Understandability

Relevance

Reliability

None

15. Both cash and credit transactions are recorded, on the basis of

Accounting Period Concept

Going Concern Concept

Business Entity Concept

Accrual Concept

None

16. AS-6 (revised) is applicable to which one of the following assets?

Goodwill (b) Live stock

Live stock

Plantation

Plant and Machinery

None

17. Goods are sent to the Branch at cost plus 25%. The loading on invoice price is:

20%

25%

30 %

None of the above

None

18. . Generally sacrifice ratio is concerned with the situation of

(a) Admission of a new partner

Retirement of a partner

Dissolution of firm

Conversion of firm into company

None

19. Purchase of a laptop for office use wrongly debited to Purchase Account. It is an error of

Omission

Commission

Principle

Misposting

None

20. Which of the following book is both a journal and a ledger?

Cash Book

Sales Day Book

Bills Receivable Book

Journal Proper

None

21. According to AS-3 (Revised) interest and dividends received in the case of a manufacturing enterprise should be classified as cash flow from

Operating Activities

Financing Activities

Investing Activities

Both (b) and (c)

None

22. A non-performing asset is:

Money at call and short notice

Cash balance with bank

An asset that ceases to generate income

None of the above

None

23. Discount given in the Sales - Invoice itself is

Cash discount

Trade discount

Rebate

Allowance

None

24. Chandu & Co.'s Account is a

Real Account

Nominal Account

Representative Personal Account

Artificial Personal Accounts

None

25. The balance in consignment account shows

Amount receivable from consignee

Amount payable to consignee

Profit/ loss on consignment

Closing stock with consignee

None

26. KCS purchased a machine from JPS on hire purchase system, whose cash price was `8,64,000. ` 2,16,000 being paid on delivery and balance in three annual instalments of `2,88,000 each. The amount of interest included in first installment would be

72,000

57,600

1,08,000

36,000

None

27. Survey expenses for marine insurance claim must be

Added to claim

Added to legal charges

Added to administrative charges

None of the above

None

28. Interest received in advance account is a

Nominal Account

Real Account

Artificial Personal Account

Representative Personal Account

None

29. At the end of the year 2017-18, Prepaid Insurance Premium `7,500 appeared in the Trial Balance, it will be shown

only in Profit & Loss Account

only in Balance Sheet.

both in Profit & Loss Account and in Balance Sheet.

not in Both in Profit & Loss Account and in Balance Sheet

None

30. . A profit on sale of furniture of a club will be taken to

Cash Account

Receipts and Payment Account

Income and Expenditure Account

Profit and Loss Account

None

31. Provision for bad debts is

Real Account

Nominal account

Personal account

None of the above

None

32. . Shiva draws a bill on Sanat on 25th October, 2018 for 90 days, the maturity date of the bill will be

27th January, 2019

26th January, 2019

25th January, 2019

28th January, 2019

None

33. Realisation Account is a:

Representative Personal Account

Artificial Personal Account

Real Account

Nominal Account

None

34. Due to retrospective effect on revision of salary of employees, the arrears of salary relating to past years, payable in current year is

Prior - period item

Extra - ordinary item

Ordinary item requiring separate disclosure

Contingent item

None

35. Which of the following is a resource owned by the business with the purpose of using it for generating future profits?

Loan from Bank

Owner's Capital

Trade Mark

All of the above

None

36. Bank shows the provision for income tax under the head

Contingency Accounts

Other liabilities and provisions

Contingent liabilities

Borrowings

None

37. . Income & Expenditure A/c shows subscriptions `10,000; Subscriptions accrued in the beginning of the year and at the end of the year were `1,000 and `1,500 respectively. The figure of subscription received appear in receipts and payments account will be:

9,500

10,000

10,500

12,000

None

38. Peeru and Simu entered in the business of buy and sale of food grain for a period of one year and sharing the profit in the ratio of 3:2, this agreement is a

Partnership

Consignment

Joint-venture

Lease

None

39. The business is treated as distinct and separate from its owners on the basis of the

Going concern concept

Conservatism concept

Matching concept

Business entity concept

None

40. Bank Reconciliation Statement is:

Ledger Account

Part of cash book

A separate statement

A subsidiary of Journal

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Business Laws & Ethics

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

1. A transaction without immediate cash settlement is known as

Cash Transaction

Credit Transaction

Deferred Transaction

None of the above

None

2. The person in whose favour the bill is endorsed is known as __________.

Endorsee

Drawee

Drawer

None of the above

None

3. AS-9 is related to

Revenue Recognition

Cash Flow Statement

Accounting for Fixed Assets

Disclosure of Accounting policies

None

4. The debts which are not bad is known as

Good debt

Bad Debt

Doubtful Debt

None of the above

None

5. According to AS-15 (Revised) superannuation scheme which has relevance only to the final salary and number of years of service is

