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1 | P a g e
VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
FOR ACADEMIC YEAR 2019-2020
Name of the Professor: Dr. Neelam Shaikh Class: TYBAF Semester: VI/ CBCS
Subject : Financial Accounting Core Paper No: VII Paper Code : 85601
SAMPLE QUESTION: MULTIPLE CHOICE QUESTIONS (MCQ)
Sr.No Question Option A Option B Option C Option D
1 Balance Sheet of Electricity Company is
presented in____________ Four Parts
Schedule III Format
Five Parts
Three Parts
2 In case of Electricity Company,
Transformers will be shown under the head
of________________
Current Assets
Current Liabilities
Fixed Assets
Share Capital
3 Grant received under APDRP of Ministry of
Power is accounted for ____________
As a liability
As a reserve
As a capital
reserve
As reduction in
cost of fixed assets
4 Sale of Electricity to Commercial
Undertakings will be credited to_________
Profit and Loss
Statement Balance Sheet
Revenue A/c
Capital A/c
5 Depreciation is charged on _________ Historical Cost Market Value Cost Value Revalued Value
6 Security Deposit from electricity
consumers___________
May be collected
under section 43 of
the Electricity Act,
2003
May be collected
under section 47 of
the Electricity Act,
2003
Is the same
everywhere in India
Cannot be
collected
7 Formats of financials statement of
Electricity Commission Act _____________
The Central
Electricity
Regulatory
Commission Act
The Companies Act
The Income Tax
Act
The Electricity Act,
2003
2 | P a g e
8 At Present, Electricity Companies are
Governed by______________
Electricity Act, 1910
Electricity (Supply)
Act, 1948
Electricity
Regulatory
Commissions Act,
1998
Electricity Act,2003
9 Interest on Security deposit from electricity
consumers ____________
Is not payable
Is payable at bank
rate or more as
prescribed
Is payable only at
bank rate
May be paid at a
rate lower than the
bank rate
10 Electricity tariffs are fixed ____________
Under Electricity
Act, 1910
By appropriate
Commissions
Under Electricity
(Supply) Act, 1948
Under Electricity
Regulatory
Commissions Act,
1998
11 Deposit for water in case of co-operative
society will be shown under the head of
________________
Current Assets
Other Items
Loans and
Advances Deposits
12 Income and Expenditure Account of Co-
operative Society should be prepared in
____________
Form F
Form D
Form N
Form G
13 In case of Agricultural Marketing Society
_______________
½ of members are
agriculturist
¾ of members are
agriculturist
1/3 of members are
agriculturist 2/3 of members
are agriculturist
14 Entrance fees received by co-operative
society is added in ________
Income
Reserve Fund
Assets
Loans
15 In case of consumers’ co-operative
societies sales made to members are
recorded in _____________
Cash Memo
Credit Notes
Pass books
Debit Notes
16 Expulsion of member of a co-operative
society can be done ____________
Managing
Committee
The General Body
by simple majority
The General Body
by 3/4th majority
The Chairman
17 Preparation of Final Accounts of co-
operative society __________ Bye Law No.142
Bye Law No.143
Bye Law No.144
Bye Law No.145
18 Prepaid Maintenance Charges by member Loans and Sundry Debtors Fixed Assets Deposits
3 | P a g e
of co-operative housing society will be
shown under the head of ___________
Advances
19 Subscription to housing federation will be
shown as ____________ Assets
Liabilities
Income
Expenditure
20 The maximum cash balance
allowable to be kept by Housing
Society __________
Rs.5000
Rs.500 Rs.1,000
Rs.300
21 Rules for internal management of co-
operative society are called as
___________
Bye-Laws
Articles of
Association
Memorandum of
Association
Trust Deed
22 On sale of investment profit / Loss is
calculated by the equation _____________
Sale-average cost
Sale-weighted
average cost
Sale-cost as per
FIFO basis Sale-cost as per
LIFO basis
23 Dividend on shares accrues on the
__________
Due date
Date of declaration
Date fixed in
advance
Last day of the
year
24 Sale of rights shares is entered in
investment a/c on __________
Entered in
investment a/c
Debit side of
investment a/c in
cost column
Debit side of
investment a/c in
N.V column
Sale proceeds
credited to profit
and loss a/c
25 Interest on bonds accrues
______________
As declared by the
company in the
beginning of every
financial year
On the date fixed
by board resolution
On due dates fixed
in advance
On the last day of
the financial year
26 X buys 200 debentures of Nominal Value
of Rs.100 each of Axis Ltd. at Rs.98 (Ex-
interest) on 1-3-2019 from Y. Interest @
12% p.a. is to be paid half yearly on 30th
June and 31st December.
Nominal Value of
Investment
purchased is
Rs.20,000
Nominal Value of
Investment
purchased is
Rs.20,200
Nominal Value of
Investment
purchased is
Rs.19,800
Nominal Value of
Investment
purchased is
Rs.19,600
27 Long term investments are carried at
________
Cost or Market
Value whichever is
less
Fair Value
Market Value Cost Price
4 | P a g e
28 Following is not a fixed Income Bearing
Security ____________
Debentures
Equity Shares
Preference Shares
Government
Security
29 Accounting for investment is dealt with by
____________ AS 29
AS 11
AS 13
AS 9
30 Mr. M buys 200 debentures of Nominal
Value of Rs.100 each of QR Ltd. at Rs.98
(Ex-interest) on 1-3-2019 from Mr. N.
