Accounts Quizzes For FCI AG III Technical Phase II 2023 – 21st February

Q1. Difference of totals of both debit and credit side of trial balance is transferred to?
(a) Trading account
(b) Suspense account
(c) Difference account
(d) Miscellaneous account
(e) None of the above

Q2. Net Profit or Loss for the Period, Prior Period items and Changes in Accounting Policies is covered in which of the Accounting Standards specified by the ICAI? (1/2 mark)
(a)AS 2
(b)AS 6
(c)AS 4
(d)AS 5
(e) AS 8

Q3. Auditors need to check that the Dividend is paid to shareholders when ___
(a) After charging depreciation
(b) out of capital
(c) Without charging depreciation
(d) From profit
(e) None of the Above

Q4. The report prepared by Internal Auditors is need to be submitted to
(a) Shareholders
(b) Government
(c) Company law board
(d) RBI
(e) Audit committee

Q5. With reference to capital budgeting which of the following is incorrect?
(a) Cash flows be calculated in incremental terms
(b) All costs and benefits are measured on cash basis
(c) All accrued costs and revenues be incorporated
(d) All benefits are measured on after-tax basis
(e) None of the above

Q6. What does HSN stand for in GST?
(a) Harmonised System Number
(b) Home Shopping Network
(c) Home State Number
(d) Harmonised System of Nomenclature
(e) Harmonised system of networking

Q7. In the event of Importation of Goods, Area of Supply would be __’
(a) Owner of the Goods
(b) Importer Location
(c) Place where goods are being delivered after customs clearance
(d) Custom Port
(e) None of the above

Q8. Which of the following are the liabilities of a collecting banker?
(a) To serve notice of dishonour on the customer so that customer can claim the amount form his debtors.
(b) To present cheque within a reasonable time else liable for damages.
(c) To handover the proceeds after the realisation without delay.
(d) All of the above.
(e) None of the above

Q9. The total number of rights given to consumers as per the consumer protection Act are
(a) 5
(b) 4
(c) 6
(d) 8
(e) 7

Q10. You can ___ an email if you want to remember it is important, and this also puts the email into a special folder for easy access
(a) Star
(b) Draft
(c) Label
(d) Reply
(e) Trash

Solutions

S1.Ans (b)
Sol. If the trial balance do not agree after transferring the balance of all ledger accounts including cash and bank balances and even then errors are not located within time, the trial balance is tallied by transferring the difference of debit or credit to an account known as suspense account. This is a temporary account opened to proceed further with the preparation of the final accounts within time.

S2.Ans.(d)
Sol. Accounting Standard 5 is the standard specified by the Institute of Chartered Accountants for the Net Profit or Loss for the Period, Prior Period items and Changes in Accounting Policies.
S3.Ans (a)
Sol. dividend is the distribution of a company’s earnings to its shareholders and is determined by the company’s board of directors. Dividends are often distributed quarterly and may be paid out as cash or in the form of reinvestment in additional stock. Dividend can be paid only after charging depreciation from profit.

S4. Ans.(e)
Sol. Internal audit report is presented to the process owners, head of the departments, senior management, audit committee, statutory auditors, and regulatory authorities (if required).

S5.Ans (c)
Sol. In capital Budgeting Cash flows are calculated in incremental terms with All costs and benefits are measured on cash basis excluding accrued costs and revenues. Also All benefits are measured on after-tax basis.
S6.Ans (d)
Sol. HSN code means “Harmonized System of Nomenclature”. This framework has been presented for the methodical arrangement of merchandise everywhere. HSN code is a 6-digit uniform code that arranges 5000+ items and is acknowledged around the world.

S7.Ans (b)
Sol. The spot of supply of any products brought into India is the area of the shipper. Subsequently, assuming that a merchant is situated in the territory of Dadar, the state’s portion of IGST will go to Dadar.

S8.Ans (d)
Sol. Liabilities of collecting Banker Include:
I. Due Care and Diligence in the Collection of Cheques
serve notice of dishonour on the customer so that customer can claim the amount form his debtors.
II. To present cheque within a reasonable time else liable for damages.
III. To handover the proceeds after the realisation without delay.
IV. Collection of Bills of Exchange

S9.Ans (c)
Sol. Rights of consumers: Six consumer rights have been defined in the Bill, including the right to: (i) be protected against marketing of goods and services which are hazardous to life and property; (ii) be informed of the quality, quantity, potency, purity, standard and price of goods or services; (iii) be assured of access to a variety of goods or services at competitive prices; and (iv) seek redressal against unfair or restrictive trade practices.
S10.Ans (a)
Sol. When you star emails in your mail, you mark them as important. This helps you remember to look at them later easily.