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Question 1 of 20
1. Question
Input tax credit (ITC) is intended to:
Correct
Eligible ITC offsets GST payable on outward supplies with GST paid on eligible inward supplies, subject to statutory conditions, restrictions and documentation.
Incorrect
Eligible ITC offsets GST payable on outward supplies with GST paid on eligible inward supplies, subject to statutory conditions, restrictions and documentation.
Unattempted
Eligible ITC offsets GST payable on outward supplies with GST paid on eligible inward supplies, subject to statutory conditions, restrictions and documentation.
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Question 2 of 20
2. Question
Equipment cost is ₹280,000, residual value ₹10,000 and useful life 7 years. Under straight-line depreciation, annual depreciable amount is:
Correct
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹10,000) ÷ 7 = ₹38,571 per year.
Incorrect
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹10,000) ÷ 7 = ₹38,571 per year.
Unattempted
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹10,000) ÷ 7 = ₹38,571 per year.
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Question 3 of 20
3. Question
In contract accounts, work certified is generally:
Correct
Work certified is the portion of contract work formally certified under the contract. It is often distinguished from work uncertified when measuring work-in-progress and profit.
Incorrect
Work certified is the portion of contract work formally certified under the contract. It is often distinguished from work uncertified when measuring work-in-progress and profit.
Unattempted
Work certified is the portion of contract work formally certified under the contract. It is often distinguished from work uncertified when measuring work-in-progress and profit.
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Question 4 of 20
4. Question
Which of the following is generally a permanent difference for deferred-tax purposes?
Correct
Permanent differences do not reverse in future periods and generally do not give rise to deferred tax. Timing/temporary differences reverse in later periods and may create deferred tax.
Incorrect
Permanent differences do not reverse in future periods and generally do not give rise to deferred tax. Timing/temporary differences reverse in later periods and may create deferred tax.
Unattempted
Permanent differences do not reverse in future periods and generally do not give rise to deferred tax. Timing/temporary differences reverse in later periods and may create deferred tax.
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Question 5 of 20
5. Question
Contract costing is especially suited to:
Correct
Contract costing is used for large jobs such as construction projects, often carried out at customer sites and spanning a substantial period.
Incorrect
Contract costing is used for large jobs such as construction projects, often carried out at customer sites and spanning a substantial period.
Unattempted
Contract costing is used for large jobs such as construction projects, often carried out at customer sites and spanning a substantial period.
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Question 6 of 20
6. Question
Actual labour hours are 110, standard hourly rate is ₹21 and actual hourly rate is ₹23. What is labour rate variance?
Correct
Labour rate variance = actual hours × (standard rate − actual rate) = 110 × (₹21 − ₹23) = ₹-220. A higher actual rate creates an adverse variance.
Incorrect
Labour rate variance = actual hours × (standard rate − actual rate) = 110 × (₹21 − ₹23) = ₹-220. A higher actual rate creates an adverse variance.
Unattempted
Labour rate variance = actual hours × (standard rate − actual rate) = 110 × (₹21 − ₹23) = ₹-220. A higher actual rate creates an adverse variance.
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Question 7 of 20
7. Question
Fixed costs are ₹1,80,000 and contribution per unit is ₹60. Break-even output is:
Correct
BEP units = ₹1,80,000 ÷ ₹60 = 3,000 units.
Incorrect
BEP units = ₹1,80,000 ÷ ₹60 = 3,000 units.
Unattempted
BEP units = ₹1,80,000 ÷ ₹60 = 3,000 units.
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Question 8 of 20
8. Question
Which item is most directly associated with recovery of tax arrears?
Correct
Tax law provides mechanisms for recovery of outstanding tax dues, subject to statutory procedures, notices, appeals/stays and other applicable safeguards.
Incorrect
Tax law provides mechanisms for recovery of outstanding tax dues, subject to statutory procedures, notices, appeals/stays and other applicable safeguards.
Unattempted
Tax law provides mechanisms for recovery of outstanding tax dues, subject to statutory procedures, notices, appeals/stays and other applicable safeguards.
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Question 9 of 20
9. Question
Which of the following is a cost unit for a passenger transport service?
Correct
A passenger-kilometre combines the number of passengers with distance travelled and is a common composite cost unit for passenger transport.
Incorrect
A passenger-kilometre combines the number of passengers with distance travelled and is a common composite cost unit for passenger transport.
Unattempted
A passenger-kilometre combines the number of passengers with distance travelled and is a common composite cost unit for passenger transport.
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Question 10 of 20
10. Question
GST is best classified as:
Correct
GST is a destination-based indirect tax generally levied on supply of goods and services. Its structure and treatment depend on whether a supply is intra-State, inter-State or otherwise covered by special provisions.
