WorksheetsSMCS_NVB Interview
Total questions: 216
Worksheet time: 3hrs 32mins
Name
Class
Date
1.
A computer network where one centralised computer is connected to many PC's or workstations is called __________.
a)
Client server network
b)
Peer to peer network
c)
Multi-tier network
2.
Which of the following is not a type of server?
a)
Web server
b)
Network server
c)
system server
d)
Database server
3.
Skype is an example of _______
a)
Peer to peer network
b)
Client server network
c)
Multi-tier network
d)
None of the above
4.
Amazon Web services is an example of which of the following?
a)
community clouds
b)
Public clouds
c)
Hybrid clouds
d)
Internal clouds
5.
Which of the following is not an example of operating system (OS)?
a)
Windows 7
b)
LINUX
c)
MS Office XP
d)
IOS
6.
When you store files "onedrive" you are __________.
a)
storing them in your computer
b)
storing them online
c)
storing them in a temporary location to be deleted later
7.
Which of the following is known as Malicious software?
a)
maliciousware
b)
illegalware
c)
badware
d)
malware
8.
MCAfee is an example of
a)
Virus
b)
Quickheal
c)
Antivirus
9.
VIRUS stands for
a)
Very Intelligent Result Until Source
b)
Vital Information Resource Under Slege
c)
Viral Important Record User Searched
d)
Very Interchanged Resource Under Search
10.
Is it possible for the creator to view individual and summary responses in a google form?
a)
Yes
b)
No
11.
We cannot allot marks to each correct option in multi checkbox grid.
a)
true
b)
false
12.
What is the shortcut key for selecting a row?
a)
Ctrl>+<Spacebar>
b)
<Shift>+<Spacebar>
c)
<Alt> +<Spacebar>
13.
What is the shortcut key to insert a row/column?
a)
Alt =
b)
Shift +
c)
None of the above
14.
What is the short cut key for Sum?
a)
<Ctrl> + <shift> + <+>
b)
Alt =
c)
Ctrl =
15.
A feature that displays only the data in column according to specified Criteria?
a)
Sorting
b)
Filtering
c)
Pivot
16.
Which of the following is absolute reference?
a)
!A!1
b)
$A$1
c)
#A#1
17.
Which of the following is the method of editing cell content?
a)
Alt Key
b)
Ctrl Key
c)
F2 Key
18.
How do you display Current date in Excel?
a)
Date( )
b)
Today ( )
c)
Now ( )
19.
What does Vlookup function do?
a)
To sum the given data
b)
Checks Whether text is the same in one cell as in the next
c)
Find the related records
20.
Which functionin Excel tells how many numeric entries are there ?
a)
Num
b)
Sum
c)
Count
21.
Which one is not a Function in MS Excel ?
a)
Max
b)
Min
c)
Avg
22.
Which functionin Excel checks whether a condition is true or not ?
a)
Sum
b)
IF
c)
Sumif
23.
A feature of MS Excel quickly completes a series of data
a)
Auto Fill
b)
Auto Complete
c)
Fill Handle
24.
In Excel, which one denoted a range from B1 through E5
a)
B1 - E5
b)
B1:E5
c)
B1 to E5
25.
when all the numbers between 0 and 100 in a range should be displayed in red colour apply
a)
use=if() function to format the required numbers red
b)
Apply conditional formatting
c)
Select the cells contain number between 0 and 100 then click red color
26.
In MS-Excel which functions will calculate the number of workdays between 6/9/2013 and 8/12/2013
a)
Workday
b)
Networkday
c)
Weekday
27.
In MS-Excel the view that puts a blue a blue line around each page that would be printed is the
a)
Print preview
b)
Normal View
c)
Page break preview
28.
In MS-Excel what does SUMIF function do
a)
Adds up cell values based on a condition
b)
Adds all the numbers in a range of cells
c)
Returns a subtotal in a list or database
29.
Which of the following is invalid statement?
a)
Sheet tabs can be coloured
b)
The width of the row be specified manually or fit automatically
c)
Some pictures can be applied as background of a sheet
30.
Ctrl + D shortcut key in Excel will
a)
open the font dialog box
b)
Apply double underline for the active cell
c)
Fill down in the selection
31.
Which of the following is not a valid data type in Excel?
a)
Number
b)
Character
c)
Label
32.
What is the shortcut key for Replace?
a)
Ctrl H
b)
Ctrl R
c)
Ctrl B
33.
What is the shortcut key for Hyperlink?
a)
Ctrl R
b)
Ctrl K
c)
Ctrl D
34.
What is the shortcut key for Page Break?
a)
<Ctrl> + <Enter>
b)
<Ctrl> + <Shift> + <+>
c)
<Shift> + <Enter><br /><br />
35.
We can insert Page number at
a)
Header
b)
Footer
c)
Both A and B
36.
A word gets Selected by Clicking it
a)
once
b)
Twice
c)
Three times
37.
