1.

The introduction of GST is a very significant step in the field of_______________________

A) Direct Tax
B) Indirect Tax
C) Both of the above
D) None of the above

2. GST was introduced as the ___________Amendment Act, 2016

A) 100
B) 101
C) 102
D) 103

3. In which year GST was First introduced in India

A) 2000
B) 2002
C) 2004
D) 2006

4. In IGST, I stands for-

A) Intra
B) Integrated
C) Internal
D) Innovation

5. Maximum rate of CGST prescribed by law for intrastate supply made is----
A) 18%
B) 20
C) 40%
D) 28%+cess

6. Normally D. A. is payable
A) At a Fixed Amount
B) At a Certain %age of Basic Salary
C) At a certain % of Basic salary + HRA + Bonus
D) At a certain % of Basic salary + HRA

7. Indent for material is prepared by

A) Sales Department
B) Material Department
C) Purchase Department
D) Production Department
8. Bill of material is prepared by
A) Sales Department
B) Production Department
C) Finance Department
D) Purchase Department

9. Which of the following is an operating expenses

A) Interest on Loan
B) Purchase of New Machinery
C) Depreciation on Machinery
D) Lease Rent of office Building paid

10. Which of the following is not an item of direct Tax

A) Income Tax
B) Gift Tax
C) Wealth Tax
D) Excise Duty

11. What is ICD

A) Inland Container Depot
B) Indian Container Depot
C) International Container Depot
D) None of the Above

12. If a country exports goods to India at a very low price compared to its domestic price to dispose of
excess stock, duty imposed by Govt of India is known as
A) Education Cess
B) Anti Dumping Duty
C) Countervailing Duty
D) None of the Above

13. IND AS 20 Relates to:

A) Accounting for Government Grants and Disclosure of Government Assistance
B) Events after reporting period
C) Interim Financial Reporting
D) The Effect of changes in Foreign Exchange Rates

14. Agency issuing TAN is

A) NSDL
B) NSSL
C) NSTL
D) NSTANL
15. Sales - Cost of Goods Sold = ?
A) Gross Profit
B) Net Profit
C) Gross Working Capital
D) Operating Profit

16. He is the person who draws the bill:

A) Drawer
B) Drawee
C) Endorsee
D) Payee

17. Which of the following is a feature of a bill of exchange

A) It is an instrument not in Writing
B) It contains a Conditional Order
C) It is Signed by the Payee
D) It need not to be dated

18. Current Assets = Current Liabilities

A) Capital Fund
B) Zero Working Capital
C) Disposal of Fixed Assets
D) None of the Above

19. Factories Act is not applicable to

A) Mines
B) Open land or building where process of converting seawater into salt is carried on
C) Cold Storage
D) None of the Above

20. _________ is maximum rate of bonus payable by employer

A) 10%
B) 15%
C) 20%
D) 8.33%

21. Purchase of Trucks for business purpose is to be debited to ____________

A) Personal Account
B) Purchase Account
C) Vehicle Account
D) Drawing Account
22. WDV of an asset after 3 years of depreciation on the reducing method @ 10% p.a. is Rs.41,553/-
What was its original value?
A) Rs. 43000
B) Rs. 34000
C) Rs. 43400
D) Rs. 57000

23. Which one of the following is correct about "Prepaid Income"?

A) Represents amount received for which services are expected to be rendered in a very short period.
B) Represents payments made against which services are already received in the past.
C) It is an asset.
D) None of the above

24. Which one of the following is true about Income & Expenditure Account of a non-proft/non-trading
concerns?
A) All payments-capital or revenue are recorded here.
B) It is similar to P & L A/c
C) It starts with opening balance
D) It does not consider whether the payments/expenses relate to current year or not

25. Which one of the following is correct about a Minor being a party of Joint venture?
A) Yes, A Minor can act as a "Co-Venture" in the Joint venture.
B) No, A Minor cannot act as "Co-Venture" in the joint venture.
C) Minor can be admitted only for the benefits of joint venture profits.
D) Minor can be admitted into joint venture but can't participate actively in the business.

