1. State which of the following statements is true

1)Surcharge is levied when the total income of an Individual exceeds Rupees 2,50,000

A patner is liable to pay tax on his share of income received from the firm

An individual resident in India and non resident in India pay tax at the same rate.

Education cess is imposed at total on Income

2. Deducation in respect of section 80E for payment of interest on loan taken for higher education shall be allowed upto

1)20,000

25,000

30,000

complete Amount


3. what is the maximum income tax rate for Hindu Undivided family

10%

20%

30%

40%

4. State which of the following statements is false

Income from impartible estate is not included in the income of family

Income from stridhan' is not included in the income of family

Income from investment in the name of member by the family is included in the income of family

Incomes of members will be considerd while calculating tax liability of Hindu undivided Family

5. Interest and remuneration payable to partners is not deducatable if the firm

is a limited liability partnership

fulfil the conditions of section 184

does not fullfil the conditions of section 184

Not failure in fulfilling the provisions mentioned in section 144

6. State the true statement from the following

A partner is liable to pay tax on interest and remuneration received from firm

The permissible rate of interest payable to partners is 15%

A partner is liable to pay tax on his share of profit from firm

partners can set off the losses of the firm from their income

7. what is maximum exemption limit of income for the firm in Assessment year 20162017


Zero

10,000

2,50,000

2,70,000
8. Rate of minimum alternate tax excluding surcharge and education cess for other than companies is



15%

18%

18.5%

9. Find the true Statement from the following

due date for furnishing return of income for salaried person is June 30

A charitable trust need not file return of income

If return is filed after due date interest shall be charged per month

provisions of minimum Alternate tax do not apply to any assessee except companies

10. The last date for filing belated return for assessment year 2015-16 is

1)July 31,2017

September 30,2016

March 31,2017

July 31,2016

11. A who is not engaged in business or profession computed the total income on self assessment Rupees 565000 .He paid advance tax Rupees 20720 and his tax deducted at Source was 15000 . He filed the return of his income on 12th October 2015 The amount of interst payable under section 234 A will be

3,400

102

3,520

3502

12. Quoting Permanent Account Number is not compulsory if

1)Time deposit exceeding 50000 in a bank

Deposits exceeding Rs. 50000 in post office Saving Bank

Payments to hotels restaurents of bills exceeding 25000 at any one time

Sale or purchase of immovable property valued at less than 5,00,000

13. Time limit for issue of notice U/s 148 is six years from the end of relevant assessment year if the escaped income is Rs ............... Or more .

50,000

1,00,000

10,00,000

15,00,000


14. Advance tax is payable by citizen if tax payable after deducting tax at source is or more

5,000

10,000

15,000

20,000

15. Sate the correct Statement out of the following Statements

1)No Tax at source is deducted in respect of interest on Securities issued by domestic companies

No tax at Source is deducted in case of winnings from lottery is in Kind

On salaries tax is deducted at source according to provisions of section 192

tax deducted at source is an advance tax

16. X Co has taken a show room on rent at the rate of 20,000 per month from Ram. During the previous year tax deduction by the company will be

Zero

9,000

24,000

24,720
17. The provisions relating to……………. Are given in section 206c.

Tax Collection at Source

Tax deduction at Source

Advance Payment of Tax

Filing return of income
18. The rate of interest per month shall be payable by Government in Case of delay in the grant of refund of income Tax

0.5%

1.0%

1.5%

2.0%
19. U/s 220 the interest may be reduced or waived by the Authority

1)Inspector of Income tax

Assessing officer

Chief commissioner or commissioner

Central Board of Direct Taxes
20. Which of the following is not a method of tax planning related to salary

Tax free perquisites as part of Salary

Tax free allowance as part of salary

Encashment of earned leave on retirement

Not commuting the pension
21. Which of the following is not a method of tax planning relating to capital gains

Sales of an asset on becoming long term capital asset instead of short term capital asset

