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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
When does the liability to deduct TDS arise in case of salaries? |
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Answer» The responsibility to deduct tax from salaries arises only at the time of payment. |
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| 2. |
When the obligation to deduct TDS on rent arises? |
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Answer» In case of salary, if the deduction or payment of tax is under section 192, then Form No. 16 is issued. |
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| 3. |
Short term investment is _______________. A. an sources of funds B. a current liability C. an application of funds D. a current asset |
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Answer» D. a current asset |
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| 4. |
Profit on sale of fixed assets is __________. A. non trading income B. operating income C. non trading gains D. long term gain |
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Answer» A. non trading income |
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| 5. |
I like all Russian novelists, _____ Tolstoy. A) usually B) especially C) together D) only |
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Answer» Correct option is B) especially |
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| 6. |
I met her on December 23, _____ before Christmas. A) too B) slowly C) just D) still |
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Answer» Correct option is C) just |
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| 7. |
Sarah’s English is getting better. She _____ a lot of English since she _____ here. A) learnt / has come B) has learnt / has come C) has learnt / came D) learnt / came |
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Answer» Correct option is C) has learnt / came |
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| 8. |
_____ I have finished this exercise. Thank goodness! It was so boring. A) Together B) At last C) Exactly D) Just |
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Answer» Correct option is B) At last |
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| 9. |
Thank goodness we _____ a dishwasher! A) was B) have C) did D) were |
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Answer» Correct option is B) have |
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| 10. |
Entrepreneurship is a process of_______. a. developing a business plan b. Launching and running a business using innovation. c. Both of the Above |
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Answer» Correct option: c. Both of the Above |
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| 11. |
Green jobs are required to Plan______ a. Destination management b. Destination managers, Trainer c. Both of the above |
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Answer» Correct option: c. Both of the above |
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| 12. |
Dividend paid is usually treated as __________. A. Source of cash B. Loss C. An application of cash D. Gain |
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Answer» C. An application of cash |
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| 13. |
The term fund refers to ____________. A. Reserves B. Working capital C. Profits D. Loss |
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Answer» B. Working capital |
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| 14. |
He is such an ill-mannered person. A) ant B) action C) animal |
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Answer» Correct option is C) animal |
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| 15. |
This place is so boring, I want some excitement. A) action B) ape C) aggravation |
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Answer» Correct option is A) action |
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| 16. |
Secondary and Higher Education Cess (SHEC) is leviable on : a) Income tax, b) Income tax, surcharge , if applicable c) Income tax, surcharge if applicable and education cess |
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Answer» b) Income tax, surcharge , if applicable Secondary and Higher Education Cess (SHEC) is leviable on Income tax, surcharge , if applicable. |
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| 17. |
The balance of money not paid by contractee is known as ______ Money. |
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Answer» The balance of money not paid by contractee is known as Retention Money. |
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| 18. |
Vinit innovated a new pen which can read any text when placed on top of a page or newspaper which definitely helps blind and old people who are unable to read, He wishes to legally protect his product. He can get a A. Patent B. Copyright C. Trademark D. Geographical Indication |
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Answer» Correct answer is A. Patent |
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| 19. |
According to ________ working capital refers to the companys total investment in current assets. A. Net concept B. Gross concept C. Equal concept D. Accounting concept |
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Answer» B. Gross concept |
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| 20. |
___________ refers to all stages involved from raw materials to realization of cash. A. Loan B. Operating cycle C. Business cycle D. Cash flow cycle |
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Answer» B. Operating cycle |
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| 21. |
Give four examples for capital receipts of not-forprofit organizations. |
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Answer» • Life membership fees • Legacies • Special donations • Sale of fixed assets |
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| 22. |
What are the Sailent Feature of tally ERP.9? |
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Answer» (i) A leading accounting package: The first version of Tally was released in 1988 and through continuous development is now recognized as one of the leading accounting packages across the world with over a quarter-million customer Tally’s market share is more than 90%. (ii) No accounting codes: Unlike other computerized accounting packages that require numeric codes. Tally ERP 9 pioneered the “no accounting codes” concept. Tally ERP 9 users have the freedom to allocate meaningful names in plain English to their data items in the system. (iii) Compute business solution: Tally ERP 9 provides a comprehensive solution to the accounting and inventory needs of a business. The packages comprise financial accounting bookkeeping and inventory accounting. It also has various tools to extract interpret and present data. (iv) Speed: It allows the user to maintain multiple companies and with unlimited levels of classification and grouping capabilities. It also allows the dried down facility from report level to transaction level. (v) Versatility: Tally ERP is suitable for a range of organizations from small grocery stores to large corporations with international locations and operations. (vi) Online help: The Tally ERP 9 online help (AH + H) provides instant assistance on basic and advanced feathers or any other relevant topics of Tally ERP. 9. |
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| 23. |
Give four examples for capital receipts of not-forprofit organisation. |
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Answer» • Life membership fees • Legacies • Sale of fixed assets • Specific donations |
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| 24. |
Which is not the default group in Tally?(a) Suspense Account (b) Outstanding expenses (c) Sales account (d) Investment |
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Answer» (b) Outstanding expenses |
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| 25. |
What is conversion method? |
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Answer» It is one of the methods to find out the profit or loss of a business when accounts are kept under a single entry system. If it is desired to calculate the profit or loss by preparing trading and profit and loss account under a single entry system. Then it is called a conversion method. It is the conversion of single entry into the double-entry. |
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| 26. |
Contra voucher used in Tally for ______. (a) Master entry (b) Withdrawal of cash from bank for office use (c) Reports (d) Credit purchase of assets |
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Answer» (b) Withdrawal of cash from bank for office use |
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| 27. |