Where foot notes appear in a document?
a)
End of Document
b)
Bottom of page
c)
End of heading
38.
In which view Header and Footers are Visible?
a)
Normal View
b)
Page Layout view
c)
Print layout View
39.
Which items appears dimly behind the main body Text?
a)
Water Colour
b)
Background
c)
Watermark
40.
What are the advanced features that can speed up editing or formatting?
a)
Ribbon
b)
Track changes
c)
Macros
41.
Which of the following option used to display info such as title, Page number of document?
a)
Thesaurus
b)
Header & Footer
c)
Insert table
42.
Which can be used for quick access to commonly used commands and tools?
a)
Status bar
b)
Tool Bar
c)
Title bar
43.
File extension of word document is
a)
.xls
b)
.doc
c)
.word
44.
Portrait and Landscape are
a)
Paper size
b)
Page layout
c)
Page orientation
45.
Which is the function button for spelling and grammar?
a)
F7
b)
F5
c)
F3
46.
Auto correct is the option to replace ___ words
a)
Misspelled
b)
Lengthy
c)
Raised
47.
Which is used to reduce or enlarge the print?
a)
Landscape
b)
Superscript
c)
Scaling
48.
What do you mean by vertical separation between columns?
a)
Orientation
b)
Gutter
c)
Margin
49.
Thesaurus tool in MS Word is used for
a)
Spelling suggestions
b)
Synonyms and Antonyms words
c)
Grammar options
50.
What is gutter margin?
a)
Margin that is added to the left margin when printing
b)
Margin that is added to the binding side of page when printing
c)
Margin that is added to the outside of the page when printing
51.
What is the purpose of inserting header and footer in document?
a)
To mark the starting and ending of page
b)
To allow page headers and footers appear on document when printed
c)
To enhance the overall appearance of the document
52.
At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is
a)
Transferred to Depreciation Account
b)
Transferred to the Asset Account
c)
Transferred to Profit and Loss Account
d)
Simply deducted from the asset in the Balance Sheet
53.
When a petty cash book is kept there will be
a)
No entries made at all in the general ledger for items paid by petty cash
b)
The same number of entries in the general ledger
c)
Fewer entries made in the general ledger
d)
More entries made in the general ledger
54.
If it is required to maintain fixed capitals then the partners’ shares of profits must be
a)
Credited to capital accounts
b)
Debited to capital accounts
c)
Debited to partners’ current accounts
d)
Credited to partners’ current accounts
55.
Discounts received are
a)
Deducted by us when we pay our Supplier
b)
Deducted when we receive cash
c)
Given by us when we sell goods on credit
d)
None of these
56.
The accounting process in which the financial statements of a parent company and its subsidiaries are added together to yield a unified set of financial statements is called
a)
Consolidation
b)
Amortization
c)
Amalgamation
d)
Translation
57.
When amalgamation is in the nature of merger, the accounting method to be followed is
a)
Equity method
b)
Purchase method
c)
Pooling of interests method
d)
Consolidated method
58.
For paying liabilities not taken over by the purchasing company, the vendor company credits:
a)
Realisation account
b)
Bank account
c)
Liabilities account.
59.
When preparing a Bank Reconciliation Statement, if you start with a debit balance as per the Cash Book, then cheques issued but not presented within the period are _____
a)
Deducted
b)
None of these
c)
Added
d)
Not required to be adjusted
60.
a) The process of two or more companies combining to form a new company is called absorption
a)
TRUE
b)
FALSE
61.
b) When the transferee company decides to compensate the transferor company on the basis of fair values of the assets and liabilities, the method of computing the purchase consideration is termed as "Net payment method”
a)
TRUE
b)
FALSE
62.
c) As per AS - 14 purchase consideration is the amount agreed to different interests like shareholders, debenture holders, creditors etc.
a)
TRUE
b)
FALSE
63.
d) Goodwill arising on amalgamation as per AS - 14 is to be retained in the books of the company.
a)
TRUE
b)
FALSE
64.
The Capital Redemption reserve is created for the following reasons:
a)
To Maintain the capital intact
b)
To safeguard the interest company's creditors
c)
Both of the above
d)
None of the above
65.
Which of the following accounts can be transferred to capital redemption reserve account?
a)
General reserve account
b)
Forfeited shares account
c)
Profit prior to incorporation
d)
Securities premium account
66.
According to sec
a)
Authorised by articles
b)
Confirmation of the court
c)
Special resolution is passed to that effect
d)
All of the above
67.
Bonus shares are issued by the companies because of
a)
Surplus cash
b)
Large amount of general reserve
c)
Heavy competition
d)
High gross profit ratio
68.
Which of the following reserves which are not available for issue of fully paid bonus shares?
a)
Profit and loss account
b)
Dividend equalization reserve
c)
Capital reserve arising due to revaluation
d)
Capital redemption reserve
69.
