Diploma in Vocation (Accounting and Auditing) /60 0 Your Examination is Complete!Kindly Email your 10th Marksheet and Aadhaar card Copy on iisdtindia@gmail.comYou will get your result on email id within 10 days. Diploma in Vocation (Accounting and Auditing) 1 / 60Environment audit is examination of effectof Company operations onenvironment Environment on company Energy audit on company None of the above 2 / 60AS 15 deals with the accounting for retirement benefits in the financial statements of -------------- employers employees top manager top manager 3 / 60Which section of a business plan describes the organizational structure and key team members? Executive summary Company description Operational plan Marketing and sales strategy 4 / 60Sales ledger includes ____________________ Accounts of trade debtors Nominal accounts Accounts of trade creditors All the above accounts 5 / 60Which of the following is not incorporated in Capital Budgeting? Tax-Effect Time Value of Money Required Rate of Return Rate of Cash Discount 6 / 60Govt. grants become -----------because of non-fulfilment of the conditions attached to that grant. Refundable non refundable overdraft income 7 / 60Income tax is a…………………. Professional tax Direct tax Indirect tax Service tax 8 / 60.…………….reporting helps uses of financial statements to better assess the risk and t returns of the enterprise. segment Account statement management 9 / 60Rule of ejusdem generic is applicable when __________ ? Specific word follows general words General word follows specific words Either (a) or (b) Both (a) and (b) 10 / 60According  ________  rule of interpretation meaning of word should be known from its accompanying or associating words? Mischief rule Golden rule Noscitur a sociis Primary rule 11 / 60Credit Purchases are verified on the basis of ______________ Purchase Invoice Cash memo sales Invoice delivery challan 12 / 60Investment made by government as equity in the ownership of an enterprise is known as ------------ participation interested refundable not interested 13 / 60Income Tax Act was passed in the year………. 1934 1956 1961 1972 14 / 60Audit of ledger includes______________ Vouching Verification Vouching and verification None of the above 15 / 60. Section 2(9) of Income tax deals with…………. Person Assessed Previous Year Assessment Year 16 / 60What is the primary purpose of a business plan? Securing funding Guiding decision-making Creating marketing materials Creating marketing materials Establishing legal requirements 17 / 60Which section of a business plan typically includes financial forecasts? Executive summary Market analysis Operational plan Financial projections 18 / 60As per Income tax Act, Person includes …………… Individual HUF Local Authority All of the above 19 / 60Which of the following is not a capital budgeting decision? Expansion Programme Merger Replacement of an Asset Inventory Level 20 / 60Nominal ledger includes______________ Accounts of customers Accounts of expenses & losses Accounts of suppliers None of the above 21 / 60Why is market analysis an important component of a business plan? To determine legal requirements To identify potential competitors To outline operational processes To showcase the management team 22 / 60Turnover limit for Tax Audits 1 crore 40,00,000 25,00,000 5 crores 23 / 60________  means that contemporaneous exposition is the best and strongest in law? Noscitur a sociis Contemporaneity Exposition Est Optima Est Fortissimo in Lege Ejusdem generis None of above 24 / 60 Stock is valued at ______________ Cost Market value Cost or market value whichever is less Realizable value 25 / 60Which of the following is not true with reference capital budgeting? Capital budgeting is related to asset replacement decisions. Cost of capital is equal to minimum required return. Existing investment in a project is not treated as sunk cost Existing investment in a project is not treated as sunk cost 26 / 60Sales return should be examined on the basis of ______________ Credit note Debit note Invoice Cash memo 27 / 60In the Balance sheet of a firm, the debt equity ratio is 2:1 The number of long-term sources is Rs.12 lac. what is the amount of tangible net worth of the firm? Rs.12 lac. Rs.8 lac Rs.4 lac. Rs.2 lac. 28 / 60The minimum exceptional limit of income is………………. 