26. Which one of the following is not cash flow from investing activity?
A) Purchase of Fixed Assets
B) Disposal of Fixed Assets
C) Receipt from Royalties
D) Payment for acquiring shares

27. Which of the following does not affect cash flow

A) Issue of Right Share
B) Redemption of debenture
C) Sale of fixed asset
D) Purchase of stock-in-trade
.
28. X lost his dog and announced a reward of Rs.3000 to the finder, who may return it to him. Y found
the dog after reading the advertisement and returned the dog to X. Whether, Y is entitled to the
reward?
A) No
B) Yes
C) Can't Say
D) None of the Above

29. Travelling by public transport system is an example of :

A) Void Contract
B) Implied Contract
C) Unenforceable contract
D) Moving contract

30 Mr. A went to a shop having "self-service" system. He selects some of the items. And proceed to
make payment at payment counter. However the owner refused to take payment as well refused to sell.
This is a case of
A) Invitation to offer
B) Breach of Contract
C) Void contract
D) Voidable contract

31. What is novation?

A) Substitution of existing contract by a new contract
B) Contract between Minors
C) Contract between a minor and a major
D) None of the above.

32. Which one of the following cannot be included under the ambit of "Goods"
A) Money
B) Patents
C) Actionable claims
D) Copyright

33. In which of the following cases a banker must refuse the payment of Cheque:
A) When a customer becomes insane
B) When the cheque is undated
C) When the cheque is presented after expiry of validity period
D) When the cheque is post dated and presented before due date
34.To ensure that no unjustified deduction should be made from wages is the main objective of :
A) Payment of wages act 1936
B) Minimum wages act 1948
C) Payment of Bonus Act
D) None of the above

35. Which of the following would not qualify as 'Employee' under Employees State Insurance Act.
A) A clerk drawing salary Rs. 5,000 pm
B) A purchase manager drawing salary Rs 6,000 pm
C) Sales Manager drawing salary Rs. 7,000 pm
D) A piece rated worker

36. An employee who has rendered continuous service for at least_____ years is eligible to receive
Gratuity:
A) 15
B) 4
C) 6
D) 5

37. Deduction relating to Festival advance made to employees can be effected

A) By employer itself without any request from employee
B) Not allowed
C) On specific request of the employee
D) None of above

38. The founder of TATA group of companies Jamsetji Tata died in 1904, but Tata companies are still
working. This example depicts which of the following concepts?
A) Going Concern Concept
B) Business Entity Concept
C) Materiality convention
D) None of the above

39. What is deferred revenue expenditure?

A) The benefit of which is only within the financial Year
B) The benefit of which covers more than one financial year
C) The benefit of which is for life time of the company
D) None of the above
40. Goods withdrawn by the proprietor for personal use will be debited to _________:
A) Sales Account
B) Goods Account
C) Drawings Account
D) Purchases A/c

41. Trading Account is prepared by:

A) Merchandising concerns
B) Firm providing Services
C) Manufacturers
D) None of the above

42. Bank Overdraft facility is not normally possible for :

A) Saving Account holder
B) Recurring Deposit Account Holder
C) Current Account Holder
D) Both a and b above

43.. When the total of Trial Balance does not tally the difference is taken as:
A) Suspense Account
B) Profit and Loss Account
C) Error Account
D) Difference Account

44. Which of the following statement is correct?

A) Increase in owner's capital are Debits, decreases are Credits
B) Increase in Liabilities are Credits, decreases are Debits
C) Increase in Assets are Debits, decreases are Credits
D) Both b & c are correct

45. Trade Discount is allowed by ______________ to the __________________

A) A Whole Salver, Merchant
B) Debtor, Creditor
C) Payee, payer
D) None of the above

46. Assets = Liabilities + Owner's Equity is represented in which of the following financial statement?
A) Trading a/c
B) Balance Sheet
C) Cash Flow Statement
D) P & L A/c
47. A Building was purchased for Rs.27,00,000. Down payment of Rs.20,00,000/ was made and the
balance was to be paid in 90 days for which a bill was also drawn. What is the amount to be shown in
Balance Sheet against Building?
A) Rs. 27,00,000
B) Rs. 20,00,000
C) Rs. 7,00,000
D) None of above

48. Bank reconciliation statement is prepared by?

A) Auditors
B) Bankers
C) Creditors
D) Bank Account Holders

49. What would be the effect Cheque issued, but not presented in bank by parties, in the books of the
business?
A) Cash Book balance will be less than that of Bank book.
B) Both the pass book and cash book will show same balance.
C) Cash book balance will be higher than that of Pass book.
D) No change in pass book and cash book.

