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Question for PSTCL LDC Accounts - Quiz / Questions / MCQ in English

Last Update on : October 14, 2026

Duration: 180 · Questions: 100 · Max Marks: 100

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To boost your performance in PSTCL LDC Accounts exam, practice each question regularly and with focus. Every question tests your subject understanding, so solve them one at a time. Taking a quiz improves your speed and accuracy. Practicing topic-wise MCQs. Students benefit greatly from reviewing questions with answer keys, which help clarify concepts and strengthen Questions knowledge for success in PSTCL LDC Accounts exams.

Latest PSTCL LDC Accounts Exam Question (Objective Questions), MCQ in English

Subjects : Technical Questions, General Knowledge, Punjabi Language Knowledge, Logical Reasoning/ Quantative aptitude, General English

Question Bank PSTCL LDC (Accounts) Part II Exam - English

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Technical Questions

Q 1 :
What is the full form of GST ?
  1. A.General Sales Tax
  2. B.Goods and Service Tax
  3. C.Government Service Tax
  4. D.Gross Service Tax
Q 2 :
In which year was GST implemented in India ?
  1. A.2015
  2. B.2016
  3. C.2017
  4. D.2018
Q 3 :
Which of the following taxes were subsumed under GST ?
  1. A.Central Excise Duty
  2. B.State Value Added Tax (VAT)
  3. C.Service Tax
  4. D.All of the above
Q 4 :
GST is a multi-stage tax levied on :
  1. A.Production of goods only
  2. B.Consumption of services only
  3. C.Both (a) and (b)
  4. D.Value addition at each stage
Q 5 :
What are the different types of GST ?
  1. A.Central GST (CGST) and State GST (SGST) only
  2. B.Central GST (CGST), State GST (SGST), and Integrated GST (IGST)
  3. C.Central GST (CGST) and Union Territory GST (UTGST)
  4. D.National GST (NGST) and Local GST (LGST)
Q 6 :
When is IGST applicable ?
  1. A.Intra-state supply of goods and services
  2. B.Inter-state supply of goods and services
  3. C.Import of goods
  4. D.Export of goods
Q 7 :
What is the maximum rate of CGST or SGST that can be levied ?
  1. A.10%
  2. B.18%
  3. C.25%
  4. D.30%
Q 8 :
What is the role of the Goods and Services Tax Network (GSTN) ?
  1. A.Levies GST rates
  2. B.Facilitates GST registration and filing
  3. C.Collects IGST
  4. D.Audits GST returns
Q 9 :
What are the benefits of GST ?
  1. A.Reduces cascading effect of taxes
  2. B.Creates a unified national market
  3. C.Promotes transparency
  4. D.All of the above
Q 10 :
Who is eligible for the composition scheme under GST ?
  1. A.All businesses regardless of turnover
  2. B.Businesses with a turnover below a specific limit
  3. C.Only service providers
  4. D.Only manufacturers
Q 11 :
What is the primary purpose of bookkeeping?
  1. A.To prepare financial statements
  2. B.To track income and expenses
  3. C.To calculate taxes
  4. D.To calculate profits
Q 12 :
Which of the following is a primary document used in bookkeeping?
  1. A.Profit and loss statement
  2. B.Balance sheet
  3. C.Invoice
  4. D.Tax return
Q 13 :
What is the definition of accounting?
  1. A.A system for recording financial transactions
  2. B.A method for calculating taxes
  3. C.The process of preparing financial statements
  4. D.All of the above
Q 14 :
Which principle is followed in double-entry bookkeeping?
  1. A.Every debit has a corresponding credit
  2. B.Every credit has a corresponding debit
  3. C.Both debit and credit amounts are equal
  4. D.Both a and b
Q 15 :
Which of the following is an example of an asset in accounting?
  1. A.Accounts payable
  2. B.Inventory
  3. C.Loan
  4. D.Shareholder equity
Q 16 :
The system of accounting where every transaction is recorded twice is called:
  1. A.Single-entry system
  2. B.Double-entry system
  3. C.Accrual accounting
  4. D.Cash basis accounting
Q 17 :
Which accounting term refers to the difference between a company’s assets and liabilities?
  1. A.Revenue
  2. B.Net income
  3. C.Equity
  4. D.Liabilities
Q 18 :
What is a ledger?
  1. A.A book that records daily transactions
  2. B.A book that records classified entries
  3. C.A book that records income only
