Que. 1 : Q1) Cash Book records_________

   1.  a) All cash receipts

   2.  b) All cash payments

   3.  c) All cash receipts and payments

   4.  d) Cash and credit sale of goods

Que. 2 : Q2) Objective of doing KYC procedure is

   1.  a) To monitor transactions of suspicious nature

   2.  b) To ensure appropriate customer identification

   3.  c) Ensure appropriate customer identification , Monitor transactions of suspicious nature

   4.  d) To Ensure loans are not issued to Defaulters

Que. 3 : Q3) The maximum deduction allowed under the Income Tax Act for home loan repayments is________.?

   1.  a) Up to Rs. 1,50,000 of interest paid only

   2.  b) Up to 2,00,000 of interest paid and up to Rs. 1,50,000 of principal paid

   3.  c) Up to Rs. 1,00,000 of principal paid only

   4.  d) 30% of net annual value of the property

Que. 4 : Q4) A machinery is purchased on June 12, 2006 for Rs 60,000. Another machinery is purchased on Jan 22, 2007 for Rs 40,000. The Depreciation rate is 10% SLM. What is the book value as at March 31, 2009 (it is annual closing period) ?

   1.  a) 79000

   2.  b) 76000

   3.  c) 73000

   4.  d) 69000

Que. 5 : Q5) Depreciation charge will be heavy in the earlier years under

   1.  a) Straight line method

   2.  b) Diminishing balance method

   3.  c) Sinking fund method

   4.  d) FIFO Method