50. An amount of Rs. 8,000 is debited twice in the bank column of cash book and for the same
transaction pass book is credited with Rs 3000 only. What amount should be adjusted in reconciliation
statement?
A) Rs. 4,500
B) Rs. 13,000
C) Rs. 15,000
D) Rs.18,000
 ICAI CAT Practice Test
Correct Answers
ICAI CAT Paper 1
Question No. 1
The introduction of GST is a very significant step in the field of_______________________
Direct Tax
A)
Indirect Tax
B)
Both of the above
C)
None of the above
D)

Question No. 2 1.0 Marks

GST was introduced as the ___________Amendment Act, 2016
100
A)
101
B)
102
C)
103
D)

Question No. 3 1.0 Marks

In which year GST was First introduced in India
2000
A)
2002
B)
2004
C)
2006
D)

Question No. 4 1.0 Marks

In IGST, I stands for-
Intra
A)
Integrated
B)
Internal
C)
 Innovation
D)

Question No. 5 1.0 Marks

Maximum rate of CGST prescribed by law for intrastate supply made is----
18%
A)
20
B)
40%
C)
28%+cess
D)

Question No. 6 1.0 Marks

Normally D. A. is payable
At a Fixed Amount
A)
At a Certain %age of Basic Salary
B)
At a certain % of Basic salary + HRA + Bonus
C)
At a certain % of Basic salary + HRA
D)

Question No. 7 1.0 Marks

Indent for material is prepared by
Sales Department
A)
Material Department
B)
Purchase Department
C)
Production Department
D)

Question No. 8 1.0 Marks

Bill of material is prepared by
Sales Department
A)
Production Department
B)
Finance Department
C)
Purchase Department
D)
Question No. 9 1.0 Marks
Which of the following is an operating expenses
Interest on Loan
A)
Purchase of New Machinery
B)
Depreciation on Machinery
C)
Lease Rent of office Building paid
D)

Question No. 10 1.0 Marks

Which of the following is not an item of direct Tax
Income Tax
A)
Gift Tax
B)
Wealth Tax
C)
Excise Duty
D)

Question No. 11
What is ICD
Inland Container Depot
A)
Indian Container Depot
B)
International Container Depot
C)
None of the Above
D)

Question No. 12 1.0 Marks

If a country exports goods to India at a very low price compared to its domestic price to dispose of
excess stock, duty imposed by Govt of India is known as
Education Cess
A)
Anti Dumping Duty
B)
Countervailing Duty
C)
None of the Above
D)
Question No. 13 1.0 Marks
IND AS 20 Relates to:
Accounting for Government Grants and Disclosure of Government Assistance
A)
Events after reporting period
B)
Interim Financial Reporting
C)
The Effect of changes in Foreign Exchange Rates
D)

Question No. 14 1.0 Marks

Agency issuing TAN is
NSDL
A)
NSSL
B)
NSTL
C)
NSTANL
D)

Question No. 15 1.0 Marks

Sales - Cost of Goods Sold = ?
Gross Profit
A)
Net Profit
B)
Gross Working Capital
C)
Operating Profit
D)

Question No. 16 1.0 Marks

He is the person who draws the bill:
Drawer
A)
Drawee
B)
Endorsee
C)
Payee
D)

Question No. 17 1.0 Marks

Which of the following is a feature of a bill of exchange
 It is an instrument not in Writing
A)
It contains a Conditional Order
B)
It is Signed by the Payee
C)
It need not to be dated
D)

Question No. 18 1.0 Marks

Current Assets = Current Liabilities
Capital Fund
A)
Zero Working Capital
B)
Disposal of Fixed Assets
C)
None of the Above
D)

Question No. 19 1.0 Marks

Factories Act is not applicable to
Mines
A)
Open land or building where process of converting seawater into salt is carried on
B)
Cold Storage
C)
None of the Above
D)

