TCS NQT Accounts Question and Answers

TCS NQT Accounts Paper 2021 - 20

In TCS NQT 2021 - 20 there is a new addition in Subject NQT and that is Accountancy. In TCS NQT Accounts Question and Answers, there will be approximately 20 - 25 Questions for which 40 - 50 mins will be allotted.

Here on this page, you will find all the similar types of questions which can be asked in the TCS NQT 2021 - 20. All the basic details for the accounts questions that will be asked in the TCS NQT exam are provided on this page.

Note:- THIS PARTICULAR SECTION IS FOR NON-ENGINEERING (All Possible Branches) and NON - COMPUTER SCIENCE (BCA, MCA, Bsc. Comp Science STUDENTS)

TCS NQT Accounts TEST

Accounts Test For	TCS NQT
Number of Questions	20 - 25 Questions
Time Limit	40 - 50 Mins
Difficulty	Medium-High

Topics

Time Duration

40 - 50 mins

Adaptive/Non-Adaptive

NQT is Non - Adaptive

Negative Marking

Yes

Applicants

2,45,000 (approx.)

Job Opening

2200 - 3500 (approx)

TCS NQT Accounts Curriculum

TCS NQT Accounts Question and Answers 2021 - 20

Total Questions 20 - 25

Accounts Sllabus

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:-

Basic Accounting Concepts and Finalisation of Accounts
Cost and Management Accounting
Direct and Indirect Taxation
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

Sample TCS NQT Accounts Test 2021 - 20

1. Which of the following does not describe accounting?

Language of business

8.33%

Useful for decision making

8.33%

Is an end rather than a mean to an end?

79.17%

Financial accounting and accounting systems

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!

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

Environmental accounting and financial accounting

23.53%

Managerial accounting and financial accounting

35.29%

Managerial accounting and tax accounting

11.76%

Financial accounting and accounting systems

29.41%

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

13.33%

It provides all the figures necessary to prepare the final accounts

20%

It enables the accountant to calculate any adjustments required

13.33%

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

53.33%

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

23.08%

Understated by 80

7.69%

Correct

23.08%

Understated by 40

46.15%

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

9.09%

None of these answers is correct

36.36%

Assets and decreases liabilities

36.36%

Owners’ equity and revenues

18.18%

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

16.67%

3 : 1

41.67%

1 : 3

33.33%

1 : 3.75

8.33%

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

30%

Rs. 42,000

10%

Rs. 26,000

20%

Rs. 54,000

40%

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

10%

Rs. 42,000

10%

Rs. 26,000

70%

Rs. 54,000

10%

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

30%

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

40%

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

10%

It relates cost flow to the specific flow of physical goods

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!

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

72.73%

A and B

9.09%

B and C

9.09%

A and D

9.09%

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

8.33%

Lower of Municipal Value & Fair Rent

16.67%

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

33.33%

Any of the above

41.67%

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!

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

Gross total income

50%

Total income

16.67%

Income from business or profession

25%

Income from house property

8.33%

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

30.77%

TDS

23.08%

Deduction

23.08%

Exempted

23.08%

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.

16.67%

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

25%

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

8.33%

All of these

50%

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

25%

1000

33.33%

1200

16.67%

1500

25%

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

38.46%

Chennai

30.77%

Madurai

15.38%

Any of these

15.38%

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

61.54%

Services

7.69%

Goods

23.08%

None

7.69%

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

23.08%

Tax not applicable

15.38%

Reverse charge applicable

46.15%

IGST applicable

15.38%

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?

Chartered accountant
Any person having a master's degree in finance from a recognized university
Cost accountant
Company secretary

Select the correct answers from the options given below

1, 3 and 4

15.38%

4, 2, 3 and 1

7.69%

1 only

38.46%

1 or 3 only

38.46%

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!

20. Tally Package is developed by:-

Peutronics

7.69%

Tally Solutions

76.92%

Coral Softwares

7.69%

Vedika Softwares

7.69%

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?

25%

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

8.33%

Click the Find button on the standard toolbar

50%

Select Insert > Find from the menu

25%

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

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!

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

standard formulas

58.33%

array formula

8.33%

complex formulas

16.67%

smart formula

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!

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Accounts Analytics

Stats about Accounts

Number of Question 25 Questions

Importance High

Difficullty High

Topic Wise Analysis for TCS NQT Accounts

Basic Accounting Concepts Questions 0-8

Difficulty High

Importance High

Cost, Management Accounting Questions 0-6

Difficulty High

Importance High

Direct and Indirect Taxation Questions 0-6

Difficulty Medium

Importance High

Computer Software Skills Questions 0-5

Difficulty Medium

Imporatance High

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