A long term lease contract which extends over the whole useful life of an asset is
a)
Financial lease
b)
Sale lease
c)
Corporate lease
d)
Leverage lease
70.
In case of the buyer shows the assets in his balance sheet and also shows the outstanding amount as liability
a)
Lease accounting
b)
Hire Purchase system
c)
Depreciation accounting
d)
None
71.
The statement of cash flow clarifies cash flows according to
a)
Operating and Non-operating Flows
b)
Inflow and Outflow
c)
Investing and Non-operating Flows
d)
Operating, Investing, and Financing Activities
72.
Cash flow example from an operating activity is
a)
Purchase of Own Debenture
b)
Sale of Fixed Assets
c)
Interest Paid on Term-deposits by a Bank
d)
Issue of Equity Share Capital
73.
A current asset that can be transferred into cash within three months is known as
a)
Cash equivalent
b)
Intangible asset
c)
Operating asset
d)
None of these
74.
Current assets are also known as
a)
Cash
b)
Assets
c)
Invested capital
d)
Working capital
75.
Which report gives a review on the profitability of a business
a)
Statement of changes in equity
b)
Cash flow statement
c)
Balance sheet
d)
Income statem
76.
Dividends are usually paid as a percentage of ______
a)
Authorized share capital
b)
Paid-up capital
c)
Called-up capital
d)
Net Profit
77.
The owner of the consignment stock is ________
a)
Debtors
b)
Consignee
c)
Debtors
d)
Consignor
78.
Change in accounting estimate means
a)
Differences arising between certain parameters estimated earlier and actual results achieved during the current period.
b)
None
c)
Differences arising between certain parameters estimated earlier and reestimated during the current period.
d)
Both
79.
Under inflationary conditions, ________ method will show highest value of closing stock?
a)
FIFO
b)
LIFO
c)
Weighted Average
d)
None of these
80.
Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?
a)
The quantity of a particular product sold during the period
b)
The amount owed to a particular creditor
c)
Total cost of goods sold for the period
d)
The portion of total current assets that consist of cash
81.
Which of the following errors are not revealed by the Trial Balance:
a)
errors of commission
b)
wrong balancing of an account
c)
wrong totaling of an account
d)
compensating errors
82.
Which of the following is not a sub-field of accounting?
a)
Management accounting
b)
Cost accounting
c)
Book-keeping
d)
Financial accounting
83.
Interest on capital will be paid to the partners if provided for in the agreement but only from____
a)
Reserves
b)
Profits
c)
Goodwill
d)
Accumulated Profits
84.
Which of the following statement is not true:
a)
Del-creder’s commission is generally relevant for credit sales
b)
If del-creder’s commission is allowed, bad debt will not be recorded in the books of consignor
c)
Del-creder’s commission is allowed by consignor to consignee
d)
If del-creder’s commission is allowed, bad debt will be debited in consignment account
85.
The balance of the petty cash is ____
a)
income
b)
an asset
c)
liability
d)
an expense
86.
Revenue from sale of products, is generally, realized in the period in which
a)
Cash is collected
b)
None of these
c)
Products are manufactured
d)
Sale is made
87.
The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as ____
a)
Production life
b)
Unit life
c)
Useful life
d)
Expected life
88.
Purchases book records:
a)
None of these
b)
All cash purchases
c)
All credit purchases
d)
Credit purchases of goods in trade
89.
At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners.
a)
Policy Amount
b)
Surrender Value
c)
Policy Value for the dead partner and Surrender Value for the rest
d)
Surrender Value for all the partners
90.
Fundamental accounting assumptions are
a)
Going concern
b)
Materiality
c)
Business entity
d)
Dual aspect
91.
As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at ________ percentage per annum.
a)
7
b)
6
c)
4
d)
12
92.
It is essential to standardize the accounting principles and policies in order to ensure
a)
All of these
b)
Transparency
c)
Consistency
d)
Comparability
93.
Which of the following are of capital nature?
a)
Cost of repair
b)
Wages paid for installation of machinery
c)
Rent of a factory
d)
Purchase of a goods
94.
In Double Entry System of Book-keeping every business transaction affects:
a)
Two sides of the same account
b)
Two accounts
c)
The same account on two different dates
d)
All of these
95.
Sales for the year ended 31st March, 2005 amounted to Rs. 10,00,000. Sales included goods sold to Mr. A for Rs. 50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of
a)
Goods in transit
b)
liability
c)
Closing stock
d)
Sales
96.
Discount on issue of debentures is a _____
a)
Revenue loss to be charged in the year of issue
b)
Capital loss to be written off from capital reserve
c)
Capital loss to be shown as goodwill
d)
Capital loss to be written off over the tenure of the debentures
97.
If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by__
a)
The discounting charges will be recorded in memorandum account
b)
The discounting charges will be borne by bank
c)
The drawer of the bill
d)
The drawer of the bill
98.