Interest @ 12% p.a. is to be paid half
yearly on 30th June and 31st December.
Mr. A has the right
to claim interest of
Rs.1,200
Mr. A has the right
to claim interest of
Rs.400
Mr. B has the right
to claim interest of
Rs.400
Mr. A has the right
to claim interest of
Rs.2,400
31 The most appropriate measure of return
for a scheme in existence for several
years is ____________
CAGR
Simple Return
Dividend Return
Annualized Return
32 Investment objective is closely linked to
____________
Plan Scheme
Option
SIP
33 The NAV of each scheme should be
updated on AMFI’s website ________
Every hour
Every quarter
Every month
Every day
34 An open ended mutual fund is one that has
______________
An option to invest
in any kind of
security
Units available for
sale and
repurchase at all
times
An upper limit on
its NAV
A fixed fund size
35 Provision for Depreciation is not necessary
when investments are valued at
____________
Cost
Market Value
Realizable Value
Marked to market
basis
36 The difference between NAV and
Repurchase Price is _____________ Entry Load
Exit Load
Expenses
Dividend
37 When the investment does not provide any
return, it is called as _____________
Performing
Investments
Non-performing
Investments
Dead Investments
Active Investments
38 The assets of Mutual Fund are held by
___________
AMC
Trustee Custodian
Registrar
5 | P a g e
39 Debt Funds target ____________ high growth with
risk
protection of
principal amount
Low risk and stable
income
long term capital
appreciation
40 Which of the following is a disadvantage
suffered by a mutual fund investor
_________
high liquidity
no tailor made
portfolio
diversification
low investment
41 IFRS are applicable to all the entities
having net worth in excess of _________
Rs 500 Crores
Rs. 5000 Crore Rs. 100 Crore
Rs. 10,000 Crore
42 IFRS 1 was issued in __________ January 2003 June 2010 June 2003 January 2004
43 IFRS are the ___________
Sets of Auditing
Standards
Rules of
Accounting Sets of Financial
reporting Standards
Sets of Ind AS
44 IFRS are issued by __________ IASC FASB
IASB
ICAI
45 Which of the following is not a qualitative
characteristic of financial statements
according to the framework __________
Relevance Understandability Reliability Materiality
46 Till date the total IFRS issued are
________ 15 33
41 19
47 IFRS means ____________ Interim Financial
Reporting
Standards
International
Financial Reporting
Standards
Indian Financial
Reporting
Standards
Indian Foreign
Reporting
Standards
48 IFRS will facilitate ___________
improvement in
comparability of
financial
information
better access and
reduction in cost of
capital raised from
global market
easy borrowing
from Indian capital
market
both (a) and (c)
49 Total number of International Accounting
Standard (IAS) ________
19 33 9 41
50 A Company may voluntarily adopt Ind AS
for accounting periods beginning with
_________________
1st April,2014 1st April 2015 1st April 2016 1st April,2017
VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
ACADEMIC YEAR 2019-2020
Name of the Professor: CMA Dr. Mugdha Keskar Class: TYBAF Semester: VI
Subject: Cost Accounting Paper No: 4 Paper: Elective
MULTIPLE CHOICE QUESTION (MCQ) QUESTION BANK
Sr.
No
Question Option A Option B Option C Option D
1 Variable Cost is -------- cost Period Product Time Control
2 ----------- shows the rate at which the
company is earning profit; once BEP is
reached
Angle of
Incidence
Loss area Profit area Fixed cost line
3 --------------- is a graphical representation of
marginal costing
PV Ratio Graph Margin of Safety
Diagram
Break-Even Chart Pie Chart of Profit
4 Period Cost is -------- Cost Variable Prime Marginal Fixed
5 ---------- is a constraint that limits the level of
Production
Machine Hours Idle time Overtime Extra time
6 When selling price decreases then PV ratio
will
increase No effect decrease multiply
7 Margin of Safety in Rs. is ----------- Profit/
Contribution per
unit
Profit/PV Ratio Fixed Cost/PV
Ratio
Contribution/Sales
8 Which of the following can improve BEP? Increase in
variable cost
Increase in fixed cost Increase in selling
price per unit
Increase in sales
volume
9 P/V Ratio is improved by -------- Reducing fixed
cost
Reducing variable
cost
Increasing fixed
cost
Reducing Sales
10 Margin of safety sales are Rs. 10,00,000
and Break-even sales are Rs.6,50,000. What
will be the actual sales in Rs.?
3,50,000 7,00,000 13,50,000 16,50,000
11 Fixed Cost is Rs. 5,00,000. Profit is Rs.
3,00,000. Variable Costs are Rs. 3,50,000.
Find out the Sales in Rs.
