MCQS ON ACCOUNTS AND TAXATION SUBJECT IMPORTANT FOR VARIOUS EXAMS LIKE CA/CS/CMA AND OTHER GOVT. JOB EXAMS.
Q.1Overheads which have been incurred in connection with production of a manufacture
commodity before it comes out of the workshop is known as _______.
Options :-
A. factory overheads
B. normal overheads
C. abnormal overheads
D. fixed overheads
Answer - A. Factory overheads
Q.2 As per Section 16(1) of the Indian Contract Act 1872, a contract is said to be induced by______ where the relations subsisting between the parties are such that one of the parties is in a position to dominates the will of the other.
Options :-
A. coercion
B. fraud
C. undue influence
D. misrepresentation
Answer - C. Undue influence
Q.3 The maximum amount on which income tax is NOT chargeable in case of HUF for the Assessment year 2019-20 under the Income Tax Act is ______.
Options :-
A. Rs. 2,00,000
B. Rs. 3,00,000
C. Rs. 3,50,000
D. Rs. 2,50,000
Answer - D. 2,50,000
Q.4 A factory produces 500 fans per annum and the variable cost per fan is 50. The fixed expenses are Rs. 10,000 per annum. What is the total cost of 500 fans?
Options :-
A. Rs. 25,000
B. Rs. 35,000
C. Rs. 10,000
D. Rs. 12,500
Answer - B. 35000
Q.5 Which of the following is NOT a clause of the Memorandum of Association?
Options :-
A. Name clause
B. Objects clause
C. General clause
D. Liability clause
Answer - C. General clause
Q.6 What is the full form of ECS in the banking sector?
Options :-
A. English Clearing System
B. Electronic Clearing Service
C. Electric Clearing System
D. Electronic Conceptual Service
Answer - B. Electronic Clearing Service
Q.7 Cash inflow in a cash flow statement means ______.
Options :-
A. uses of cash and it decreases the total cash available at the disposal of the firm
B. sources of cash and it increases the total cash available at the disposal of the firm
C. sources of cash and it decreases the total cash available at the disposal of the firm
D. uses of cash and it increases the total cash available at the disposal of the firm
Answer - B. sources of cash and it increases the total cash available at the disposal of the firm
Q.8 The money consideration for a sale of goods is known as _______.
Options :-
A. title of goods
B. earnest deposit
C. price
D. consideration
Answer - C. price
Q.9 Dividend paid is of the nature of _______.
Options :-
A. an appropriation of profits
B. financial income
C. a financial charge
D. an abnormal loss
Answer - A. an appropriation of profits
Q.10 From the following information calculate the break-even sales:
1. Sales = Rs. 10,00,000
2. Fixed costs = Rs. 3,00,000
3. Profit = Rs. 2,00,000
Options :-
A. Rs. 4,50,000
B. Rs. 3,00,000
C. Rs. 5,00,000
D. Rs. 6,00,000
Answer - D. Rs. 6,00,000
LIKE . COMMENT . SHARE. SUBSCRIBE.
TELEGRAM LINK - CLICK HERE
WHATSAPP GROUP LINK - CLICK HERE
