SPECTRUM THEORY QUIZ - 7

Closing stock is shown in final accounts at

• Cost price

• Market price

• Cost price or market price which ever is less

• Cost price or market price which ever is high

Net sales: 6,00,000, GP: 25% on cost. Calculate GP and CGS?

• GP: 120000, CGS: 480000

• GP: 500000, CGST: 320000

• GP:100000, CGS:500000

TDS is deducted on the capital expenditure(installation services)incurred on purchase of fixed assets…..

• TRUE

• FALSE

If TDS is deducted from the resident company in July 2022, then what will be the due date to make a tax payment to the government

• 7th August 2022

• 7th July 2022

• 7th June 2022

If the TDS is deducted on 5th August 2022 and the TDS payment made to the department on 30th September 2022. what is the interest rate on TDS late payment

• 3%

• 1.5%

• 1%

TCS payment is made to the govt using which of the following income tax challan

• ITNS 281

• IT 281

• none of the above

which of the following is a valid structure of TAN

• ABCD12345A

• ABCDE1234A

• ABC123456A

EDLI is associated with …..

• ESI

• NPS

• Provident fund

Profit on sale of assets is used to create….

• General reserve

• Specific reserve

• Capital reserve

SWIFT stands for

• Society for Worldwide Interbank Financial Telecommunications

• Service for Worldwide International Financial Telecommunications

• Society for Worldwide International Telecommunications