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Online MCQ Assignment
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Online MCQ Assignment Answer

QN1: A method of financing a business where money is received by the issuance of shares in the enterprise.

a. Equity Capital

b. Demerger

c. Merger

d. Debt

View Answer

Answer: a. Equity Capital

QN2: Sales revenue less cost of sales, operating expenses, and interest, before taxes have been paid.

a. EBT

b. EAT

c. PAT

d. EBIT

View Answer

Answer: a. EBT

QN3: Persons who have left their country and live abroad.

a. Expatriate

b. NRI

c. Foreigners

d. Natives

View Answer

Answer: a. Expatriate

QN4: Financial transaction whereby an enterprise sells its debt claims to a third party in order to obtain cash

a. Factoring

b. Forfaiting

c. Accounting

d. Cash Management

View Answer

Answer: a. Factoring

QN5: …lease is where the lessor is considered only as a financier.

a. Finance

b. Left

c. Right

d. Time

View Answer

Answer: a. Finance

QN6: Any 12month period which is set for accounting purpose of an enterprise.

a. Accounting Year

b. Fiscal Year

c. Calender Year

d. Assessment Year

View Answer

Answer: b. Fiscal Year

QN7: Part of economic policy which relates to taxation and public expenditure.

a. Monetary Policy

b. Fiscal Policy

c. Cash Policy

d. Exim Policy

View Answer

Answer: b. Fiscal Policy

QN8: ___Property is also called as real property, immovable property comprises land, houses and buildings.

a. Movabale

b. Fixed

c. Immovable

d. Liquid

View Answer

Answer: c. Immovable

QN9: Capital receipts are shown in the Balance Sheet on the … side.

a. Above

b. Below

c. Asset

d. Liability

View Answer

Answer: d. Liability

QN10: Winnings from lotteries, races etc. are taxable under the head “Income from other sources”.

a. TRUE

b. FALSE

c. Sometimes

d. Can’t Say

View Answer

Answer: a. TRUE

QN11: Wealth tax is to be rounded off to nearest multiple of…

a. 1

b. 10

c. 100

d. 1000

View Answer

Answer: c. 100

QN12: Tax is to be rounded off to nearest multiple of …

a. Ten

b. Hundred

c. Rupee

d. Thousand

View Answer

Answer: a. Ten

QN13: Year in which income is earned is known as… Year.

a. Annual

b. Taxable

c. Assessment

d. Previous

View Answer

Answer: d. Previous

QN14: Aggregate amount of deduction under section 80C, 80CCC and 80CCD cannot exceed:

a. 150,000

b. 100,000

c. 200,000

d. 250,000

View Answer

Answer: a. 150,000 (Note: A new section 80CCD (1B) has been introduced for an additional deduction of up to Rs 50,000. So total Rs. 200,000 if include 80CCD (1B)

QN15: LLC stands for limited liability …

a. Corporation

b. Company

c. Console

d. Centre

View Answer

Answer: b. Company

QN16: Tax and/or accounting convention under which the value of assets/liabilities is adjusted to reflect fair market value of a specific date.

a. conventional tax rate

b. Sovereign Rate

c. Mark to market

d. Managerial

View Answer

Answer: c. Mark to market

QN17: ___is an increase in the price of something, especially from the price a trader pays for something to the price he sells it for.

a. Column-down

b. Column-up

c. Mark-down

d. Mark-up

View Answer

Answer: d. Mark-up

QN18: Tax on mortgages usually in the form of a stamp duty levied on the mortgage document.

a. Mortage tax

b. Document Tax

c. Implied tax

d. Annual Tax

View Answer

Answer: a. Mortage tax

QN19: A lack of due care or failure to do what a reasonable and ordinarily prudent person would do under the given circumstances.

a. Accounting Fraud

b. Negligence

c. Accounting Mistake

d. Fraud

View Answer

Answer: b. Negligence

QN20: Obligation to persuade a court or other entity of the validity of a factual assertion.

