1 | Page VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane Department of B.Com (Accounting & Finance) FOR ACADEMIC YEAR 2019-2020 Name of the Professor: Dr. Neelam Shaikh Class: TYBAF Semester: VI/ CBCS Subject : Financial Accounting Core Paper No: VII Paper Code : 85601 SAMPLE QUESTION: MULTIPLE CHOICE QUESTIONS (MCQ) Sr.No Question Option A Option B Option C Option D 1 Balance Sheet of Electricity Company is presented in____________ Four Parts Schedule III Format Five Parts Three Parts 2 In case of Electricity Company, Transformers will be shown under the head of________________ Current Assets Current Liabilities Fixed Assets Share Capital 3 Grant received under APDRP of Ministry of Power is accounted for ____________ As a liability As a reserve As a capital reserve As reduction in cost of fixed assets 4 Sale of Electricity to Commercial Undertakings will be credited to_________ Profit and Loss Statement Balance Sheet Revenue A/c Capital A/c 5 Depreciation is charged on _________ Historical Cost Market Value Cost Value Revalued Value 6 Security Deposit from electricity consumers___________ May be collected under section 43 of the Electricity Act, 2003 May be collected under section 47 of the Electricity Act, 2003 Is the same everywhere in India Cannot be collected 7 Formats of financials statement of Electricity Commission Act _____________ The Central Electricity Regulatory Commission Act The Companies Act The Income Tax Act The Electricity Act, 2003
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VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
FOR ACADEMIC YEAR 2019-2020
Name of the Professor: Dr. Neelam Shaikh Class: TYBAF Semester: VI/ CBCS
Subject : Financial Accounting Core Paper No: VII Paper Code : 85601
SAMPLE QUESTION: MULTIPLE CHOICE QUESTIONS (MCQ)
Sr.No Question Option A Option B Option C Option D
1 Balance Sheet of Electricity Company is
presented in____________ Four Parts
Schedule III Format
Five Parts
Three Parts
2 In case of Electricity Company,
Transformers will be shown under the head
of________________
Current Assets
Current Liabilities
Fixed Assets
Share Capital
3 Grant received under APDRP of Ministry of
Power is accounted for ____________
As a liability
As a reserve
As a capital
reserve
As reduction in
cost of fixed assets
4 Sale of Electricity to Commercial
Undertakings will be credited to_________
Profit and Loss
Statement Balance Sheet
Revenue A/c
Capital A/c
5 Depreciation is charged on _________ Historical Cost Market Value Cost Value Revalued Value
6 Security Deposit from electricity
consumers___________
May be collected
under section 43 of
the Electricity Act,
2003
May be collected
under section 47 of
the Electricity Act,
2003
Is the same
everywhere in India
Cannot be
collected
7 Formats of financials statement of
Electricity Commission Act _____________
The Central
Electricity
Regulatory
Commission Act
The Companies Act
The Income Tax
Act
The Electricity Act,
2003
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8 At Present, Electricity Companies are
Governed by______________
Electricity Act, 1910
Electricity (Supply)
Act, 1948
Electricity
Regulatory
Commissions Act,
1998
Electricity Act,2003
9 Interest on Security deposit from electricity
consumers ____________
Is not payable
Is payable at bank
rate or more as
prescribed
Is payable only at
bank rate
May be paid at a
rate lower than the
bank rate
10 Electricity tariffs are fixed ____________
Under Electricity
Act, 1910
By appropriate
Commissions
Under Electricity
(Supply) Act, 1948
Under Electricity
Regulatory
Commissions Act,
1998
11 Deposit for water in case of co-operative
society will be shown under the head of
________________
Current Assets
Other Items
Loans and
Advances Deposits
12 Income and Expenditure Account of Co-
operative Society should be prepared in
____________
Form F
Form D
Form N
Form G
13 In case of Agricultural Marketing Society
_______________
½ of members are
agriculturist
¾ of members are
agriculturist
1/3 of members are
agriculturist 2/3 of members
are agriculturist
14 Entrance fees received by co-operative
society is added in ________
Income
Reserve Fund
Assets
Loans
15 In case of consumers’ co-operative
societies sales made to members are
recorded in _____________
Cash Memo
Credit Notes
Pass books
Debit Notes
16 Expulsion of member of a co-operative
society can be done ____________
Managing
Committee
The General Body
by simple majority
The General Body
by 3/4th majority
The Chairman
17 Preparation of Final Accounts of co-