Question No. 20
_________ is maximum rate of bonus payable by employer
10%
A)
15%
B)
20%
C)
8.33%
D)

Question No. 21
Purchase of Trucks for business purpose is to be debited to ____________
Personal Account
A)
 Purchase Account
B)
Vehicle Account
C)
Drawing Account
D)

Question No. 22
WDV of an asset after 3 years of depreciation on the reducing method @ 10% p.a. is Rs.41,553/-
What was its original value?
Rs. 43000
A)
Rs. 34000
B)
Rs. 43400
C)
Rs. 57000
D)

Question No. 23
Which one of the following is correct about "Prepaid Income"?
Represents amount received for which services are expected to be rendered in a very
A) short period.
Represents payments made against which services are already received in the past.
B)
It is an asset.
C)
None of the above
D)

Question No. 24
Which one of the following is true about Income & Expenditure Account of a non-proft/non-trading
concerns?
All payments-capital or revenue are recorded here.
A)
It is similar to P & L A/c
B)
It starts with opening balance
C)
It does not consider whether the payments/expenses relate to current year or not
D)

Question No. 25
Which one of the following is correct about a Minor being a party of Joint venture?
Yes, A Minor can act as a "Co-Venture" in the Joint venture.
A)
 No, A Minor cannot act as "Co-Venture" in the joint venture.
B)
Minor can be admitted only for the benefits of joint venture profits.
C)
Minor can be admitted into joint venture but can't participate actively in the business.
D)

Question No. 26
Which one of the following is not cash flow from investing activity?
Purchase of Fixed Assets
A)
Disposal of Fixed Assets
B)
Receipt from Royalties
C)
Payment for acquiring shares
D)

Question No. 27
Which of the following does not affect cash flow
Issue of Right Share
A)
Redemption of debenture
B)
Sale of fixed asset
C)
Purchase of stock-in-trade
D)

Question No. 28
X lost his dog and announced a reward of Rs.3000 to the finder, who may return it to him. Y found
the dog after reading the advertisement and returned the dog to X. Whether, Y is entitled to the
reward?
No
A)
Yes
B)
Can't Say
C)
None of the Above
D)

Question No. 29
Travelling by public transport system is an example of :
Void Contract
A)
 Implied Contract
B)
Unenforceable contract
C)
Moving contract
D)

Question No. 30
Mr. A went to a shop having "self-service" system. He selects some of the items. And proceed to
make payment at payment counter. However the owner refused to take payment as well refused to
sell. This is a case of
Invitation to offer
A)
Breach of Contract
B)
Void contract
C)
Voidable contract
D)

Question No. 31
What is novation?
Substitution of existing contract by a new contract
A)
Contract between Minors
B)
Contract between a minor and a major
C)
None of the above.
D)

Question No. 32
Which one of the following cannot be included under the ambit of "Goods"
Money
A)
Patents
B)
Actionable claims
C)
Copyright
D)

Question No. 33
In which of the following cases a banker must refuse the payment of Cheque:
When a customer becomes insane
A)
 When the cheque is undated
B)
When the cheque is presented after expiry of validity period
C)
When the cheque is post dated and presented before due date
D)

Question No. 34
To ensure that no unjustified deduction should be made from wages is the main objective of :
Payment of wages act 1936
A)
Minimum wages act 1948
B)
Payment of Bonus Act
C)
None of the above
D)

Question No. 35
Which of the following would not qualify as 'Employee' under Employees State Insurance Act.
A clerk drawing salary Rs. 5,000 pm
A)
A purchase manager drawing salary Rs 6,000 pm
B)
Sales Manager drawing salary Rs. 7,000 pm
C)
A piece rated worker
D)

Question No. 36
An employee who has rendered continuous service for at least_____ years is eligible to receive
Gratuity:
15
A)
4
B)
6
C)
5
D)

Question No. 37
Deduction relating to Festival advance made to employees can be effected
By employer itself without any request from employee
A)
 Not allowed
B)
On specific request of the employee
C)
None of above
D)

