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WorksheetsTally Domain Quiz 11
Total questions: 15
Worksheet time: 30mins
Name
Class
Date
1.
Oprational expenses of office paid by cash. In this transaction what is reflected in expenses side of the Profit and loss a/c
a)
Oprational
b)
Cash
c)
Direct expense A/c
d)
Indirect expense A/c
2.
Owner and Business are the same for accounting purposes
a)
false
b)
true
3.
Assets is always equal to liabilities at any given point of time
a)
true
b)
false
4.
Bright Enterprises is a medium sized organization and further classified into multiple departments. The owner wants to know the expenses (Conveyance, Printing & Stationary, Rent, etc.) incurred by each department. The departments can be best referred to as ____________
a)
Cost centres
b)
Ledgers
c)
Groups
d)
Scenarios
5.
What is the aggregate turnover in a financial year of other than special category states to register under Goods & Services Tax?
a)
20 Lakhs
b)
15 Lakhs
c)
10 Lakhs
d)
25 Lakhs
6.
When a company sells goods/services in a foreign currency, and when the prevailing exchange rate differs due to conversion of foreign currency into the local currency of seller, the difference will be treated as _________________
a)
Forex gain/loss
b)
Difference in opening balances
c)
Gross Profit
d)
Nett profit
7.
If the customer returns the goods post the sales invoice raised by his seller, then the seller issues ________ to the extent of the value of the product returned by his customer.
a)
Credit Note
b)
Rejection Out
c)
Material Out
d)
Revise the sale invoice
8.
Shine Traders has set a level of 25 nos for all of its stock items below which if the stock goes, an order must be placed with the supplier for the items. ________ is the level of stock that has to be maintained in the business at any given point of time.
a)
Reorder Level
b)
Minimum Order Level
c)
Shortfall
d)
Nett Available
9.
__________ is a document that a supplier submits to a potential client with a proposed price for the goods or services.
a)
Quotation
b)
Sale Order
c)
Sale invoice
d)
Credit note
10.
Pranav enterprises sells goods to a company in Africa. As per GST law, this type of sale can be classified as ________
a)
Export
b)
Intrastate Sale
c)
Interstate sale
d)
Not in scope of GST
11.
Croma sells Samsung Washing machine with insurance and packing charges to a customer. Under GST regime, these supplies which are naturally bundled and supplied in the ordinary course of business be termed as ?
a)
Composite Supply
b)
Mixed Supply
c)
Export
d)
Point of sale
12.
__________ is the liquidity ratio that helps in understanding the company's ability to pay it's short term obligations or those due within one year.
a)
Current Ratio
b)
Working capital turnover ratio
c)
Gross profit %
d)
Debt to Equity Ratio
13.
__________ is used to measure how effective a company is in extending credit as well as collecting debts and helps in understanding the payment performance of debtors.
a)
Receivable Turnover in days
b)
Return on working capital
c)
Operating cost %
d)
Quick Ratio
14.
When a company in Kelong sells and delivers goods to a company in Baddi, the tax that will be paid by the customer will be _________.
a)
IGST
b)
CGST & SGST
c)
Cess
d)
VAT
15.
Jayant Traders wants to encrypt their company so that no one can access the data and also know which is the data. You would recommend ________ feature in Tally to keep confidentiality and encrypting the data.
a)
Tally Vault
b)
Security Control
c)
Password protection
d)
Educational version
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