Q. What is the tax rate for income above 10 lakhs for individual taxpayers in the financial year 2022-23?
A.
10%
B.
20%
C.
30%
D.
40%
Show solution
Solution
The tax rate for income above 10 lakhs is 30% for individual taxpayers.
Correct Answer:
C
— 30%
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Q. What is the tax rate for income above Rs. 10,00,000 for individual taxpayers in the financial year 2022-23?
A.
10%
B.
20%
C.
30%
D.
40%
Show solution
Solution
For individual taxpayers, the tax rate for income above Rs. 10,00,000 is 30%.
Correct Answer:
C
— 30%
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Q. What is the tax rate for individuals with an income above Rs. 10 lakh in the financial year 2023-24?
A.
10%
B.
20%
C.
30%
D.
40%
Show solution
Solution
The tax rate for individuals with an income above Rs. 10 lakh is 30%.
Correct Answer:
C
— 30%
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Q. What is the tax rate for long-term capital gains on listed equity shares in India?
A.
10%
B.
15%
C.
20%
D.
30%
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Solution
The tax rate for long-term capital gains on listed equity shares in India is 10%.
Correct Answer:
A
— 10%
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Q. What is the tax rate for long-term capital gains on the sale of equity shares in India?
A.
10%
B.
15%
C.
20%
D.
30%
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Solution
The tax rate for long-term capital gains on the sale of equity shares in India is 10%.
Correct Answer:
A
— 10%
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Q. What is the term for costs that are incurred regardless of the level of production?
A.
Variable Costs
B.
Fixed Costs
C.
Sunk Costs
D.
Opportunity Costs
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Solution
Fixed costs are incurred regardless of production levels.
Correct Answer:
B
— Fixed Costs
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Q. What is the term for costs that are incurred to support the production process but cannot be directly traced to specific products?
A.
Direct Costs
B.
Indirect Costs
C.
Variable Costs
D.
Fixed Costs
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Solution
Indirect costs are incurred to support production but cannot be traced directly to specific products.
Correct Answer:
B
— Indirect Costs
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Q. What is the term for the difference between actual costs and budgeted costs?
A.
Cost Variance
B.
Cost Control
C.
Cost Allocation
D.
Cost Classification
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Solution
Cost variance measures the difference between actual costs incurred and budgeted costs.
Correct Answer:
A
— Cost Variance
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Q. What is the term for the process of dividing a market into distinct groups of buyers?
A.
Market segmentation
B.
Market targeting
C.
Market positioning
D.
Market analysis
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Solution
Market segmentation is the process of dividing a market into distinct groups of buyers.
Correct Answer:
A
— Market segmentation
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Q. What is the threshold limit for GST registration for service providers in India?
A.
Rs. 20 lakhs
B.
Rs. 10 lakhs
C.
Rs. 15 lakhs
D.
Rs. 25 lakhs
Show solution
Solution
The threshold limit for GST registration for service providers is Rs. 20 lakhs.
Correct Answer:
A
— Rs. 20 lakhs
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Q. What is the threshold limit for GST registration for service providers?
A.
Rs. 10 lakhs
B.
Rs. 20 lakhs
C.
Rs. 30 lakhs
D.
Rs. 50 lakhs
Show solution
Solution
The threshold limit for GST registration for service providers is Rs. 20 lakhs (Rs. 10 lakhs for special category states).
Correct Answer:
B
— Rs. 20 lakhs
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Q. What is the threshold limit for mandatory GST registration for service providers in India?
A.
Rs. 10 lakh
B.
Rs. 20 lakh
C.
Rs. 15 lakh
D.
Rs. 25 lakh
Show solution
Solution
The threshold limit for mandatory GST registration for service providers in India is Rs. 20 lakh.
Correct Answer:
B
— Rs. 20 lakh
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Q. What is the threshold limit for tax audit for a business in India for the financial year 2022-23?
A.
1 crore
B.
2 crore
C.
5 crore
D.
10 crore
Show solution
Solution
The threshold limit for tax audit for a business in India is 1 crore for the financial year 2022-23.
Correct Answer:
B
— 2 crore
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Q. What is the threshold limit for tax audit for a business with a turnover in India?
A.
1 crore
B.
2 crores
C.
5 crores
D.
10 crores
Show solution
Solution
The threshold limit for tax audit for a business with a turnover in India is 1 crore.
Correct Answer:
B
— 2 crores
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Q. What is the threshold limit for tax audit in India for individuals and firms?
A.
Rs. 1 crore
B.
Rs. 2 crore
C.
Rs. 5 crore
D.
Rs. 10 crore
Show solution
Solution
The threshold limit for tax audit in India for individuals and firms is Rs. 2 crore.
Correct Answer:
B
— Rs. 2 crore
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Q. What is the threshold limit for tax audit under Section 44AB for a business in India?
A.
Rs. 1 crore
B.
Rs. 2 crore
C.
Rs. 5 crore
D.