Defined Benefit Scheme

Defined Contribution Scheme

Non-Contributory Scheme

Both (a) and (b)

None

6. Depreciation is a process of

Apportionment

Valuation

Allocation

None of the above

None

7. Which of the following is/are revenue expenditure?

Consumable Stores

Taxes and legal expenses

Rent of factory building

All of Above

None

8. Which of the following is not a feature of Trial Balance

It is a list of debit and credit balances which are extracted from various ledger accounts

It does not prove arithmetical accuracy which can be determined by audit

It is not an account. It is only a statement of account

All the transactions are primarily recorded in this book, hence it is the primary book of entry

None

9. _________ liabilities represent proprietor’s equity, i.e. all thoseamount which are entitled to the proprietor

External

Debenture

Internal

None of the above

None

10. 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 Concer

Conservatism

Consistency

Disclosure

None

11. AS-9 is related to

Revenue Recognition

Cash Flow Statement

Accounting for Fixed Assets

Disclosure of Accounting policies

None

12. Name the book in which, entries are recorded on the basis of debit notes issued.

Sales book

Purchase Book

Sales Return Book (

Purchase Return Book

None

13. Goods are transferred from Department X to Department Y at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is ` 48,000, then the amount of stock reserve on closing stock will be

12,000

9,000

18,000

None of the above

None

14. An amount spent in connection with obtaining a License for starting the factory is

Revenue Expenditure

Capital Expenditure

Pre-paid Expenditure

None of the above

None

15. The concept that business is assumed to exist for an indefinite period and is not established with the objective of closing down is referred to as

Money Measurement concept

Going Concern concept

Full Disclosure concept

Dual Aspect concept

None

16. Which of the following is a function of journal:

Analytical Function

Recording Function

Historical Function

All of the above

None

17. The person to whom bill is endorsed is known as __________

Endorsee

Drawee

Drawer

None of the above

None

18. Which of the following is/ are the basic features of a Joint Venture .

The profit or loss on joint venture is shared between the co-venturers in the agreed ratio

The co-venturers may or may not contribute initial capital

The JV is dissolved once the purpose of the business is over

All of the above

None

19. Which of the following is/are feature/features of Income and Expenditure Account?

It follows Nominal Accoun

All Capital incomes and expenditures are excluded

Profit on sale of asset is credited

All of the above

None

20. Name the principle involved in the classification of Assets as Fixed and Current

Cost Principle

Going Concern Principle

Matching Principle

Prudence Principle

None

21. Which of the following is a function of journal:

Analytical Function

Recording Function

Historical Function

All of the above

None

22. If any transaction is not recorded in the primary books the same is recorded in _______

Journal Proper

Sales Day Book

Cash Book

None of the above

None

23. As per AS – 1, which of the following is not a Fundamental Accounting Assumptions?

Conservatism

Going Concern

Consistency

Accrual

None

24. Which of the following cannot be detected by Trial Balance?

Errors of Omission

Errors of Principal

Errors of Misposting

All of the above

None

25. The following account has a credit balance

Plant and Equipment A/c

Purchase Returns A/c

Purchase A/c

None of the above

None

26. The out flow of funds to acquire an asset that will benefit the business for more than one accounting period is referred to as —

