| Post Name | ACCOUNTANT (Kerala State Industrial Enterprises Ltd.) |
|---|---|
| Question Paper Code | 175/2024 |
| Category Code | 135/2023 |
| Date of Test | 9 December 2024 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
The accounting concept which assumes the proprietor as creditor to the extend of his
capital is :
Answer
B. Business entity
2
The surplus or Deficiency of a non profit organization is revealed by
Answer
A. Income and Expenditure Account
3
In the event of dissolution of partnership firm, the provision for doubtful debt is
transferred to :
Answer
D. Realisation Account
4
Intellectual Property Rights Protection
Answer
B. , 3 -
5
The amount of depreciation charged on fixed assets will be :
Answer
Question Cancelled
6
Preliminary expenses are an example of :
Answer
C. Deferred Revenue Expenditure
7
The credit balance of bank account in the cash book denotes :
Answer
B. Amount payable to the bank
8
A, B and C are partners in the ratio of 1/2 : 2/5 : 1/10. What is the new ratio of B and C if
A retires :
Answer
D. 4:1
9
Imprest system is used for the preparation of :
Answer
C. Petty cash Book
10
Donation received for a special purpose in non profit organization will be taken to the :
Answer
A. Liability side of the Balance sheet
11
Which of the below-mentioned statement is not true?
Answer
A. The issue price and redemption value of debentures cannot differ
12
A company forfeits 100 shares of 10 each issued at 11 per share. The premium was
payable on an allotment. The shareholder failed to pay the allotment money of 3 per
share and the second and final call of 5 per share. What amount will be debited in share
forfeiture account?
Answer
A. 300
13
Nisha Ltd. issues 10,000 shares of Rs. 10 each payable as : Rs. 2 on application, Rs. 4 on
allotment, Rs. 3 on the First Call, and Rs. 1 on the Second & Final Call. The shares were
fully subscribed and all money was duly received except First Call money on 1,000
shares. Pass Journal Entry :
Answer
A. Calls in Arrears A/c Dr 3,000
To Share first call A/c 3,000
14
What are International Financial Reporting Standards (IFRS)?
Answer
A. International Financial Reporting Standards (IFRS) are a set of widely used
international standards for financial reporting
15
What is Investment property as per IAS 40? Investment property includes land or a
building or both that is :
Answer
C. Both
16
Electricity Tariffs are fixed :
Answer
A. By Appropriate Commissions
17
As per Sec 17 of the Banking Regulations Act every bank has to transfer to statutory
reserve fund A/
Answer
D. 25%
18
The form of a discount on issue of Debentures is in the nature of :
Answer
B. Capital loss
19
Rebate on Bills Discounted is :
Answer
C. Income received in advance
20
The shares of outsiders in the Net Assets in subsidiary company is known as under :
Answer
C. Minority Interest
21
Which of the following is an application of fund?
Answer
A. Purchase of Investments
22
Match the following
Group
Answer
C. Average Accounts payable
Net profit after interest and tax
23
Cash Proceeds from issuing shares under AS-3 is
Answer
B. Cash flow from Financing Activity
24
Which of the following statement is correct?
Answer
D. All of these
A 7 175/2024
25
––––––––– is the approach of setting a high premium price of a new product with the
intention of reducing the price in the future.
Answer
D. Skimming pricing
26
When financial statements for a number of years are reviewed and analysed, it is known
as –––––––––.
Answer
C. Horizontal analysis
27
Which of the following statement is true?
Answer
D. All of these
28
If the cost of goods sold is Rs. 2,00,000, the value of opening and closing stock is
Rs. 20,000 and Rs. 30,000 respectively, the stock turnover ratio will be
Answer
A. 8 times
29
FIFO method of pricing of materials is suitable when
Answer
C. Material prices are falling
30
The allocation basis used for applying costs to services on products in activity based
costing are called
Answer
B. Cost Driver
31
Which of the statements is/are true regarding income by way of Pension?
(i) Pension is taxable under the head salaries in the income tax return.
(ii) For a government employee, a commuted pension is fully exempt.
(iii) Filing an ITR is not mandatory of all pensioners.
Answer
D. All of the above
32
Which of the following statements is/are true regarding income tax for an individual?
(i) Under the old regime, the tax slabs are the same for all age groups.
(ii) Under the new regime, the rates vary based on age.
(iii) Standard deduction is available for both old and new regimes.
Answer
C. Only (iii)
33
Which of the following does not qualify for deduction under 80C of Income Tax Act?
Answer
C. Housing loan interest
34
Which of the following statements is/are true regarding filing ITR?
(i) Firms and companies must file ITR whether they make a profit or undergo a loss.
(ii) Filing an ITR is necessary in case of invstment in foreign assets or earnings from
foreign assets.
(iii) If total income exceeds the prescribed income tax exemption limit of Rs. 3 lakh in a
financial year under the new tax regime, it is mandatory to file the return.
Answer
B. (i), (ii) and (iii)
35
Which of the following product is not exempted from GST?
Answer
B. Processed fish and meat
36
Which of the following state taxes are not subsumed under the GST?
Answer
B. Property tax
37
How many members are there in the GST council?
Answer
C. 33
38
Which of the following is/are not included in the Conditions to claim input tax credit
under GST?
