Give Online Test and Win Prizes

Today, we are happy to announce that all those who will give following online test, can win the prizes of Rs. 2,50,000 in Gift form. This is the first time when we are giving the gift to those who will give the test, clear the test and will get rank. Before giving online test, please read its following rule.


1. Total Value of Prizes =  Rs. 2,50,000

2. Prizes will be in Our Tally.ERP 9 {Video Computer CD - Part 1 to Part 30 } whose market value is Rs. 2,000. 125 winners as per our result will get this gift free of cost.

3. You have to  write the answers in following answer sheet. When you will win the prize, we will send it to your given address.

4. All are 10 objective type questions which have taken from my previous month's  (Aug. 2012) contents which have been written in accounting education website.

5. Result will be declared 7th Sept. 2012. So, from today, you have five days to answer for winning gift from me.

6. Every candidate who will get the 50%  marks, will get the chance of winning the prize. If  candidates who have chance, will be more than 125, we will use random lottery system for finding the winner.

So, if you love to accounting, come to answer this online test and win prizes from us.

Question 1. What are the steps of process of Invoice in Accounts Payable?

(a) See the Amount of Invoice and Pay. (b) Scan the Invoice >> Match with past format. (c) Accounting process>> online payment >> prioritize the invoice >> scan the invoice (d) Scan the Invoice >> Prioritize  the Invoice >> Online Payment >> Accounting Process.

Question 2. What is delivery cost of registered printed books through Indian Govt. Post Office?

(a)Rs. 30 per Kg. + Rs. 37 for registry cost. (b) Rs. 20 per Kg. + Rs. 27 for registry cost. (c) Rs. 10 per Kg. + Rs. 17 for registry cost. (d) Rs. 10 per Kg. + Rs. 47 for registry cost.

Question 3. Share Capital of company Appear on Liabilities Side of Balance Sheet because ?

(a) Company is not separate from shareholders. (b) Company is Separate from Shareholders. (c) It is shareholders' unlimited liability. (d) It is the loan taken from shareholders.

Question 4. Where is the TDS shown in the balance sheet before actual payment of TDS to Govt.?

(a) In the Liability Side (b) In the Asset Side (c) Nowhere (d)  We just show in the footnote of balance because it is off balance sheet item.

Question 5. What is entry of prepaid expense in the next financial year?

(a) Expense account Debit Prepaid Expense account Credit (b) Prepaid Expense Account Debit         Expense Account Credit (c) Prepaid expense account Debit Outstanding expense account Credit (d) Cash Account Debit Prepaid Expense account Credit

Question 6. What is the Safety Net of SEBI?

(a) As per safety net of SEBI, no investor will be able to invest in foreign companies. (b) As per safety net of SEBI, company will pay the loss due to decreasing the value of shares. (c)  It is net which will make safe to small investors. The Promoters and company will be responsible to repay the money of investors in cash share value plunge below the IPO allotment price. (d) As per the safety net of SEBI, Sahara Bank will repay the money of its member who invested in the housing project.

Question 7. What is Personal Ledger Account?

(a) It is the personal account of bank (b) It is the personal account of shareholder. (c) It is the personal account of the person to whom we sell the fixed asset on credit. (d) Personal Ledger Account (PLA) is an account current through which Assessee pays the Duty to the Government.

Question 8. What will be the entry when we sell goods with Excise duty on Sale

(a) Debtor  Account  Debit Excise Duty on Sale  Debit  sale Account Credit (b) Debtor  Account  Debit Excise Duty on Sale  Debit  Cash  Account Credit (c) Debtor  Account  Debit  sale Account Credit Excise Duty on Sale  Credit (d) Sale  Account  Debit Excise Duty on Sale  Debit  Cash  Account Credit

Question 9. What will the entry of capital lease payable?

(a) Lease  Account Debit Lease Payable Account Credit (b) Fixed Asset Account Debit Lease Payable Account Credit (c) Fixed Account Debit Lease Fund Account Debit Lease Payable Account Credit (d) Lease Fund Account Debit Lease Payable Account Credit

Question 10. Which formula is used for calculating the discount on zero coupon bonds.

(a) Discount on Zero Coupon Bond = P(  1+r/100 )^t - P (b) Discount on Zero Coupon Bond = P(  1+r/100 / r/100)^t - P (c) Discount on Zero Coupon Bond = PXr/100X t - P (d) Discount on Zero Coupon Bond = A/r/100  - P Answer will be shown after declaring the result. So, please wait.