TCS NQT Accounts Question and Answers

TCS NQT Accounts Curriculum

TCS NQT ACCOUNTS QUESTIONS AND ANSWERS

There will be around 20 - 25 questions in this section of TCS NQT, and 40 - 50 minutes will be allotted to solve them. On average, you will get less than 2 minutes per question, but the difficulty level of the TCS NQT Accounts Section is speculated to be in between Medium to Hard, so you will have to be a little fast while solving them.

Topics:-

Topics are basically divided into 4 big banners. These are:-

  1. Basic Accounting Concepts and Finalisation of Accounts
  2. Cost and Management Accounting
  3. Direct and Indirect Taxation
  4. Computer Software Skills

The Banners are further divided into the following topics.

Basic Accounting Concepts and Finalization of Accounts

  • Knowledge of basic accounting concepts
  • preparation of trial balance
  • profit and loss account and balance sheet

Cost and Management Accounting

  • Knowledge of types of accounting ratios,
  • methods of accounting for inventory and inventory control,
  • concept of standard and marginal costing

Direct and Indirect Taxation

  • Income tax provisions for taxation of salary income
  • Capital gains and profits
  • Rules for Tax Deduction at Source (TDS) on various incomes
  • Filing and reconciliation of TDS returns
  • Payment of Professional Tax
  • Advance Tax and Tax Audit requirements
  • GST - provision of Goods and Services Tax, filing, Reconciliation, and Registration

Computer Software Skills

  • Tally ERP and MS Excel and MS Word

TCS NQT Accounts Questions PDF-Answers

TCS NQT Accounts Difficulty Questions Topics Feature
Basic Accounting Concepts and Finalisation of Accounts Medium 0-8 Knowledge of basic accounting concepts and more other concepts Logic-Based
Cost and Management Accounting Medium 0-6 Knowledge of types of accounting ratios and other related concepts. Formula Based
Direct and Indirect Taxation High 0-6 Income tax provisions for taxation of salary income and various other concepts Formula and High thinking Logic
Computer Software Skills High 0-5 Tally ERP and MS Excel and MS Word  High Thinking
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Sample TCS NQT Accounts Test 2021 - 20

1. Which of the following does not describe accounting?

Language of business

Language of business

14.58%

Useful for decision making

Useful for decision making

10.42%

Is an end rather than a mean to an end?

Is an end rather than a mean to an end?

63.54%

Financial accounting and accounting systems

Financial accounting and accounting systems

11.46%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

2. The two most common specialized fields of accounting in practice are?

Environmental accounting and financial accounting

Environmental accounting and financial accounting

10.26%

Managerial accounting and financial accounting

Managerial accounting and financial accounting

56.41%

Managerial accounting and tax accounting

Managerial accounting and tax accounting

6.41%

Financial accounting and accounting systems

Financial accounting and accounting systems

26.92%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

3. Which most important reason for producing a trial balance prior to preparing the final accounting is?

It confirms the accuracy of the ledger accounts

It confirms the accuracy of the ledger accounts

19.7%

It provides all the figures necessary to prepare the final accounts

It provides all the figures necessary to prepare the final accounts

18.18%

It enables the accountant to calculate any adjustments required

It enables the accountant to calculate any adjustments required

10.61%

It shows that the ledger accounts contain debit and credit entries of an equal value

It shows that the ledger accounts contain debit and credit entries of an equal value

51.52%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

4. Ahmed gives a cash discount of 40 to a customer. The discount is credited to the discounts allowed account. The effect of recording the discount in this way is that profit will be?

Overstated by 80

Overstated by 80

25.86%

Understated by 80

Understated by 80

15.52%

Correct

Correct

24.14%

Understated by 40

Understated by 40

34.48%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

5. Summers, Inc. uses the allowance method to account for bad debts. The entry to record the write-off of a customer’s account balance decreases?

