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CHP 3 Flashcards

1
Q

A pre-numbered accounting document used for posting daily transactions is called as ______.

A

Voucher

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2
Q

When cash is going out of the business ______ type of voucher is used.

A

Payment

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3
Q

Return of goods to a supplier comes under ______ type of voucher.

A

Purchase Return

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4
Q

______ was the first country to implement the GST in 1954.

A

France

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5
Q

______ stands for Goods And Services Tax Identification Number.

A

GSTIN

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6
Q

GST came into force in India with effect from ______.

A

July 2017

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7
Q

Rectifying entries or transfers or adjustment entries comes under ______ voucher type.

A

Journal

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8
Q

Modern Computerized Accounting Systems are based on the concept of ______.

A

Database

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9
Q

A ______ is implemented using a database management system.

A

Database

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10
Q

______ functions as an Accounting Information System.

A

Accounting software

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11
Q

______ software describes a type of application software that records and processes accounting transactions within functional modules.

A

Accounting

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12
Q

Creation of company is the first step in Computerized Accounting process. (True or False)

A

True

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13
Q

All Ledger accounts have same groups in Computerized Accounting. (True or False)

A

False

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14
Q

Receipt voucher is used when the cash is accepted. (True or False)

A

True

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15
Q

Cash deposited into bank comes under bank voucher. (True or False)

A

False

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16
Q

Recording a transaction through voucher is called as voucher entry. (True or False)

A

True

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17
Q

Goods sold from Solaput to Habil is an example of SGST. (True or False)

A

False

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18
Q

GST is focus on one nation one tax. (True or False)

A

True

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19
Q

GSTIN is PAN based registration number. (True or False)

A

True

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20
Q

CGST, SGST and IGST Ledgers are common for goods and services. (True or False)

A

True

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21
Q

Modern Computerized Accounting Systems are based on the concept of database. (True or False)

A

True

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22
Q

GST is a direct tax which has replaced many indirect taxes in India. (True or False)

A

False

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23
Q

Contra Voucher is used for ______?
(a) Master Entry
(b) Withdrawal of cash from bank
(c) Reports
(d) Credit Purchase

A

(b) Withdrawal of cash from bank

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24
Q

Salary account comes under which of the following head ______?
(a) Indirect Income
(b) Indirect Expenses
(c) Direct Income
(d) Direct Expenses