Use of section 54,54B,54D,54F,54G or 54GA

Loan taken for self occupied house property

Subscribing right shares instead of sale of right

22. True statement in relation to 'Tax avoidance is

Tax avoidance is not illegal

Provisions of low are flouted in tax avoidance

penalty and prosecution is imposed on tax avoidance

Tax Avoidance and Tax Evasion are synonymous
23. There is no tax evasion if

1)Sale is recorded at lower amount

Claiming bogus expenses and losses

Chargig personal expenses as business expenses

Reduction in tax liabilty by transfer of property to major son

24. Find the statement from the following

Income tax is a direct tax charged annually by the central government

Previous year always starts from 1st April

Capital receipt cannot be treated as income

The income earned from illegal business is also taxable
25. In case of a women assessee (senior citizen) her agricaltural income of 20,000 shall be included in her total income when it is more than the following limit

1)1,35,000

1,50,000



3,00,000
26. According to central excise Act Surrender of registration certificate becomes necessoary if

Ceases to carry on the business operation mentioned

Death of a partner

Change in the constitution of ownership

all of these
27. With regard to CENVAT credit in excise Duty Act, which

No production NO CENVAT credit

CENVAT credit is optional Scheme

Inputs remain excise paid after CENVAT credit

all of these
28. Find incorrect statement as per custom Act 1962

1)Order for confiscation of goods may not be given unless a notice is issued to the owner giving resons in writing

goods cannot be confiscated if buyer is ignorant and in good faith

Confiscated goods will not be sold if the owner pays penalty

Any goods used for concealing goods against rules shall also be liable to confiscation
29. To determine "Assessable Value" as per custom Act 1962, landing and handling charges is taken as

of F.O.B.Price

Actual expenses or 20% of F.O.B price, whichever is higher

of C.I.F Price

Actual expense or of C.I.F price whichever is less
30. To make the goods manufactured in India competitive in comparison to imported goods a duty of custom is charged as

protective Duty

safeguard Duty

Countervailing Duty

Anti Dumping Duty
31. Who is not a dealer as per central sales tax act

1)A farmer who runs his own shop for selling the grains grown on his own fields

A steel manufacturing campany who has sold on old motor car and has earned some profit also

A doctor who sells loose patented medicines drawn from sealed containers to other persons also besides own patients

A person selling illegal goods
32. which of the following is treated as sale or purchase of goods during the course of interstate trade or commerce as per central sales tax Act

Sending of goods to branch situated in other state

sending of goods to another state for sale on consignment

Movement of goods with in a sate during its sale or purchase through the territory of another state

If the sale is effected by the trasfer of documents of title to goods during the movement of such goods from one state to another

33. The exemption not avilable in central sales tax Act is

1)In relation to subsequent sales to registered dealers

Sale of goods exempt generally in the state

sale of goods declared U/S 14

sale in the course of import or export

34. Who is not required to get registered U/s11 from the following as per Rajasthan Value Added Tax Act

1)A manufacturer whose annual turnover does not exceed Rs. 2,00,000

Registered Dealers under central sales tax Act

Importer of goods from outside the state

Dealer whose annual turnover exceeds Rs 10,00,000
35. First time income tax introduced in india

1961

1886

1860

1857
36. Mr. Anthony first time went to USA on 25th may 2015. He is ……….. For A.Y.201617

Resident in India

Not ordinarily resident in India

NonResident in India

and both
37. Maximum amount of Interest on House building Loan on Letout house U/s 24 is deductible

30,000

2,00,000

3,00,000

what so ever amount of interest
38. When donation is given for scientific research to Natianal University or laboratory deduction is available from business profits

Actual amount

2)1 1/4 times of the actual amount

3)1 3/4 times of the actual amount

2 times of the Actual amount
39. Rate of depreciation on water pollution control equipment is

40%

60%

15%

100%

40. Sales consideration of a long term asset is Rs. 1,00,000, Long term Capital gain Rs. 45,950 for assessment year 201617 Inflated index 8182= 100 Inflatd Index for p.y 201516 is 1081 . The cost of the asset is