Assets and owners’ equity

Assets and owners’ equity

18.87%

None of these answers is correct

None of these answers is correct

33.96%

Assets and decreases liabilities

Assets and decreases liabilities

35.85%

Owners’ equity and revenues

Owners’ equity and revenues

11.32%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

6. Cash Balance ₹15,000; Trade Receivables ₹35,000; Inventory ₹40,000; Trade Payables ₹24,000 and Bank Overdraft is ₹6,000. Current Ratio will
be :

3.75 : 1

3.75 : 1

15.69%

3 : 1

3 : 1

50.98%

1 : 3

1 : 3

25.49%

1 : 3.75

1 : 3.75

7.84%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

7. During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?

Rs. 24,000

Rs. 24,000

15.91%

Rs. 42,000

Rs. 42,000

25%

Rs. 26,000

Rs. 26,000

36.36%

Rs. 54,000

Rs. 54,000

22.73%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

8. During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?

Rs. 24,000

Rs. 24,000

12.82%

Rs. 42,000

Rs. 42,000

17.95%

Rs. 26,000

Rs. 26,000

64.1%

Rs. 54,000

Rs. 54,000

5.13%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

9. The specific cost identification inventory cost flow method has all of the following characteristics except?

It identifies the cost of each physical item available for sale with either the ending inventory or cost of goods sold

It identifies the cost of each physical item available for sale with either the ending inventory or cost of goods sold

35%

It is especially applicable when small and inexpensive items are handled in large quantities

It is especially applicable when small and inexpensive items are handled in large quantities

30%

It requires individual identification of items some device like tags or serial numbers

It requires individual identification of items some device like tags or serial numbers

12.5%

It relates cost flow to the specific flow of physical goods

It relates cost flow to the specific flow of physical goods

22.5%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

10. Which of the following are the assumptions of marginal costing?

A) All the elements of cost can be divided into fixed and variable components.

B) Total fixed cost remains constant at all levels of output.

C) Total variable costs varies in proportion to the volume of output.

D) Per unit selling price remain unchanged at all levels of operating activity.

A, B C and D

A, B C and D

55%

A and B

A and B

7.5%

B and C

B and C

17.5%

A and D

A and D

20%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

11. Expected Rent can be determined in the following way

Higher of Municipal Value & Fair Rent

Higher of Municipal Value & Fair Rent

8.89%

Lower of Municipal Value & Fair Rent

Lower of Municipal Value & Fair Rent

20%

Higher of Municipal Value & Fair Rent subject to a maximum of Standard Rent

Higher of Municipal Value & Fair Rent subject to a maximum of Standard Rent

42.22%

Any of the above

Any of the above

28.89%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

12. In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed ________

Gross total income

Gross total income

44.68%

Total income

Total income

17.02%

Income from business or profession

Income from business or profession

21.28%

Income from house property

Income from house property

17.02%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

13. Gross interest = Net x 100/100 –rate of _______

Tax

Tax

31.91%

TDS

TDS

29.79%

Deduction

Deduction

27.66%

Exempted

Exempted

10.64%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

14. What is/are the conditions for scheme of partial integration :

The taxpayer is an individual, a HUF, a body of individuals, an association of persons, or an artificial juridical person.

The taxpayer is an individual, a HUF, a body of individuals, an association of persons, or an artificial juridical person.

17.07%

The taxpayer has non-agricultural income exceeding the amount of exemption limit.

The taxpayer has non-agricultural income exceeding the amount of exemption limit.

31.71%

The agricultural income of the taxpayer exceeds Rs. 5,000.

The agricultural income of the taxpayer exceeds Rs. 5,000.

9.76%

All of these

All of these

41.46%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

15. When the income of a minor son is clubbed with the income of a parent, he/she is entitled to a deduction of Rs. ----- for each such minor son

500

500

29.27%

1000

1000

31.71%

1200

1200

14.63%

1500

1500

24.39%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

16. 1,000 bags of sugar are supplied by a sugar mill in Chennai to a wholesaler in Ernakulam. The sugar bags are sent by the mill to Ernakulam. Payment made by cheque payable at SBI Madurai. The place of supply is

Ernakulam

Ernakulam

47.62%

Chennai

Chennai

30.95%

Madurai

Madurai

11.9%

Any of these

Any of these

9.52%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

17. Transfer of title in goods under an agreement which stipulates that property in goods shall pass at a future date upon payment of full consideration is a supply of -

Both goods and services

Both goods and services

60.98%

Services

Services

14.63%

Goods

Goods

21.95%

None

None

2.44%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

18. Mr. X, a jewelry owner received the services of a local interior designer (unregistered) and made a payment of Rs. 1,00,000. Here if the rate of tax on interior designing service is 18%.