Miscellaneous Expenditure

Revenue Expenditure

Capital expenditure

Deferred Revenue Expenditure

None

27. Capital Profit arises from which of the following?

Profit prior to incorporation

Premium received on issue of shares

Profit made on re-issue of forfeited shares

All of the above

None

28. Bad debts Recovered `1,000. It will be

Credited to Bad debts A/c

Credited to debtor’s personal A/c

Debited to creditor’s personal A/c

Credited to bad debts recovered A/c

None

29. Del credere commission is allowed to consignee

for making cash sales

for making credit sales

for making extra sales

for undertaking risk of bad debts

None

30. In the hire purchase system interest charged by vendor is calculated on the basis of

Outstanding cash Price

Hire purchase Price

Installment amount

None of the above

None

31. Excess of minimum rent over royalty is known as

Maximum rent

Excess workings

Short workings

Deficiency of actual royalty

None

32. Which of the following purpose is served from the preparation of Trial Balance?

To check the arithmetical accuracy of the recorded transactions

To ascertain the balance of any ledger account

To facilitate the preparation of final accounts promptly

All of the above

None

33. The cost of a Fixed Assets of a business has to be written off over its

Natural Life

Accounting Life

Physical Life

Estimated Economic Life

None

34. If a fixed amount is withdrawn on the first day of every month of calendar year by a partner in partnership firm, then for what period the interest on the total amount of drawings will be calculated?

4.5 months

5.5 months

6.5 months

7.5 months

None

35. The basic principles of ____ concept is that business is assumed to exist for an indefinite period

Going Concern

Business Entity

Money Measurement

None of the above

None

36. When Sales = `3,60,000, Purchase = ` 3,20,000, Opening Stock = `68,000 and rate of the Gross Profit is 20% on cost, the Closing Stock would be

1,00,000

44,000

46,000

None of the above

None

37. Goods are transferred from Department A to Department B at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is `36,000, then the amount of stock reserve on closing stock will be

12,000

9,000

18,000

None of the above

None

38. _________ contains the transactions relating to goods that are returned by us to our creditors

Return Inward

Return Outward

Sales Daybook

None of the above

None

39. Receipts and Payments Account records

Only revenue nature receipts

Only capital nature receipts and payment

Only revenue nature receipts and payments

Both the revenue and capital nature receipts and payments

None

40. Bad debts Recovered `750. It will be

Credited to Bad debts A/c

Credited to debtor‘s personal A/c

Debited to creditor‘s personal A/c

Credited to bad debts recovered A/c

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

1. The Accommodation bill is drawn

to finance actual purchase or sale of goods

to facilitate trade transmission

when both parties are in need of funds

None of the above

None

2. As on 31st March, 2017 debtors and additional bad debts are ` 8,00,000 and ` 10,000 respectively. If the provision for bad debts is made at 5% on debtors then amount of such provision will be P-5: Financial Accounting - Bit Questions The Institute of Cost Accountants of India 3

40,000

50,000

39,500

40,500

None

3. If an employee of the business files a legal suit on business, it is considered in the books as

Legal Expense

Liability

Contingent Asset

Contingent Liability

None

4. Balance of X's account in creditors ledger is transferred to X's account in debtors ledger, in this case

X's account in debtors ledger will be debited

X's account in creditors ledger will be debited

None of the above

None

5. Income and Expenditure Account is a

Nominal Account

Real Account

Personal Account

Artificial Personal Account

None

6. At the end of the accounting year the capital expenditures are shown in the

assets side of the Balance Sheet

liabilities side of the Balance Sheet

debit side of the Profit and Loss A/c

credit side of the Profit and Loss A/c

None

7. If average inventory is `1,25,000 and closing inventory is `10,000 less than opening inventory then the value of closing inventory will be

1,35,000

1,15,000

1,30,000

1,20,000

None

8. Receipts and Payments account is a

Nominal Account

Real Account

Personal Account

Artificial Personal Account

None

9. Which of the following is not a method of charging depreciation?

Sinking Fund Method

Sum of years

Working hours Method

Asset's Life-cycle Method

None

10. Which of the following is an example of Capital Expenditure?

Inventory of raw materials, work-in-progress and finished goods; (

Insurance premium

Taxes and legal expenses

None of the above

None

11.Ground rent or surface rent means

Minimum rent

Maximum royalty payable

Minimum royalty payable

Fixed rent payable in addition to minimum rent

None

12. Outward Invoice issued is a source document of

Purchase Book

Sales Book

Return Inward Book

Return Outward Book

None

13. Accounting standard in India are issued by

Government of India

Reserve Bank of India

The Institute of Chartered Accountants of India

The Institute of Accounting Standard of India

None

14. _______ is equal to estimated selling price less the estimated costs of completion and the estimated costs necessary to make the sale.

