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Air conditioner in Fixed Asset Register is classified under

Plant and Machinery Furniture and Fixtures Office Equipment None of the above

Useful life of Motorcycles as per the Companies Act 2013 is ?

10 Years 8 Years 5 Years 15 Years

How is COGS is calculated ?

Purchases-Closing Stock+Opening stock Closing Stock-Opening Stock+Purchases Opening stock-Purchases+Closing Stock Closing stock+Opening stock+Puchases

When you have paid your interest on Borrowing in which part of cash flow statement you present this payment?

Financing Activities Operating Activities Investing Activities Borrowing / Payment Activities

What is the difference between a provision and a reserve ?

Provision is a charge against profit, while reserve is an appropriation of profit. Provision is a part of profit, while reserve is a charge against profit. Reserve is created to meet known liabilities, while provision is for unknown profits. Both provision and reserve are treated the same and shown under liabilities.

The Formula to compute Quick Ratio is ?

(Cash & Cash Equivalents + Accounts Receivable)/Current Liabilities (Cash & Cash Equivalents - Accounts Payable)/Total Assets (Cash & Cash Equivalents + Accounts Receivable)/Total Assets (Cash & Cash Equivalents + Accounts Receivable-Accounts Payable)/Current Liabilities

GST paid on purchase of goods to be sold is considered as?

Current Asset Current Liability Indirect Expenses Direct Expenses

The due date of Filing GSTR 3B for the transactions for Month of May 2025 is on

June 20, 2025 June 20, 2025 June 15, 2025 March 31, 2025

GST on outward Supplies to Un-Registered person for an amount of INR 10,000 is to be reported under which table of GSTR 1 Question Image

Table 7 Table 5 Table 4A,4B,6B,6C Table 9B

Did you Know the difference between Zero Rated Supplies and Exempt/Nil Rated Supplies ?

Yes No

Under GST, which of the following statements is TRUE about debit and credit notes?

A debit note is issued by the seller to increase taxable value or tax; a credit note is issued to reduce it. A debit note is issued by the buyer to reduce tax liability; a credit note is issued by the seller to increase it. A credit note is issued by the seller when taxable value or tax charged is less than actual; a debit note is issued for returned goods. A debit note is issued by the seller for Purchase Returns and a credit note is issued for Sales Returns

E-way Bill is required to be issued in the following scenarios

When the Value of goods are above INR 50,000 When the goods are moving beyond 10 KM When the goods are moving beyond 21 KM When the Value of goods are above INR 1,00,000

Did you Know the difference between TDS, TCS, ITC and Self Assessment Tax

Yes No

When you are making a Payment of INR 1,50,000 to an advocate will it attract TDS

Yes, TDS @10% under section 194J to be deducted No, since the about is below Taxable income Yes, TDS @2% under section 194C to be deducted No TDS is not applicable for payment to Advocate

Which form to be Filed for TDS Return for Salary and the Due date of filing this form for the quarter April to June months are on

Form 24Q, 31 July Form 26Q, 30 July Form 24Q, 07 July Form 26Q, 07 July

Applicable tax rate for Partnership Firm In India

30% 25% 15% Not Applicable for Partnership Firms

While purchasing goods from supermarket for business purpose you have paid INR 11,000 in cash, how much you claim this as expense under Income tax

0% 100% 30% 50%

Did you know How to account Purchase of Fixed Asset in Tally Software

Yes No

What is the keyboard shortcut to apply or remove a filter in Excel?

Ctrl + Shift + L Ctrl + F Alt + D + F + F Ctrl + Shift + L

Analyze the following table, and you have to calculate How much Shirts are Sold to your Customer Mr. Mahesh, which function you will use Question Image