A

(b) Indirect Expenses

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25
In India the GST Act came into effect on ______? (a) 1st July 2018 (b) 1st July 2017 (c) 1st June 2018 (d) 1st June 2017
(b) 1st July 2017
26
Sale or purchase out of state involves ______ in invoice? (a) OutGST (b) IGST (c) WithGST (d) NoGST
(b) IGST
27
GSTIN is ______ digit alphanumeric number? (a) 13 (b) 10 (c) 15 (d) 1
(c) 15
28
In GSTIN first two digits represents ______ code? (a) State (b) Central (c) Company (d) General
(a) State
29
GST is ______ type of tax? (a) Regular (b) Indirect (c) Direct (d) Irregular
(b) Indirect
30
Every voucher maintained its ______ and ______ record? (a) debit (b) in (c) out (d) credit (e) open
(a) debit, (d) credit
31
Valid types of vouchers are ______ and ______? (a) contra (b) sales (c) income (d) expenditure (e) liability
(a) contra, (b) sales
32
______ and ______ are ledger accounts that can be created under Group Indirect? (a) Insurance (b) Sale (c) Rent (d) Bank Loan (e) Octroi
(a) Insurance, (c) Rent
33
Codes given to Goods and Service under GST are ______ and ______? (a) HSN (b) HSC (c) SSC (d) SAC (e) HNS
(a) HSN, (d) SAC
34
______ involves providing basic information about the company whose books or accounts are to be maintained.
Creating company
35
The modern way of managing accounts called ______ concepts of accounting is being followed.
Single ledger
36
All financial entries are made using ______ or account heads.
Ledger
37
______ Accounts are created to identify transactions.
Ledger
38
______ in Accounting Software classify and identify account heads according to their nature.
Groups
39
A ______ is a pre-numbered accounting document used for recording daily transactions.
Voucher
40
______ maintains debit and credit record.
Voucher
41
The ______ voucher type is used for recording amounts received by way of cash.
Receipt
42
The ______ voucher type is used for recording payments made by cash.
Payment
43
Sales voucher is used for recording cash and credit purchase of goods services. (True or False)
False
44
Purchase Return voucher is used for recording return of goods to a supplier. (True or False)
True
45
The Receipt Book contains all vouchers for the day. (True or False)
False
46
In Tally, ALT + D key combination is used to delete ledger, group or voucher. (True or False)
True
47
Social media marketing is the use of social media platforms and websites to promote a product or service. (True or False)
True
48
GSTIN stands for Goods and Services Transfer India Number. (True or False)
False
49
CGST is imposed on Intra-state supply of goods and services collected by State Government. (True or False)
False
50
Goods sold from Mumbai to Pune is an example of CGST. (True or False)
True
51
GST rates are same for all commodities or products. (True or False)
False
52
______ accounts are created to identify transactions? (a) Voucher (b) P/L (c) Balance sheet (d) Ledger
(d) Ledger
53
Every voucher maintains its ______ and credit record? (a) In (b) Out (c) Debit (d) Credit
(c) Debit
54
The ______ voucher type is used for recording payments made by cash? (a) Payment (b) Receipt (c) Contra (d) Journal
(a) Payment
55
The product of ______ was originally developed by Urchin company in year 2005? (a) SEO (b) Red Hat (c) Google Analytics (d) Broken Links
(c) Google Analytics
56
Petty cash account comes under which of the following head ______? (a) Capital (b) Fixed Assets (c) Investments (d) Current Assets
(d) Current Assets
57
______ tax is imposed on Intra-state supply of goods and services collected by Central Government? (a) CGST (b) GST (c) SGST (d) IGST
(a) CGST
58
The GSTIN code for Maharashtra is ______? (a) 22 (b) 23 (c) 25 (d) 27
(d) 27
59
Types of output reports are ______ and ______? (a) balance sheet (b) ledger (c) trial balance (d) Godown
(a) balance sheet, (c) trial balance
60
Different types of vouchers such as ______ and ______ are used for recording transactions? (a) balance sheet (b) trial balance (c) payment (d) receipt
(c) payment, (d) receipt
61
Types of Input Master are ______ and ______? (a) ledger (b) day book (c) trial balance (d) Groups
(a) ledger, (d) Groups
62
Valid types of vouchers are ______ and ______? (a) sales (b) income (c) purchases (d) expenses
(a) sales, (c) purchases
63
Working of accounting software includes ______? (a) input masters (b) add (c) processing entries (d) modify (e) output report (f) delete
(a) input masters, (c) processing entries, (e) output report
64
Following are various reports generated by Tally ______? (a) trial balance (b) GST report (c) balance sheet (d) receipts (e) payments (f) purchases
(a) trial balance, (b) GST report, (c) balance sheet
65
66
GST on inward supply of goods and services is known as ______ tax.
Input
67
GST on outward supply of goods and services is known as ______ tax.
Output
68
Separate ______ ledgers can be created for Local, Interstate, and Non-taxable sales.
Sales
69
______ is an internationally accepted coding system developed by World Customs Organization.
HSN
70
______ stands for Services Accounting Code.
SAC
71
Once the transaction is recorded, it is not possible to alter the contents in the voucher.
False
72
Balance Sheet is a statement showing debit and credit of business concern.
False
73
We can display a report for any period using the change period option.
True
74
Reports generated through accounting software cannot be printed.
False
75
For calculating GST on goods, accounts with inventory mode should be selected while creating a company.
True
76
______ is the registration number allotted to every registered dealer under GST.
GSTIN
77
HSN stands for ______.
Harmonized System of Nomenclature
78
SAC is issued by ______ to classify services under GST.
CBEC
79
IGST is collected by ______.
Central Government
80
GST rates in India follow a ______-tier structure.
4
81
Goods sold from Solapur to Surat involve ______.
IGST
82
Ledgers pertaining to GST for supply of goods include ______ and ______.
Sales Ledger, CGST Ledger
83
GST replaced taxes such as ______ and ______.
VAT, Service Tax
84
Examples of zero-rated GST items include ______ and ______.
Fresh fruits, Bread
85
GST reports include ______ and ______. (Choose two) (a) GSTR-1 (b) Trial Balance (c) GSTR-2 (d) Day Book
Answer: (a), (c)
86

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