Net position of an account can be ascertained from ……(a) Journal (b) Ledger (c) Trial balance (d) Balance sheet |
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Answer» Answer: (b) Ledger |
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| 28. |
The Financial statements consist of:(a) Trial Balance(b) Profit and Loss account(c) Balance sheet(d) Both b and c |
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Answer» Correct answer is (d) Both b and c |
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| 29. |
Choose the correct order of ascertainment of the following profits from the profit and loss account:(a) Operating profit. Net Profit, Gross profit(b) Operating profit, Gross Profit, Net Profit(c) Gross Profit, Operating Profit, Net Profit(d) Gross Profit, Net Profit, Operating Profit |
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Answer» (c) Gross profit, Operating profit, Net Profit |
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| 30. |
In which voucher type credit purchase of furniture is recorded in Tally _________. (a) Receipt voucher (b) Journal voucher (c) Purchase voucher (d) Payment voucher |
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Answer» (b) Journal voucher |
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| 31. |
Rs. 50,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded ______. (a) Contra voucher (b) Receipt voucher (c) Payment voucher (d) Sales voucher |
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Answer» (a) Contra voucher |
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| 32. |
CDM expands ……(a) Cash Deposit Machine (b) Credit Debts Method (c) Commerce Document Mode (d) None of these |
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Answer» (a) Cash Deposit Machine |
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| 33. |
The process of recording in the ledger is called …… (a) Journal (b) Journalising (c) Ledger (d) Posting |
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Answer» The correct answer is : (d) Posting |
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| 34. |
The average rate of return of similar concerns is considered as _______. (a) Average profit (b) The normal rate of return (c) Expected rate of return (d) None of these |
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Answer» (b) The normal rate of return |
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| 35. |
Which one of the following statements is not true in relation to incomplete records? (a) It is an unscientific method of recording transactions (b) Records are maintained only for cash and personal accounts (c) Tax authorities do not accept (d) It is suitable for all types of organizations |
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Answer» (d) It is suitable for all types of organizations |
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| 36. |
Which of the following is shown in profit and loss appropriation account _______. (a) Office expenses (b) Salary of staff (c) Partners salary (d) Interest on bank loan |
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Answer» (c) Partners salary |
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| 37. |
Salary account comes under which of the following head? (a) Direct incomes (b) Direct expenses (c) Indirect incomes (d) Indirect expenses |
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Answer» (d) Indirect expenses |
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| 38. |
Define partnership. |
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Answer» According to section 4 of the Indian Partnership Act 1932, partnership is defined as, “the relation between persons who have agreed to share the profits of a business carried by all or any of them acting for all”. |
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| 39. |
What is core competence? (explain it with easy words) |
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Answer» A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel. It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness. Core competencies fulfill three criteria: 1. Provides potential access to a wide variety of markets. 2. Should make a significant contribution to the perceived customer benefits of the end product. 3. Difficult to imitate by competitors. For example, a company's core competencies may include precision mechanics, fine optics, and micro-electronics. These help it build cameras, but may also be useful in making other products that require these competencies. |
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| 40. |
Cement industry comes under which type of industry |
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Answer» Secondary sector |
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| 41. |
There are 100 members in a club each paying Rs. 500 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300. The amount of subscription to be shown in the income and expenditure account is __________. (a) Rs. 50,000 (b) Rs. 50,200 (c) Rs. 49,900(d) Rs. 49,800 |
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Answer» (a) Rs. 50,000 |
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| 42. |
The amount of credit sales can be computed from _______. (a) Total debtors A/c (b) Total creditors A/c (c) Bills receivable A/c (d) Bills payable A/c |
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Answer» (a) Total debtors A/c |
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| 43. |
Which of the following items relating to bills payable is transferred to total creditors account? (a) Opening balance of bills payable(b) Closing balance of bills payable (c) Bills payable accepted during the year (d) Cash paid for bills payable |
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Answer» (c) Bills payable accepted during the year |
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| 44. |
Which of the following should not be recorded in the income and expenditure account? (a) Sale of old newspapers (b) Loss on sale of an asset (c) Honorarium paid to the secretary (d) Sale proceeds of furniture |
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Answer» (d) Sale proceeds of furniture |
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| 45. |
Descriping A Police |
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Answer» Police typically are responsible for maintaining public order and safety, enforcing the law, and preventing, detecting, and investigating criminal activities. These functions are known as policing. |
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| 46. |
On retirement of a partner, general reserve is transferred to the _______. (a) Capital account of all the partners (b) Revaluation A/c (c) Capital account of the continuing partners (d) Memorandum of revaluation account |
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Answer» (a) Capital account of all the partners |
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| 47. |
What is gaining ratio? |
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Answer» Gaining ratio is the proportion of the profit which is gained by the continuing partner. Gaining ratio = Ratio of share gained by the continuing partners Share gained = New Share – Old Share |
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| 48. |
Assertion (A): At the time of admission of a partner the goodwill already existing in the book of accounts, the goodwill is written off by all partners including new partner.Reason(R): When goodwill already exists in books at the time of admission, the existing goodwill must be written off by debiting the old partners in their old profit sharing ratio.a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false.c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true |
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Answer» Correct option is a) Both Assertion (A) and Reason (R) are true |
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| 49. |
Assertion (A): The amount of premium brought in by the new partner is shared by the existing partners in their ratio of Sacrifice.Reason (R): Because the old partners sacrifice their share of profits in favour of new partner. a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false. c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true. |
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Answer» Correct option is c) Assertion (A) is true and Reason (R) is false. |
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| 50. |
Assertion (A): At the time of admission of a new partner unrecorded liability are debited to Revaluation account.Reason(R): Unrecorded liabilities are the gain for the partnership firm. a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false. c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true. |
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Answer» Correct option is c) Assertion (A) is true and Reason (R) is false. |
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