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Sunday Quiz_12072020

Total questions: 10

Worksheet time: 28mins

Name
Class
Date
1.

Electric shaving machine is classifiable under following:

A. 8510: Shavers and hair clippers with self-contained electric motors

B. 8509: Electro mechanical domestic appliances with self-contained electric motor

a)

Option A

b)

Option B

c)

More Information Required

d)

Can be classified under both

e)

I use only blade and so I dont know the answer

2.

GST department has issued SCN u/s 74 on A Ltd for non payment of GST for the months Dec 2019 to March 2020. What is the date by which the SCN should be served on the Assessee?

a)

9/30/2023

b)

12/31/2023

c)

6/30/2025

d)

12/31/2025

e)

Any working day is fine

3.

B Ltd had an amount of Rs.4 Crores recoverable from one of its client. Since the client could not pay up the money in cash, it offered to settle the a commercial land in favour of B Ltd. B Ltd has not yet decided any use for the land but took it as settlement. Land should be

a)

Classified as PPE under Ind AS 16

b)

Classified as Investment Property under Ind AS 40

c)

Classified as Inventories under Ind AS 2

d)

None of the above

e)

Who cares. As long as you got the land - its okay

4.

A Ltd took an asset on lease for 5 Years. Lease rent is Rs.5/unit produced, payable annually, subject to maximum of Rs.2 Crores pa. A Ltd is expected to produce 30 Lakh units pa. Assuming a discount rate of 10%, initial recognition of Lease Liability is -

a)

Rs.NIL

b)

Rs.758 Lakhs

c)

Rs.568 Lakhs

d)

Rs.1000 Lakhs

e)

I dont even understand the question

5.

Ms. Abhaya, a Sikkimese woman, married Mr. Kumar from Tamil Nadu on 16th May 2008. During the PY 2019-20, she received rent of ₹16 lakhs from a business run in Sikkim. What would be the taxable income of Ms. Abhaya?

a)

Nil. Exempt u/s 10(26AAA)

b)

₹8 Lakhs. 50% exempt u/s 10(26AAA)

c)

₹16 Lakhs. Not exempt u/s 10(26AAA)

d)

₹16 Lakhs. Taxable @ 10% u/s 10(26AAA)

e)

“For I don’t care too much for money, for money can’t buy me love.”— The Beatles

6.

The amount credited to SEZ Re-investment Reserve A/C must not be utilised for:

a)

Acquiring machinery

b)

Acquiring raw materials

c)

Payment of dividend

d)

Payment to creditors

7.

As per Clause 15 of Form 3CD - Give the following particulars of the capital asset converted into stock-in-trade:— (a) Description of capital asset; (b) Date of acquisition; (c) Cost of acquisition; (d) Amount at which the asset is converted into stock-in-trade.

The above disclosure is required in respect of the year in which -

a)

The capital asset is bought

b)

The capital asset is converted into stock in trade

c)

The capital asset is ultimately sold

d)

All the above

e)

My Mindvoice - Is there a clause like this in 3CD??

8.

Ethics - As per ICAI regulations on training articles, the number of hours of articleship shall be ........ hours in a week. However the same can be extended to ............ hours subject to complementary off being given in the next week.

a)

Infinity, Infinity square

b)

48, 56

c)

35,45

d)

40, 50

9.

Spot price of Gold is Rs 2985. A Call option (European) expiring 3 months at a strike price of Rs 3050 is now traded for Rs 137.50. The intrinsic value of call is .... [Present value discounting factor is 0.97]

a)

137.50

b)

133.37

c)

Nil

d)

2958.50

e)

Call charges 6 paise per minute [Reliance Jio]

10.

A company has a target sales ratio of 0.75, a target Net Profit margin of 0.08, a target D.E. Ratio of 0.80 and

target earnings retention rate of 0.75. In a steady state, what is the sustainable growth rate?

a)

14.40%

b)

Information inadequate

c)

16.82%

d)

10.80%

e)

Ask Vijay Mallya