3,00,000 4,50,000 6,00,000 7,50,000
12 Sales is Rs.12,00,000. Variable Costs are
Rs. 6,00,000. Find out the PV Ratio
50 % 60% 70% 80%
13 Fixed costs are Rs. 7,50,000. The selling
price per unit is Rs. 75. The variable cost per
unit is Rs. 25. Find out the BEP in units
30,000 25,000 20,000 15,000
14 At the time of accepting or rejecting an
export order only ----------- cost is considered
Variable Cost Total Cost Fixed Cost Sunk Cost
15 In operate or shut down decision it would be
wise to continue if ----------
Operating costs
are higher
Selling price is more
than marginal cost
Fixed costs are
increasing
Trade recession
continues
16 One of the following is not a basic element of
Budget
Defines the
responsibility of
each employee
Comprehensive plan Expressed in
Financial Terms
Future plan for a
specified period
17 Performance of any Organization depends
on
-------------
Key factors Political factors Social factors Location of the
company
18 A master budget consists of --------- Cash flow
statement
Entire sets of budgets
prepared
Funds flow
statement
Budgeted
financial
statements
19 The budget that helps to plan and control
cash is ---------
Sales budget Production budget Labour budget Cash budget
20 Production budget shows the budgeted cost
of
----------
Production Sales Purchase Cash
21 Budgetary control system is costly for --------
Industry
Large scale Medium scale Small scale Public sector
22 Production budget is expressed in terms of --
---
Quality only Quantity only Cost only Quantity and cost
23 The object of budgetary control is -------- Organizing Directing Managing Planning
24 If the activity level is reduced from 80% to
70%; then the fixed cost will -------
Per unit will
increase
will increase by 10% Per unit will
decrease
will decrease by
10%
25 Following is the essence of budgetary control
----------
Competent staff Big size company Well defined
objectives
Small size
company
26 ----------- budget is established for use
unaltered over a long time
Master Flexible Basic Current
27 ----------- budget is for a short period of time
and related to present situation.
Fixed Current Flexible Basic
28 -------- budget is prepared by a Sales
Manager
Sales Purchase Manpower Cash
29 In a small company -------- will look after
budgetary control
Budget
Committee
HR Manager Sales Manager Budget Officer
30 In a large company -------- will look after
budgetary control
VP Technical Budget Officer Budget Committee VP Research and
Development
31 The raw material required for a month are
6,00,000 units. Closing stock at the end of
month required 40,000 units. Opening stock
6,60,000 6,40,000 5,40,000 5,80,000
at the beginning of the month is 60,000 units.
Find out the estimated raw material
consumption for that month.
32 The sales details for 3 months are as follows:
Type of
Sales in
Rs.
January February March
Cash 3,00,000 2,00,000 6,00,000
Credit 1,00,000 4,00,000 5,00,000
You are required to find out the total sales for
the 3 months
11,00,000 10,00,000 21,00,000 20,00,000
33 Direct Material cost for 5,000 units is Rs.
2,50,000. Direct labour Cost is Rs.3,00,000.
Variable Overheads are Rs. 1,00,000. Fixed
Overheads are Rs.1,50,000. What is the
marginal cost?
Rs.6,50,000 Rs. 8,00,000 5,50,000 7,00,000
34 The sales budget is as follows. Find out the
total sales in terms of Rs.
Sales
area
Sales
units
Sale price per
unit
1,80,000 1,60,000 1,70,000 1,90,000
A 10,000 Rs. 5
B 20,000 Rs.6
35 At 50% capacity the variable administration
overheads are Rs. 3,00,000. Find out the
variable administration overheads at 60%
capacity.
3,20,000 3,60,000 3,80,000 4,00,000
36 The following data is given for sales made by
counter salesman for 3 months. They are
entitled to a commission of 5 %. You are
required to calculate total commission paid to
them in Rs. for the quarter ended 31st
December 2019
October 2019: Rs. 3,00,000
November 2019: Rs. 4,00,000
December 2019: Rs. 5,00,000
60,000 62,000 64,000 66,000
37 -------------- standard can be attained under
normal conditions
Fixed Normal Final Estimated
38 Excess of actual cost over standard cost is a
----
Favourable
variance
Unfavourable
variance
Abnormal loss Abnormal gain
39 Excess of standard cost over actual cost is --
----
Favourable
variance
Abnormal gain Abnormal loss Unfavourable
variance
40 Material cost variance is -------- Fixed cost add
variable cost
Std cost –
Actual Cost
Fixed cost less
Variable cost
Actual cost-
standard cost