If a concern proposes to discontinue its business from March 2005 and decides to dispose off all its assets within a period of 4 months, the Balance Sheet as on March 31, 2005 should indicate the assets at their ___
a)
Net realizable value
b)
Cost price or market value, whichever is lower
c)
Historical cost
d)
Cost less depreciation
99.
The preparation of a trial balance is for:
a)
All of these
b)
Locating errors of principle
c)
Locating clerical errors
d)
Locating errors of commission
100.
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as ___
a)
Contingent liability
b)
Liability
c)
None of these
d)
Provision
101.
A Bank Reconciliation Statement is prepared to know the causes for the difference between:
a)
the balance as per bank column of Cash Book and the Pass Book
b)
None of these
c)
the balance as per bank column of Cash Book and balances as per cash column of Cash Book
d)
the balances as per cash column of Cash Book and the Pass Book
102.
Which account is the odd one out?
a)
Stock of raw materials
b)
Freehold Land and Buildings
c)
Office Furniture & Equipment
d)
Plant and Machinery
103.
Contra entries are passed only when
a)
Simple cash book is prepared
b)
Three-column cash book is prepared
c)
Double column cash book is prepared
d)
None of these
104.
RPC Ltd. follows the written down value method of depreciating machinery year after year due to
a)
All of these
b)
Consistency
c)
Comparability
d)
Convenience
105.
A change in accounting policy is justified
a)
To comply with law
b)
To comply with accounting standard
c)
To ensure more appropriate presentation of the financial statement of the enterprise
d)
All of these
106.
While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result
a)
Previous year’s profit is overstated and current year’s profit is understated
b)
Previous year’s profit is overstated and current year’s profit is also overstated
c)
Previous year’s profit is understated and current year’s profit is also understated
d)
Previous year’s profit is understated and current year’s profit is overstated
107.
If delcredere commission is allowed for bad debt, consignee will debit the bad debt amount to:
a)
Debtors A/c
b)
Commission Earned A/c
c)
Consignor A/c
d)
General Trading A/c
108.
In the books of manufacturing concern, opening stock consists of
a)
Raw materials
b)
Work-in-progress
c)
All of these
d)
Finished goods
109.
In the absence of any provision in the partnership agreement, profits and losses are shared
a)
Equally
b)
In the ratio of capitals
c)
In the ratio of loans given by them to the partnership firm
d)
None of these
110.
The determination of expenses for an accounting period is based on the principle of
a)
Objectivity
b)
Matching
c)
Materiality
d)
Periodicity
111.
The portion of the acquisition cost of the asset, yet to be allocated is known as ___
a)
Salvage value
b)
Accumulated value
c)
Realisable value
d)
Written down value
112.
In the case of downward revaluation of an asset, which is for the first time revalued, _______ account is debited.
a)
Profit & Loss account
b)
General Reserve
c)
Fixed Asset
d)
Revaluation Reserve
113.
When preparing a Bank Reconciliation Statement, if you start with a debit balance as per the Cash Book, then cheques issued but not presented within the period are _____
a)
Deducted
b)
None of these
c)
Added
d)
Not required to be adjusted
114.
(a) is a smaller, faster memory which stores copies of the data from the most frequently used main memory locations so that Processor can access it more rapidly than main memory
115.
A short note on Server
4 lines
116.
(a) is the use of various services, such as software development platforms, servers, storage, and software, over the Internet
117.
The above diagram is an illustration of which network topology?
(a)
118.
Which of the database model does the above diagram illustrate?
a)
Network database model
b)
Hierarchical database model
c)
Relational database model
d)
Object oriented database model
119.
If Karta is ROR in India but control & management of HUF is situated partly outside India in PY, HUF is:
a)
ROR
b)
RNOR
c)
NR
d)
None
120.
Mr. P traced a missing person & was awarded a sum of Rs. 1 lac but there was no agreement. Such sum is ____.
a)
Casual income & fully taxable without BEL
b)
Casual income & exempt up to Rs. 2,50,000
c)
Fully exempt
d)
Exempt up to 2,50,000
121.
Dividend received by a shareholder from foreign company is ______.
a)
Exempt u/s 10(34)
b)
Taxable u/h IFOS
c)
Exempt upto Rs. 10 lacs
d)
Taxable @ 15%
122.
Salary paid to Partner by the firm is ___.
a)
Taxable u/h Salaries
b)
Taxable u/h PGBP
c)
Always exempt
d)
None
123.
Which of the following is not the condition for claiming exemption for HRA ?
a)
Employee is in receipt of HRA.
b)
Location of the employer.
c)
Rent paid by employee > 10% of salary.
d)
Location of the accommodation of employees
124.
Exemption in respect of Leave Travel Concession is available only on ____.
a)
Hotel charges
b)
Boarding expenses
c)
Bus.Air.Rail Fare (d
d)
All of the above
125.
Under the head of house property, ____ is taxable.
a)
Income from building
b)
Income from land
c)
Income from building & land attached to building
d)
None of the above
126.
