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Monetrix club Quiz

1. Which constitutional amendment is done to pass the GST bill?


A. 101St B. 120th C. 122nd D. 115th
2. Which financial statement displays the revenues and expenses of a company for a period of time?
A) Income Statement
B) Balance Sheet
C) Cash Flow Statement
D) Statement Of Stockholder’s Equity.

3. Which Private sector Bank launched the first EMI on Debit Cards?
A.HDFC Bank. B. ICICI Bank C. Punjab National Bank D. Axis Bank

4. Joint venture is a account …….


A. Personal account B. Real account C. Nominal account D. None of above

5. Which of the following is not a fundamental accounting assumption?


A. Going concern B. Consistency C. Prudence D. Accrual

6. Benefits of AS (Accounting Standards) are:


A. To harmonies accounting policies
B. To eliminate the non-comparability of financial statements
C. To improve the reliability of financial statements
D. All of the above

7. Indian Rupee has touched all-time lows in recent times. Which of the following holds true in view of
falling rupee?
A. Helps exports B. Helps imports C. Helps FDI/FII inflows D. None of the above

8. During the period of rising prices which inventory pricing method tends to fix a higher cost of goods
sold?
A. LIFO Method B. FIFO Method C. Inflated Price Method D. None of these

9. Who is the father of Economics?


A. Adam Smith B. A.K Gupta C. Robert Wiston D None of above

10. India opted for “Mixed Economy” in?


A. First Five Year plan
B. Second Five Year Plan
C. Industrial Policy of 1948
D. Farming of the Constitution

11. Which of the following tax rate is not applicable under the GST?
A. 5 B. 12 C. 18 D. 25
Monetrix club Quiz
12. The central board of excise and customs (CBEC) has recently announced that …………………… will
be observed as GST day?
A. 1st June B. 1st July C. 30st June D. 2nd June
13. what is the type of cheques which is presented for payement after 3 months from the date of the
cheques?
A. Stale cheques B. Post dated cheques C. Ante dated cheques D. Order cheques

14. What Is “Hawala”?


A. Full detail of a subject B. Illegal transaction of foreign exchange
C. Illegal trading of shares D. Tax evasion

15.The method of depreciation for intangible assets is known as ?


A.Appreciation B. Amortization C. Straight line D. Depeciation

16. The account format that displays debits, credits, balances, and headings.
A. General Journal B. General Ledger C. T-Account D. Ledger Account

17. The account which can never have a credit balance is


A.Bank B. Cash C. Debtor D. Creditor

18. Cash Book is a type of _____________ but treated as a __________ of accounts?


(a) Subsidiary book, principal book
(b) Principal book, subsidiary book
(c) Subsidiary book, subsidiary book
(d) Principal book, principal book

19. The difference in the value between a countries import and export is called
A. Balance of payment B. Balance of trade C. Foreign exchange D.Absolute advantage

20. The Headquarter of RBI is in


A Delhi B Kanpur C Mumbai D Hyderabad