ACFA Cycle Test-1

Advanced Computerized Financial Accounting with Tally Erp.9(ACFA):

Syllabus:

1.  Introduction to Taxation (Direct & Indirect taxation)
2.  Direct tax calculation (income from salary, income from House property, casual incomes)
3.  Residential status of a person
4. Value added tax
5. Central added tax
6. Service tax
7. Excise Duty
8. Tax deducted at source
9. Tax collected at source

Cycle Test Question and Answer:

Que. 1: When the TDS Deductible Option is set to 'Yes', which one of the following options automatically sets to 'Yes' in Tally.ERP 9?

• Sundry Debtors
• Maintain balances bill-by-bill?
• Sundry Creditors
• Use advanced TDS Entries

Correct Answer: Maintain balances bill-by-bill?

Que. 2:For every person or company that deducts tax at source, it is mandatory to have:

• TIN
• TAN
• GAR-7
• PAN

Correct Answer:TAN

Que. 3:What is the periodicity for government offices and companies to file their TDS Statements?

• Weekly
• Monthly
• Quarterly
• Annualy

Correct Answer:Quarterly 

Que. 4:SM Traders applies goods to Falta Special Economic Zone.  Which one of the following forms should be obtained by SM Traders to claim exemption on the sale?

• Form C
• Form I
• Form H
• Form F

Correct Answer:Form I

Que. 5:Khanna Traders produced accountancy services worth Rs. 50,000 from KL Accounting Corp. The applicable service tax was 12.36%, and TDS should be deducted @10% as per statute. Calculate the TDS that needs to be deducted by Khanna Traders.

• Rs. 5,618.00
• Rs. 6,200.00
• Rs. 5,088.00
• Rs. 5,000.00

Correct Answer:Rs. 5,618.00

Que. 6:Which of the following forms is used by a person or an organization for obtaining TAN from the Income Tax Department?

• Form 49B
• Form 49A
• Form 49D
• Form 49C

Correct Answer:Form 49B

Que. 7:Santey Goods is an exporter. Which one of the following forms does it need to use to claim exemption on making penultimate sale?

• Form F
• Form H
• Form I
• Form C

Correct Answer:Form H

Que. 8:You are creating Masters in Tally.ERP 9 for recording a transaction involving Central Sales Tax. Identify the correct action that needs to be performed in the Sales and Purchase ledger in the Ledger Creation screen.

• In the Sales Ledger, select 'Yes' in the inventory Values are affected? fields.
• In the Sales Ledger, select 'Yes' in the Use for Assessable  Calculation? field.
• In the Purchase Ledger, select 'No' in the Used in VAT Returns? field.
• In the Purchase Ledger, select 'No' in the Inventory Values are affected? field.

Correct Answer:In the Sales Ledger, select 'Yes' in the inventory Values are affected? fields.