1)Rs. 4,000

Rs. 5,000

Rs. 6,000

Rs. 7,000
41. Standard Deduction available on Income from family pension is

20%. Of pension or Rs 15,000 whichever is less

25% of pension or Rs 15,000 whichever is less

33.33% of pension or rs 10,000 whichever is less

33.33% of pension or Rs 15,000 whichever is less

42. Maximum deduction U/s 80D for A.Y.201617 for an individual assessee is

Rs. 15,000

Rs.20,000

Rs.25,000

Rs. 40,000
43. An Individual resident whose total income does not exceed Rs 5,00,000 then deduction of income tax U/s 87A for A.Y. 201617 is

1)100% of income tax or Rs. 5,000. whichever is less

100%.of income tax or Rs 3,000 whichever is less

100% of income tax or Rs 2000 whichever is less

None of these
44. The total income and agricultural income of shri Ram are Rs 4,80,000 and Rs 30,000 respectively the income tax is

Rs.23,690

Rs.27,000

Rs,24,000

Rs.24,720
45. Short term capital gain U/s 111A are taxable

10%

15%

20%

30%
46. As the total income of any Individual assessee is more than one crore the surcharge is levied for A.Y. 201617





10%

12%
47. Can the remuneration given by a firm to its partners in case of loss be allowed u/s It so to what extent?

yesAllowed upto Rs 90,000

yes Allowed upto Rs. 1,50,000

Yes Allowed upto Rs 60,000

Yes Not Allowed
48. In which year was the central sales tax Act enacted?

1947

1956

1961

1965
49. Which goods are exempted under Rajasthan Value Added Tax:

Helmet

Electricity Power

Salt

all of these
50. Service tax was introduced in india on the recommendation of

Dr Man mohan Singh Committee

Kelkar Committee

Dr. Raja J Challaiah Committee

Dr Yashwant sinha committee

51. Auditing means

To prepare account books

To examine accounting books

To make adustment in accounts

all of these
52. The primary objective of an auditor is

Detection of errors

certifying validity of information

prevention of fraud

all of these
53. Primary responsibility for the and adequacy of financial statement discloures rest with

Management

Auditor

Company Registrar

Central Government
54. Balancesheet audit does not include

vouching of income, expenses and accounts related to assets and liabilities

Examination of adjusting and closing entries

verification of assets and liabilities

Routine check
55. In comparison to the independent auditor an internal auditor is more likley to be concerned with

Cost Accounting System

Internal Control System

Legal Compliance

Accounting system
56. Following is non financial audit

operating audit

process audit

secretarial audit

all of these
57. verification of assets is done to ascertain

Existence of assets

Owenership of assets

possession of assets

all of these
58. In Vouching The auditor verifies

Only the right of transactions

Only certification of transactions

Right and certification of transaction,Both

Only arithmetical accuracy of transactions
59. 'Auditor is not insurer and does not give gaurantee for correctness of books', this statement has been given in the case law

CIT V/s G.M Dandekar

London and General Bank

Kingston cotton mills

Mecesan Robbins
60. A Qualified report given by the auditor indicates

Auditior is satisfied with company' s accounts

Auditor is impressed with specialities of the company

Both Auditior is satisfied with company' s accounts and Auditor is impressed with specialities of the company

Auditor is not satisfied with company's accounts
61. Cost audit report is presented to

Government

Company

(Government) and (Company) both

Shareholders
62. Technique used in management audit

Linear Programming

Queue Theory

Games Theory

all of these
63. If a casual vacancy in the office of auditor arises by his resignation it should be filled by the company in a

Board of director's meeting

Extraordinary General meeting

General Meeting

Annual General general Meeting
64. Who can be appointed as auditor of a company

A person who has indebted for less than Rs1000 (to company)

A Corporation

An officer of the Company

An employee of the Company
65. Every auditor appointed under companies Act 2013 must intimate to the registrar within ……… days of the receipt of appointment from the company

