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 Email State 1. What is the threshold limit for GST registration for service providers in India? ₹10 lakh ₹20 lakh ₹30 lakh ₹40 lakh None 2. Which of the following taxes were subsumed into GST? Income tax Excise duty Custom duty Professional tax None 3. Which of the following is not a type of GST in India? FGST SGST CGST FGST None 4. Who is considered the first point of contact for GST assessment? Supplier Buyer GST Practitioner GST Officer None 5. 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 6. 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 7. Which form is used for filing annual GST returns? GSTR-3B GSTR-9 GSTR-4 GSTR-1 None 8. What is the maximum penalty for delay in filing GST returns? ₹50 per day ₹100 per day ₹200 per day No penalty None 9. 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% 1% 2% 3% 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
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 Email State 1. 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 2. The tax collected on goods imported from outside India is: IGST CGST SGST Import duty None 3. Which of the following taxes was not merged into GST? Central excise duty Customs duty Service tax VAT None 4. 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 5. *What is the rate of GST on gold jewelry? 3% 5% 12% - 18% None 6. In case of exports under GST, the tax rate applied is: 5% 12% 18% 0% None 7. The customs valuation is done based on: Purchase price Retail price in India CIF (Cost, Insurance, and Freight) value None of the above None 8. 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 9. 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? 5% 10% 18% 0% 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% 5% 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? 5% 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? 5% 0% 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! 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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 Email State 1. What is the usual term for a bill of exchange? 30 days 60 days 90 days Any agreed period None 2. 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 3. When a bill of exchange is accepted, it becomes: A promissory note A payable instrument An accepted bill A negotiable instrument None 4. The drawer of a bill of exchange is also known as the: Debtor Creditor Payee Drawee None 5. 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 6. In a bill of exchange, the term "endorsement" refers to: Payment acceptance Transfer of rights Dishonor of bill Drawer's agreement None 7. The person who accepts a bill of exchange is called: Payee Drawee Drawer Discount holder None 8. If the drawee does not pay the bill on the due date, the bill is considered: Endorsed Honored Dishonored Discounted None 9. 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 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! 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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 Email State 1. Income Tax in India is governed by which Act? Wealth Tax Act Central Excise Act Income Tax Act Finance Act None 2. The Income Tax Act was enacted in which year? 1950 1961 1972 1982 None 3. Which type of income is NOT taxable under the Income Tax Act? Agricultural income Salary income Capital gains Agricultural income None 4. Which of the following is a type of taxable income? Income from gambling Agricultural income Income from a registered charitable trust Capital receipts None 5. 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 6. 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 7. 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 8. Salary is taxable on the basis of Receipt basis Accrual basis Whichever is earlier Whichever is later None 9. 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
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 Email State 1. 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 2. 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 3. 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 4. 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 5. 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 6. 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 7. 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 8. 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 9. 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 X Y Z U None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
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 Email State 1. What is the minimum number of members required to form a public company? 2 5 7 10 None 2. What is the maximum number of members in a private company? 50 100 200 Unlimited None 3. Which section of the Companies Act, 2013 defines a 'small company'? Section 2(85) Section 3 Section 12 Section 44 None 4. 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 5. Which authority is responsible for issuing the Certificate of Incorporation? Ministry of Finance Reserve Bank of India Registrar of Companies Ministry of Commerce None 6. 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 7. Under Section 135, which activity is considered a part of Corporate Social Responsibility (CSR)? Political donations Employee bonuses Promotion of education Profit sharing None 8. What is the quorum for a general meeting in a public company with 5000 members? 2 members 5 members 30 members 50 members None 9. 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? 12 15 20 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? 1% 2% 3% 5% 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? 2 3 4 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. 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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 Email State 1. 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 2. The surcharge for individuals earning above ₹5 crore in the FY 2023-24 is: 10% 15% 25% 37% None 3. 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 4. 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 5. Gratuity received by a Government employee is: Fully taxable Exempt up to ₹20 lakh Exempt fully Taxable at a flat rate of 10% None 6. 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 7. 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 8. 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 9. 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: 1% 5% 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: 5% 6% 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: 5% 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. 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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 Email 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 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. 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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 Email 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
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 Email 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 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