Deduction u/s 24(a) of statutory deduction under the head House Property is ____ % of NAV
a)
0.35
b)
0.3
c)
0.25
d)
0.4
127.
Which out of the following is not a case of deemed ownership of house property?
a)
Transfer of house property to a spouse for inadequate consider
b)
Transfer of house property to a minor child for inadequate consideration
c)
Individual who is holder of an impartible estate
d)
Co-owner of a house property
128.
Unabsorbed depreciation which could not be set off in the same AY can be carried forward for __ years
a)
8
b)
Indefinite period of time
c)
4
d)
12
129.
Section 44 ADA relating to presumptive income is applicable in case of-
a)
Any assessee
b)
Assessee engaged in profession referred to in Sec 44AA
c)
Resident Assessee engaged in profession referred to in Sec 44AA
d)
Any assesses who is engaged in any profession
130.
Capital Asset excludes:
a)
SIT/RM.Consumables stores
b)
Movable Personal effects
c)
Rural Agricultural Land in India
d)
All of the above
131.
STCG is a gain arising from the transfer of a land & building which is held by the assessee for not more than ____ months from the date of its acquisition
a)
36
b)
12
c)
24
d)
48
132.
Cost of Improvement includes ___
a)
All the expenditures incurred in making any additions/improve
b)
Revenue expenditures incurred in making any additions/improvements/protect capital asset
c)
Capital expenditures incurred in making any additions/improvements/protect capital asset.
d)
None of the above
133.
Exemption u/s 54D is available if there is a compulsory acquisition of ____.
a)
L&B used by assessee for industrial undertaking for at least
b)
L&B used by assessee for industrial undertaking for at least 2 yrs immediately preceding date of compulsory acquisition
c)
L&B used by assessee for industrial undertaking for at least 3 yrs immediately preceding date of compulsory acquisition
d)
L&B used by assessee for industrial undertaking for at least 4 yrs immediately preceding date of compulsory acquisition
134.
Guest Lecturer’s remuneration is taxable under which head of income?
a)
Other sources
b)
Salary
c)
House property
d)
Not taxable at all
135.
Dividend received on shares is taxable u/h IFOS if –
a)
Shares are held as Investment
b)
Shares are held as Stock-in-trade
c)
Always irrespective of whether shares are held as Investment or SIT.
d)
None of the above.
136.
Dividend declared by a domestic company is ___.
a)
Fully exempt in the hands of shareholders
b)
Fully exempt in the hands of shareholders subject to Section 115BBDA
c)
Fully taxable in the hands of shareholder
d)
None of the above
137.
Interest on Post Office Savings Bank A.a is exempt upto ____ for an individual A/c
a)
Rs. 3,500
b)
Rs. 5,500
c)
Rs. 7,000
d)
Without limit
138.
If there is a transfer of income by a person to another person without the transfer of the asset from which the income arises, such income shall be included in the income of _____.
a)
Transferor
b)
Transferee
c)
Transferor irrespective of whether the transfer is revocable or irrevocable
d)
Transferee if transfer is irrevocable
139.
Short-term capital loss can be set off from.
a)
STCG
b)
LTCG
c)
STCG or LTCG
d)
IFOS
140.
Deduction u/s 80C is allowed to the maximum of.
a)
Rs. 2,00,000
b)
Rs. 1,00,000
c)
Rs. 1,50,000
d)
Rs. 2,50,000
141.
Maximum Deduction for Preventive Health-Check up of Family + Parents is ____.
a)
Rs. 50,000
b)
Rs. 25,000
c)
Rs. 5,000
d)
Rs. 30,000
142.
Adjusted GTI for the purpose of Sec 80 GG means ___.
a)
Gross Total Income –All deductions under chapter VI-A
b)
Gross Total Income - All deductions under chapter VI-A except Deduction u/s 80G
c)
Gross Total Income – STCG u/s 111A – LTCG u/s 112/112A – Exempt Incomes
d)
Gross Total Income – STCG u/s 111A – LTCG u/s 112/112A – Exempt Incomes - All deductions under chapter VI-A except Deduction u/s 80GG.
143.
Maximum Deduction allowed u/s 80TTA shall be
a)
Rs. 10,000 p.a.
b)
Rs. 50,000 p.a.
c)
Rs. 40,000 p.a
d)
Rs. 20,000 p.a.
144.
TDS from salary u/s 192 shall be @ __.
a)
10% of salary
b)
Average rate of Income tax + HEC
c)
Maximum marginal rate of tax
d)
Average rate of Income tax excluding HEC
145.
Mr. P has deposited a sum of Rs. 2,00,000 on 1.4.2018 with schedule bank for one year at interest rate of 10% pa. Bank should deduct tax at source amounting to ____.
a)
Rs. 2,080
b)
Rs. 2,000
c)
Rs. 4,000
d)
Rs. 4,160
146.
