Question 1

&#8230;&#8230;&#8230;&#8230;&#8230;.fund is for the purpose of construction of building for the business of the Society.&#10;A)building fund&#10;B)Reserve fund&#10;C)Education Fund&#10;D)Loans and advances

Accepted Answer

The Building Fund is specifically designated for the construction of buildings for the business or operations of the society. This fund is accumulated through contributions, donations, or specific allocations for the purpose of financing the construction or renovation of a building.

Question 2

The&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;Fund cannot be utilized for payment of dividend as bonus.&#10;A)building fund&#10;B)Reserve fund&#10;C)Education Fund&#10;D)Loans and advances

Accepted Answer

The Reserve Fund is specifically set aside to strengthen the financial stability of an organization and cannot be used for distributing dividends as a bonus. It is meant for unforeseen financial needs or to cover future expenses and liabilities, not for direct profit distribution to shareholders or members.

Question 3

A co-operative Society may createout of its net profit for payment of bonus to person who are not its members.&#10;A)bonus equalization fund&#10;B)Reserve fund&#10;C)Education Fund&#10;D)Loans and advances

Accepted Answer

A co-operative society may create a bonus equalization fund out of its net profit for payment of bonus to persons who are not its members.

Question 4

Reserve for doubtful debts is stands for &#8230;&#8230;&#8230;&#8230;&#10;A)RDD&#10;B)Reserve fund&#10;C)Bad debts&#10;D)Loans and advances

Accepted Answer

Reserve for Doubtful Debts is commonly abbreviated as RDD. This reserve is an accounting provision made for potential future bad debts from accounts receivable that might not be collected.

Question 5

&#8230;&#8230;&#8230;&#8230;&#8230;.are not formed for earning profit.&#10;A)co-operative society&#10;B)Public Company&#10;C)HUF&#10;D)Private Company

Accepted Answer

Co-operative societies are formed primarily for the mutual benefit of their members, rather than earning profit. Their main goal is to provide services and support to their members, rather than generating profit for shareholders or owners.

Question 6

Deposits from Society and individuals should be shown separately to the &#8230;&#8230;.. side of balance sheet.&#10;A)Liabilities&#10;B)Current Assets&#10;C)Education Fund&#10;D)Fixed Assets

Accepted Answer

Deposits from society and individuals are considered liabilities for an organization because they represent amounts that the organization owes. These deposits are obligations that need to be repaid or settled in the future, hence they are shown on the liabilities side of the balance sheet.

Question 7

The primary objective in the formation of Co-operative credit Society is &#8230;&#8230;&#8230;&#10;A)promoting of saving&#10;B)To Maintain Stock Register&#10;C)A and C only&#10;D)to get maximum profit

Accepted Answer

The primary objective of forming a Co-operative credit Society is promoting savings among its members, alongside providing loans at reasonable rates.

Question 8

&#8230;&#8230;&#8230;&#8230;..is the source of Government to increase their revenue.&#10;A)Tax&#10;B)Profit&#10;C)memorandum&#10;D)Expenses

Accepted Answer

Taxes are the primary source of revenue for governments, enabling them to fund public services and infrastructure.

Question 9

GST stands for&#8230;&#8230;&#8230;&#8230;.&#10;A)Goods and service tax.&#10;B)Government Service tax&#10;C)God down Surcharge&#10;D)B and C

Accepted Answer

GST stands for Goods and Service Tax, which is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Question 10

&#8230;&#8230;&#8230;&#8230;&#8230;is the motive given to the parliament and legislation of every state&#10;A) one nation one tax&#10;B)Live and let live&#10;C)Health is Wealth&#10;D)learn and earn

Accepted Answer

"One nation one tax" is a motive given to the parliament and legislation of every state, particularly in the context of implementing a unified tax system like the Goods and Services Tax (GST) in India, which aims to create a single, comprehensive tax system across the entire country, replacing multiple indirect taxes.

