Accounts Quizzes For FCI Phase 2 2023- 4th January

Q1. On which account and on which side will the carriage outwards be recorded?
(a) Debit side of Trading Account.
(b) Credit side of Trading Account.
(c) Debit side of Profit and Loss Account.
(d) Credit side of Profit and Loss Account
(e) Balance Sheet

Q2. Which of the following is not the aspect of accounting event that is not dealt with by the Accounting Standards?
(a) Transparency
(b) Measurement
(c) Presentation
(d) Recognition
(e) None of the above

Q3. Ramesh’s account was excess debited by 500 where Suresh ‘s account was under debited by 500 is….
(a) Compensating Error
(b) Clerical Error
(c) Error of Principle
(d) Error of omission
(e) None of these

Q4.The new Companies Ordinance requires auditors to:
(i) conduct investigations to ensure the financial statements are true and fair.
(ii)Obtaining the information and explanations required for audit purposes.
(iii)Reporting on the accuracy and fairness of the client’s financial statements.
(iv)Attend all general meetings concerning client business.
(v)Prepare written representation on matters of importance to the members regarding their resignation and removal.
(a) (i), (ii), and (iv)
(b) (ii), (iv) and (v)
(c) (ii), (iii) and (v)
(d) All of the above.
(e) None of these

Q5. Which of the above statements is /are true?
(a) Only I
(b) Only III
(c) Both I and II
(d) All of the above
(e) None of these

Q6. According to Sale of Goods Act, which two of the following are defined as “good”?
1. Movable property
2. Growing crops
3. Actionable claims
4. Book debt
Choose the correct answer from the above
(a) 1 and 2
(b) 2 and 3
(c) 1 and 4
(d) 2 and 4
(e) 1 and 3

Q7. Which of the following is/are the exemptions in Advance Tax payments?
(a) If you are a Senior citizen aged 60 years or above
(b) If you are salaried individuals and TDS is being deducted by the employer at the time of payment of salaries.
(c) Both a and b
(d) Exemption of interest from investment
(e) None of the above.

Q8. Who is liable to pay Advance tax payment?
(a) As per Section 208, advance tax payment arises in everywhere the advance tax payment is Rs,10,000 or more.
(b) As per Section 205, advance tax payment arises in everywhere the advance tax payment is Rs,10,000 or more.
(c) As per Section 108, advance tax payment arises in everywhere the advance tax payment is Rs,15,000 or more.
(d) As per Section 149, advance tax payment arises in everywhere the advance tax payment is Rs,20,000 or more.
(e) None of these

Q9. Internet mail uses which of the following protocol?
(a) FTP
(b) UTP
(c) HTTP
(d) TCP/IP
(e) IP

Q10. Which among the following memories is used in Digital camera?
(a) Virtual memory
(b) Flash memory
(c) Main memory
(d) Cache memory
(e) Secondary memory

Solutions

S1.Ans(c)
Sol. Carriage outward is an Indirect Expense because it is not related to the production of the firm. Thus it is shown on the Debit side of the Profit and Loss Account.

S2.Ans (a)
Sol. Transparency of Accounting event is the aspect that is not dealt with by the Accounting Standard. The Other aspects i.e. Measurement, Presentation and Recognition are the aspects covered by the Accounting Standards.

S3. Ans(a)
Sol. When one error is compensated by an offsetting entry that is also incorrect, this is referred to as compensating error. For example, if the incorrect amount is recorded in inventory, the same incorrect amount is recorded in accounts payable to pay for that inventory.

S4. Ans(c)
Sol. The new Companies Ordinance requires auditors to, Obtain the information and explanations required for audit purposes, report on the accuracy and fairness of the client’s financial statements and prepare written representation on matters of importance to the members regarding their resignation and removal.
The seller must have given up possession of the goods in order to exercise the right of stoppage in transit.
Statement II: When goods are in his possession, an unpaid seller may exercise his resale rights.
Statement III: When property in goods has been transferred to the buyer, the seller may sue for price recovery.

S5. Ans(c)
Sol. Statement I, Statement II are correct, but Statement III is incorrect. When the property in goods has been passed to the buyer, the seller can file a suit against the buyer for price only when the buyer wrongfully neglects or refuses to pay for the goods.

S6. Ans(a)
Sol. Section 2(7) of the Sales of Goods Act of 1930 defines a good as “Every kind of movable property other than actionable claims and money and includes stock and shares, growing crops, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.”

S7. Ans(c)
Sol. If you are a senior citizen aged 60 or over (but do not have income under the heading – Profits and gains of business or profession) and you are a salaried individual, TDS is deducted by your employer at the time of salary payment. However, it is important to note that any earnings from other sources, such as interest, capital gains, rent, and so on, will be subject to advance tax.

S8. Ans (a)
Sol. As per Section 208, obligation to pay advance tax arises in every case where the advance tax payable is Rs. 10,000 or more.

S9.Ans (c)
Sol. The Hypertext Transfer Protocol (HTTP) is a networking protocol for distributed, collaborative, hypermedia information systems. HTTP is the foundation of data communication for the World Wide Web. HTTP functions as a request-response protocol in the client-server computing model.

S10.Ans (b)
Sol. Digital Camera captures photographs in flash memory. It uses metal-oxide-semiconductor technology.
Flash Memory is a type of nonvolatile memory that erases data in units called blocks and rewrites data at the byte level.
It is widely used for storage and data transfers in consumer devices, industrial applications.
It is made up of EEPROM.
EEPROM is the acronym of electrically erasable programmable read-only memory,
EEPROM is a Programmable ROM that can be erased and reprogrammed using an electrical charge. It allows the user to update the computer BIOS without having to open the computer or remove any chips.
It is organized as arrays of floating-gate transistors.
Virtual Memory enables a computer to be able to compensate for shortages of physical memory by transferring pages to data from random access memory to disk storage.
Main Memory refers to physical memory that is internal to the computer.
Cache Memory is a fast memory type that acts as a buffer between RAM and the CPU. It is used to reduce the average time to access data from the Main memorY