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Accountant exam practice set

71. The data obtained from a newspaper are—
(A) Primary data
(B) Secondary data
(C) Both
(A) and
(D) None of these

72. Current Ratio of a firm is 3: 1 and working capital is Rs. 60000. What will be the amount of current Assets—
(A) Rs. 30000
(B) Rs90000
(C) Rs. 120000
(D) Rs. 180000

73. The income from that house property is taxable under the head “Income from House property”.
(A) The assessee has ownership on that house
(B) The assessee uses that house for his business
(C) The assessee himself lives in that house
(D) The assessee has let out that house on rent for residence

74. Following is the deduction in respect of repair under the head of income from house property—
(A) 25% of Annual Value
(B) 30% of Net Annual Value
(C) 1/5 of Annual Value
(D) 1/5 of Net Annual Value

75. Single entry system can not be maintained by—
(A) Sole proprietorship
(B) Partnership concerns
(C) Joint stock company
(D) All of these