  4. D.A financial statement
Q 19 :
What is an example of an auxiliary book?
  1. A.Cash book
  2. B.Bank reconciliation statement
  3. C.Balance sheet
  4. D.Profit and loss account
Q 20 :
Which document is used to record a business’s day-to-day transactions?
  1. A.Income statement
  2. B.Journal
  3. C.Tax return
  4. D.Balance sheet
Q 21 :
What is the primary objective of an audit?
  1. A.To detect and prevent fraud.
  2. B.To ensure that financial statements are free from error.
  3. C.To express an opinion on the fairness of financial statements.
  4. D.To provide tax advice to the client.
Q 22 :
Who are the primary users of audited financial statements?
  1. A.Shareholders
  2. B.Creditors
  3. C.Investors
  4. D.All of the above
Q 23 :
What are the three main types of audit opinions?
  1. A.Unqualified, qualified, disclaimer of opinion
  2. B.Favorable, unfavorable, no opinion
  3. C.Clean, qualified, adverse
  4. D.Positive, negative, neutral
Q 24 :
What does an unqualified audit opinion mean?
  1. A.The financial statements are free from material misstatements.
  2. B.The financial statements contain some material misstatements.
  3. C.The auditor is unable to express an opinion on the financial statements.
  4. D.The financial statements are materially misstated.
Q 25 :
What does a qualified audit opinion mean?
  1. A.The financial statements are free from material misstatements.
  2. B.The financial statements contain some material misstatements.
  3. C.The auditor is unable to express an opinion on the financial statements.
  4. D.The financial statements are materially misstated.
Q 26 :
What does a disclaimer of opinion mean?
  1. A.The financial statements are free from material misstatements.
  2. B.The financial statements contain some material misstatements.
  3. C.The auditor is unable to express an opinion on the financial statements.
  4. D.The financial statements are materially misstated.
Q 27 :
What are audit standards?
  1. A.Guidelines and rules that govern the conduct of audits.
  2. B.Financial statements prepared by the company.
  3. C.Internal controls of the company.
  4. D.The auditor's working papers.
Q 28 :
What is the purpose of audit standards?
  1. A.To ensure consistency and quality in audit work.
  2. B.To protect the interests of investors and other stakeholders.
  3. C.To enhance public confidence in the financial reporting process.
  4. D.All of the above
Q 29 :
Who issues auditing standards in India?
  1. A.The Institute of Chartered Accountants of India (ICAI)
  2. B.The Reserve Bank of India (RBI)
  3. C.The Securities and Exchange Board of India (SEBI)
  4. D.The Ministry of Corporate Affairs
Q 30 :
What are audit procedures?
  1. A.The specific steps taken by the auditor to gather audit evidence.
  2. B.The financial statements prepared by the company.
  3. C.The internal controls of the company.
  4. D.The auditor's working papers.
Q 31 :
What is the definition of foreign exchange?
  1. A.The process of converting domestic currency into gold.
  2. B.The system of lending money to foreign entities.
  3. C.The conversion of one country's currency into another.
  4. D.The regulation of international trade agreements.
Q 32 :
What is the primary purpose of the foreign exchange market?
  1. A.To facilitate international trade and investment.
  2. B.To control the monetary policy of individual nations.
  3. C.To speculate on the value of precious metals.
  4. D.To provide loans to multinational corporations.
Q 33 :
Which of the following is a major participant in the foreign exchange market?
  1. A.Domestic retail consumers.
  2. B.Local grocery stores.
  3. C.Central banks.
  4. D.Small business owners.
Q 34 :
What is the spot exchange rate?
  1. A.The exchange rate for future delivery of currencies.
  2. B.The average exchange rate over a specific period.
  3. C.The current exchange rate for immediate delivery.
  4. D.The exchange rate fixed by government regulations.
Q 35 :
What is the forward exchange rate?
  1. A.The exchange rate of the previous day's trading.
  2. B.The predicted exchange rate based on economic forecasts.
  3. C.The exchange rate agreed upon today for a future transaction.