Who shall not be liable to deduct TDS u/s 194C?
a)
Any Individual
b)
Any HUF
c)
Any Individual & Any HUF whose accounts were not liable to audit in preceding FY
d)
Any Individual & Any HUF whose accounts were liable to audit in preceding FY.
147.
What is maximum amount upto which TDS on commission.brokerage shall not be deducted?
a)
Rs. 15,000
b)
Rs. 20,000
c)
Rs. 10,000
d)
Rs. 5,000
148.
What shall be rate of TDS on fees for professional or technical service u/s 194-J?
a)
0.2
b)
0.1
c)
0.3
d)
0.15
149.
A fee of ___ per day is levied u/s 234E for late furnishing of TDS statement
a)
Rs. 200
b)
Rs. 2,000
c)
Rs. 1,000
d)
Rs. 100
150.
Obligation to pay advance tax arises when tax payable is______.
a)
Rs. 10,000 or more
b)
Rs. 10,000 or less
c)
Rs. 10,000
d)
Rs. 5,000 or more
151.
Interest liability u/s 234B would be ____ from 1st April following the FY up to the date of assessment of income
a)
1% p.m
b)
1% p.m or part
c)
2% p.m or part
d)
None
152.
When advance tax is deposited on 16th Sep instead of 15th Sep, what would be the consequences u/s 234C?
a)
Interest for one day shall be charged
b)
Interest for one month shall be charged
c)
No levy of interest shall be charged
d)
Interest for three month shall be charged
153.
Can A Partnership Firm Or Huf Claim Rebate Under Section 87a?
a)
Yes
b)
No
154.
" Commission or Brokerage " as defined under section 194 H does not include:
a)
Brokerage paid to real estate agent
b)
Commission paid to consignee
c)
(c) Brokerage paid to purchase agent
d)
Brokerage paid to share broker
155.
While computing adjusted total income for the purpose of section 80G, following shall not be reduced from Gross Total income:
a)
Long term Capital Gain
b)
Short Term Capital Gain under section 111A
c)
(c) Winning from lotteries
d)
None of the above
156.
Advance money forfeited by the assessee, in the course of negotiation on transfer of capital asset, is :
a)
Taxable in the year of forfeiture under the head “Income from
b)
not taxable at all.
c)
(c) to be reduced while computing capital gain on transfer of capital asset.
d)
Considered as casual income and liable to tax @ 30%
157.
Rental income earned from business of letting out of properties is –
a)
Always taxable as income from house property
b)
Always taxable as business income
c)
Taxable as business income or income from house property, at option of assessee. However, practice should be followed consistently.
d)
Taxable as business income only if entire or substantial income of assessee was from letting out of property. Otherwise, same would be taxable as income from house property.
158.
In order to claim relief under tax treaty in India, a non-resident: –
a)
Should have a business presence in India
b)
Should produce his Permanent Account Number
c)
Should produce Tax Residency Certificate (TRC)
d)
Should produce his income-tax return filed in home country
159.
In which transfer, benefit of indexation is available if asset is long-term capital asset?
a)
Transfer of securities by a foreign institutional investor u/s
b)
Transfer of undertaking or division in a slump sale u/s 50B.
c)
Transfer of shares in an Indian Company purchased in foreign currency by non - resident ASSESSEE
d)
None of the above
160.
A partnership firm is said to be resident in India -
a)
If business is controlled from India for more than 182 days or
b)
If business is controlled from India for more than 182 days or more AND all partners are in India for more than 365 days or more in 4 years preceding the previous year
c)
If the control and management of its affairs is situated partly in India
d)
If all the partners fulfil the both basic conditions and any one of the additional conditions
161.
Which of the following income will be taxable as Income from Other Sources?
a)
Purchase of house from husband for inadequate consideration
b)
Purchase of painting from registered dealer at invoice value less than fair market value
c)
Cash gift from a non-resident friend on marriages anniversary
d)
All of the above
162.
Treatment of unrealized rent for determining income from house property
a)
To be deducted from expected rent
b)
To be deducted from actual rent
c)
To be deducted under section 24 from annual value
d)
To be deducted from both expected rent and actual rent
163.
The taxability of gift shall not apply if this gift is received from:
a)
Relative
b)
Local authority
c)
By way of inheritance
d)
All of these
164.
Deemed profits chargeable to tax under section 41 includes:
a)
Taxability of Balancing Charge in case of Power Generating Und
b)
Sale of an asset used for scientific research without having been used for the purposes of business or profession.
c)
Recovery of bad debts.
d)
All of the above.
165.
The maximum penalty leviable for failure to get accounts audited or to furnish report u/s 44AB is ?
a)
Rs.75,000
b)
Rs.1,00,000
c)
Rs.1,50,000
d)
Rs.3,00,000
166.
Composite supply will attract the provisions pertaining to time of supply of goods or services-
a)
Correct
b)
Incorrect
c)
Partially correct
d)
None of the above
167.
