". VdoTips: Accountant exam practice set



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