Net Realizable value

Cost of Purchase

None of the above

None

15. An obligation which may or may not materialize is a/an _______________

Loss

Asset

Contingent Liability

None of the above

None

16. Creditors ledger adjustment account is opened in

General Ledge

Debtors Ledger

Creditors Ledger

Either (b) or (c)

None

17. Which of the following errors is not disclosed by a Trial Balance?

Errors of Omission

Errors of Commission

Compensating Errors

All of the above

None

18. ________________ voucher denotes payment of cash

Cash Payment

Cash Receipt

Bank Payment

All of the above

None

19. A resource owned by the business with purpose of using it for generating future profit, is known as

Capital

Asset

Liability

Surplus

None

20. _______ are investments which are held beyond the current period as to sale or disposal.

Non-current Investments

Current Investments

Current Liabilities

None of the above

None

21. ___________ is specially suited to mines, oil wells, quarries, sandpits and similar assets of a wasting character.

Depletion

Depreciation

Amortisation

Dilapidation

None

22. From the following details estimate the capital as on 31.03.2017. Capital as on 01.04.2016 - `4,10,000. Drawings `40,000, Profit during the year ` 50,000

4,10,000

`4,50,000

`4,20,000

4,00,000

None

23. Which of the following is of capital nature?

Commission on purchases

Cost of repairs

Rent of factory

Wages paid for installation of machinery

None

24. AB Ltd. has signed at 31st December, 2017 the Balance Sheet date, a contract where the Total Revenue is estimated at ` 15 Crores and Total Cost is estimated at ` 20 Crores. No work began on the contract. Is the Contractor required to give any accounting effect for the year ended 31st December, 2017?

Recognize expected loss of `5 Crores

Recognize `15 Crores as Profit

No entry

None of the above

None

25. Income statement of a Charitable Institution is known as

Statement of profit and loss

Receipts and Payments Account

Income and Expenditure Account

Profit and Loss Account

None

26. Which of the following is/ are the basic features of a Joint Venture

The profit or loss on joint venture is shared between the co-venturers in the agreed ratio

The co-venturers may or may not contribute initial capital

The JV is dissolved once the purpose of the business is over

All of the above

None

27. If any stock is taken by a co-venturer, it will be treated as

an income of the joint venture

an expense of the joint venture

to be ignored from joint venture

it will be treated in the personal books of the co-venturer

None

28. A and B purchased a piece of land for ` 30,000 and sold it for `60,000 in 2016. Originally A had contributed `12,000 and B `8,000. The profit on venture will be

30,000

20,000

60,000

Nil

None

29. Which one is/ are the method/s of Accounting for Branches (a) Final Accounts Method; (b) Debtors Method and (c) Stock and Debtors Method. (d) All of the above

Final Accounts Method

Debtors Method

Stock and Debtors Method.

All of the above

None

30. Contingent liability would appear (a) on the liability side of the Balance Sheet. (b) on the assets side of the Balance Sheet. (c) do not shown in the books of accounts. (d) as a note in Balance Sheet.

on the liability side of the Balance Sheet

on the assets side of the Balance Sheet

do not shown in the books of accounts

as a note in Balance Sheet

None

31. Bad debts are apportioned among departments in the proportion of

Sales of each department

Number of units sold by each department

Cost of sales of each department

None of the above

None

32. Which of the following item does not match with receipts and payments account?

It is a summarized cash book

Transactions are recorded in it on cash basis

It records revenue transactions only

It serves the purpose of a real account

None

33. Which of the following account is mainly prepared at the time of dissolution of the firm

Revaluation A/c

Goodwill A/c

Realization A/c

Memorandum Revaluation A/c

None

34. __________ is similar to the Profit and loss A/c

Income and Expenditure A/c

Receipts and Payments A/c

Balance Sheet

None of the Above

None

35. Which of the following is not a Fundamental Accounting Assumption?

Going Concern

Consistency

Accrual

Materiality

None

36. Excess of hire purchase price over cash price is known as (a) Installment (b) Cash down payment (c) Interest (d) Capital value of asset

Installment

Cash down payment

Interest

Capital value of asset

None

37. In Hire Purchase system cash price plus interest is known as

Capital value of asset

Book value of asset

Hire purchase price of asset

Hire purchase charges

None

38. The following account has a credit balance

Plant and Equipment A/c

Loans A/c

Purchase A/c

None of the above

None

39. Kuntal draws a bill on shyam for ` 7,000.Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:

Kuntal

Ram

Shyam

Rahim

None

40. Advertisement expenses are apportioned among departments in the proportion of

sales of each department

purchases of each department

no. of units sold by each department

cost of sales of each department

None

1 out of 4

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