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Accounts Quizzes For FCI Phase 2 2023- 03rd January

Q1. Which one of the following State Taxes have NOT been replaced by GST?
(a) Special additional duty of customs
(b) Taxes on lotteries, betting and gambling
(c) Purchase Tax
(d) Luxury Tax
(e) None of these

Q2. Which of the following options is correct about Goods and Service Tax (GST)?
(a)Essential commodities including food are taxed at the rate of 5%
(b) Tobacco and aerated drinks are placed in the highest tax rate of 28%
(c) Initially it had a three-rate structure.
(d) GST was implemented in India from 1ST June 2017.
(e) None of these

Q3. In which of the following situations will the Doctrine of supervening impossibility apply?
(a) Difficulty in performance
(b) Impossibility known to the parties at the time of making of the contract
(c) Commercial impossibility
(d) Strikes, lock-outs and civil disturbances.
(e) None of these

Q4. Statement I): Agreement without consideration is always valid.
Statement II): Every contract is an agreement, but not every agreement is a contract.
Which of the following codes is correct in the context of the statements?
(a) Statement I and II both are correct
(b) Statement I is incorrect and Statement II is correct
(c) Statement I is correct and Statement II is incorrect.
(d) Both Statements I and II are incorrect.
(e) None of these

Q5. Who of the following can be appointed as a company’s auditor?
(a) A business partner or director.
(b) Someone who is mentally ill.
(c) Mr. A, who owes the company Rs. 500.
(d) Mr. B, the owner of C.A. certification
(e) None of these

Q6. When auditing a private company, the auditor should gain a sufficient understanding of internal control to:
(a) provide reasonable protection against client fraud and deception by client employees.
(b) Evaluate control risk.
(c) provide a foundation for client suggestions for improving the accounting system.
(d) provide a means of protecting assets, ensuring the accuracy and dependability of accounting data, promoting operational efficiency, and encouraging adherence to prescribed managerial policies.
(e) None of these

Q7. In which of the following scenarios is the payback period method recommended for assessing investment opportunities?
(A) Overleveraged businesses.
(B) Cash rich businesses
(C) Uncertain market conditions
(D) Stable market conditions
Choose the most appropriate answer from the options given below:
(a) (A) and (B) only
(b) (A) and (C) only
(c) (B) and (C) only
(d) (C) and (D) only
(e) B and D only

Q8. What is the stock turnover ratio if the cost of goods sold is one lakh and the opening and closing stock are 20,000 and 30,000, respectively?
(a) 3.33 times
(b) 4 times
(c) 5 times
(d) 6 times
(e) 8 times

Q9. Which of the following option handles memory management and security checks in .Net Framework?
(a) CTS
(b) CLR
(c) CT
(d) CLS
(e) CTR

Q10. Which of the following search engine optimization (SEO) technique is used in cloaking?
(a) Content presented to search engine spider is different from that presented to user’s browser
(b) Content present to search engine spider and browser is same
(c) Contents of user’s requested website are changed
(d) Content present to browser and spider is same.
(e) None of the above

Solutions

S1. Ans(a)
Sol. State taxes that have not been replaced by GST are subject to a special additional duty of customs. GST is an indirect tax that was introduced to replace a variety

S2. Ans(b)
Sol. Goods and services act is a value added tax levied on most goods and services sold for domestic consumption. And Tobacco and aerated drinks are placed in the highest tax rate of 28%.

S3. Ans(b)
Sol. The correct answer is impossibility known to the parties at the time of making of the contract. Section 56, paragraph 2 of the Indian Contract Act 1872 states that if the doctrine of supervening impossibility applies and a contract becomes impossible or illegal to perform after it is formed, it is void.

S4. Ans(b)
Sol. The term “agreement” refers to a promise or series of reciprocal promises that serve as consideration for the parties to a contract. As a result, agreement without consideration is always wrong. The assumption that all contracts and agreements are always valid is incorrect. As a result, option b is the correct answer.

S5. Ans(d)
Sol. An Auditor of a Company can only be a practising Chartered Accountant. Before appointing an auditor to a company, the auditor’s written consent must be obtained, along with a certificate from the Auditor stating that the appointment, if made, will be in accordance with the conditions prescribed by the Auditor and that the Auditor meets the criteria set out in Section 141 of the Companies Act, 2013.

S6. Ans(b)
Sol. When auditing a private company, the auditor should gain a sufficient understanding of internal control to evaluate the control risk that is involved which is the primary goal.

S7. Ans(b)
Sol. The payback period is a good indicator of investment risk. It is commonly used when liquidity is an important criterion in selecting a project. In the case of an overleveraged business, the payback period method is recommended for evaluating investment opportunities. As a result, option b is the correct answer.

S8. Ans(b)
Sol. Stock turnover ratio= cost of goods sold / average inventory
Average inventory = (opening stock+ closing stock) / 2

S9. Ans (b)
Sol. The Common Language Runtime (CLR), the virtual machine component of Microsoft .
NET Framework manages the execution of .NET programs.
The CLR provides additional services including memory management, type safety, exception handling, garbage collection, security, and thread management.
.NET Framework, the Common Type System (CTS) is a standard that specifies how type definitions and specific values of types are represented in computer memory. It is intended to allow programs written in different programming languages to easily share information.
CLS stands for Common Language Specification and it is a subset of CTS. It defines a set of rules and restrictions that every language must follow which runs under the .NET framework. The languages which follow this set of rules are said to be CLS Compliant.

S10.Ans (a)
Sol. Cloaking is a search engine optimization (SEO) technique in which the content presented to the search engine spider is different from that presented to the user’s browser.
This is done by delivering content based on the IP addresses or the User-Agent HTTP header of the user requesting the page.
A Web crawler sometimes called a spider and often shortened to crawler, is an Internet bot (a system that runs automatically) that systematically browses the World Wide Web, typically for the purpose of Web indexing.

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