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
QN2: Sales revenue less cost of sales, operating expenses, and interest, before taxes have been paid.
QN3: Persons who have left their country and live abroad.
QN4: Financial transaction whereby an enterprise sells its debt claims to a third party in order to obtain cash
d. Cash Management
QN5: …lease is where the lessor is considered only as a financier.
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
QN7: Part of economic policy which relates to taxation and public expenditure.
a. Monetary Policy
b. Fiscal Policy
c. Cash Policy
d. Exim Policy
QN8: ___Property is also called as real property, immovable property comprises land, houses and buildings.
QN9: Capital receipts are shown in the Balance Sheet on the … side.
QN10: Winnings from lotteries, races etc. are taxable under the head “Income from other sources”.
d. Can’t Say
QN11: Wealth tax is to be rounded off to nearest multiple of…
QN12: Tax is to be rounded off to nearest multiple of …
QN13: Year in which income is earned is known as… Year.
QN14: Aggregate amount of deduction under section 80C, 80CCC and 80CCD cannot exceed:
QN15: LLC stands for limited liability …
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
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.
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
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
c. Accounting Mistake
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
QN21: A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.
c. Income Tax
d. IPR tax
QN22: Income-tax is an annual tax on …
QN23: Generally, an income amount that relates to a future period and therefore can be set aside and included in income for that period.
QN24: A deduction used to reduce net income for tax purposes.
c. Write Off
d. Reserves Creation
QN25: Term generally used to describe a number of operations involving the reorganization of companies.
a. Trial Balance
d. Take Over
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
QN27: .. Is the gross income less deductible income related expenses.
QN28: Association of two or more person (individuals or companies) formed for the purpose of making a profit.
a. Sole Propreitorship
c. Strategic Alliance
QN29: An intangible asset that represents the superior earning power of a business.
d. Pure Asset
QN30: A written application addressed to a court or judge, and stating facts and circumstances relied upon as a cause for judicial action.
QN31: Any 12-month period which is set for accounting purpose of an enterprise is … year.
QN32: A risk-management strategy to balance positions of different business units or with unrelated third parties is called … hedging.
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.
QN34: Reserves which are not disclosed on the balance sheet of an enterprise, either by overvaluing debts or undervaluing assets are called… reserves.
QN35: A tax applied at the same rate to all levels of income is … Tax.
a. Straight Line
b. Flat Tax
d. Fixed Tax
QN36: Amount of money received by persons or entities as compensation for damages or for losses incurred.
c. Income Shifting
d. Income Spliting
QN37: Real property or personal property that is received by heirs.
QN38: A transaction among parties, each of whom acts in his or her own best interest is called…Transaction.
a. Arm’s Length
QN39: Environment tax is commonly called as… tax.
QN40: Rule under which one is precluded and forbidden by law to speak against his own act or deed.