Information Systems And Engineering Economics Set 18

On This Page

This set of Information systems and engineering economics Multiple Choice Questions & Answers (MCQs) focuses on Information Systems And Engineering Economics Set 18

Q1 | A new business was set up on15-11-2008 andit commenced its business from 1-12-2008.The first previous year in this case shall be:
Q2 | A person leaves India permanently on15-11-2008.The assessment year for incomeearned till 15-11-2008 in this case shall be:
Q3 | 24. As per section 30, which expenditure incurred fora building used for the business or profession shallnot be allowed as deduction?
Q4 | 25. Group of assets falling within a class of assetscomprising of tangible & intangible assets isknown as :
Q5 | 27. Depreciation available, if asset is used for lessthan 180 days during the year of acquisitionshall be of block rate:
Q6 | 28. If the Plant & Machinery is used for less than180 days in the year of its acquisition, then,at what rate the depreciation on that asset should beprovided under section 32?
Q7 | If the Computer is purchased on 11th May, 2018 then at what rate depreciation will be provided on it?
Q8 | 30. If the machinery is purchased on 4th October,2018 then at what rate depreciation will be providedon it?
Q9 | 31. The transfer of one or more undertakings as aresult of the sale for a lump sum considerationwithout values being assigned to the individualassets and liabilities in the sale is known as :
Q10 | 32. What is the rate of depreciation charged on computer software?
Q11 | 33. _______Rate of depreciation chargeable onfully temporary wooden structure for the assessmentyear 2019-20 is
Q12 | 34. Rate of depreciation chargeable on temporarywooden structure for the assessment year 2019- 20is - A. 40% B. 10% C. 100% D. 50%.
Q13 | 47. DS acquired a building for Rs. ` 15 lakh in June,2016 in addition to cost of land beneath the buildingof ` 3 lakh. It was used for personal purposes until hecommenced business in June, 2018 and since thenit was used for business purposes. The amountof depreciation eligible in his case for theassessment year 2019-20 would be -
Q14 | 51. XYZ Ltd is engaged in production of textilearticles. Opening WDV of the block of assets wasRs.` 15, 00,000. During the year, plant was acquiredunder this block on 15th June 2018 amounting toRs.` 10, 00,000. One of the asset falling within theblock was sold for Rs. ` 5, 50,000 on 14-01- 2019.Rate of depreciation of the block is 15%.Calculate the total amount of depreciation includingadditional depreciation available during the previousyear for the block. C
Q15 | What is the rate of depreciation charged on computer software?
Q16 | Your accounting records indicate that an asset in use has a book value of $8,640. The asset cost $30,000 when it was purchased, and it has been depreciated under the 5 MACRS method. Based on the information available, determine how many years the asset has been in service.
Q17 | Which of the following statements is correct?
Q18 | Which of the following statements is correct?
Q19 | You purchased a computer system which cost $50,000 5 years ago. At that time, the system was estimated to have a service life of 5 years with salvage value of $5,000. These estimates are still good. The property has been depreciated according to a 5 year MACRS property class. Now (at the end of year 5 from purchase) you are considering selling the computer at $10,000. What book value should you use in determining the taxable gains?
Q20 | Gilbert Corporation had a gross income of $500,000 in tax year 1, $150,000 in salaries, $30,000 in wages, $20,000 in interest, and $60,000 in depreciation expenses for an asset purchased 3 years ago. Ajax Corporation has a gross income of $500,000 in tax year 1, and $150,000 in salaries, $90,000 in wages, and $20,000 in interest expenses. Apply the current tax rates and determine which of the following statements is correct.
Q21 | A company purchased an industrial fork-lift for $75,000 in year 0. The company expects to use it for the next 7 years after which it plans to sell it for $10,000. The estimated gross income and expenses excluding depreciation for the first year are given below. The fork-lift will be depreciated according to a 5-year MACRS.:Determine the average tax rate applicable in the first year of operation, using the current corporate tax rate schedule.
Q22 | What effect would have on the break-even point and expected profit if there is an increase in fixed cost?
Q23 | What effect would have on the break-even point and expected profit if there is an increase in labor cost?
Q24 | What effect would have on the break-even point and expected profit if there is an increase in unit price?
Q25 | What effect would have on the break-even point and expected profit if there is an increase in financing cost?