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WorksheetsAccounts & Compliance - position Article
Total questions: 15
Worksheet time: 15mins
Name
Class
Date
1.
What is the primary purpose of bookkeeping in accounting?
a)
To prepare financial forecasts.
b)
To record financial transactions systematically.
c)
To calculate tax liabilities.
d)
To audit financial statements.
2.
Which of the following is a liability in a company’s balance sheet?
a)
Trade Receivables
b)
Inventory
c)
Trade Payables
d)
Cash at Bank
3.
Which financial statement shows the financial position of a business as on a specific date?
a)
Income Statement
b)
Cash Flow Statement
c)
Statement of Changes in Equity
d)
Balance Sheet
4.
Which form is used for filing GST returns to claim Input Tax Credit (ITC)?
a)
GSTR-1
b)
GSTR-2A
c)
GSTR-3B
d)
GSTR-9
5.
In the context of TDS, which of the following statements is correct regarding Section 194J?
a)
TDS under Section 194J is applicable only to professional fees exceeding ₹30,000 in a financial year.
b)
TDS under Section 194J is applicable for any payment to a contractor or professional, regardless of the amount.
c)
TDS under Section 194J is applicable only for payments made to residents.
d)
TDS under Section 194J applies only to payments for technical services.
6.
In a company's balance sheet, which of the following items is classified as a non-current asset?
a)
Cash and cash equivalents
b)
Accounts receivable due within 12 months
c)
Land and building
d)
Short-term investments
7.
In GST compliance, what is the due date for filing the GSTR-1 return for a taxpayer with an annual turnover of up to ₹5 crores who has opted for the quarterly filing option?
a)
10th of the next month
b)
13th of the month following the quarter
c)
20th of the next month
d)
25th of the month following the quarter
8.
Under Section 44AD of the Income Tax Act, 1961, a taxpayer opting for the presumptive taxation scheme is required to declare income of what percentage of total turnover?
a)
0.08
b)
0.1
c)
0.15
d)
0.12
9.
In the balance sheet, how is 'Deferred Tax Liability' typically classified?
a)
Current Liability
b)
Non-Current Liability
c)
Shareholders' Equity
d)
Non-Current Asset
10.
In the case of a company deducting TDS under Section 194C, which of the following conditions will require the company to deduct tax at a higher rate?
a)
If the payment is made to a foreign contractor.
b)
If the payment is made to a contractor who has not filed income tax returns for the last two years.
c)
If the contractor is a non-resident.
d)
If the contractor's PAN is not available.
11.
For a business with an annual turnover exceeding ₹2 crores, what is the due date for filing the annual GST return (GSTR-9)?
a)
31st July of the following financial year.
b)
31st December of the following financial year.
c)
30th June of the following financial year.
d)
31st August of the following financial year.
12.
Which accounting principle requires expenses to be recorded in the period in which they are incurred, regardless of when the payment is made?
a)
Revenue Recognition Principle
b)
Accrual Principle
c)
Matching Principle
d)
Consistency Principle
13.
Under which section of the Income Tax Act, 1961, is TDS deducted on salaries?
a)
Section 194C
b)
Section 192
c)
Section 195
d)
Section 194J
14.
If a company is registered under GST and has both taxable and exempt supplies, what is the effect of input tax credit on exempt supplies?
a)
Input tax credit can be fully claimed for exempt supplies.
b)
Input tax credit can be partially claimed for exempt supplies.
c)
No input tax credit can be claimed for exempt supplies.
d)
Input tax credit on exempt supplies is refundable.
15.
Which of the following is the correct treatment of GST on advances received for goods under the new GST regime?
a)
GST on advances must be paid immediately upon receipt of the advance.
b)
GST on advances is payable only when the goods are supplied.
c)
GST on advances is payable only at the end of the financial year.
d)
No GST is payable on advances under the GST regime.
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