Question 11

&#8230;&#8230;&#8230;&#8230;&#8230;.collected by central government on an Intra state sale.&#10;A)CGST&#10;B)SGST&#10;C)IGST&#10;D)GST

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;&#8230;.collected by central government on an Intra...

Question 12

&#8230;&#8230;&#8230;&#8230;.Collected by the State Government on an Intra state sale.&#10;A)CGST&#10;B)SGST&#10;C)IGST&#10;D)GST

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;.Collected by the State Government on an...

Question 13

&#8230;&#8230;&#8230;&#8230;.Collected by the Central Maharashtra for Inter state sale.&#10;A)CGST&#10;B)SGST&#10;C)IGST&#10;D)GST

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;.Collected by the Central Maharashtra for Inter...

Question 14

&#8230;&#8230;&#8230;.and will share revenue equally between the central and State.&#10;A)CGST & SGST&#10;B)SGST &IGST&#10;C)IGST & CGST&#10;D)GST & IGST

Accepted Answer

The answer of &#8230;&#8230;&#8230;.and will share revenue equally between the...

Question 15

on&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..the GST law came into the force.&#10;A)1st July 2017&#10;B)2nd June 2018&#10;C)1st June 2017&#10;D)18th July 2019

Accepted Answer

The answer of on&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..the GST law came into the force.&#10;A)1st...

Question 16

&#8230;&#8230;&#8230;&#8230;..is an Indirect Tax which has replaced many indirect taxes in India.&#10;A)GST&#10;B)Income Tax&#10;C)IGST&#10;D)Service Tax

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;..is an Indirect Tax which has replaced...

Question 17

The online version of collecting tax was introduced in the year&#8230;&#8230;&#8230;&#8230;&#10;A)2004&#10;B)2006&#10;C)2005&#10;D)2015

Accepted Answer

The answer of The online version of collecting tax was...

Question 18

&#8230;&#8230;&#8230;&#8230;.method of branch accounting is usually adopted when the branch is of the small size.&#10;A)Treading.&#10;B)Balance sheet&#10;C)memorandum&#10;D)debtors

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;.method of branch accounting is usually adopted...

Question 19

The normal and abnormal stock of goods doesn't appear in branch account as the closing stock is at the&#8230;&#8230;&#8230;&#8230;&#8230;.figure.&#10;A)Adjusted&#10;B)profit.&#10;C)balance.&#10;D)loss

Accepted Answer

The answer of The normal and abnormal stock of goods...

Question 20

Stock and Debtors method of branch accounting is generally used where branch turnover is substantially&#10;A)loss&#10;B)lower&#10;C)High.&#10;D)Profit

Accepted Answer

The answer of Stock and Debtors method of branch accounting...

Question 21

Loading on surplus in stock is&#8230;&#8230;&#8230;&#8230;.to Branch Adjustment Account.&#10;A)debit.&#10;B)credit.&#10;C)liability.&#10;D)treading

Accepted Answer

The answer of Loading on surplus in stock is&#8230;&#8230;&#8230;&#8230;.to Branch...

Question 22

Under Stock and Debtors System general income is credited to &#8230;&#8230;&#8230;..account&#10;A)balance sheet&#10;B)branch stock account&#10;C)stock and Debtor System&#10;D)branch profit and loss

Accepted Answer

The answer of Under Stock and Debtors System general income...

Question 23

In Branch Accounting the balance on stock reserved Account at the end of the period is shown in the balance sheet by the way of deduction from&#10;A)opening stock.&#10;B)reserved stock.&#10;C)closing stock.&#10;D)profit or loss

Accepted Answer

The answer of In Branch Accounting the balance on stock...

Question 24

Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as&#10;A)goods in transit&#10;B)loss by fire&#10;C)shortage.&#10;D)loss

Accepted Answer

The answer of Goods sent by the head office at...

Question 25

The closing balance of book debts account is ascertained by preparing branch &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;Account.&#10;A)stock&#10;B)trading.&#10;C)Debtors&#10;D)adjustment

Accepted Answer

The answer of The closing balance of book debts account...

Deck 5: Accounting and Financial Terms and Concepts