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Accounts & Finance

Description: Account & Finance
Number of Questions: 10
Created by:
Tags: Account & Finance Fundamentals of Accounting Final Accounts Accounting Principles and Accounting Equation
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Service Tax is linked with

  1. Excise and Taxation Department

  2. EPFO Department

  3. Pollution Department

  4. Income Tax Department


Correct Option: A
Explanation:

Right answer, because service tax is linked with Excise and Taxation Department. So, it is the right answer here.

What is meant by PAN?

  1. Permanent Account No.

  2. Present Account No.

  3. Previous Account No.

  4. Perfect Account No.


Correct Option: A
Explanation:

Right answer, because the full name of PAN No is Permanent Account Number. So, it is right answer.

What do you mean by outstanding expenses?

  1. Expenses paid in advance

  2. Payable expenses, but not paid

  3. Expenses which are not yet payable

  4. Expenses already paid


Correct Option: B
Explanation:

Right answer because outstanding expenses means payable expenses which are not paid yet by company.

PAN is related to

  1. Sale Tax Department

  2. Excise Department

  3. Pollution Department

  4. Income Tax Department


Correct Option: D
Explanation:

 Pan Number is linked with Income Tax Department and issued by Income Tax Department.

Bad debts means

  1. some people fail to pay their dues

  2. some people pay their dues before due date

  3. some people pay their dues at right time

  4. some people pay their dues after due date


Correct Option: A
Explanation:

Right answer because when some people fails to pay their dues then we  say it bad debts. So, it is the right answer .

What do you mean by prepaid expenses?

  1. Expenses paid in advance

  2. Expenses payable

  3. Expenses that are not payable

  4. Expenses paid on time


Correct Option: A
Explanation:

Right answer because when company pay their expenses in advance  then we say it prepaid expenses. So it is the right answer. 

Excise Department is linked with

  1. sale, purchase and taxable services

  2. taxable income

  3. taxable services only

  4. EPFO department


Correct Option: A
Explanation:

Right answer, because excise is deducted on sale, purchase and Service Tax is already a part of Excise Department.

What is the annual income limit for normal Indian resident for 2011-2012?

  1. Up to 151,000

  2. Up to 141,000

  3. Up to 155,000

  4. Up to 161,000


Correct Option: D
Explanation:

Right answer, because it is right limit who is set by Department here. So, it is the right answer here.

The Full Name of EPFO is

  1. Earning Per Fund Office

  2. Every Previous Fund Organization

  3. Employees Provident Fund Organization

  4. Earn Per Financial Organization


Correct Option: C
Explanation:

Right answer, because the full name of EPFO is Employees Provident Fund Organization. It is linked with Provident Fund who is linked with company employees. So, it right answer here.

Without PAN, we can deposit cash in bank up to

  1. Rs. 50,000

  2. Rs. 37,000

  3. Rs. 42,000

  4. Rs. 31,000


Correct Option: A
Explanation:

 According to RBI rules an amount upto Rs. 50,000 can be deposited in bank account without requirement of PAN

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