41 Material usage variance is calculated as ------
--
(AQ-SQ) X SP (SP – AP) X AQ (AP -SP) X SQ (SQ-AQ) X SP
42 Fixed Overheads Volume Variance is ---------
--
(BH X SR) less
(AH X AR)
(SH – BH) X SR (SH – AH) X
SR
(AH -BH) X
SR
43 Fixed Overheads Expenditure Variance is ---
---------
(BH X SR) less
(AH X AR)
(SH – BH) X SR (SH – AH) X
SR
(AH -BH) X
SR
44 Fixed Overheads Efficiency Variance is -------
----
(BH X SR) less
(AH X AR)
(SH – BH) X SR (SH – AH) X
SR
(AH -BH) X
SR
45 Fixed Overheads Capacity Variance is --------
----
(BH X SR) less
(AH X AR)
(SH – BH) X SR (SH – AH) X
SR
(AH -BH) X
SR
46 Material Price Variance is calculated as (SR – AR) X
AQ
(SH – AH) X
SR
(BQ – AQ) X BP (AR – BR) X
BQ
47 Sales Value Variance is equal to------- (BQ X BP) –
(AQ-AP)
(BQ – AQ) X BP (RQ – AQ) X
BP
(BP – AP) X
AQ
48 Sales Volume Variance is equal to ------ (BQ – AQ) X BP (BQ X BP) – (RQ – AQ) X (BP – AP) X
(AQ-AP) BP AQ
49 Cost benefit analysis of each budget
program is undertaken in ------
Performance
Budgeting
Zero Based
Budgeting
Sales Budget Capital
Expenditure
Budget
50 --------- budgeting is followed by Government
Departments
Propriety
Budgeting
Target Budgeting Performance
Budgeting
Zero Based
Budgeting
************************
1|Page
VPM’sK.GJoshiCollegeofArtsandN.GBedekarCollegeofCommerce,Thane
DepartmentofB.Com (Accounting&Finance)
ACADEMICYEAR2019-2020BATCHFINALYEAREXAMINATION
NameoftheProfessor:Dr.VinodChandwani Class:TYBAF Semester:VI/CBCS
Subject:FinancialManagement-III PaperCode:85603 Paper:Elective
SAMPLEQUESTIONS:MULTIPLECHOICEQUESTIONS(MCQ)
Sr.No Question OptionA OptionB OptionC OptionD
1 Thereductionofcapitalispermittedunder____of
CompaniesAct.
120 100 50 200
2 Thecapitalreductionmeansreductionin_____valueof
shares.
Paid-upvalue Facevalue Dividendvalue Authorizedvalue
3 TheSub-divisionofsharesdoesnotresultin_____of
capital.
Reduction Deduction Added Subtracted
4 Theinternalreconstructionresultsinpropervaluation
of______&_______ofcompanies
Assets&Liabilities Profit&Loss Debit&Credit Incomes&Expenses
2|Page
5 PaymentofContingentliabilityisdebitedto_______A/c. Capital Reduction
A/c
Profit&LossA/c GoodwillA/c CashA/c
6 Reconstructionexpensearedebitedto______A/c GoodwillA/c Profit&LossA/c CapitalReduction
A/c
CashA/c
7 Inre-organization,sharessurrenderedaretransferredto
______A/c.
SharesSurrendered ShareCapital ShareAllotted ShareApplication
8 Thefullbalanceofcapitalistobedebited,if____value
isreduced.
Par Face Premium Discounted
9 The difference in revaluation of assets is to be
transferredto_______Account.
GoodwillA/c Profit&LossA/c CapitalReduction
A/c
CashA/c
10 Capitalreductionandinternalreconstructionis_______ Same Different Synonym Anonymous
11 FictitiousAssetsarewrittenoffto_______A/c. Capital Reduction
A/c
Profit&LossA/c GoodwillA/c CashA/c
12 The debitbalance in capitalreduction should be
transferredto________Account.
CapitalReduction Profit&Loss Goodwill Cash
3|Page
13 Creditorsacceptingpartpaymentoftheirclaimsisa
_____.
Compromise Arrangement Consolidation Sub-division
14 TherequirementsofSchedule_____aretobecomplied
whilepreparingaccountafterinternalreconstruction.
I II III IV
15 Duetolease,________ Capitalrequirement
of business is
reduced
More capital is
required
Borrowing
capacity is
increased
BothA&C
16 Thelessorinoperatingleaseis_____ Manufacturer Trader Professional Businessman
17 Infinancelessor,thelessorrecovers_____ Cost Cost+Profit Rentals Profit
18 In open ended lease,the lessee has the option to
___________
Purchasetheasset Selltheasset Leasetheasset Tradetheasset
19 Incrossborderleasethepartiestoleasearedomiciled
in______
Samecountry Differentcountries Samestate Differentstate
4|Page
20 Underhirepurchasesystem,depreciationisprovidedby
hirepurchaseron_________
CashPrice H.P.Price DownPayment Interest
21 UnderFullCashPricemethod,theassetisrecordedat
_________
HirePurchasePrice CashPrice Interest Downpayment
22 Thefeatureofhirepurchaseis_____ User ultimately
becometheowner
Instalment
includes principle
only
Userdoesnotpay
anyinterest
Userpaytheinterest
23 XLtd.purchasedacarfrom YLtd.onhirepurchase
basis.Cash Price is Rs.50,000.Initialpaymentof
Rs.10,000,balance in four instalments with 10%
interest.Thehireris_______
XLtd. YLtd. X&YLtd. Both
24 XLtd.purchasedacarfrom YLtd.onhirepurchase
basis.Cash Price is Rs.50,000.Initialpaymentof
Rs.10,000,balance in four instalments with 10%
interest.Thehirevendoris__________
XLtd. YLtd. EitherX Ltd.orY
Ltd.
