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Accountant exam practice set

86. The salary received by a member of parliament is—
(A) Exempt from Tax
(B) Taxable under the head of salary
(C) Taxable under the head of other sources
(D) Taxable under the lead of business

87. For the purpose of income tax it is necessary for agriculture income that—
(A) Land should be used for agricultural activities
(B) Land should be used for godown
(C) Land should be used for irrigation
(D) None of above

88. Depreciation is allowed on—
(A) Tangible Assets
(B) Current Assets
(C) Fixed Assets
(D) Intangible Assets

89. When shares are forfeited, the share capital account is debited by—
(A) Nominal value of forfeited shares
(B) Paid up amount of forfeited shares
(C) Called up amount on forfeited shares
(D) Forfeited amount of shares

90. The term ‘POIM’ for the four functions of management. Planning, organisation, integration and measuring was given by.—
(A) F.W. Taylor
(B) Harold Smiddy
(C) Tanon Brown
(D) Peter F. Drucker