Will the customer be able to take credit of additional taxes referred in above question?
a)
Yes
b)
No
c)
Maybe
d)
None of the above
168.
Which section governs the provisions regarding determining time of supply of services?
a)
Section 12
b)
Section 13
c)
Section 14
d)
Section 15
169.
Reverse charge means the liability to pay tax by the _______________ of goods or services or both instead of the_______________ of such goods or services or both.
a)
Recipient, Supplier
b)
Recipient, Agent
c)
Supplier, Recipient
d)
Agent, Recipient
170.
Is composition dealer required to pay tax on the advance received by it in respect to supply of goods?
a)
Yes
b)
No
c)
Maybe
d)
None of the above
171.
What is time of supply of goods, in case of supplier opting for composition levy under Section 10 of the CGST Act, 2017?
a)
Date of issue of invoice
b)
Date of receipt of consideration by the supplier
c)
Latter of (a) & (b)
d)
Earlier of (a) & (b)
172.
What is time of supply of goods liable to tax under reverse charge mechanism?
a)
Date of receipt of goods
b)
Date on which the payment is made
c)
Date immediately following 30 days from the date of issue of invoice by the supplier
d)
Earlier of (a) or (b) or (c)
173.
The relaxation of non payment of taxes on the advance receipt is only to the supplier of goods and not to the providers of service.
a)
Correct
b)
Incorrect
c)
Partially correct
d)
None of the above
174.
There was increase in tax rate from 20% to 24% w.e.f. 1.9.2018. Which of the following rate is applicable if the supplier has opted for composition levy and invoice was issued after change in rate of tax in September,2018 but payment received, and goods supplied in August,2018:
a)
20% as it is lower of the two
b)
24% as it is higher of the two
c)
20% as payment was received in the period during which the supply was effected
d)
24% as invoice being one of the factors was issued after rate change
175.
What is the validity of the registration certificate issued to casual taxable person and non-resident taxable person?
a)
90 days from the effective date of registration
b)
Period specified in the application for registration
c)
Earliest of (a) or (b) above
d)
180 days from the effective date of registration.
176.
Which of the following forms are used for registration?
a)
Form GSTR -1
b)
Form GSTAPL–01
c)
Form GST REG-01
d)
Form GST RFD -01
177.
A person having business verticals in a ________ State ___________ obtain a separate registration for each business vertical.
a)
Single, shall
b)
Multiple, shall
c)
Multiple, may
d)
Single, May
178.
If I already have a GSTIN, do I need to register separately as an Input Service Distributor?
a)
No
b)
Yes
179.
Will all establishments display a certificate from government (displaying his turnover category) and their GST Registration No. which should appear on all his cash memos/bills?
a)
No
b)
Yes
180.
Does a trader who has turnover of less than 20 lakh and are selling on ecommerce websites, have to register for GST, if such e-commerce operator is required to collect TCS?
a)
No
b)
Yes
181.
Whether all persons are mandatorily required to obtain registration?
a)
Yes
b)
Not required if he is an agriculturist or person exclusively engaged in supplying exempt goods or services, if specified threshold limit does not exceed in a financial year.
c)
Not required if he is an agriculturist or person exclusively engaged in supplying exempt goods or services.
d)
No, only if specified threshold exceeds in a financial year then only need to obtain.
182.
A person engaged in Restaurant Service and also provides exempt service shall not be ____________ for the composition scheme
a)
Eligible
b)
Ineligible, without any conditions
c)
Ineligible, subject to conditions
d)
None of the above
183.
Where the location of the supplier and the place of supply is in the same Union Territory, it is treated as
a)
Intra-state supply
b)
Inter-state supply
c)
Exempted supply
d)
Either A or C
184.
_____________ shall also be considered as a partnership Firm
a)
Association of Persons
b)
Limited Liability Partnership
c)
Body Corporate
d)
All of the above
185.
______ shall be applicable on Import of Goods or Services or Both
a)
CGST & SGST/UTGST
b)
CGST & IGST
c)
SGST/UTGST & IGST
d)
IGST
186.
Under Composition Levy Manufacturers other than Manufacturers of Ice Cream, Pan Masala and Tobacco shall be liable to pay GST at the rate of ____________
a)
0.02
b)
0.01
c)
0.03
d)
0.05
187.
Maximum rate of CGST prescribed by law for intrastate supply made is----
a)
0.18
b)
0.2
c)
0.4
d)
28%+cess
188.
What are the taxes that are levied on Intra State Supplies?
a)
CGST & SGST/UTGST
b)
CGST & IGST
c)
SGST/UTGST & IGST
d)
IGST
189.
A Supplier of _________ is not eligible to opt for Composition Scheme.
a)
Goods
b)
Services
c)
Both a and b
d)
None of the above
190.
