Accounts Quizzes For FCI Phase 2 2023- 07th January

Q1. Which process is used to map logical addresses of variable length onto physical memory?
(a) Paging
(b) Overlays
(c) Segmentation
(d) Paging with segmentation
(e) None of the above

Q2.Macros is used in MS Office (Word, Excel, PPT, etc) for which of the following purpose?
(a) To Record Sound
(b) To automate repetative tasks
(c) To Record Mouse Move
(d) To Record Keystroke

Q3.Under the Consumer Protection act, the maximum age of forum member of a district forum Would be?
(a) 85
(b) 80
(c) 75
(d) 65
(e) 60

Q4. The maximum amount of rent payment where deduction of tax at source is not required in a financial year is
(a) ₹ 1,20,000
(b) ₹ 1,80,000
(c) ₹ 2,40,000
(d) ₹ 2,50,000
(e) None of the above

Q5. An assessee liable to pay advance tax is not liable to pay interest u/s 234B if the advance tax paid by him is not less than
(a) 90% of advance tax payable by him
(b) 80% of advance tax payable by him
(c) 100% of advance tax payable by him
(d) 70% of advance tax payable by him
(e) 50% of advance tax payable by him

Q6.With regard to preparing a schedule of changes in working capital which of the following statements are correct?
A. An increase in current assets increases working capital
B. An increase in current assets decreases working capital
C. An increase in current liabilities decreases working capital
D. An increase in current liabilities increases working capital
(a) A and C only
(b) A and D only
(c) B and D only
(d) A, B and C only
(e) B and C only

Q7. Fixed working capital is generally financed by:
(a) By long term capital fund
(b) By government aid
(c) By internal financing
(d) By short term loans from bank
(e) None of the above

Q8. Between two annual audits, if there is another audit conducted it is known as ____
(a) Internal audit
(b) Interim audit
(c) Final audit
(d) Continuous audit

Q9. Who appoints the Internal Auditor?
(a) The management
(b) The shareholders
(c) The government
(d) statutory body
(e) Company Law Board

Q10. Discount Account will always have:
(a) Only debit balance
(b) Nil balance
(c) Only credit balance
(d) Debit or Credit balance
(e) None of the above

Solutions

S1.Ans (c)
Sol. Segmentation is a process or method in which memory is divided into groups of variable length called segments and it is used to map logical addresses of variable length onto physical memory.

S2.Ans (b)
Sol. macro is a series of commands and instructions that you group together as a single command to accomplish a task automatically. To save time on tasks you do often, bundle the steps into a macro.

S3.Ans (d)
Sol. Every member of the District Forum shall hold office for a term of five years or up to the age of sixty-five years, whichever is earlier: Provided that a member shall be eligible for re-appointment for another term of five years or up to the age of sixty-five years, whichever is earlier, subject to the condition

S4. Ans (c)
Sol. TDS on rent – Section 194I, the limit still stands as per the annual rent amount of more than Rs. 2,40,000. So, the taxpayer needs not to pay the tax if calculated individually for each property in such cases but is liable to deduct TDS on rent if the amount exceeds Rs. 2,40,000 when summed up.

S5.Ans (a)
Sol. Interest under section 234B is levied in following two cases: a) When the taxpayer has failed to pay advance tax; or b) Where the advance tax paid by the taxpayer is less than 90% of the assessed tax.

S6.Ans (a)
Sol. The difference between a company’s current assets, such as cash, accounts receivable (unpaid invoices from customers), and inventories of raw materials and completed goods, and its current liabilities, such as accounts payable, is known as working capital.
Working Capital = Current assets – Current Liabilities
An increase in current assets increases working capital while An increase in current liabilities decreases working capital

S7.Ans (a)
Sol. Fixed working capital is required to purchase fixed assets like plant and machinery which are used in business for a long period of time.Different business units need varying amounts of fixed capital depending on various factors such as the nature of business, etc.
Therefore, Fixed working capital is generally financed by long-term capital funds

S8. Ans (b)
Sol. Interim audit involves preliminary audit work that is conducted prior to the fiscal year-end of a client. The interim audit tasks are conducted in order to compress the period needed to complete the final audit. Doing so benefits the client, which can issue its audited financial statements sooner.

S9.Ans.(a)
Sol. The management appoints the Internal Auditors.internal auditor is an auditor who is appointed by the Board of directors of the company in order to carry out the internal audit function. Generally an employee of the company acts as an internal auditor, whereas some companies appoint an external expert as an internal auditor.

S10.Ans (d)
Sol. Discount is a nominal account which can have either a debit or a credit balance because discount can be allowed as well as received. If it is discount allowed it can have a debit balance and if it is discount received it can have a credit balance.