Incorrect
GST is a destination-based indirect tax generally levied on supply of goods and services. Its structure and treatment depend on whether a supply is intra-State, inter-State or otherwise covered by special provisions.
Unattempted
GST is a destination-based indirect tax generally levied on supply of goods and services. Its structure and treatment depend on whether a supply is intra-State, inter-State or otherwise covered by special provisions.
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Question 11 of 20
11. Question
At a particular activity level, variable costs are ₹200,000 and fixed costs are ₹65,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹200,000 + ₹65,000 = ₹265,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹200,000 + ₹65,000 = ₹265,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹200,000 + ₹65,000 = ₹265,000.
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Question 12 of 20
12. Question
A product sells 1200 units with contribution of ₹50 per unit and fixed costs of ₹60,000. What is profit/(loss)?
Correct
Total contribution = 1200 × ₹50 = ₹60,000. Profit/(loss) = contribution − fixed costs = ₹60,000 − ₹60,000 = ₹0.
Incorrect
Total contribution = 1200 × ₹50 = ₹60,000. Profit/(loss) = contribution − fixed costs = ₹60,000 − ₹60,000 = ₹0.
Unattempted
Total contribution = 1200 × ₹50 = ₹60,000. Profit/(loss) = contribution − fixed costs = ₹60,000 − ₹60,000 = ₹0.
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Question 13 of 20
13. Question
The syllabus topic section 80U is historically associated with:
Correct
Section 80U historically provides a deduction for an eligible resident individual with disability, subject to statutory conditions. For the relevant tax year, use the applicable current Act and rules.
Incorrect
Section 80U historically provides a deduction for an eligible resident individual with disability, subject to statutory conditions. For the relevant tax year, use the applicable current Act and rules.
Unattempted
Section 80U historically provides a deduction for an eligible resident individual with disability, subject to statutory conditions. For the relevant tax year, use the applicable current Act and rules.
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Question 14 of 20
14. Question
A manufacturer budgets sales of 575 units, desired closing finished goods of 195 units and opening finished goods of 240 units. Required production is:
Correct
Production budget = sales + desired closing stock − opening stock = 575 + 195 − 240 = 530 units.
Incorrect
Production budget = sales + desired closing stock − opening stock = 575 + 195 − 240 = 530 units.
Unattempted
Production budget = sales + desired closing stock − opening stock = 575 + 195 − 240 = 530 units.
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Question 15 of 20
15. Question
An escalation clause in a contract protects parties against:
Correct
An escalation clause adjusts contract price when specified cost indices or input prices change beyond agreed terms. It does not automatically cover every cost increase.
Incorrect
An escalation clause adjusts contract price when specified cost indices or input prices change beyond agreed terms. It does not automatically cover every cost increase.
Unattempted
An escalation clause adjusts contract price when specified cost indices or input prices change beyond agreed terms. It does not automatically cover every cost increase.
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Question 16 of 20
16. Question
Contribution is ₹1,20,000 and sales are ₹4,00,000. P/V ratio is:
Correct
P/V ratio = ₹1,20,000 ÷ ₹4,00,000 × 100 = 30%.
Incorrect
P/V ratio = ₹1,20,000 ÷ ₹4,00,000 × 100 = 30%.
Unattempted
P/V ratio = ₹1,20,000 ÷ ₹4,00,000 × 100 = 30%.
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Question 17 of 20
17. Question
At a particular activity level, variable costs are ₹210,000 and fixed costs are ₹85,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹210,000 + ₹85,000 = ₹295,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹210,000 + ₹85,000 = ₹295,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹210,000 + ₹85,000 = ₹295,000.
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Question 18 of 20
18. Question
At a particular activity level, variable costs are ₹190,000 and fixed costs are ₹70,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹190,000 + ₹70,000 = ₹260,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹190,000 + ₹70,000 = ₹260,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹190,000 + ₹70,000 = ₹260,000.
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Question 19 of 20
19. Question
Equipment cost is ₹400,000, residual value ₹25,000 and useful life 7 years. Under straight-line depreciation, annual depreciable amount is:
Correct
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹25,000) ÷ 7 = ₹53,571 per year.
Incorrect
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹25,000) ÷ 7 = ₹53,571 per year.
Unattempted
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹25,000) ÷ 7 = ₹53,571 per year.
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Question 20 of 20
20. Question
At a particular activity level, variable costs are ₹140,000 and fixed costs are ₹65,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹140,000 + ₹65,000 = ₹205,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹140,000 + ₹65,000 = ₹205,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹140,000 + ₹65,000 = ₹205,000.