operative society __________ Bye Law No.142
Bye Law No.143
Bye Law No.144
Bye Law No.145
18 Prepaid Maintenance Charges by member Loans and Sundry Debtors Fixed Assets Deposits
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of co-operative housing society will be
shown under the head of ___________
Advances
19 Subscription to housing federation will be
shown as ____________ Assets
Liabilities
Income
Expenditure
20 The maximum cash balance
allowable to be kept by Housing
Society __________
Rs.5000
Rs.500 Rs.1,000
Rs.300
21 Rules for internal management of co-
operative society are called as
___________
Bye-Laws
Articles of
Association
Memorandum of
Association
Trust Deed
22 On sale of investment profit / Loss is
calculated by the equation _____________
Sale-average cost
Sale-weighted
average cost
Sale-cost as per
FIFO basis Sale-cost as per
LIFO basis
23 Dividend on shares accrues on the
__________
Due date
Date of declaration
Date fixed in
advance
Last day of the
year
24 Sale of rights shares is entered in
investment a/c on __________
Entered in
investment a/c
Debit side of
investment a/c in
cost column
Debit side of
investment a/c in
N.V column
Sale proceeds
credited to profit
and loss a/c
25 Interest on bonds accrues
______________
As declared by the
company in the
beginning of every
financial year
On the date fixed
by board resolution
On due dates fixed
in advance
On the last day of
the financial year
26 X buys 200 debentures of Nominal Value
of Rs.100 each of Axis Ltd. at Rs.98 (Ex-
interest) on 1-3-2019 from Y. Interest @
12% p.a. is to be paid half yearly on 30th
June and 31st December.
Nominal Value of
Investment
purchased is
Rs.20,000
Nominal Value of
Investment
purchased is
Rs.20,200
Nominal Value of
Investment
purchased is
Rs.19,800
Nominal Value of
Investment
purchased is
Rs.19,600
27 Long term investments are carried at
________
Cost or Market
Value whichever is
less
Fair Value
Market Value Cost Price
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28 Following is not a fixed Income Bearing
Security ____________
Debentures
Equity Shares
Preference Shares
Government
Security
29 Accounting for investment is dealt with by
____________ AS 29
AS 11
AS 13
AS 9
30 Mr. M buys 200 debentures of Nominal
Value of Rs.100 each of QR Ltd. at Rs.98
(Ex-interest) on 1-3-2019 from Mr. N.
Interest @ 12% p.a. is to be paid half
yearly on 30th June and 31st December.
Mr. A has the right
to claim interest of
Rs.1,200
Mr. A has the right
to claim interest of
Rs.400
Mr. B has the right
to claim interest of
Rs.400
Mr. A has the right
to claim interest of
Rs.2,400
31 The most appropriate measure of return
for a scheme in existence for several
years is ____________
CAGR
Simple Return
Dividend Return
Annualized Return
32 Investment objective is closely linked to
____________
Plan Scheme
Option
SIP
33 The NAV of each scheme should be
updated on AMFI’s website ________
Every hour
Every quarter
Every month
Every day
34 An open ended mutual fund is one that has
______________
An option to invest
in any kind of
security
Units available for
sale and
repurchase at all
times
An upper limit on
its NAV
A fixed fund size
35 Provision for Depreciation is not necessary
when investments are valued at
____________
Cost
Market Value
Realizable Value
Marked to market
basis
36 The difference between NAV and
Repurchase Price is _____________ Entry Load
Exit Load
Expenses
Dividend
37 When the investment does not provide any
return, it is called as _____________
Performing
Investments
Non-performing
Investments
Dead Investments
Active Investments
38 The assets of Mutual Fund are held by
___________
AMC
Trustee Custodian
Registrar
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39 Debt Funds target ____________ high growth with
risk
protection of
principal amount
Low risk and stable
income
long term capital
appreciation
40 Which of the following is a disadvantage
suffered by a mutual fund investor
_________
high liquidity
no tailor made
portfolio
diversification
low investment
41 IFRS are applicable to all the entities
having net worth in excess of _________
Rs 500 Crores
Rs. 5000 Crore Rs. 100 Crore
Rs. 10,000 Crore
42 IFRS 1 was issued in __________ January 2003 June 2010 June 2003 January 2004
VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
ACADEMIC YEAR 2019-2020
Name of the Professor: Aakanksha Sant Class: TYBAF Semester: VI
Subject : Taxation IV (Indirect Tax -II) Paper No: IV Paper: Elective
MULTIPLE CHOICE QUESTION (MCQ) SAMPLE QUESTIONS
Sr.
