Daily Quiz For Icwai Intermediate Students

10 Questions | Total Attempts: 208

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Student Quizzes & Trivia

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

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