Q1: The system of keeping incomplete record is known as :
- Dual Entry
- Single Entry
- Double Entry
- None of the above
Ans: Single Entry
Q2: Cash payment over 20000 in a single day is:
- Fully allowed
- Fully disallowed
- Partly allowed
- None of the above
Ans: Fully disallowed
Q3: ____ account is prepared to exercise control over the branch cash.
- Branch cash account
- Branch expense account
- Branch account
- None of the above
Ans: Branch cash account
Q4: ____ is also known as objective evidence concept.
- Revenue realization
- Dual aspect
- Verifiable Objective
- None of the above
Ans:Verifiable Objective
Q5: Excess of opening Capital over closing Capital denotes.
- Additional capital
- Loss
- Profit
- None of the above
Ans: Loss
Q6: An internal rate of return (IRR), Profitability index of a project will be:
- Minimum
- One
- Maximum
- None of the above
Ans: One
Q7: The income Tax Act 1961 came into force on:
- Ist May 1961
- 15th Dec 1961
- 13th Sep 1961
- None of the above
Ans: 13th Sep 1961
Q8: Training account show _____ incomes and losses :
- Personal
- Manufacturing
- Production
- None of the above
Ans: Manufacturing
Q9: T.D.S is not deducted on lottery income up to :
- Rs.12000
- Rs.20000
- Rs.10000
- Rs.80000
Ans: Rs.10000
Q10: States earn maximum revenue through:
- Tax fines
- Commercial taxes
- Customs
- None of the above
Ans: commercial taxes