a. Branch Tax

b. Statutiory Tax

c. Burden of Proof

d. Compliance Tax

View Answer

Answer: c. Burden of Proof

QN21: A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.

a. Sales

b. Excise

c. Income Tax

d. IPR tax

View Answer

Answer: b. Excise

QN22: Income-tax is an annual tax on …

a. Royality

b. Income

c. charity

d. Commission

View Answer

Answer: b. Income

QN23: Generally, an income amount that relates to a future period and therefore can be set aside and included in income for that period.

a. Asset

b. Liability

c. Surplus

d. Reserves

View Answer

Answer: d. Reserves

QN24: A deduction used to reduce net income for tax purposes.

a. Taxation

b. Liability

c. Write Off

d. Reserves Creation

View Answer

Answer: c. Write Off

QN25: Term generally used to describe a number of operations involving the reorganization of companies.

a. Trial Balance

b. Merger

c. Acquisition

d. Take Over

View Answer

Answer:

QN26: Department of government generally responsible for formulating monetary policy, implementing the tax laws, collecting revenue, etc.

a. Ministry of Accounting

b. Monistry of Commerce

c. Ministry of Finance

d. Ministry of Taxation

View Answer

Answer: c. Ministry of Finance

QN27: .. Is the gross income less deductible income related expenses.

a. Net

b. Pure

c. Total

d. Casual

View Answer

Answer: a. Net

QN28: Association of two or more person (individuals or companies) formed for the purpose of making a profit.

a. Sole Propreitorship

b. JSCs

c. Strategic Alliance

d. Partnership

View Answer

Answer: d. Partnership

QN29: An intangible asset that represents the superior earning power of a business.

a. Asset

b. Liability

c. Goodwill

d. Pure Asset

View Answer

Answer: c. Goodwill

QN30: A written application addressed to a court or judge, and stating facts and circumstances relied upon as a cause for judicial action.

a. Filing

b. Petition

c. Application

d. Writ

View Answer

Answer: b. Petition

QN31: Any 12-month period which is set for accounting purpose of an enterprise is … year.

a. Fiscal

b. Previous

c. Assessment

d. Monetary

View Answer

Answer: a. Fiscal

QN32: A risk-management strategy to balance positions of different business units or with unrelated third parties is called … hedging.

a. Liberal

b. Expatriate

c. Foreign

d. Global

View Answer

Answer: d. Global

QN33: The period following the due date of taxes during which legal action for recovery of delinquent taxes will not be instituted and interest will not commence to run is … Period.

a. Flexible

b. Grace

c. Advanced

d. Extended

View Answer

Answer: b. Grace

QN34: Reserves which are not disclosed on the balance sheet of an enterprise, either by overvaluing debts or undervaluing assets are called… reserves.

a. Fixed

b. Hidden

c. Flexible

d. Statutory

View Answer

Answer: b. Hidden

QN35: A tax applied at the same rate to all levels of income is … Tax.

a. Straight Line

b. Flat Tax

c. Forward

d. Fixed Tax

View Answer

Answer: b. Flat Tax

QN36: Amount of money received by persons or entities as compensation for damages or for losses incurred.

a. Deflamation

b. Indemnification

c. Income Shifting

d. Income Spliting

View Answer

Answer: b. Indemnification

QN37: Real property or personal property that is received by heirs.

a. Solely

b. Benefited

c. Gifted

d. Inheritance

View Answer

Answer: d. Inheritance

QN38: A transaction among parties, each of whom acts in his or her own best interest is called…Transaction.

a. Arm’s Length

b. Attributable

c. Auxilary

d. Pending

View Answer

Answer: a. Arm’s Length

QN39: Environment tax is commonly called as… tax.

a. Green

b. Eco

c. Forest

d. White

View Answer

Answer: a. Green

QN40: Rule under which one is precluded and forbidden by law to speak against his own act or deed.

a. Pestel

b. Escort

c. Estoppel

d. onograph

View Answer

Answer: c. Estoppel
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