Daily Quiz For Icwai Intermediate Students

10 Questions | By Kumarnirmalprasa | Updated: Mar 20, 2022 | Attempts: 241

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Daily quiz for Icwai intermediate students. This quiz contains questions from all 6 papers.

Questions and Answers

1.

Which of the following item is not shown in Income and Expenditure account?
- A.
  
  Items of revenue nature received during the current year
- B.
  
  Items of revenue nature current year received during previous year
- C.
  
  Capital Expenditure
- D.
  
  Loss on sale of assets
2.

Every Banking Company incorporated in India is required to transfer at least 20% of its profit to Reserve Fund.
- A.
  
  True
- B.
  
  False
3.

There are in total two parties to a Promissory Note. Name them
- A.
  
  Maker or Issuer
- B.
  
  Drawer
- C.
  
  Payee
- D.
  
  Drawee
4.

Dividend has been declared out of profit on re–issue of forfeited shares.
- A.
  
  True
- B.
  
  False
5.

Salary paid to a working partner of a firm is chargeable to income– tax in the hands of such partner under the head __________.
- A.
  
  Income from salary
- B.
  
  Income from house property
- C.
  
  Profits and gains from business and profession
- D.
  
  Income from other sources
6.

Xmas Charities received anonymous donation of Rs. 5 lakhs. The said sum is.
- A.
  
  Exempt from tax
- B.
  
  Fully taxable
- C.
  
  Partly taxable and Partly exempted
- D.
  
  None of the above
7.

Sales for two consequtive months of a company are Rs. 3,80,000 and Rs. 4,20,000. The company’s net profits for these months amounted to Rs. 24,000 and Rs. 40,000 respectively. There is no change in P/V ratio or fixed costs. The P/V ratio of the company is
- A.
  
  25%
- B.
  
  30%
- C.
  
  35%
- D.
  
  40%
8.

Variants of VAT (VALUE ADDED TAX):
- A.
  
  Gross Product Variant
- B.
  
  Income Variant
- C.
  
  Consumption Variant
- D.
  
  All of the Above
9.

Re—order Level is ______________ usage multiplied by _________________lead time.
10.

The due date for filling return of income u/s.139(1) in the case of individual assessee having turnover above Rs. 60 lakhs is ___________.
- A.
  
  30th September of the assessment year
- B.
  
  31st March of the assessment year
- C.
  
  31st August of the assessment year
- D.
  
  30th June of the assessment year