Knowledge Sharing Quiz

35 Questions | Total Attempts: 195

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Accounting Quizzes & Trivia

This quiz is to test the adaptability to various knowledge sharing sessions. There are 35 questions and all have equal marks. Time allowed to complete the quiz is 15 minutes. Test your learnings. ALL THE VERY BEST! Ajay Uppal


Questions and Answers
  • 1. 
    • A. 

      5

    • B. 

      8

    • C. 

      6

    • D. 

      9

  • 2. 
    Working Capital = Assets - Liabilities ??
    • A. 

      True

    • B. 

      False

  • 3. 
    Costing does not help in following:
    • A. 

      Guide in decision making

    • B. 

      Help in price fixation

    • C. 

      Used in variance analysis

    • D. 

      Increase profitability

    • E. 

      None of above

  • 4. 
    Cost statement must be prepared -
    • A. 

      Bi-monthly

    • B. 

      Monthly

    • C. 

      Quarterly

    • D. 

      Ocassionaly, when time permits

  • 5. 
    • A. 

      JCR, ACE, Cost Statement

    • B. 

      Cost Statement, ACE, JCR

    • C. 

      ACE, Cost Statement, JCR

    • D. 

      ACE, JCR, Cost Statement

  • 6. 
    In, Job Cost Report (JCR), Job Cost to date + Estimate to Complete =
    • A. 

      Profit/Loss

    • B. 

      Revised Estimated Cost

    • C. 

      Original Estimate of Cost

    • D. 

      None of above

  • 7. 
    Revised Sales Value - Revised Estimated Cost =
    • A. 

      PBIT

    • B. 

      JCR Margin

    • C. 

      PAT

    • D. 

      ROCE

  • 8. 
    Contract cost as per AS-7 excludes following:
    • A. 

      Materials cost

    • B. 

      General administrative OH

    • C. 

      Site Overheads

    • D. 

      Insurance cost

  • 9. 
    Contract Revenue must include all probable claims even if uncertified.
    • A. 

      True

    • B. 

      False

  • 10. 
    For following jobs, Profit/Loss can be recognised from Day 1.
    • A. 

      Cost-plus jobs

    • B. 

      Long cycle jobs

    • C. 

      Short cycle job

    • D. 

      All jobs

  • 11. 
    As per L&T's accounting policy, Profit/Loss for a job can be recognised at the stage of:
    • A. 

      20% completion

    • B. 

      25% completion

    • C. 

      50% completion

    • D. 

      100% completion

  • 12. 
    Contingency % for a job which is between 50% and 74% cost completion shall be
    • A. 

      1%

    • B. 

      2%

    • C. 

      3%

    • D. 

      4%

    • E. 

      5%

  • 13. 
    Foreseeable loss should be accounted as an expense in the books of accounts at following stage:
    • A. 

      The Loss is actually incurred

    • B. 

      25% completion

    • C. 

      When expected contract costs exceeds contract revenue

    • D. 

      Never

  • 14. 
    Sales =
    • A. 

      (Cost excluding consumables) + (Estimated profit) x cost completion%

    • B. 

      (Cost including consumables) - (Estimated profit) x cost completion%

    • C. 

      Invoicing - Outstanding

    • D. 

      Invoicing x cost completion %

  • 15. 
    Return on Capital Employed (ROCE) =
    • A. 

      Profit / Average net funds employed

    • B. 

      Profit / Average net working capital

    • C. 

      Profit / Sales

    • D. 

      Profit / Invoicing

  • 16. 
    Economic Value Added (EVA) = PBIT - Interest & Taxes - Capital Charge
    • A. 

      True

    • B. 

      False

  • 17. 
    In case 'C'-form is issued, the Supplier shall charge tax @
    • A. 

      3%

    • B. 

      2%

    • C. 

      5%

    • D. 

      4%

  • 18. 
    'C'-form can not be issued for purchase of materials intended for
    • A. 

      Resale

    • B. 

      Use in manufacture of goods for sale

    • C. 

      Self - consumption

  • 19. 
    Works contract service relating to following is not exempt:
    • A. 

      Airport

    • B. 

      Commercial building

    • C. 

      Roads

    • D. 

      Railway

  • 20. 
    Current Service Tax rate on actual basis is 10.03%.
    • A. 

      True

    • B. 

      False

  • 21. 
    Service Tax rate under composition scheme is:
    • A. 

      2.14%

    • B. 

      4.12%

    • C. 

      5%

    • D. 

      10.30%

  • 22. 
    Under VAT, ITC means
    • A. 

      Indirect Tax Code

    • B. 

      Input Tax Credit

    • C. 

      Input Tax Code

    • D. 

      Indirect Tax Credit

  • 23. 
    No VAT / WCT is payable on:
    • A. 

      Labour charges

    • B. 

      Cement

    • C. 

      Scrap items

    • D. 

      All of them

  • 24. 
    Current Assets include:
    • A. 

      Outstanding (Debtors)

    • B. 

      Vendor Credit

    • C. 

      Stock

    • D. 

      Cost over Invoicing

    • E. 

      Plant & Machinery

    • F. 

      Cash and Bank

  • 25. 
    Working Capital Management includes
    • A. 

      Reducing surplus stock

    • B. 

      Increasing Outstaning (Debtors)

    • C. 

      Reducing Vendor Credit

  • 26. 
    Contract Labour (Regulation & Abolition) Act, 1970 is applicable where
    • A. 

      Less than 20 workers are deployed on contract basis

    • B. 

      20 or more workers are deployed on contract basis

    • C. 

      10 or more workers are deployed on contract basis

    • D. 

      1 or more worker is deployed on contract basis

  • 27. 
    For arranging Labour licence, following documents need to be submitted:
    • A. 

      Form V from Client

    • B. 

      Application in Form IV

    • C. 

      Completion Certificate

    • D. 

      Requisite Security Deposit

    • E. 

      Insurance Copy

  • 28. 
    BOCW Act is not applicable for building or construction work where Factories Act is already applicable.
    • A. 

      True

    • B. 

      False

  • 29. 
    Labour Cess under BOCW Act is payable @
    • A. 

      1% of Construction cost

    • B. 

      2% of Construction cost

    • C. 

      4.12% of Construction cost

    • D. 

      10.3% of Construction cost

  • 30. 
    Broad two stages of Risk management in L&T are:
    • A. 

      Pre-bid (Tender) Stage and Post-Award (Execution) Stage

    • B. 

      Post-Award (Execution) Stage and Completion Stage

    • C. 

      Pre-Bid (Tender Stage) and Completion Stage

    • D. 

      Preliminary Stage and Secondary Stage

  • 31. 
    Risk with which of below assessment will be rated under "Critical" Risk rating:
    • A. 

      Rare Probability and Major Impact

    • B. 

      Possible Probibility and Major Impact

    • C. 

      Possible Probabilty and Minor Impact

    • D. 

      Unlikely Probabilty and Extreme Impact

  • 32. 
    All Risks can be transferred.
    • A. 

      True

    • B. 

      False

  • 33. 
    No registration is required BOCW Act.
    • A. 

      True

    • B. 

      False

  • 34. 
    Sale of Scrap is exempt from VAT / CST.
    • A. 

      True

    • B. 

      False