GST applicable

GST applicable

40.48%

Tax not applicable

Tax not applicable

19.05%

Reverse charge applicable

Reverse charge applicable

30.95%

IGST applicable

IGST applicable

9.52%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

19. Who is authorized to conduct an audit under section 35(5) of the CGST Act, 2017?

  1. Chartered accountant
  2. Any person having a master's degree in finance from a recognized university
  3. Cost accountant
  4. Company secretary

Select the correct answers from the options given below

1, 3 and 4

1, 3 and 4

21.43%

4, 2, 3 and 1

4, 2, 3 and 1

26.19%

1 only

1 only

35.71%

1 or 3 only

1 or 3 only

16.67%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

20. Tally Package is developed by:-

Peutronics

Peutronics

6.25%

Tally Solutions

Tally Solutions

83.33%

Coral Softwares

Coral Softwares

6.25%

Vedika Softwares

Vedika Softwares

4.17%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

21. Which shortcut key is used in the Company Features screen to use Inventory Features in Tally?

F1

F1

26.09%

F2

F2

39.13%

F3

F3

19.57%

F4

F4

15.22%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

22. How can you find specific information in a list?

Select Tools > Finder from the menu

Select Tools > Finder from the menu

14.63%

Click the Find button on the standard toolbar

Click the Find button on the standard toolbar

24.39%

Select Insert > Find from the menu

Select Insert > Find from the menu

19.51%

Select Data > Form from the menu to open the Data Form dialog box and click the Criteria button

Select Data > Form from the menu to open the Data Form dialog box and click the Criteria button

41.46%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

23. Multiple calculations can be made in a single formula using

standard formulas

standard formulas

36.96%

array formula

array formula

19.57%

complex formulas

complex formulas

32.61%

smart formula

smart formula

10.87%

Currently there is no PrepInsta Explanation.

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

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Accounts Analytics

Stats about Accounts

Number of Question 100%
Importance 82%
Difficullty 85%

Topic Wise Analysis for TCS NQT Accounts

Basic Accounting Concepts
Questions 0-8
Difficulty 88%
Importance 85%
Cost, Management Accounting
Questions 0-6
Difficulty 85%
Importance 82%
Direct and Indirect Taxation
Questions 0-6
Difficulty 75%
Importance 85%
Computer Software Skills
Questions 0-5
Difficulty 70%
Imporatance 83%

Here is the topic-wise bifurcation for TCS NQT Accounts 2021 - 20

  • Basic Accounting Concepts and Finalisation of Accounts
TCS NQT Accounts Topics No. of questions Difficulty
Knowledge of basic accounting concepts 0 - 3 Medium
Preparation of trial balance 0 - 2 High
profit and loss account and balance sheet 0 - 3 High
  • Cost and Management Accounting
TCS NQT Accounts Topics No. of questions Difficulty
Knowledge of types of accounting ratios 0 - 1 Medium
Methods of accounting for inventory and inventory control 0 - 3 High
 Concept of standard and marginal costing 0 - 2 Medium
  • Direct and Indirect Taxation
TCS NQT Accounts Topics No. of questions Difficulty
Income tax provisions for taxation of salary income 0 - 3 High
Capital gains and profits 0 - 2 Medium
Rules for Tax Deduction at Source (TDS) on various incomes 0 - 2 High
Payment of Professional Tax 0 - 3 High
Advance Tax and Tax Audit requirements 0 - 2 High
GST - filing, reconciliation, and registration 0 - 3 High
  • Computer Software Skills
TCS NQT Accounts Topics No. of questions Difficulty
Tally ERP 0 - 3 High
MS Excel 0 - 2 Medium
 MS Word 0 - 2 Medium

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February 19, 2021