Rs. 10 crore
Show solution
Solution
The threshold limit for tax audit under Section 44AB for a business is Rs. 1 crore.
Correct Answer:
A
— Rs. 1 crore
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Q. What is the time limit for claiming input tax credit under GST?
A.
Within 3 months
B.
Within 6 months
C.
Within the financial year
D.
Within 2 years
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Solution
The time limit for claiming input tax credit under GST is within the financial year.
Correct Answer:
C
— Within the financial year
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Q. What is the time limit for filing GST returns?
A.
Monthly
B.
Quarterly
C.
Annually
D.
Bi-annually
Show solution
Solution
GST returns are generally required to be filed monthly.
Correct Answer:
A
— Monthly
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Q. What is the total contribution if a company sells 300 units with a contribution margin of $40 per unit?
A.
$12,000
B.
$10,000
C.
$15,000
D.
$8,000
Show solution
Solution
Total contribution = Contribution margin per unit * Number of units = $40 * 300 = $12,000.
Correct Answer:
A
— $12,000
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Q. What is the total contribution margin if a company sells 150 units at a contribution margin of $25 per unit?
A.
$2,500
B.
$3,000
C.
$3,500
D.
$4,000
Show solution
Solution
Total contribution margin = Contribution margin per unit * Number of units = $25 * 150 = $3,750.
Correct Answer:
A
— $2,500
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Q. What is the total contribution margin if a company sells 500 units at a selling price of $80 per unit and a variable cost of $50 per unit?
A.
$15,000
B.
$20,000
C.
$25,000
D.
$30,000
Show solution
Solution
Contribution margin per unit = Selling price - Variable cost = $80 - $50 = $30. Total contribution margin = Contribution margin per unit * Number of units sold = $30 * 500 = $15,000.
Correct Answer:
B
— $20,000
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Q. What is the total cost if fixed costs are $10,000, variable cost per unit is $5, and 1,000 units are produced?
A.
$10,000
B.
$15,000
C.
$20,000
D.
$25,000
Show solution
Solution
Total Cost = Fixed Costs + (Variable Cost per Unit * Number of Units) = $10,000 + ($5 * 1,000) = $10,000 + $5,000 = $15,000.
Correct Answer:
C
— $20,000
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Q. What is the total of the debit column in a trial balance if the following balances are given: Cash $5,000, Accounts Receivable $3,000, and Inventory $2,000?
A.
$10,000
B.
$8,000
C.
$5,000
D.
$3,000
Show solution
Solution
Total debit column = Cash + Accounts Receivable + Inventory = $5,000 + $3,000 + $2,000 = $10,000.
Correct Answer:
B
— $8,000
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Q. What is the total variable cost if a company produces 1,000 units with a variable cost per unit of $40?
A.
$40,000
B.
$50,000
C.
$60,000
D.
$70,000
Show solution
Solution
Total Variable Cost = Variable Cost per unit * Number of units = $40 * 1,000 = $40,000.
Correct Answer:
A
— $40,000
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Q. What is the treatment of drawings in the final accounts of a sole trader?
A.
Recorded as an expense
B.
Recorded as a liability
C.
Recorded as a reduction in equity
D.
Not recorded at all
Show solution
Solution
Drawings are recorded as a reduction in equity in the final accounts of a sole trader.
Correct Answer:
C
— Recorded as a reduction in equity
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Q. What is the typical accounting period for final accounts of a sole trader?
A.
Monthly
B.
Quarterly
C.
Annually
D.
Bi-annually
Show solution
Solution
The typical accounting period for final accounts of a sole trader is annually.
Correct Answer:
C
— Annually
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Q. What is the typical accounting period for preparing final accounts for a sole trader?
A.
Monthly
B.
Quarterly
C.
Annually
D.
Bi-annually
Show solution
Solution
Final accounts for a sole trader are typically prepared annually to reflect the financial performance over the year.
Correct Answer:
C
— Annually
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Q. What is the typical format of the Balance Sheet for a sole trader?
A.
Assets = Liabilities + Owner's Equity
B.
Assets + Liabilities = Owner's Equity
C.
Assets = Owner's Equity - Liabilities
D.
Owner's Equity = Assets + Liabilities
Show solution
Solution
The typical format of the Balance Sheet is Assets = Liabilities + Owner's Equity.
Correct Answer:
A
— Assets = Liabilities + Owner's Equity
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Q. What is the typical format of the income statement for a sole trader?
A.
Single-step format
B.
Multi-step format
C.
Both formats
D.
None of the above
Show solution
Solution
Sole traders can use either a single-step or multi-step format for their income statement.
Correct Answer:
C
— Both formats
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Q. What is the typical format of the Profit and Loss Account for a sole trader?
A.
Assets = Liabilities + Equity
B.
Revenue - Expenses = Profit
C.
Sales - Cost of Goods Sold = Gross Profit
D.
All of the above
Show solution
Solution
The Profit and Loss Account can be represented in various formats, including all the options listed.
Correct Answer:
D
— All of the above
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