No.
Question Option A Option B Option C Option D
1. SGST is applicable on ________. Inter state supply
Supply between two different union territories
Supply within same union territory having own act
Supply within same union territory not having own act
2. To pay off liability on account of CGST, input tax credit of _______ can be used.
Only IGST
Only CGST
CGST and IGST
SGST and CGST
3. If goods are supplied from Goa to Dehradun ______ is applicable.
CGST IGST SGST UTGST
4. The amount payable by a registered person on account of late fees payable under GST, reflects in ________.
Electronic Cash Ledger
Electronic Credit Ledger
Electronic Liability
Register
Electronic Payables Ledger
5. If goods are purchased from Delhi by a customer in Delhi, Input Tax Credit of ______ is available.
CGST and SGST IGST CGST and UTGST CGST and IGST
6. The electronic liability register used under GST for records is in the form____________.
GST PMT – 01
GST PMT – 02 GST PMT – 05 GST PMT – 06
7. CPIN is ___________ Common Payment Identification
Control Payment Identification
Common Portal Identification
Controlling Pay
Number Number Number Identity Number
8. CPIN is valid for __________days.
10
15
20
25
9. TDS is applicable in case the supply amount is exceeding Rs. ______________
2 Lakhs 2.5 Lakhs No limit is applicable
5 Lakhs
10. Mr. Noon in Nagpur purchased goods of Rs. 4,48,000 (Incl. 12% GST) from a supplier in Pune. ITC available for him is ______.
IGST – Rs. 48,000
CGST – Rs.24,000 and SGST – Rs. 24,000
CGST – Rs.26,880 and SGST – Rs.26,880
IGST – Rs.
53,760
11. A registered person has liability to pay IGST of Rs. 36,000 and SGST of Rs. 22,000. He has Input Tax Credit available under SGST credit of Rs. 18,000. The Input tax credit should be used and adjusted to pay this liability as _____. (no other ITC available)
Fully to pay SGST liability
Fully to pay IGST liability
Equally to pay IGST and SGST liability both
Credit adjustment not possible
12. Liability payable Rs. 6200 on account of excess Reduction in tax liability. Accordingly Interest shall be payable @__________p.a.
10% 15% 18% 24%
13. In case a company deposited tax liability under GST after 29th day of the following month. So interest is applicable __________
@ 18% for 9 days @ 18% for 19
days
@ 24% for 9 days @ 24% for 19
days
14. A registered person has balance available in the cash ledger Rs. 1,00,000. He has GST tax liability payable for Nov. 2019 Rs. 82,000 and liability on account of Demand raised u/s. 73 Rs.30,000. The cash ledger balance shall be adjusted as __________.
November month tax liability – Rs. 82,000 Balance against – Demand u/s. 73
Demand u/s.73- Rs. 30,000 Balance against November month tax Liability
Equally against November month tax liability and demand raised u/s. 73
Only against November month tax liability
15. The monthly shall be filed by the Input Service Distributor in Form _________.
GSTR 6 GSTR 7 GSTR 8 GSTR 9
16. The Final Return shall be filed by the registered taxable person in Form
GSTR 7 GSTR 8 GSTR 9 GSTR 10
_________.
17. Jam Ltd is an E- Commerce operator , which has collected TCS in the month Jan. 2020 so the details of the same shall be furnished on or before___________.