The maximum amount of aggregate turnover to which the government can increase the threshold limit of composition levy is ________________
a)
Rs. 75 Lakhs
b)
Rs. 50 Lakhs
c)
Rs. 1 Crore
d)
Rs. 2 Crores
191.
Whether commission paid to insurance agents shall be construed as supplies received under Section 9(3) of CGST Act, 2017?
a)
Yes
b)
No
c)
Not applicable
d)
Exempted Supply
192.
GST shall be leviable on Natural Gas. The above statement is __________________
a)
true
b)
false
c)
Partially True
d)
None of the above
193.
If a bundled supply consists of two or more supplies one of which is identifiable as principal supply, it shall be treated as _______________
a)
A Mixed Supply
b)
A Bundled Supply
c)
A Composite Supply
d)
Both b and c
194.
When locally made food products or industrial components or raw materials supplied by unregistered
a)
GST is applicable
b)
GST is not applicable
c)
Reverse charge is applicable
d)
Not taxable
195.
IGST is payable when the supply is
a)
Intra-state
b)
Inter- UT
c)
Intra-UT
d)
All of the above
196.
An E-Commerce operator with no physical presence in the Taxable Territory shall be exempted from payment of GST. The above statement is _____________
a)
true
b)
false
c)
Partially True
d)
All of the above
197.
Suppliers making supplies referred to in clause (b) of Para 6 of Schedule II shall be liable to pay GST at _______ under Composition Levy.
a)
0.01
b)
0.02
c)
0.03
d)
0.05
198.
Under section 16(2) of CGST Act how many conditions are to be fulfilled for the entitlement of credit?
a)
All four conditions
b)
Any two conditions
c)
Conditions not specified
d)
None of the above
199.
Credit on Input services or capital goods held in stock can be availed in case of new Registration/Voluntary Registration
a)
Yes
b)
No
c)
Yes, on Input services only
d)
Yes, on capital goods only
200.
Which of the following is included for computation of taxable supplies for the purpose of availing credit?
a)
Zero-rated supplies
b)
Exempt supplies
c)
Both
d)
None of the above
201.
The ISD may distribute the CGST and IGST credit to recipient outside the State as
a)
IGST
b)
CGST
c)
SGST
202.
Is it mandatory to capitalize the capital goods in books of Accounts?
a)
Yes
b)
No
c)
Optional
d)
None of the above
203.
Whether credit on capital goods can be taken immediately on receipt of the goods?
a)
Yes
b)
No
c)
After usage of such capital goods
d)
After capitalizing in books of Accounts
204.
Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?
a)
Yes
b)
No
c)
Yes, in specific instances
d)
Can be availed only after transfer of document of title after movement of goods
205.
The ISD may distribute the CGST credit within the State as
a)
IGST
b)
CGST
c)
SGST
d)
Any of the above.
206.
Matching of Input Tax credit on inward supply by recipient is undertaken with
a)
Monthly return filed by the supplier
b)
Outward supply filed by the supplier
c)
Invoices maintained by the supplier
d)
None of the above
207.
The time limit beyond which if goods are not returned, the inputs sent for job work shall be treated as supply
a)
One year
b)
Five years
c)
Six months
d)
Seven years
208.
Is it mandatory that the tax on the supply has to be paid by the supplier so that the recipient can claim credit?
a)
No
b)
Yes
c)
Optional
d)
Not Applicable
209.
The principal is entitled to avail the credit on capital goods sent to job worker directly:
a)
Yes
b)
No
c)
May be
210.
Maximum time limit for availing ITC is
a)
The date of filing of annual return
b)
Due date of filing return u/s 39 for the month of September
c)
Earliest of above two
d)
Later of above two.
211.
The credit attributable to a particular recipient shall be distributed to
a)
Only to that recipient
b)
To all the recipients
c)
To few recipients
d)
None of the recipients
212.
What is the rate of interest in case of belated payment of tax?
a)
0.01
b)
0.1
c)
0.18
d)
0.24
213.
What does “net value of taxable supplies” means
a)
This is the difference of Aggregate value of all supplies of goods and services and Aggregate value of all supplies returned to the suppliers.
b)
This is the difference of Aggregate value of taxable supplies of goods and services except services u/s 9(5) of IGST Act and Aggregate value of taxable supplies returned to the suppliers
c)
This is the difference of Aggregate value of taxable and exempted supplies of goods and services and Aggregate value of supplies returned to the suppliers
d)
None of the above
214.
In each major heads in the electronic cash ledger, electronic liability register and challan for deposit of tax, the minor heads are,
a)
CGST, SGST, UTGST & GST Compensation Cess
b)
Tax, Interest, Penalty, Fee, others and total
c)
Total – Cash , liability
d)
All of the above
215.
What is the rate of interest in case of undue or excess claim of ITC?
a)
0.18
b)
0.24
c)
0.3
d)
0.4
216.
Can SGST paid in one State be utilized for payment of SGST in another state?
a)
Yes
b)
No
c)
May be
d)
It does not matter
100 %