  4. D.The highest exchange rate recorded in the past year.
Q 36 :
Which of the following factors typically influences exchange rates in the short term?
  1. A.Long-term economic growth trends.
  2. B.Changes in political stability.
  3. C.Interest rate differentials.
  4. D.Demographic shifts.
Q 37 :
What is the Purchasing Power Parity (PPP) theory primarily concerned with?
  1. A.Short-term fluctuations in exchange rates.
  2. B.The relationship between inflation rates and exchange rates in the long run.
  3. C.The impact of interest rate changes on currency values.
  4. D.Government intervention in the foreign exchange market.
Q 38 :
What is the Balance of Payments (BOP)?
  1. A.A statement of a country's assets and liabilities.
  2. B.A record of all economic transactions between residents of one country and the rest of the world over a period of time.
  3. C.A summary of a country's fiscal policies.
  4. D.A measure of a country's gold reserves.
Q 39 :
How does a current account deficit typically affect a country currency value in the long run, assuming other factors are constant?
  1. A.It tends to strengthen the currency.
  2. B.It tends to weaken the currency.
  3. C.It has no significant impact on the currency.
  4. D.The impact is unpredictable.
Q 40 :
What is the role of speculation in the foreign exchange market?
  1. A.To stabilize exchange rates.
  2. B.To eliminate volatility.
  3. C.To profit from anticipated changes in exchange rates.
  4. D.To ensure all transactions are based on real trade flows.
Q 41 :
Interest income accruing outside India but received by a resident in India is taxable in India if he is:
  1. A.A non-resident
  2. B.A resident but not ordinarily resident
  3. C.A resident who is ordinarily resident
  4. D.Any resident
Q 42 :
Income from a business controlled from India is taxable in the hands of a resident who is ordinarily resident even if it accrues or arises outside India, if:
  1. A.The whole income is taxable
  2. B.50% of the income is taxable
  3. C.Only the income attributable to the control in India is taxable
  4. D.The income is exempt
Q 43 :
A foreign company is said to be resident in India if its place of effective management (POEM) in the previous year is:
  1. A.In India
  2. B.Outside India
  3. C.Partly in India and partly outside India
  4. D.Irrelevant for residency
Q 44 :
An individual who has been a non-resident in India for 9 out of the 10 previous years preceding the relevant previous year is a:
  1. A.Resident
  2. B.Resident but Not Ordinarily Resident
  3. C.Non-resident
  4. D.Deemed resident
Q 45 :
An individual who has been in India for a period of 730 days or more during the 7 previous years preceding the relevant previous year and also satisfies the basic condition for being a resident is a:
  1. A.Non-resident
  2. B.Resident who is Ordinarily Resident
  3. C.Resident but Not Ordinarily Resident
  4. D.Deemed resident
Q 46 :
Income earned from agricultural land situated in Pakistan is taxable in India for:
  1. A.A resident who is ordinarily resident in India
  2. B.A resident but not ordinarily resident in India
  3. C.A non-resident in India
  4. D.All the assessees
Q 47 :
Salary received in India for services rendered outside India is taxable in the case of:
  1. A.Non-resident only
  2. B.Resident only
  3. C.All assessees
  4. D.Resident but Not Ordinarily Resident only
Q 48 :
Profits from a business situated in London but controlled entirely from India are taxable in India for:
  1. A.A resident who is ordinarily resident in India
  2. B.A resident but not ordinarily resident in India
  3. C.A non-resident in India
  4. D.All the assessees
Q 49 :
Interest received outside India by a non-resident from a business controlled in India is:
  1. A.Fully taxable in India
  2. B.Not taxable in India
  3. C.Taxable only if remitted to India
  4. D.Taxable at a concessional rate
Q 50 :
Royalty received outside India by a resident but not ordinarily resident from a business in India is:
  1. A.Taxable in India
  2. B.Not taxable in India
  3. C.Taxable only if remitted to India
  4. D.Exempt from tax

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