Indian Accounts & Finance Basics
Basic accounting and finance concepts covering Indian taxation, banking, and financial regulations including PAN, Service Tax, Income Tax, EPFO, and accounting terms like bad debts and prepaid expenses.
Questions
Question 1 Multiple Choice (Single Answer)
Service Tax is linked with
- Excise and Taxation Department
- EPFO Department
- Pollution Department
- Income Tax Department
Question 2 Multiple Choice (Single Answer)
What is meant by PAN?
- Permanent Account No.
- Present Account No.
- Previous Account No.
- Perfect Account No.
Question 3 Multiple Choice (Single Answer)
What do you mean by outstanding expenses?
- Expenses paid in advance
- Payable expenses, but not paid
- Expenses which are not yet payable
- Expenses already paid
Question 4 Multiple Choice (Single Answer)
PAN is related to
- Sale Tax Department
- Excise Department
- Pollution Department
- Income Tax Department
Question 5 Multiple Choice (Single Answer)
Bad debts means
- some people fail to pay their dues
- some people pay their dues before due date
- some people pay their dues at right time
- some people pay their dues after due date
Question 6 Multiple Choice (Single Answer)
What do you mean by prepaid expenses?
- Expenses paid in advance
- Expenses payable
- Expenses that are not payable
- Expenses paid on time
Question 7 Multiple Choice (Single Answer)
Excise Department is linked with
- sale, purchase and taxable services
- taxable income
- taxable services only
- EPFO department
Question 8 Multiple Choice (Single Answer)
What is the annual income limit for normal Indian resident for 2011-2012?
- Up to 151,000
- Up to 141,000
- Up to 155,000
- Up to 161,000
Question 9 Multiple Choice (Single Answer)
The Full Name of EPFO is
- Earning Per Fund Office
- Every Previous Fund Organization
- Employees Provident Fund Organization
- Earn Per Financial Organization
Question 10 Multiple Choice (Single Answer)
Without PAN, we can deposit cash in bank up to
- Rs. 50,000
- Rs. 37,000
- Rs. 42,000
- Rs. 31,000