15

18

21

30
66. In Casae of directors fail to appoint first auditor(s) then he shall be appointed

By government

by company law board

In statutory meeting

In general meeting

67. Auditor submits report to

Appointing authority

Government

Board of directors

Shareholders
68. Audit of Banks is an example of

Statutory Audit

Balance sheet audit

Concurrent audit

None of these
69. Identify the correct statement

Mangement audit is structured review of the system and procedurees on an organisation

Mangement audit involves comparative study of actual performance against targeted performance

Management audit is not compulsory

all of these
70. Audit planning is covered under

SA 200

SA 250

SA 300

SA 400
71. Audit working papers are the property of

Client

Auditor

Income Tex Department

The institute of chartered Accountants
72. The date on auditor's report should not be

1)The date of annual general meeting

Later than the date on which the accounts are approved in Board's meeting

Earlier than the date on which the accounts are approved in Board's meeting

The date on which the accounts are approved in Board's meeting
73. The retiring auditor does not have a right to

Make written representation

get his representation circulated

be heard at the meeting

speak as a member of the company
74. Life Insurance Corporation of India holds 25% of subscribed capital of ABC Ltd The appointment of statutory auditor in ABC Ltd would be by

Ordinary resolution

special resolution

Life Insurance corporation of India

Comptroller and auditor general of India
75. Auditing is compulsory for

Individuals

Companies

Partnership firms

For all of these
76. "An audit programme is flexibly planned procedure of examination. " This definition is given by

Kohler

De Paula

Arthur W. Holmes

Dicksee
77. Which of the following is not a type of Audit

Management Audit

Efficiency Audit

Human Resource Audit

Government Audit

78. Internal check System is of no use in which of following activity

Standardisation of costs

Purchase of service Assets and material

sales and sales return

Cash transactions
79. The authenticity of financial statements is very essential and such authenticity of accounts can be assured with the help of an

Independent Audit

Internal Audit

performance Audit

None of these
80. Alternation of a figures after audit is a limitaion of

Continous Audit

Final Audit

Interim Audit

Financial audit
81. In India Balance sheet audit is synonymous to

Continuous audit

Detailed audit

statutory audit

Annual audit
82. internal check is a part of

Internal Accounting

Internal Control

External Audit

Internal Audit
83. vouching means:

Examining the various assets

Surprise checking of accounting records

Inspection of receipts

Examination of Vouchers to check authenticity of records
84. A continuos audit is specially needed for

any manufacturing concern

Banking companies

Trading concerns

Small concerns
85. Which of the following secion of the companies Act 2013 contain provision as regards to qualifications of auditors

section124

section131

section141

section242
86. The right of an auditor is:

To take clarification

to Conduct inspection

to receive remuneration

all of these
87. The reliability of audit evidence depends upon

source

nature

Source and nature

Timing
88. Auditing seeks evidence

Conclusive

Corroborative

Both (Conclusive) and (Corroborative)

Persuasive
89. Company's auditor is appointed under which section of the companies Act 2013

U/s138

u/s139

u/s224

u/s238
90. Who oppoints internal auditor

shareholders

stock exchange

mangement

Government
91. The mangement can review proccess through

external audit

Internal Control

Internal Audit

Internal check

92. The Cost auditor has to judge whether the planned expenditure is designed to give

Appropriate results

good results

optimum results

targeted results
93. Outstanding expenses should be verified with the help of

Cash Book

Income and Expenditure Account

Journal proper

Balance sheet
94. Performance Audit is also known as

Detailed Audit

Efficiency Audit

Propriety Audit

Management Audit

95. The auditor should be well acquainted with the rules of maintaining accounts and audit of the insurance companies of

I.R.D Act 1949

Banking Regulation Act 1949

Indian Companies Act 2013

None of these
96. Remuneration of Auditors is prescribed under section of Companies Act 2013