Both
25 Intereston hirepurchasetransaction ischarged on
cashpricewhichis_________
Fullcashprice Outstanding cash
price
DownPayment Instalment cash
price
26 The debitbalance in capitalreduction should be CapitalReduction Profit&Loss Goodwill Cash
5|Page
transferredto________Account.
27 Incaseofleasethelegaltitleiswith_____ Lessor Lessee Agent Trader
28 Leaserentalsareoperatingexpenseswhichare____ Deductible fortax
purpose
Added for tax
purpose
Ignored for tax
purpose
Subtracted for tax
purpose
29 Theperiodoverwhichtheassetiseconomicallyusable
is_________
EconomicLife UsefulLife Life Non-usefullife
30 Infinancelease,leaserentcoveredis________ 90%offairvalue 50%ofcost 70%ofM.V. 50%ofProfit
31 Financeleaseisfora_______ Longterm period Shortterm period Medium term
period
Addedterm period
32 Annualleaserentalisconsideredascashoutflow for
_______
Lessor Lessee FinanceCompany Agent
33 Inleveragedleasethereare______ Threeparties Twoparties Fourparties Fiveparties
6|Page
34 Under Instalment system purchaser becomes the
ownerofgoodson____
Signing the
agreement
Payment of last
instalment
Paymentofcash
price
Payment of down
payment
35 Underhirepurchasesystem purchaserbecomesthe
ownerofgoodsonpaymentof______
DownPayment LastInstalment Interest Profit
36 XLtd.purchasedacarfrom YLtd.onhirepurchase
basis.Cash Price is Rs.50,000.Initialpaymentof
Rs.10,000,balance in four instalments with 10%
interest.Thecashpriceis____________
Rs.50,000 Rs.10,000 Rs.60,000 Rs.20,000
37 Savingoftaxondepreciationis_______tothelessor Cashoutflow UsefulValue Cashinflow ResidualValue
38 Estimatedfairvalueattheendoftheleaseterm is
__________
ResidualValue EconomicValue UsefulValue FaceValue
39 Savingoftaxondepreciationisa_______tothelessor Cashinflow Cashoutflow ResidualValue UsefulValue
40 Theperiodoverwhichtheassetisexpectedtobeused
is_____
Life EconomicLife UsefulLife Non-UsefulLife
41 NetInvestmentisgrossinvestmentless_____income Unearned Earned Liable Trading
7|Page
42 Annualleaserentaliscash_______forthelease. FinanceIncome EarnedIncome LiableIncome UnearnedIncome
43 XLtd.purchasedacarfrom YLtd.onhirepurchase
basis.Cash Price is Rs.50,000.Initialpaymentof
Rs.10,000,balance in four instalments with 10%
interest.Theinterestfor1stinstallmentis____________
Rs.4,000 Rs.5,000 Rs.9,000 Rs.10,000
44 Annualleaserentalisconsideredascashoutflow for
_______
Lessor Lessee FinanceCompany Agent
45 Inleveragedleasethereare______ Threeparties Twoparties Fourparties Fiveparties
46 Hirepurchasepriormeansamountpayablebythehirer
whichconsistsof_____
Cash Price +
Interest
Cash Price –
Interest
CashPrice+Down
Payment
CashPrice– Down
Payment
47 Initialpaymentmadeinsigningtheagreementis______ DownPayment CashPrice Hire Purchase
Price
Interest
48 Interest=HirePurchasePrice-__________ Interest DownPayment CashPrice HirePurchasePrice
49 CashPricemethodisknownas__________method. Asset Accrual
Method
AlternativeMethod InstalmentMethod Down Payment
Method
8|Page
50 Underhirepurchaseagreementinterestischargedon
_____cashprice.
Discounting Outstanding Incoming Pending
VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
ACADEMIC YEAR 2019-2020
Name of the Professor: Aakanksha Sant Class: TYBAF Semester: VI
Subject : Taxation IV (Indirect Tax -II) Paper No: IV Paper: Elective
MULTIPLE CHOICE QUESTION (MCQ) SAMPLE QUESTIONS
Sr.
No.
Question Option A Option B Option C Option D
1. SGST is applicable on ________. Inter state supply
Supply between two different union territories
Supply within same union territory having own act
Supply within same union territory not having own act
2. To pay off liability on account of CGST, input tax credit of _______ can be used.
Only IGST
Only CGST
CGST and IGST
SGST and CGST
3. If goods are supplied from Goa to Dehradun ______ is applicable.
CGST IGST SGST UTGST
4. The amount payable by a registered person on account of late fees payable under GST, reflects in ________.
Electronic Cash Ledger
Electronic Credit Ledger
Electronic Liability
Register
Electronic Payables Ledger
5. If goods are purchased from Delhi by a customer in Delhi, Input Tax Credit of ______ is available.
CGST and SGST IGST CGST and UTGST CGST and IGST
6. The electronic liability register used under GST for records is in the form____________.
GST PMT – 01
GST PMT – 02 GST PMT – 05 GST PMT – 06
7. CPIN is ___________ Common Payment Identification
Control Payment Identification
Common Portal Identification
Controlling Pay
Number Number Number Identity Number
8. CPIN is valid for __________days.
10
15
20
25
9. TDS is applicable in case the supply amount is exceeding Rs. ______________
2 Lakhs 2.5 Lakhs No limit is applicable
5 Lakhs
10. Mr. Noon in Nagpur purchased goods of Rs. 4,48,000 (Incl. 12% GST) from a supplier in Pune. ITC available for him is ______.
