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Sample QP 2 Jan2020
Sample QP 2 Jan2020
Paper – 2
Time Allowed: 2 Hrs Max Marks: 100
Que No. 1. Working for more than __________ hours in a week is called “overtime”
(A) 44 Hours
(B) 45 Hours
(C) 42 Hours
(D) 40 Hours
(A) Salary that the employee takes with him after depositing money with bank
Que No. 4. Maintenance of certain minimum quantity of materials in stock is the underlying principle
of :
(A) Fixed
Que No. 7. Salaries and Wages is an ______________ and it is debited to Profit & Loss Account.
Que No. 8. Bonus refers to ____________ payment made voluntarily without any obligation:
(A) Award
(B) Ex-gratia
(C) Allowance
Que No. 9. A machine was purchase on 1st October 2017 for Rs. 50,000 and Rs. 3,000 spend on
installation. Depreciation is at the rate of 10% and the company is using Straight Line Method for
charging depreciation. The books are closed on 31 march every year. What will be the written down
value of the machine as on 31 March 2019.
Que No. 10. Which of the following is not included in employee earning:
(A) Allowances
(B) Gratuity
(C) Overtime
(D) Bonus
Que No. 11. Impact on the Company books, when HIFO method of raw materials issue is applied:
1) Sales allowance arises after the initial billing to the customer but before the payment is received
from the customer.
Que No. 17. __________ is a statement prepared categorising the debtors outstanding for the
period:
Que No. 19. Which of the following is not a goal of Cash Management:
Que No. 22. As per AS-2, Inventory Valuation can be done on the basis of:
Que No. 23. Which one of the following is not a characterstic of a Project:
Que No. 26. It is the point at which if material in store reached, the order of further supply of
material must be placed:
Que No. 31. Economic Order Quantity = 2AB/C, where "C" denote:
(A) Revenue
(B) Money
Que No. 33. Average Stock Level = Minimum stock level + ______________.
Que No. 35. LNM Company decided to write off Rs. 20,000 as there is no reason to be realised that
amount and they are "Bad Debts". Journalize the transaction:
(A)
(B)
(C)
(D)
Que No. 38. Calculate the Total Fixed Expenses with following figures.
Cash Break
Que No. 39. "It is a debt owed to the firm by customers arising from sale of goods or services in
ordinary course of business." It defines:
1) Accounts Receivables are the non-collectable balance of debtors, which are not due at the time of
closing of books
2) Prepaid expenses are the expenses paid in cash and recorded as expenditure in books.
Que No. 41. Under __________ method, payment consists of two portions - one based on regular
time and other is linked to cost of living (eg. Dearness allowance and merit awards).
Que No. 43. What does HRA stands for in Payroll Accounting:
Que No. 46. From the Information extracted from books of M/s Ram Sevak Traders, compute the
closing balance of debtors account: Debtors (Opening Balance) - Rs. 25,500 (Debit), Cash Sales - Rs.
71,000, Credit Sales - Rs. 94,750, Cash Received - Rs. 76,000, Bad debts - Rs. 3,000, Return Inwards -
Rs. 6,750.
Que No. 47. As per the Companies Act, 2013 , the rate of depreciation to be charged on the assets of
the company are provided in:
(B) Schedule II
(C) Schedule V
(D) Schedule IV
(C) Patent
(D) Goodwill
Que No. 51. _______ is the main decision making body, which is formed to finalized the design of
Goods & Service Tax.
Que No. 53. GST is ______ based tax on consumption of goods and services:
(A) Destination
(B) Development
(C) Destiny
(D) Dividend
Que No. 54. Territorial Waters of India extend up to _______ inside sea from baseline of the Indian
Coast.
Que No. 55. The Companies Act makes it _________ to write off depreciation on fixed assets before
declaring dividend.
(A) Optional
(B) Mandatory
(C) Recommendatory
Que No. 56. Which of the following tax will not subsumed within the GST:
(A) CST
Que No. 57. Which of the following taxes will be levied on Imports of Goods and Services:
(A) Exempt
(B) SGST
(C) CGST
(D) IGST
Que No. 58. Which of the following is an Intrastate Supply under GST:
(B) Supplier of Goods Located in Rohtak (Haryana) and Place of Supply in Delhi
(A) Input Tax Credit of IGST can be adjusted against CGST & SGST
(C) Input Tax Credit of SGST can not be adjusted against CGST
Que No. 61. Shipping Bill for export of duty free goods are in colour of:
(A) Pink
(B) White
(C) Yellow
(D) Blue
(A) Invoice
(B) MRN
Que No. 65. Supply of goods from one state to another state will leavy:
(A) CGST
(B) IGST
(C) SGST
Que No. 67. TDS Provisions will apply if aggregate sum of rent paid exceeds:
Que No. 68. ________________ will display the total amount deposited by the tax payer towards
discharge of his tax liability or late fee or penalty and other amounts.
