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Accountant exam practice set

76. Cash account will not be affected by—
(A) Cash paid to creditors
(B) Discount received
(C) Cash sales
(D) Cash received from debtors


77. Maximum standard Deduction for employees getting gross salary not more than Rs. 100000 is allowed—
(A) Rs. 20000
(B) Rs. 25000
(C) Rs. 30000
(D) Rs. 33000


78. Tax audit is compulsory in case of a person carrying on business whose gross receipt) turnover/sales and exceeds—
(A) Rs. 50 Lakhs
(B) Rs. 40 Lakhs
(C) Rs. l0 Lakhs
(D) Rs. 25 Lakhs


79. Mr. Rastogi of Meerut was declared insolvent. One of his liabilities related to one months rent due to his landlord. This liability will be treated as—
(A) Preferential Creditor
(B) Partly Secured Creditor
(C) Fully Secured Creditor
(D) Unsecured Creditor


80. When two or more companies liquidate to form a new company. It is called—
(A) Amalgamation
(B) Absorption
(C) Reconstruction
(D) Purchase of Business