Question No. 38
The founder of TATA group of companies Jamsetji Tata died in 1904, but Tata companies are still
working. This example depicts which of the following concepts?
Going Concern Concept
A)
Business Entity Concept
B)
Materiality convention
C)
None of the above
D)

Question No. 39
What is deferred revenue expenditure?
The benefit of which is only within the financial Year
A)
The benefit of which covers more than one financial year
B)
The benefit of which is for life time of the company
C)
None of the above
D)

Question No. 40
Goods withdrawn by the proprietor for personal use will be debited to _________:
Sales Account
A)
Goods Account
B)
Drawings Account
C)
Purchases A/c
D)

Question No. 41
Trading Account is prepared by:
Merchandising concerns
A)
 Firm providing Services
B)
Manufacturers
C)
None of the above
D)

Question No. 42
Bank Overdraft facility is not normally possible for :
Saving Account holder
A)
Recurring Deposit Account Holder
B)
Current Account Holder
C)
Both a and b above
D)

Question No. 43
When the total of Trial Balance does not tally the difference is taken as:
Suspense Account
A)
Profit and Loss Account
B)
Error Account
C)
Difference Account
D)

Question No. 44
Which of the following statement is correct?
Increase in owner's capital are Debits, decreases are Credits
A)
Increase in Liabilities are Credits, decreases are Debits
B)
Increase in Assets are Debits, decreases are Credits
C)
Both b & c are correct
D)

Question No. 45
Trade Discount is allowed by ______________ to the __________________
A Whole Salver, Merchant
A)
Debtor, Creditor
B)
 Payee, payer
C)
None of the above
D)

Question No. 46
Assets = Liabilities + Owner's Equity is represented in which of the following financial statement?
Trading a/c
A)
Balance Sheet
B)
Cash Flow Statement
C)
P & L A/c
D)

Question No. 47
A Building was purchased for Rs.27,00,000. Down payment of Rs.20,00,000/ was made and the
balance was to be paid in 90 days for which a bill was also drawn. What is the amount to be shown
in Balance Sheet against Building?
Rs. 27,00,000
A)
Rs. 20,00,000
B)
Rs. 7,00,000
C)
None of above
D)

Question No. 48
Bank reconciliation statement is prepared by?
Auditors
A)
Bankers
B)
Creditors
C)
Bank Account Holders
D)

Question No. 49
What would be the effect Cheque issued, but not presented in bank by parties, in the books of the
business?
Cash Book balance will be less than that of Bank book.
A)
 Both the pass book and cash book will show same balance.
B)
Cash book balance will be higher than that of Pass book.
C)
No change in pass book and cash book.
D)

Question No. 50
An amount of Rs. 8,000 is debited twice in the bank column of cash book and for the same
transaction pass book is credited with Rs 3000 only. What amount should be adjusted in
reconciliation statement?
Rs. 4,500
A)
Rs. 13,000
B)
Rs. 15,000
C)
Rs.18,000
D)

ICAT CAT Paper 2

Question No. 1
The turnover limit of Rs. 50 Lakh for composition scheme is not applicable to the state of
Himachal Pradesh
A)
Uttarakhand
B)
Assam
C)
None of the above
D)

Question No. 2 1.0 Marks

The turnover limit of Rs. 50 Lakh for composition scheme is not applicable to the state of
Himachal Pradesh
A)
Uttarakhand
B)
Assam
C)
None of the aboves
D)

Question No. 3 1.0 Marks

Article _____ of constitution of India empowers parliament to impose IGST in India.
 69A
A)
279A
B)
265A
C)
none of the above
D)

Question No. 4 1.0 Marks

Full-fledged GST was recommended by -
Raja Chellaiah committee
A)
GST Council
B)
Vijay Kelkar Task Force
C)
Man Mohan Singh Commission
D)

Question No. 5 1.0 Marks

One of the following taxes is already subsumed under GST -
Tax on motor spirit
A)
Tax on production of alcohol
B)
Luxury Tax
C)
Tax on electricity
D)

Question No. 6 1.0 Marks

What is Cost of Acquisition - Scrap Value?
Depreciable Amount
A)
Loss
B)
Profit
C)
None of the Above
D)