18. Chunnu Ltd is an E- Commerce operator , which has collected TCS in the month Feb. 2020 so the details of the same shall be furnished in the GST return form___________.
GSTR 1 GSTR 6 GSTR 7 GSTR 8
19. A registered person who has opted composition scheme has made taxable outward supplies in the month Dec. 2019, GST return GSTR 4 applicable for him shall be filed by him on or before________.
20th Jan. 2020 10th Jan. 2020 20th April 2020 30th April 2020
20. GSTR 1 is applicable for __________.
E – Commerce Operator liable for TCS
Non Resident Taxable Person
Input Service Distributor
Registered Person who has not opted Composition scheme
21. The GST Return shall be filed by a person having UIN (Unique Identification Number) in Form _________.
GSTR 8 GSTR 9 GSTR 10 GSTR 11
22. The GST Return for Non -Resident Taxable Person shall be filed within _______ days from the last date of validity of registration.
5 7 8 10
23. The TDS Return under GST is required to be filed on ____ basis.
Monthly
Quarterly
Annually
Only once
24. The rate of duty under customs shall be the rate prevailing on __________ day in case of Imports where goods cleared for home
Date of presentation of shipping bill
Date of Order permitting clearance and
Date of Bill of Entry
and Date of Entry
Date of Bill of
Entry and Date
consumptions without warehousing
loading
Inwards whichever
is earlier
of Entry Inwards
whichever is later
25. GST Compensation Cess is calculated on ___________.
Assessable Value Assessable Value
+ Basic Customs
Duty +SWS
Assessable Value +
IGST
Assessable value
+ Basic Customs
Duty + SWS +
IGST
26. The exchange rate applicable on the date of ______ shall be considered in case of Imports.
Date of shipping bill
Date of Order permitting clearance and loading
Date of Bill of Entry Date of Entry
Inwards
27. Safeguard Duty can not be levied for the imports from the developing country if the share of such import does not exceed _________% of total imports of such article.
3 5 9 10
28. Anti Dumping Duty can not be levied for imports by___________.
100% EOU only
Units in SEZ only Both 100% EOU and Units in SEZ
100% Private
Units
29. In case of sea freight is ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 20% of FOB Actual amount or
20% of FOB
whichever is lower
Actual amount or
20% of FOB
whichever is
higher
30. In case of air freight is ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 20% of FOB Actual amount or
20% of FOB
whichever is lower
Actual amount or
20% of FOB
whichever is
higher
31. In case of Insurance charges ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 1.125% of FOB Actual amount or
1.125% of FOB
Actual amount or
1.125% of FOB
whichever is lower whichever is
higher
32. In case of Insurance charges not ascertainable, the amount included while calculating assessable value is _______________.
Actual Amount 1.125% of FOB Actual amount or
1.125% of FOB
whichever is lower
Actual amount or
1.125% of FOB
whichever is
higher
33. The CIF value shall not include ________.
Transportation charges before importation
Manufacturing cost
Unloading and Handling Charges
Insurance cost
34. Goods imported at FOB price of Rs. 20,000 and air freight paid Rs. 8,000. Assessable value shall be Rs. ________(ignore insurance cost)
12,000 20,000 24,000 28,000
35. Goods exported from India to US at FOB price of $ 4,600. Exchange rate on the date of shipping bill (13/09/2019) is 1$ = Rs. 69.5 and on the date of order for clearance and loading (17/09/2019) 1 $ = Rs. 71. Value shall be Rs. _______.
2,99,000 3,19,700 3,22,000 3,26,600
36. Assessable value of the goods imported is Rs. 96,600. Basic customs duty applicable is 15% and SWS is applicable. Basic customs duty and SWS totally payable is Rs.____________.
9,660 14,490 15,939 19,320
37. Goods imported for assessable value of Rs. 22,00,000 from a developing country where share of imports is 7% of the total imports of such article. Safeguard duty rate is @ 30%. .The safeguard duty payable shall be _______.
NIL - as its not
applicable
1,54,000 6,60,000 8,14,000
38. Goods imported for Rs.1,50,000. Basic customs duty applicable @12%, also SWS Rs. 1,800 and GST compensation cess Rs. 9540 applicable. Total duty payable is Rs. _______.
