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You Are On Multi Choice Question Bank SET 2467
123351. When debt capital exceeds owned capital, it is
(A): low capital gearing (B): high capital gearing (C): over capitalisation (D): under capitalisation
123352. Working capital required for a particular period is
(A): permanent working capital (B): variable working capital (C): circulating working capital (D): net working capital
123353. Payback period method taken into account
(A): Payback period (B): Time value of money (C): Life time earnings (D): Reinvestment of earnings
123354. Capital raised from third parties are called
(A): Own capital (B): Debt capital (C): Reserve capital (D): Private capital
123355. Job costing is applied in
(A): chemical works (B): paper mills (C): printing press (D): textile mills
123356. Tyre and tubes manufacturing company adopts
(A): batch costing (B): job costing (C): output costing (D): contract costing
123357. Which one of the following is the most important tool in cost planning
(A): Budgeting (B): Cost unit (C): Direct cost (D): Cost statement
123358. The term 'sink cost' refers to
(A): pre production cost (B): service cost (C): variable cost (D): past cost that are now irrecoverable
123359. An example of fixed cost is
(A): direct material cost (B): depreciation of machinery (C): chargeable expenses
123360. Premium on redemption of debenture is
(A): a cash inflow (B): a cash outflow (C): an income (D): an asset
123361. Short term investment is
(A): current assets (B): fixed assets (C): current liabilities (D): application of funds
123362. A 'Ratio' is expressed in terms of
(A): Proportion (B): Rupees (C): Data (D): Weights
123363. A production budget is based on ............. budget.
(A): cash (B): purchase (C): sales (D): overheads
123364. A flexible budget is
(A): budget for different capacity levels (B): budget for different departments (C): budget for receipts and payments (D): a cash budget
123365. Which one of the following statement is not correct in the absence of Partnership Agreement
(A): Profits and losses are to be shared equally (B): No interest is to be charged on drawings (C): Partners are entitled for salary (D): Interest on capital is not allowed
123366. Under debtor system, the branch account is a ............. account.
(A): Personal (B): Impersonal (C): Real (D): Nominal
123367. Rent paid is apportioned between the departments on the basis of
(A): Purchases (B): Sales (C): Light Points (D): Space Occupied
123368. The amount of depreciation charged on machinery a/c will be debited to ............. a/c
(A): Cash account (B): Machinery account (C): Depreciation account (D): Provision for depreciation account
123369. Depreciation is provided on
(A): Current assets only (B): Fixed assets only (C): Intangible assets only (D): All assets
123370. Under stock and debtors method of recording branch transaction which one of the following accounts need not be prepared
(A): Branch a/c (B): Branch debtors a/c (C): Branch creditors a/c (D): Stock reserve a/c
123371. Cash remitted by branch but not received by the Head Office is debited by the head office to ............... account.
(A): Branch (B): Head office (C): Cash (D): Cash in transit
123372. The premium paid by the new partners is shared by the old partners in ............. ratio.
(A): Sacrificing (B): Gaining ratio (C): Capital ratio (D): Profit/Loss ratio
123373. Goodwill is ............. Asset.
(A): Tangible (B): Intangible (C): A current (D): A hidden
123374. Profit on revaluation is a
(A): Revenue profit (B): Capital profit (C): Old profit (D): New profit
123375. Children education allowance is exempted upto
(A): Rs. 200 p.m. per child (B): Rs. 300 p.m. per child (C): Rs. 100 p.m. per child (D): Rs. 500 p.m. per child
123376. Rate of depreciation on non residential building is
(A): 10% (B): 15% (C): 20% (D): 25%
123377. Tax exemtion for inclusion of Minor's Income is
(A): Rs. 1500 (B): Rs. 2000 (C): Rs. 2500 (D): Rs. 3000
123378. Salary income of M.P. is taxable under the head
(A): Salary (B): House property (C): Business (D): Other sources
123379. Standard deduction for Income from House Property is allowed at ................% of Net Annual Value.
(A): 10% (B): 20% (C): 30% (D): 40%
123380. Income received from ........... is wholly exempted.
(A): Agricultural (B): Lottery (C): Industrial (D): Pension
123381. Family Pension received is taxable under the head
(A): Salaries income (B): Business income (C): Other sources (D): House property
123382. The allowance deduction of Professional Tax upto a maximum of
(A): 33.33 % (B): 50 % (C): 100% (D): 66.67%
123383. An individual who want to be a resident of India U/S 6(1)(a) must stay in India for atleast .......... days in the previous year.
(A): 180 (B): 182 (C): 192 (D): 365
123384. Agriculture Income is defined in sec ............. of Income Tax 1961
(A): 2 (IA) (B): 2 (3) (C): 2 (3A) (D): 2(7)
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