IGST – Rs. 48,000
CGST – Rs.24,000 and SGST – Rs. 24,000
CGST – Rs.26,880 and SGST – Rs.26,880
IGST – Rs.
53,760
11. A registered person has liability to pay IGST of Rs. 36,000 and SGST of Rs. 22,000. He has Input Tax Credit available under SGST credit of Rs. 18,000. The Input tax credit should be used and adjusted to pay this liability as _____. (no other ITC available)
Fully to pay SGST liability
Fully to pay IGST liability
Equally to pay IGST and SGST liability both
Credit adjustment not possible
12. Liability payable Rs. 6200 on account of excess Reduction in tax liability. Accordingly Interest shall be payable @__________p.a.
10% 15% 18% 24%
13. In case a company deposited tax liability under GST after 29th day of the following month. So interest is applicable __________
@ 18% for 9 days @ 18% for 19
days
@ 24% for 9 days @ 24% for 19
days
14. A registered person has balance available in the cash ledger Rs. 1,00,000. He has GST tax liability payable for Nov. 2019 Rs. 82,000 and liability on account of Demand raised u/s. 73 Rs.30,000. The cash ledger balance shall be adjusted as __________.
November month tax liability – Rs. 82,000 Balance against – Demand u/s. 73
Demand u/s.73- Rs. 30,000 Balance against November month tax Liability
Equally against November month tax liability and demand raised u/s. 73
Only against November month tax liability
15. The monthly shall be filed by the Input Service Distributor in Form _________.
GSTR 6 GSTR 7 GSTR 8 GSTR 9
16. The Final Return shall be filed by the registered taxable person in Form
GSTR 7 GSTR 8 GSTR 9 GSTR 10
_________.
17. Jam Ltd is an E- Commerce operator , which has collected TCS in the month Jan. 2020 so the details of the same shall be furnished on or before___________.
10th Jan. 2020 10th Feb. 2020 13th Feb. 2020 20th Feb 2020
18. Chunnu Ltd is an E- Commerce operator , which has collected TCS in the month Feb. 2020 so the details of the same shall be furnished in the GST return form___________.
GSTR 1 GSTR 6 GSTR 7 GSTR 8
19. A registered person who has opted composition scheme has made taxable outward supplies in the month Dec. 2019, GST return GSTR 4 applicable for him shall be filed by him on or before________.
20th Jan. 2020 10th Jan. 2020 20th April 2020 30th April 2020
20. GSTR 1 is applicable for __________.
E – Commerce Operator liable for TCS
Non Resident Taxable Person
Input Service Distributor
Registered Person who has not opted Composition scheme
21. The GST Return shall be filed by a person having UIN (Unique Identification Number) in Form _________.
GSTR 8 GSTR 9 GSTR 10 GSTR 11
22. The GST Return for Non -Resident Taxable Person shall be filed within _______ days from the last date of validity of registration.
5 7 8 10
23. The TDS Return under GST is required to be filed on ____ basis.
Monthly
Quarterly
Annually
Only once
24. The rate of duty under customs shall be the rate prevailing on __________ day in case of Imports where goods cleared for home
Date of presentation of shipping bill
Date of Order permitting clearance and
Date of Bill of Entry
and Date of Entry
Date of Bill of
Entry and Date
consumptions without warehousing
loading
Inwards whichever
is earlier
of Entry Inwards
whichever is later
25. GST Compensation Cess is calculated on ___________.
Assessable Value Assessable Value
+ Basic Customs
Duty +SWS
Assessable Value +
IGST
Assessable value
+ Basic Customs
Duty + SWS +
IGST
26. The exchange rate applicable on the date of ______ shall be considered in case of Imports.
Date of shipping bill
Date of Order permitting clearance and loading
Date of Bill of Entry Date of Entry
Inwards
27. Safeguard Duty can not be levied for the imports from the developing country if the share of such import does not exceed _________% of total imports of such article.