18,000 19,800 29,340 35,340
39. Mr. N is an Indian citizen who came to India from Germany and carried a mobile worth Rs. 36,000. The dutiable value of baggage is Rs. ____after claiming general allowance.
NIL 21,000 36,000 50,000
40. Mr. Strange is Indian citizen who came to India from Nepal by air route and carried used personal effects worth Rs. 41,000 and one laptop worth Rs. 38,000. The dutiable value of baggage is Rs. ____ after claiming general allowance.
NIL 41,000 38,000 79,000
41. An Indian citizen came from Italy and carried used personal effects worth Rs. 52,500 and travel souvenirs worth Rs. 5,800. The dutiable value of baggage is Rs. ____ after claiming general allowance.
NIL 5,800 52,500 58,300
42. An Indian citizen who came to India from Norway and carried 110 cigarettes worth Rs. 2,200. The dutiable value of baggage is value of ____ no. of cigarettes after claiming general allowance.
NIL 5 10 20
43. An Indian Resident coming from Dubai to India and carried personal effects, mobile and 7 ltr wine. He can claim general duty free allowance for the value of__________.
Only Personal
effects and mobile
mobile and 5 ltr.
wine
mobile and 7 ltr.
Wine
mobile and 2 ltr
wine
44. An Indian resident carried two laptops of Rs. 73,000 each while coming from UK. The dutiable value of baggage is Rs. ____
NIL 23,000 73,000 1,46,000
after claiming general allowance.
45. The duty free allowance available in case of Indian Residents arriving from other than specified countries is Rs. ___________.
10,000 15,000 50,000 1,00,000
46. The duty free allowance available in case of Infant arriving from other than specified countries is Rs. _ __________.
NIL 15,000 50,000 1,00,000
47. On re-export of imported goods which are used for 20 months, ______ % of import duty allowed as duty drawback.
NIL 65 70 75
48. Duty drawback shall not be allowed in case if __________.
Drawback amount
is more than
market price of
export goods
Drawback
amount is less
than market price
of export goods
Drawback amount is
less than duty paid
at the time import
Drawback
amount is less
than price of
imported goods
49. A car imported for personal use by paying
duty of Rs. 10,000. It was re-exported after
using for 3 quarters. So, duty drawback shall
be allowed for amount by reducing duty
amount by ____________.
4% 8% 12% 16%
50. Mr. B was carrying 24 gm. Of jewellery worth
Rs. 48,000. The dutiable value of jewellery
shall be Rs. ________.
NIL 8,000 12,000 48,000
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VPM’s K.G Joshi College of Arts and N.G Bedekar College of Commerce, Thane
Department of B.Com (Accounting & Finance)
ACADEMIC YEAR 2019-2020
Name of the Professor:Mr. Sudam Shantaram Ahirrow Class: TYBAF Semester: VI
Subject :Economics Paper III ( Indian Economy ) Paper code : 85607 Paper: Elective
MULTIPLE CHOICE QUESTION (MCQ) SAMPLE QUESTIONS FOR COLLEGE WEBSITE
Sr.No Question Option A Option B Option C Option D Correct
Answer
1 A value of one in Gini Index represents
perfectly
Equality Inequality Uncertainty High equality
2 According to 2011 census highest sex ratio
states in India
Kerala Bihar Maharashtra Madhya pradesh
3 The National Food For Work Programme
started in Which year ?
2004 2003 2005 2011
4 Which of the following types of unemployment
are not applicable in India ?
Seasonal Cyclical Educated Disguided
5 Through land reforms landlords were allowed
to retain some land for
Self cultivation For
modernisation
agriculture
Commercial
purpose
Poor
implementation
6 Community development one of the objectives
are
Banking sector Cooperative
farming
Inequality Urbanisation
7 Which States is highest populated according
to 2011 census
Maharashtra Uttar Pradesh Goa Bihar
8 According to the 2001 census literacy
percentage rate male in India ?
71.2% 77.9% 75.3% 69.1%
9 According to provisional census 2011 India’s
population is
1210.2 million 1029.million 1220 million 1250 million