Que No. 70. Which of the following statement is false with reference to Input Tax Credit:
(A) SGST Input Tax Credit can't be used to adjust Output CGST
(B) CGST Input Tax Credig first utilized towards the payment of output CGST
(C) CGST Input Tax Credit can be used to adjust Output SGST
Que No. 71. Margin of Dumping means the difference between ________ and _________:
Que No. 72. Cost of acquisition of Bonus shares will be treated as:
(A) NIL
Que No. 73. What is the due date of first installment of Advance Tax:
(A) 18.5%.
(B) 20%.
(C) 30%.
(D) 15%.
Que No. 75. What is the maximum rate prescribed under Goods & Service Tax
(A) 5%.
(B) 18%.
(C) 28%.
(D) 20%.
Que No. 77. Application for refund of custom duty must be made in:
(A) Triplicate
(B) Duplicate
(C) Quadruplicate
Que No. 78. Every taxable person register as Input Service Distributor is required to furnish credit
distributed on form:
(A) GSTR 4
(B) GSTR 1
(C) GSTR 5A
(D) GSTR 6
Que No. 79. How much Income is exempt from tax for Individual and HUF (Except Sr. Citizen) for the
Assessment Year 2017-18:
Que No. 81. The base year for cost of inflation index for the earlier Financial Year 1981-82 changed
to Financial Year __________:
(A) 2010-11
(B) 2000-01
(C) 2001-02
(D) 1991-92
Que No. 82. Under which of the Entry No. “Custom Duty” is dealt with in Constitution:
Que No. 83. A lady passanger residing in abroad for more than 1 year, on return to India, how much
value of jewellery allowed to her for duty free clearance:
(D) No Exemption
Que No. 84. What are the taxes levied on Intra State Supply:
(B) SGST
(C) CGST
Que No. 85. If the population of city exceeds 25 Lakhs, in that case, value of perquisite for rent free
unfurnished accomodation for Private Sector employees are:
(A) 2
(B) 3
(C) 4
(D) 5
Que No. 89. A person who is liable to pay tax under section 50(1) and fails to pay the tax or a part
thereof to the Government with in the prescribed period shall pay interest at the rate of:
(A) 18%.
(B) 24%.
(C) 6%.
(D) 12%.
Que No. 90. A registered person may not issue a tax invoice if the value of goods/service is lass that
______:
Que No. 91. Standard deduction from annual value under Income from House property is:
(A) 30%.
(B) 20%.
(C) 25%.
(D) 15%.
Que No. 92. What is rate of depreciation on Residential Building under Income Tax Act:
(A) 5%.
(B) 10%.
(C) 15%.
(D) 20%.
Que No. 93. Any area in which imported goods or export are ordinarily kept before clearance by
Custom Authorities is called:
Que No. 95. Which of the following taxes is not levied by the State Government:
(B) VAT
Que No. 96. Section 80C provides for deduction in respect of tution fee up to ________ children.
(A) Three
(B) Two
(C) Four
(D) One
Que No. 97. What is the rate of custom duty on baggage except education cess:
(A) 30%.
(B) 25%.
(C) 35%.
(D) 15%.
Que No. 98. What will be the tax rate of a Co-operative society if Net Income is Rs. 9,215:
(A) 10%.
(B) NIL
(C) 20%.
(D) 5%.
Que No. 100. What is the rate of Income Tax for Local Authorities:
(A) 5%.
(B) 20%.
(C) 22%.
(D) 30%.
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Answer Key
Que No. Answer Que No. Answer Que No. Answer Que No. Answer Que No. Answer
1 D 21 C 41 B 61 A 81 C
2 C 22 B 42 A 62 C 82 A
3 B 23 A 43 D 63 C 83 A
4 A 24 A 44 C 64 B 84 D
5 A 25 B 45 C 65 B 85 A
6 D 26 B 46 B 66 B 86 C
7 C 27 C 47 B 67 A 87 A
8 B 28 A 48 C 68 A 88 C
9 C 29 D 49 C 69 D 89 A
10 B 30 B 50 A 70 C 90 D
11 B 31 C 51 B 71 A 91 A
12 B 32 A 52 B 72 A 92 A
13 C 33 C 53 A 73 B 93 C
14 A 34 B 54 A 74 A 94 C
15 D 35 A 55 B 75 C 95 D
16 D 36 B 56 C 76 A 96 B
17 B 37 B 57 D 77 B 97 C
18 B 38 D 58 A 78 D 98 A
19 A 39 D 59 D 79 A 99 A
20 C 40 B 60 D 80 B 100 D