250,000 200,000 300,000 500,000 29 / 60Income Tax Act came into force on………… 1st April 1935 1st April 1961 1st April 1962 1st April 1956 30 / 60The long-term use is 120% of long-term source.This indicates the unit has current ratio 1.2:1 Negative TNW Low capitalization Negative NWC. 31 / 60CBDT stands for …………………………. Central Bureau of Direct Taxes Central Board of Direct Taxes Citizen’s Board of Direct Taxes Citizen’s Bureau of Direct Taxes 32 / 60Capital Budgeting Decisions are: Reversible Irreversible Unimportant All of the above 33 / 60Cost auditor is appointed by Board of Directors Shareholders M.D. D. All 34 / 60Which of the following is not used in Capital Budgeting? Time Value of Money Sensitivity Analysis Net Assets Method Cash Flows 35 / 60Capital Budgeting is a part of: Investment Decision Working Capital Management Marketing Management Capital Structure 36 / 60Debt Equity Ratio is 3:1,the amount of total assets Rs.20 lac,current ratio is 1.5:1 and owned funds Rs.3 lac.What is the amount of current asset? Rs.5 lac Rs.3 lac Rs.12 lac none of the above. 37 / 60The accounting standards Board (India) was formed by the Institute of Chartered Accountants of India in April--------------- 1977 1978 2001 2009 38 / 60If a company issues bonus shares the debt equity ratio will Remain unaffected Will be affected Will improve none of the above. 39 / 60An asset is a Source of fund Use of fund Inflow of funds none of the above. 40 / 60Audit Note Book contains: --------------------------------------------------------- Various dates of reference. Details of work done Notes regarding item requiring clarification, explanations, etc. All of the above. 41 / 60A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. 56 60 80 85 42 / 60AS-7 deals with accounting for construction contracts in financial statements of contractors Accountants Agents Dealers 43 / 60Rebate of Income tax is defined as per section ……………. 81A 87A 81C 87C 44 / 60Where in an enactment, there are two provisions which cannot be reconciled with each other; they should be so interpreted that, if possible, effect may be given to both. This is what known as the_____________ Rule of harmonious construction Rule of reasonable construction Rule of ejusdem generis All of above 45 / 60The important objective of accounting standards is to the …………. diverse accounting policies and practices at present in use in India. harmonies incomplete complex compact 46 / 60Accounting Standards in India are Issued by the …………. ICAI BMCC IT IMA 47 / 60There is no need for presumptions? The intention of the legislation is clear The intention of the legislation is not clear Can be used in any condition All of the above 48 / 60Which of the following is not a relevant cost in Capital Budgeting? Sunk Cost Opportunity Cost Allocated Overheads Both (a) and (c) above 49 / 60What is the purpose of a risk analysis in a business plan? To identify potential growth opportunities To showcase the company's financial projections To assess potential challenges and mitigate risks To outline the company's marketing and sales strategy 50 / 60A sound Capital Budgeting technique is based on: Cash Flows Accounting Profit Interest Rate on Borrowings Last Dividend Paid 51 / 60Banks generally prefer Debt Equity Ratio at: 1:1 1:3 2:1 3:1 52 / 60Accounting Standards are beneficial not only to the business enterprises but also to the………….. as well. accountants & auditor Customers Family and Country Traders 53 / 60According to which rule of interpretation old statutes should be interpreted as they would have been at the date when they were passed? Expression unis Est exclusion arteries Contemporaneity Exposition Est Optima Est Fortissimo in Lege Ut res magi’s valeat Quam Pare atq Nosier a Sociis 54 / 60If a company revalue its assets, itsnet worth: Will improve Will remain same Will be positively affected None of the above. 55 / 60Income tax rates are fixed in……………. Income tax Act Finance Act Income tax rules Finance rules 56 / 60Capital Budgeting deals with: Long-term Decisions Short-term Decisions Both (a) and (b) Neither (a) nor (b) 57 / 60Interpretation of statute should not be given a meaning which would make other ________ provisions? In effective Redundant Dormant None of the above 58 / 60The auditor will examine cash sales on the basis of ______________ Carbon copy of cash memo Invoice Receipt Voucher 59 / 60AS -26 deals with the treatment of costs of……………in financial statements. Research & development Construction contract Assets Risk & Rewards 60 / 60In the balance sheet amount of total assets is Rs.10 lac, current liabilities Rs.5 lac& capital & reserves are Rs.2 lac. What is the debt equity ratio? 1;1 1.5:1 2:1 none of the above. Exit