141

142

143

144
97. In Environmental Audit IAIA stands for

International Assembly of Impact Assessment

Indian Assembly of Impact Assessment

International Association of Impact Assessment

Indian Association of Impact Assessment

98. Audit is conducted as per the provisions of law as

Social Audit

Continuous Audit

Statutory Audit

Government Audit
99. Audit refers to the evaluation of company's performance against planned goals in the area of social responsibilities

mangement Audit

social Audit

cost Audit

Efficiency Audit
100. In EDP Audit which of the following activities would most likely be performed by EDP department

Distributing Output

parity checks

Authorising Transactions

Correction of transactional errors

101. Statistics are formed by

A single figure

An absolute descriptive fact

A group of homogeneous facts and figures

A group of unrelated Facts

102. which of the following is not the source of secondary data

Data published in news papers

publications of central and state government

Data obtained by a firm in a market survey conducted by it

Data issued by world Bank

103. Formula of Mode based on average relationship of Averages is

1)Z=sigma X/N

2)Z=sigma FDX/N

3)Z=3X-2M

4)3M-2X
104. Formula to find out geometric mean in Individual series is

1)sigma logx/N

2)antilog[logx/n]

3)antilog[sigma logx/n]

4)sigma logx
105. The mean annual salary paid to all employees of a company was Rs 5000 . The mean annual salaries paid to male and female employee was Rs 5200 and Rs 4200 respectively determine the percentage of female employed

20

80

30

70
106. Which of the following measures of dispersion is based on all the item values of the series

Range

Quartile Deviation

Standard Deviation

None of these
107. Correct formula of skewness by Bowley is

Q3Q1+2M

Q3+Q12M

#44abst_107_3.PNG#

#44abst_107_4.PNG#
108. If the first quartile is 142 and the semi inter quartile range is 18,then assuming the distribution to be symmetrical the value of median is

151

160

178

None of these
109. Coefficient of correlation between X and Y is Zero, if both Variables

1)Increase together

decrease together

Move in Opposite direction

are paired randomly signifying absence of interrelationship between them
110. The correlation coefficient the .............. Of the two regression coefficients byx and bxy

Arithmatic Mean

Geomatric Mean

Harmonic Mean

None of these
111. In How many ways can 7 member of a committee be seated if the minister and deputy minister always be with head

720

24

48

120
112. In a game cards are thoroughly shuffled and distributd equally among four players The probability that a specific player gets all the four kings is

#44abst_112_1.PNG#

#44abst_112_2.PNG#

#44abst_112_3.PNG#

#44abst_112_4.PNG#
113. In how many ways can a committee of 6 persons be formed from 7 Indians and 4 Japanees, if it is indispensable to include at least 2 Japanese

371

210

140

21
114. given x=0.85,y=0.89x and sigma x=3 then sigma y will be

3.07

2.61

4

None of these
115. From the following data estimate the most likely price of an article in Mumbai when price of that article in Kolkata is Rs 75 Mean price In KolKata(y)=Rs 65 Mean price in Mumbai=Rs 67, standard Deviation in Kolkata 2.5 standard Deviation in Mumbai 3.5 Correlation coefficient between two prices standard Deviation

Rs.72.60

Rs.78.20

Rs. 60.50

Rs. 77.30
116. If both the reqression coefficents are negative then coefficient of correlation is

Positive

Negative

Zero

None of these
117. Which of the following is not a charateristics of Linear Programming

Objective Function

Constraints

Negative Condition

Non Negative Condition
118. Which of the following point is not included in formulating a linear programming problem

Determination of Legislations formulated by state

Identification of Decision Variables

Determination of objective function

Determination of constraints
119. Management decision problems are comprised of three main elements which of the following is not one of them

probability

Alternatives

Constraints

Objectives
120. Programme Evalutaion and Review Technique (PERT) is mainly useful for

Small Projects

Large and Complex Projects

Research and Devlopment Projects

Deterministic Activities
121. The part of Total time by which a particuler activity can be delayed without affecting the preceding and succeeding activities is

1)Independent Float

Free Float

Interfering Float

Total Float
122. A distribution is a theoretical distribution that expresses the functional relation between each of the distinct value of the sample statistic and the corresponding probability