3 5 9 10
28. Anti Dumping Duty can not be levied for imports by___________.
100% EOU only
Units in SEZ only Both 100% EOU and Units in SEZ
100% Private
Units
29. In case of sea freight is ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 20% of FOB Actual amount or
20% of FOB
whichever is lower
Actual amount or
20% of FOB
whichever is
higher
30. In case of air freight is ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 20% of FOB Actual amount or
20% of FOB
whichever is lower
Actual amount or
20% of FOB
whichever is
higher
31. In case of Insurance charges ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 1.125% of FOB Actual amount or
1.125% of FOB
Actual amount or
1.125% of FOB
whichever is lower whichever is
higher
32. In case of Insurance charges not ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 1.125% of FOB Actual amount or
1.125% of FOB
whichever is lower
Actual amount or
1.125% of FOB
whichever is
higher
33. The CIF value shall not include ________.
Transportation charges before importation
Manufacturing cost
Unloading and Handling Charges
Insurance cost
34. Goods imported at FOB price of Rs. 20,000 and air freight paid Rs. 8,000. Assessable value shall be Rs. ________(ignore insurance cost)
12,000 20,000 24,000 28,000
35. Goods exported from India to US at FOB price of $ 4,600. Exchange rate on the date of shipping bill (13/09/2019) is 1$ = Rs. 69.5 and on the date of order for clearance and loading (17/09/2019) 1 $ = Rs. 71. Value shall be Rs. _______.
2,99,000 3,19,700 3,22,000 3,26,600
36. Assessable value of the goods imported is Rs. 96,600. Basic customs duty applicable is 15% and SWS is applicable. Basic customs duty and SWS totally payable is Rs.____________.
9,660 14,490 15,939 19,320
37. Goods imported for assessable value of Rs. 22,00,000 from a developing country where share of imports is 7% of the total imports of such article. Safeguard duty rate is @ 30%. .The safeguard duty payable shall be _______.
NIL - as its not
applicable
1,54,000 6,60,000 8,14,000
38. Goods imported for Rs.1,50,000. Basic customs duty applicable @12%, also SWS Rs. 1,800 and GST compensation cess Rs. 9540 applicable. Total duty payable is Rs. _______.
18,000 19,800 29,340 35,340
39. Mr. N is an Indian citizen who came to India from Germany and carried a mobile worth Rs. 36,000. The dutiable value of baggage is Rs. ____after claiming general allowance.
NIL 21,000 36,000 50,000
40. Mr. Strange is Indian citizen who came to India from Nepal by air route and carried used personal effects worth Rs. 41,000 and one laptop worth Rs. 38,000. The dutiable value of baggage is Rs. ____ after claiming general allowance.
NIL 41,000 38,000 79,000
41. An Indian citizen came from Italy and carried used personal effects worth Rs. 52,500 and travel souvenirs worth Rs. 5,800. The dutiable value of baggage is Rs. ____ after claiming general allowance.
NIL 5,800 52,500 58,300
42. An Indian citizen who came to India from Norway and carried 110 cigarettes worth Rs. 2,200. The dutiable value of baggage is value of ____ no. of cigarettes after claiming general allowance.
NIL 5 10 20
43. An Indian Resident coming from Dubai to India and carried personal effects, mobile and 7 ltr wine. He can claim general duty free allowance for the value of__________.
Only Personal
effects and mobile
mobile and 5 ltr.
wine
mobile and 7 ltr.
Wine
mobile and 2 ltr
wine
44. An Indian resident carried two laptops of Rs. 73,000 each while coming from UK. The dutiable value of baggage is Rs. ____
NIL 23,000 73,000 1,46,000
after claiming general allowance.
45. The duty free allowance available in case of Indian Residents arriving from other than specified countries is Rs. ___________.
10,000 15,000 50,000 1,00,000
46. The duty free allowance available in case of Infant arriving from other than specified countries is Rs. _ __________.
NIL 15,000 50,000 1,00,000
47. On re-export of imported goods which are used for 20 months, ______ % of import duty allowed as duty drawback.
NIL 65 70 75
48. Duty drawback shall not be allowed in case if __________.
Drawback amount
is more than
market price of
export goods
Drawback
amount is less
than market price
of export goods
Drawback amount is
less than duty paid
at the time import
Drawback
amount is less
than price of
imported goods
49. A car imported for personal use by paying
duty of Rs. 10,000. It was re-exported after
using for 3 quarters. So, duty drawback shall
be allowed for amount by reducing duty
amount by ____________.
4% 8% 12% 16%
50. Mr. B was carrying 24 gm. Of jewellery worth
Rs. 48,000. The dutiable value of jewellery
shall be Rs. ________.
NIL 8,000 12,000 48,000
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VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
ACADEMIC YEAR 2019-2020
Name of the Professor:Mr. Sudam Shantaram Ahirrow Class: TYBAF Semester: VI
Subject :Economics Paper III ( Indian Economy ) Paper code : 85607 Paper: Elective
MULTIPLE CHOICE QUESTION (MCQ) SAMPLE QUESTIONS FOR COLLEGE WEBSITE
Sr.No Question Option A Option B Option C Option D Correct
Answer
1 A value of one in Gini Index represents
perfectly
Equality Inequality Uncertainty High equality
2 According to 2011 census highest sex ratio
states in India
Kerala Bihar Maharashtra Madhya pradesh
3 The National Food For Work Programme
started in Which year ?
2004 2003 2005 2011
4 Which of the following types of unemployment
are not applicable in India ?
Seasonal Cyclical Educated Disguided
5 Through land reforms landlords were allowed
to retain some land for
Self cultivation For
modernisation
agriculture
Commercial
purpose
Poor
implementation
6 Community development one of the objectives
are
Banking sector Cooperative
farming
Inequality Urbanisation
7 Which States is highest populated according
to 2011 census
Maharashtra Uttar Pradesh Goa Bihar
8 According to the 2001 census literacy
percentage rate male in India ?
