Accounts Quizzes For FCI Phase 2 2023- 24th January

Q1. Resource Management in operating system is done using?
(a) Time division multiplexing
(b) space division multiplexing
(c) both (a) and (b)
(d) Byte division multiplexing
(e) none of the mentioned

Q2.Home Access is provided by ____
(a) DSL
(b) FTTP
(c) Cable
(d) All of the mentioned
(e) None of the above

Q3. As per the format of the Balance Sheet prescribed as per Schedule III of the Companies Act, 2013, those bank drafts which have passed are shown under the head _____
(a) Cash and cash equivalents
(b) movable assets
(c) short term advance
(d) balance with banks
(e) Fixed Assets

Q4. According to Sale of Goods Act, which of the following are defined as ‘good’?
A. Moveable property
B. Growing crops
C. Actionable claims
D. Book debt
Choose the correct answer from the following options:
(a) A and D
(b) B and C
(c) A and B
(d) B and D
(e) A and C

Q5. Due to Collection of debtors what shall be its effect on current ratio?
(a) Decreases current ratio
(b) Increases current ratio
(c) Has no effect on current ratio
(d) Depends on the amount
(e) None of the above

Q6. No TDS shall be deducted on GST component included in invoice, where the amount of such GST is __________
(a) Separately indicated in the invoice
(b) Shown as a part of the invoice
(c) Only when a separate invoice is issued in respect of such GST
(d) Is included within the product amount
(e) None of the above

Q7. On which of the following items GST is still not applicable?
(a) Tobacco
(b) Baby Products
(c) Alcohol
(d) Clothes
(e) None of the above

Q8. A financial document that indicates the success of failure of a business trading over a period of time is called?
(a) A cash flow statement
(b) A retained earnings statement
(c) An income statement
(d) A bank statement
(e) None of the above

Q9. Who appoints the first auditors of the company?
(a) Shareholders
(b) Company Law Board
(c) Board of Directors
(d)Central Government
(e) State Government

Q10. The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called?
(a) balancing
(b) casting
(c) journalizing
(d) posting
(e) Transferring

Solutions

S1.Ans (c)
Sol.Space division multiplexing, or space multiplexing, uses multiple spatial channels to increase capacity for fiber-optic communication. Space multiplexing may use multicore fiber (MCF), multimode fiber (MMF) or few-mode fiber (FMF) to increase available bandwidth.Time-Division Multiplexing (TDM), operates by dividing the time up into time slices, so that the available time can be reused.

S2.Ans (d)
Sol.Home Internet Access is provided by DSL, FTTP, and Cable. FTTP provides the fastest speeds followed by the cable connections and then the DSLs. FTTP is popularly used in modern connections.

S3.Ans (a)
Sol.Cashbook records those items which includes cash or can be easily converted into cash.
Cash and Cash equivalents include:
• Cash and Bank Balance
• Treasury bills
• Treasury notes
• Commercial paper
• Certificates of deposit
• Money market funds
• Cash management pools
• Bank drafts which have been passed.

S4.Ans (c)
Sol.‘Goods’ is defined as per Section 2 (7) of the Sales Of Goods Act, 1930 as “Every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.”

S5.Ans (c)
Sol.Current ratio measures the liquidity of the firm and also checks the ability of an organisation to repay to current debts. The ratio is calculated by comparing the current assets with current liabilities.
Collection of sundry debtors would increase cash inflow and reduce the amount of debtors and hence there is nil affect or say no change in the Current assets. Thereby, having no effect on the current ratio.

S6.Ans (a)
Sol. For the purpose of deduction of TDS, the value of supply is to be taken as the amount excluding the tax indicated on the invoice. This means TDS shall not be deducted on the CGST, SGST or IGST component of invoice.

S7. Ans (C)
Sol.Liquor was not brought under the domain of the GST system fundamentally because of two reasons:
• To guarantee that the State Governments keep on having a solid inflow of income (other than whatever they get from GST). It’s assessed that charges on alcohol and lager get the state legislatures almost INR 90,000 crores yearly.
• To keep the costs of alcohol and brew high to restrict utilization.

S8.Ans (c)
Sol.Financial document that indicates the success of failure of a business trading over a period of time is called an income statement.
Financial statements are written document contains a company’s operations and financial performance and financial position.
Financial statements include:
• Balance Sheet
• Income Statement
• Cash Flow Statement

S9.Ans (c)
Sol.Section 139(6) of the Companies Act, 2013 lays down that first auditor of a company, other than a Government company, shall be appointed by the Board of Directors within 30 days from the date of registration of the company and in the case of failure of the Board to appoint such auditor, it shall inform the members of company and the auditor needs to be appointed within 90 days through extraordinary general meeting.

S10.Ans (d)
Sol.The statement which records the transactions at one place relating to a particular subject is known as account. The book which contains all the accounts is known as ledger and the procedure of writing up the accounts is known as posting.
The process of transferring the debit and credit items from journal to classified accounts in the ledger is known as posting.