1)Normal

Binomial

Sampling

Poisson
123. If we don't have any knowledge of population variance then we have to estimate it from the

frequency

sample data

distribution

correlation
124. A test of hypothesis for which the region of rejection is wholly located at one end of the distribution of the test statstic is

One tailed test

Two tailed test

Point estimate test

Interval estimate test
125. Whole frequency table is needed for the calculation of

Range

Variance

Both Range and Variance

None of these
126. Which one is true

A.M= Assumed Mean+Arithmatic Mean of deviation of terms

G.M= Assumed Mean+Arithmatic Mean of deviations of terms

Both Assumed Mean+Arithmatic Mean of deviation of terms) and Assumed Mean+Arithmatic Mean of deviations of terms)

None of these
127. If two unbiased dice one rolled together, what is the probability of getting no differnce of points



1/3

1/5

1/6
128. The weekly average rainfall of a city including Sunday is 4 cm and excluding Sunday is 1.5 cm for the week Rainfall recorded on Sunday is

1)28cm

9cm

19cm

5.5cm
129. According to _"Statistics may be defined as the science of collection, presentation, analysis and interpretation of numerical data

1)A.L.Bowley

Selligman

Lincon L.Chao

Croxton Cowden
130. Nationality of a student is

An attribute

A discrete Variable

A Variable

A Continuous Variable
131. "An average is an attempt to find out one single figure to describe the whole of figures . This definition is given by_

Murry R.Spiegal

Simpson and kafkav

Croxton and Cowden

Clark and Sekkade
132. The Mean of 15 Numbers is 15 if the two number 18 and 12 are excluded then the mean of the remaining numbers is

1)12

25

10

15
133. If Mode is 10 and Mean is 7 The value of Median

8.5

3

8

9
134. If Mean is 10 and geometric mean is 8 find the Harmonic Mean

4.5

6.4

6.0

7.6
135. In case of even number of observations which of the following is median?

The weigted average of these two middle values

Any of two middle most value

The simple average of these two middle values

None of these
136. C.V is Used:

To make trend analysis

To find coefficient of correlation

To make comparative study of stability in two series

To determine cofficient of regression

137. Rank correlation method was developed by

Bowley

Karl pearson

C.E.spearman

Kelly
138. Coefficient of Alienation is

1-r2

1-r2

1-r3

1-r4
139. The regression line of Y on X is derived by

The minimisation of vertical distance in the scatter diagram

The minimisation of horizontal distance in the scatter diagram

Both,The minimisation of vertical distance in the scatter diagram and The minimisation of horizontal distance in the scatter diagram

The minimisation of vertical distance in the scatter diagram or The minimisation of horizontal distance in the scatter diagram
140. The Coefficient of determination is

1)r

2)r2

3)1-r2

None of the these
141. The sum of two numbers obtained in a single throw of two dice is A Then the probability of A will be maximum when

8

7

6

5
142. The Probability of 53 sundays in non leap years

.2857

.1452

.1429

.1427
143. which of the following criteria is not used for decision making under uncertainty

Maximin

Minimize expected Loss

Minimax

Maximax
144. The decision makers knowledge and experience may influence the decision making proceess when using the criterion of

Maximax

Realism

Minimax regret

Maximin
145. The Large sample test for testing p1=p2 for normal population is

Ztest

Ftest

ttest

None of these
146. Who formulate the linear programming

G.Stigler

L.Kantorovide and F.L. Hichcock

G.B Dantzig

Khachian
147. ......... may be defined as a method of determining an optimum programme inter dependent activities in view of available resources:

Decision making

Linear Programming

Goal Programming

None of these
148. Linear Programming model which involves funds allocation of limited investments is classified as

fund investment models

fund origin models

Capital budgeting models

Ordination Budgeting Models
149. Graphic method can be applied to solve a LPP when there are variables:

one

more than one

two

three
150. The critical activity has

1)Maximum float

Minimum float

Zero Float

None of these