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Q1.Ajay is the proprietor of XYZ ltd. He has deducted tax on the salary paid to his employees and wants to file quarterly returns with the income tax department. What is the last date to file for the quarter that ended 31 Dec 2015?
   7th Jan 2016
   15th Jan 2016
   30th Jan 2016
   15 Feb 2016
   28 Feb 2016
 
Q2.Based on the nature of insurance company liabilities, most of the investments will be categorized as ___.
   based on book value
   held to Maturity
   available for Sale
   fair value by profit or loss
   loans and receivable
 
Q3.With the objective of reconciliation, classification, and posting to control accounts, which among the following primary books of accounts are used? 1. Premium Cashbook 2. Register of claims 3. Register of policies
   Only 1
   Only 2
   Only 3
   Both 1 and 2
   Both 1 and 3
 
Q4.Some deductions are available to salaried employees under 80C, 80CCC and 80CCD. From the options given below, which one is available?
   Donations to a reputable charitable trust
  Deduction in respect to medical treatment of a dependent who is a person with a disability.
   Deduction for interest paid on higher educational loan
   Fixed deposit in a scheduled bank if it is more than 5 years
   Deduction for medical treatment
 
Q5.Select which of the given options will “not” improve the current ratio?
   Sell some fixed assets in order to reduce accounts payable
  Take short term loan to finance the purchase of fixed assets
  Issue long term loans to purchase inventories
   Both 2 and 3
   Both 1 and 2
 
Q6.Which of the following is a Private Bank?
   BOI
   CBI
   SBI
   UBI
   HDFC
 
Q7.__ mutual funds invest in equity shares of companies and help the investors to get the benefits of the investment opportunities in the stock market. These funds are considered to be high-risk high and return investment propositions.
   Tax Saving Funds
   Equity Funds
   Infrastructure Funds
   Arbitrage Funds
   Index Funds
 
Q8.While recording a sales invoice of Rs 7500, the same was recorded as Rs 9500 in the sales day book and posted to the receivables ledger account as Rs 9500. This error committed by the accountant is.
  An Error of Under casting
  An Error of principle
  An error of prime entry
  An error of omission to record
   Complete revival of entry
 
Q9.There are some practices to be followed for an effective Anti Money Laundering - AML program. Which of the following practices are acceptable? 1. All the records of ongoing transactions which are under scrutiny should be retained until the case is closed 2. Records should be preserved of transactions reported to FIU for a period of 10 years 3. Records should be maintained in physical format instead of electronic format
   Both statements 1 and 2
   Both statements 2 and 3
   Both statements 1 and 3
   Only statement 3
   All 1, 2 and 3
 
Q10.Casting' in accounting terms means ____
   Budgeting
   Transposing
   Adding up
   Rounding up
   Compensating

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