Articleship Interview

Super & Co. has three branches, in Salem, Chennai and Coimbatore, in the State of Tamil Nadu. Salem and Chennai branches are engaged in supply of garments and Coimbatore branch engaged in supply of shoes. Which of the following options is/are legally available for registration to Super & Co.?

•      Super & Co. can obtain single registration for Tamil Nadu State declaring any one of the branches as principal place of business and other two branches as additional place of business

•    Super & Co. can obtain separate GST registration for each of the three branches - Salem, Chennai and Coimbatore.

• (i)           Super & Co. can obtain one GST registration for shoe business (Coimbatore branch) and another GST registration which is common for garments business (Salem and Chennai).

• None of the above

If the goods are received in lots/instalment,

• 50% ITC can be taken on receipt of 1st lot and balance 50% on receipt of last lot

• ITC can be availed upon receipt of last lot.

• 100% ITC can be taken on receipt of 1st lot.

• Proportionate ITC can be availed on receipt of each lot/instalment

1.    During the month of May, Z Ltd. sold goods to Y Ltd. for Rs.2,55,000 and charged GST @ 18%. However, owing to some defect in the goods, Y Ltd. returned some of the goods by issuing debit note of Rs. 40,000 in the same month. Z Ltd. records the return of goods by issuing a credit note of Rs.40,000 plus GST in the same month. In this situation, GST liability of Z Ltd. for the month of May will be-

• Rs. 45,900

• Rs. 38,700

• Rs. 53,100

• Rs. 40,000

1.    ‘P’ Ltd. has its registered office, under the Companies Act, 2013, in the State of Maharashtra from where it ordinarily carries on its business of taxable goods. It also has a warehouse in the State of Telangana for storing said goods. What will be the place of business of ‘P’ Ltd. under  the GST law?

         

• Telangana

• Maharashtra

• Both (a) and (b)

• Neither(a)nor(b)

1.    The auditor’s _________ safeguards  the auditor’s  ability to  form an

audit opinion without being affected by any influences.

 

 

 

• (a) Objectivity

• (b) Independence

• (c) Confidentiality

• (d) Integrity

1.    If the auditor is unable to agree to a change of the terms of the audit engagement and is not permitted by management to continue the original audit engagement, the auditor shall:

• a.    Withdraw from the audit engagement where possible under applicable law or regulation;

• b. Determine whether there is any obligation, either contractual or otherwise, to report the circumstances to other parties, such as those charged with governance, owners or regulators.

• c.    Withdraw from the audit engagement where possible under applicable law or regulation and determine whether there is any obligation, either contractual or otherwise, to report the circumstances to other parties, such as those charged with governance, owners or regulators.

• d. Withdraw from the audit engagement where possible under applicable law or regulation or determine whether there is any obligation, either contractual or otherwise, to report the circumstances to other parties, such as those charged with governance, owners or regulators

1.    In addition to the audit certificate in the prescribed form and various schedules, the auditor of a Co-operative society in the applicable State has to answer two sets of questionnaires called as

• a.    Internal Control Questionnaires

• b.    Audit Supplements

• c.    Audit Memos

• d.    Memorandum reports

1.    The Firm R K & Associates has an extensive understanding of Code of Ethics that underlies the fundamental principles relevant to the Auditor when conducting an Audit of Financial Statements and provides a conceptual framework for applying these principles. Which of the following does not form part of the fundamental principle?

• a.    Integrity

• b.    Professional Competence and due care

• c.    Professional Skepticism

• d. Professional behavior

1.                   Which of the following is not correct:-

• (a)          AS 18 – Related Party Disclosures

• (b)          AS 10 – Property, Plant & Equipment

• (c)          AS 28 – Impairment of Assets

• (d)          AS 16 – Intangible Assets

1.                   Which of the following is not an example of an event or condition that may cast significant doubt on entity’s ability to continue as a going concern:

• (a)          Loss of key management without replacement

• (b) Adverse key financial ratios

• (c) Inability to pay creditors on due date

• (d)   Current year profit turns to loss after providing depreciation