Question No. 7 1.0 Marks

A two months' bill was written on 01st April, 2010, the due date would be:
1st June, 2010
A)
 04th June,2010
B)
5th June,2010
C)
6th June,2010
D)

Question No. 8 1.0 Marks

Which of the following is not a Cash Flow from Financing Activities?
Cash used to repay borrowed amounts
A)
Cash used to redeem preference shares
B)
Cash received from issue of debentures
C)
Cash received from disposal of fixed assets
D)

Question No. 9 1.0 Marks

Which one of the following does not form part of Cash flow from operating activities?
Sale of goods
A)
Royalty income
B)
Paid for purchase of goods
C)
Disposal of fixed assets
D)

Question No. 10 1.0 Marks

Working Capital is that part of capital that is invested in ________________:
Current assets
A)
Fixed assets
B)
Semi Variable Assets
C)
Capital of other company
D)

Question No. 11
________________ is a certificate of dishonor, issued by Notary.
Noting
A)
Promissory note
B)
 Affidavit
C)
Protest
D)

Question No. 12 1.0 Marks

What does HRA stand for in Pay Roll Accounting?
House Rent Allowance
A)
House Rent Assistance
B)
House Rent Account
C)
None of above
D)

Question No. 13 1.0 Marks

Payroll reflects the _______________________ of the employees.
Earnings
A)
Expenses
B)
Saving
C)
All the above
D)

Question No. 14 1.0 Marks

Deduction relating to Festival advance made to employees can be effected
By employer itself without any request from employee
A)
Not allowed
B)
On specific request of the employee
C)
None of above
D)

Question No. 15 1.0 Marks

_______________ is not part of salary
Allowance
A)
Bonus
B)
Overtime
C)
 Gratuity
D)

Question No. 16 1.0 Marks

Payroll registers are to be preserved for
5 Years
A)
4 Years
B)
7 Years
C)
9 Years
D)

Question No. 17 1.0 Marks

Due date for payment of TDS of employees is
7TH of the subsequent month
A)
5TH of the subsequent month
B)
15TH of the subsequent month
C)
10TH of the subsequent month
D)

Question No. 18 1.0 Marks

Manual payroll processing is best suited for
Large firms
A)
Medium firms
B)
Small firms
C)
Large and medium firms
D)

Question No. 19 1.0 Marks

Any change in payroll records should be approved by
Human Resource Department
A)
Finance Department
B)
Account Department
C)
None of above
D)
Question No. 20
Pricing of issue of materials based on an assumption that the stock of materials be valued at the
lowest possible price is :
LIFO
A)
FIFO
B)
HIFO
C)
NIFO
D)

Question No. 21
Method of Pricing of Issue of materials valued at market rate prevailing at the time of issue is called
as:
Replacement Rate Method
A)
Standard Price Method satisfaction
B)
Base Stock Method
C)
HIFO above
D)

Question No. 22
Entries in Stores Received Book are to be recorded in
Single copy
A)
Duplicate copies
B)
Triplicate copies
C)
Four copies
D)

Question No. 23
Which one of the following not to be treated in the books of Accounts:
Direct expenses
A)
Indirect expenses
B)
Prepaid expenses
C)
Trade Discount
D)
Question No. 24
Which of the following represents a negative cash flow?
Outflow > Inflow
A)
Inflow > Outflow
B)
Inflow = Outflow
C)
None of above
D)

Question No. 25
The term "Coercion" means:
A unlawful pressure
A)
Compulsion
B)
Committing or threatning to commit any act forbidden by the English Criminal Law
C)
All of the above
D)

Question No. 26
The rate of TDS on payments to Professionals is :
10.30%
A)
2%
B)
6%
C)
7%
D)

Question No. 27
Constitution of India came into force w.e.f. ?
26.1.1950
A)
15.08.1947
B)
15.8.1948
C)
30.1.1948
D)

Question No. 28
The rate of income tax on Short-term capital gains is:
 12%
A)
15%
B)
33.33%
C)
According to the normal rate applicable to the assessee.
D)

Question No. 29
Which of the following assets would qualify as "Short Term asset"?
Machinery was purchased on 1ST January 2009 and sold on 31ST April 2011.
A)
Plant was purchased on 1ST March 2009 and sold on 31ST April 2013
B)
Shares of State Bank of India was purchased on 1 ST June 2011 and sold on 2ND June,
C) 2012
Units of Mutual Fund was purchased on 1ST Sept 2012 and sold on 1ST Nov 2013.
D)