71.2% 77.9% 75.3% 69.1%
9 According to provisional census 2011 India’s
population is
1210.2 million 1029.million 1220 million 1250 million
10 Urbanisation is the part of which of the
following ?
Development
process
Feature of less
developed
country
Growth of
population
Population
increased
11 Narasimham Committee Report relates to Insurance sector Banking sector Agriculture
sector
Industry sector
12 Antyodaya Anna Yojana launched in which
year ?
1990 2011 2000 2003
13 Which of the following poverty alleviation
programmes is the flagship programme of the
government ?
MGNREGA SJSRY PMGY PDS
14 Which of the following population policies aims
at Stabilizing Population by 2045 ?
Family Planning
Program
National
Population Policy
National Welfare
Program
National Sample
Survey
Organisation
15 In which year NABARD was established 1992 1983 1984 1982
16 How many year valid Kisan Credit Card to
given to the farmers
4 year 6 year 3 year 1 year
17 In Agriculture Finance Tribal Development
Project developed in which district of Gujarat
Valsad Bharuch Anand Amreli
18 Who is making module of APMCs Ministry of
Finance
Planning
Commission
Ministry of
Agriculture
Ministry of
Education
19 Which of the following measures not taken by
the government to expand market
Transport
Facilities
Internet Facilities Institutional
Finance
Special Boards
20 In agriculture marketing facilities introduced by
the government
Share market Mutual Fund International
Trading
Co-operative
Marketing
21 In Agricultural marketing market information is
reduce exploitation of
Business man Traders Landlords Farmers
22 The New National Agriculture Policy 2000
encourage participation for
Private Sector FDI IMF Commercial
Sector
23 Agriculture market faces the problem of Seasonal Price
fluctuation
Low price when
crop falls
Acid rain High prices when
there is bumper
crop
24 In Agricultural marketing demand for
agriculture commodities
Very elastic Low elastic Unit elastic High elastic
25 The objective of National Agriculture Policy
2000 is to achieve agriculture growth rate of :
5% 3% 6% 4%
26 The National Agriculture Policy aims at facing
the challenges of
Inflation Deflation Globalisation Stagflation
27 Which of following right regarding services
sector
Tangible Intangible Constant
tangible
More tangible
28 Which of the following factor not related with
adventure tourism
River rafting Cosmetic surgery Trekking scuba diving
29 What is the object of the New Tourism Policy ? Increased profit Famous in
international
market
To give boost to
the tourism
sector
To focus on rural
development
30 What is the full form of IAIS ‘ S ’ stand for Service Sector Swagat Supervisor
31 Services sector included which sector Primary sector Tertiary sector Secondary
sector
Fouthary sector
32 Which of the following is public sector
insurance company
LIC GIC ICC WCI
33 RSBY means Rashtriya
Service Bima
Yojana
Rashtriya
Suraksha Bima
Yojana
Rashtriya
Swashthya Bima
Yojana
Rashtriya Swagat
Board Yojana
34 Which of the following related with the current
account
Borrowing
payment
Official account Reparations Visible export and
import
35 which of the following is included in capital
account
Export of
services
Transfer receipts Income receipts SDRs
36 Which of the following items is entered on the
credit side of Balance of Payment ?
Investment from
abroad
Import of goods Gifts paid to
foreigners
Repayment of
foreign loan
37 Balance of trade related with Capital account Current account Current account
and Capital
account
Debit account
38 What is the full form of BPLR Benchmark
Primary Lending
Ratio
Benchmark Prime
Loan Ratio
Banking Primary
Lending Rate
Benchmark Prime
Lending Rate
39 How many members in WTO 167 164 165 166
40 Which of following right regarding services
sector
Tangible Intangible Constant
tangible
More tangible
41 Which of the following is not marketing factor
of FDI
Maintain share
of the market
Market growth Unemployment Close contact
with customer
42 Insurance Regulatory and Development
Authority was established in which of the
following year
1998 1999 2000 2001
43 Which of the following is not a part of the
classification of industries on the basis of
sector ?
Mining Manufacturing Electricity Construction
44 Which of the following is not a private sector
bank ?
Axis Bank ICICI Bank IDBI Bank Development
Credit Bank Ltd.
45 Which of the following are not important types
of tourism in India ?
Medical tourism Heritage tourism Eco tourism Industrial tourism
46 In 2013-2014 major share of our exports
belongs to
Agriculture
Product
Crude and
Petroleum
Manufactured
Goods
Allied Product
47 Retailing is one of the fastest growing sector Insurance Banking Industrial Services
48 Special economic zone act passed in which
year
2004 2009 2005 2001
49 What is the full form of CPSEs Centre Policy of
Security
Enterprises
Centre Policy of
State enterprises
Centre Public
Service
Enterprises
Centre Public
Sector
Enterprises
50 Several public sector enterprises suffer from Under
capitalization
Lower
capitalization
Over -
capitalization
Rural
capitalization
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