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Q:

What is the meaning of TDS? How it is charged?

Answer

TDS Meaning :

TDS means TAX DEDUCTABULE AT SOURCE. It is charged on Base Amount.

TDS is tax charged by the customer who gets the services from Vendor or supplier. Here Customer is responsible to charge it and pay to the government.

Different types of TDS :

1) TDS on salary has to be deducted on salary paid to employee by employer if it crosses the tax limit. And pay to the government on or before due date.

2) In case of TDS on contractors or profession or others, there is slab that min tax, surcharge, education cess plus higher education cess, it is different and finance minister may change or keep same or remove in every year budget. Secondly you can deduct the TDS on bill amount while paying or if advance is paid.

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Subject: Accounts Payable

Q:

What items would you verify when processing an expense report /invoice for payment?

Answer

Employee Travel and Expense Report (ETER ) / Direct Pay / Unencumbered Goods and Services

- The ETER is examined for compliance with Travel policy by the accounting clerk prior to submission to Accounts payable

- Accounts Payable enters ETER Information into Banner as a Direct pay, generates a Banner invoice number, and records invoice information

- Reimbursement checks for ETERs will be processed within five business days after a completed and correct ETER is received by Accounts payable and scheduled for payment in the payment cycle following.

- ETERs should be submitted within 60 calendar days of incurring the expenses. TEARs submitted for expenses older than two months will not be processed nor reimbursed.

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Subject: Accounts Payable

Q:

A sum is being lent at 20 % per annum compound interest.what is the ratio of increase in amount of 4th year to 5th year?

A) 4:5	B) 5:4
C) 5:6	D) can't be determined

Answer & Explanation Answer: C) 5:6

Explanation:

$\frac{P {(1 + \frac{r}{100})}^{4}}{P {(1 + \frac{r}{100})}^{5}} = \frac{1}{(1 + \frac{r}{100})} = \frac{100}{100 + r} = \frac{100}{120} = \frac{5}{6}$

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Filed Under: Compound Interest

Q:

Rs 1000 is being charged at 50% per annum. what is the interest for 3rd year at compound interest?

A) 1122	B) 1025
C) 1125	D) 625

Answer & Explanation Answer: C) 1125

Explanation:

Total amount for two years = $1000 \times {(1.5)}^{2} = 2250$

Now , interest for third year = $\frac{2250 \times 50 \times 1}{100} = 1125$

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Filed Under: Compound Interest

Q:

A watch which gains uniformly is 2 minutes low at noon on monday and is 4 min.48 sec fast at 2 p.m on the following monday. when was it correct ?

A) 2 p.m on Tuesday	B) 2 p.m on Wednesday
C) 3 p.m on Thursday	D) 1 p.m on Friday

Answer & Explanation Answer: B) 2 p.m on Wednesday

Explanation:

Time from 12 p.m on monday to 2 p.m on the following monday = 7 days 2 hours = 170 hours

Therefore, The watch gains $(2 + 4 \frac{4}{5})$ min. or 34/5 min. in 170 hrs.

Now, 34/5 min. are gained in 170 hrs.

Therefore, 2 min are gained in $(170 \times \frac{5}{34} \times 2)$ hrs = 50 hrs

Therefore, Watch is correct 2 days 2 hrs. after 12 p.m on monday i.e it will be correct at 2 p.m on wednesday.

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Filed Under: Clocks

Q:

What is the maximum running land speed of Crocodile ?

A) 5 KMPL	B) 12 KMPL
C) 15 KMPL	D) 17 KMPL

Answer & Explanation Answer: D) 17 KMPL

Explanation:

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Filed Under: Animals and Birds

Q:

How much water can be used by a camel in drinking in a single time ?

A) Up to 60 ltr.	B) Up to 80 ltr.
C) Up to 100 ltr.	D) Up to 120 ltr.

Answer & Explanation Answer: C) Up to 100 ltr.

Explanation:

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Filed Under: Animals and Birds

Q:

Which of the following has the largest eyes of all land mammals?

A) Horse	B) Elephant
C) Camel	D) Rhinocerous

Answer & Explanation Answer: A) Horse

Explanation:

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Filed Under: Animals and Birds

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