Question No. 30
The form number applicable to individuals and HUFs carrying on a proprietary business for Income
TaxReturn is Department is:
Form ITR-V
A)
Form ITR-7
B)
Form ITR-4
C)
Form ITR -2
D)

Question No. 31
Who will appoint the Chief Inspector under Factories Act:
State Government
A)
Central Government
B)
Either (a) or (b)
C)
None of the Above
D)

Question No. 32
In India GST is effective from:
 1st July 2017
A)
1st April 2017
B)
1st Sept. 2017
C)
1st April 2016
D)

Question No. 33
What are the taxes levied on Intra State Supply:
CGST & SGST
A)
SGST
B)
CGST
C)
IGST & SGST
D)

Question No. 34
Expand NCCD:
National Calamity Contingent Duty
A)
Natural Calamity Contingent Duty
B)
Natural Calamity Contribution Duty
C)
National Calamity Counter Duty
D)

Question No. 35
Income from vacant land will come under _____________
Income from other sources
A)
Income from profit/gains from business or profession.
B)
Income from House Property
C)
Short term capital gains
D)

Question No. 36
Voluntary Retirement Benefit (VRS) is exempt up to Rs. ___________ if VRS is as per prescribed
conditions:
 Rs. 5,00,000
A)
Rs. 10,00,000
B)
Rs. 8,00,000
C)
Rs. 3,00,000
D)

Question No. 37
Who is the chairman of GST Council:
Union Finance Minister
A)
Finance Secretary
B)
Prime Minister
C)
RBI Governer
D)

Question No. 38
Which of the following document is required for transferring small cargo from ship to shore?
Import Manifest
A)
Bill of entry
B)
Boat Notes
C)
Ship Note
D)

Question No. 39
Supply of goods from one state to another state will leavy:
IGST
A)
CGST
B)
SGST
C)
All of the Above
D)

Question No. 40
Time limit for filing refund claim of customs duty is
Six months
A)
 90 days
B)
45 days
C)
4 months
D)

Question No. 41
Which of the following method of depreciation is recognised by the Income Tax Act as well as by
Companies Act?
Written down value method
A)
Revaluation method
B)
Straight Line Method
C)
Machine Hour Method
D)

Question No. 42
What is WBS
Work Breakdown Structure
A)
Written Breakdown Structure
B)
Work Breakdown System
C)
Written Breakdown System
D)

Question No. 43
What is prepaid expenses?
An asset awaiting assignment to expense
A)
An expense which is not related to the business
B)
An expense which was related to the previous year
C)
None of above
D)

Question No. 44
Which one of the following is not a characteristic of a project?
Specified source of funding
A)
 An approved project plan and budget
B)
a nominated project manager
C)
Indefinite project life
D)

Question No. 45
Which one of the following is NOT TRUE about Cash Discount?
It is recorded in the books of accounts.
A)
It is not recorded in the books of accounts
B)
It is given for making prompt payment on or before due date.
C)
It is also termed as Sales Discount
D)

Question No. 46
What are the types of Float?
Mail Float and Bank Float
A)
Mail Float, Bank Float and Processing Float
B)
Mail Float and Processing Float
C)
None of above
D)

Question No. 47
Which one of the following is not true about Cash Memo?
It is issued in case of cash sales transactions
A)
It is issued in case of credit sales transactions
B)
It is called as Cash Bill also.
C)
It is normally serially numbered
D)

Question No. 48
What is Sales Allowance?
Price reduction allowed to a Customer agreeing to retain the undesirable goods sold
A) to him
Allowed by the seller to a bulk buyer
B)
 Allowed by the seller to a Government buyer
C)
None of above
D)

Question No. 49
Allowance for Bad Debts is known as :
Contra Asset
A)
Contra Liability
B)
Cash
C)
None of above
D)

Question No. 50
Fixed Assets have an economic useful life of ?
One Year
A)
Less than one year
B)
More than one year
C)
Indefinite period
D)

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