(i) The dealer should be in possession of tax invoice
(ii) Must not be making supplies under the composition scheme
(iii) GSTR-3B have been filed by the recipient
(iv) The tax charged has not been paid to the government by the supplier
Answer
D. Only (iv)
39
As per the Customs Act, an area beyond and adjacent to the territorial waters of India is
known as :
Answer
B. Contiguous zone
40
Which among the following is not an exempted service under GST?
Answer
Question Cancelled
41
Which of the following snot an assumption of the Capital Asset Pricing Model
Answer
C. APM)?
42
Which one of the following is not an assumption of the Modigliani-Miller (M-M)
approach?
Answer
A. Capital markets are imperfect
43
XYZ Ltd produces and sells 10,000 shirts. The selling price per shirt is Rs. 500. Variable
cost is Rs. 200 per shirt and fixed operating cost is Rs. 25,00,000. What is the operating
leverage?
Answer
C. 6 times
44
Which among the following is not an assumption of Walter’s Model?
Answer
C. There is discrimination in taxes
45
In Financial Management, Capital Rationing refers to a situation where:
Answer
A. Funds are restricted and the management has to choose from amongst
available alternative investments
46
What is the percentage of cost of equity capital of X Ltd, whose risk free rate of return
equals to 10%? The firm’s beta equals 1.75 and the return on the market portfolio equals
to 15%.
Answer
A. 18.75%
47
The market price of a equity share is Rs. 125 and a company plans to pay a dividend of
Rs. 5 per share. The growth in dividend is expected to be at the rate of 8 percent. What is
the cost of equity capital?
Answer
B. 12%
48
Which of the following method considers the time value of money when evaluating
capital investment proposals?
Answer
C. Net Present Value
49
The shares of ABC Ltd are selling at Rs. 30 per share. The firm had paid dividend at the
rate of Rs. 3 per share last year. The estimated growth of the company is approximately
6% per year. What is the percentage of the cost of equity capital of the company?
Answer
D. 16%
50
Which of the following statements are correct about the equity share capital?
(i) It is a source of permanent capital
(ii) The dividend payable to equity shareholder is a charge against profit
(iii) In the event of winding up, ordinary shareholders can exercise their claim on
assets after the claims of the other suppliers of capital have been met.
Answer
C. Only (i) and (iii) are correct
51
When demand changes due to the factors other than price is called?
Answer
A. Shift in Demand
52
Choose the most appropriate answer :
The one represents those combinations of inputs that will be capable of producing an
equal quantity of output.
Answer
B. Isoquant
53
Choose the most appropriate answer :
The relationship between Average and Marginal Cost curves in the short run
(i) When Marginal Cost is less than average cost average cost rise
(ii) When Marginal Cost is greater than average cost average cost falls
(iii) When marginal cost is less than average cost, average cost falls and marginal cost
is greater than average cost average cost rises
(iv) None of the above
Answer
C. (iii) only
54
Choose the appropriate answer :
The market forms for Price and Output determination includes few firms or few sellers
in the market for producing or selling a product
Answer
D. Oligopoly
55
Choose the most appropriate answers from given below statements :
The holder of an open cheque can do the following
(i) Receive its payment over the counter at the bank
(ii) Deposit the cheque in the bearer’s own account
(iii) Pass it to someone else by signing on the back of a cheque
(iv) None of the above
Answer
D. (i), (ii) and (iii) only
A 13 175/2024
56
Choose the most appropriate answer from the options given below.
What are the objectives of crossing :
(i) To prevent payment being made to a wrong person
(ii) Direct the drawee bank to pay the amount of cheque only through a banker to the
account of the payee
(iii) Make payment over the counter
(iv) None of the above
Answer
B. (i) and (ii) only
57
Choose the most appropriate answer.
The CORE banking Services includes :
(i) To make balance enquiries
(ii) To withdraw cash from the account by tendering a cheque
(iii) To obtain settlement of account
(iv) To transfer fund
Answer
D. (i), (ii), (iii) and (iv)
58
Which Code is necessary for transferring fund from India to abroad?
Answer
A. SWIFT
59
Which are the functional keys used to represent Receipt and Payment in Tally?
Answer
A. F5 and F6
60
Choose the most appropriate answers :
Which are the reports contained in the Account Book menu of Tally?
(i) Cash and Bank Book
(ii) Sales and Purchases Registers
(iii) Journal Register
(iv) Trial Balance
Answer
C. (i), (ii) and (iii)
61
In which type of audit does the auditor issue an opinion on whether the financial
statements are free from material misstatement?
Answer
D. Independent financial audit
62
Which of the following statements are correct regarding internal control?
(I) It helps safeguard assets.
(II) It is the sole responsibility of the auditor.
(III) It is designed to ensure accuracy in financial records.
(IV) It is only applicable to financial reporting processes.
Answer
A. (I) and (III) only
63
Assertion
Answer
A. : Tax audits are mandatory for organizations with substantial taxable
income.
Reason [R]: Tax audits are conducted to verify the accuracy of tax-related financial
information and ensure compliance with tax regulations.
64
Assertion
Answer
D. [A] is false, but [R] is true.
65
In which situation is an auditor most likely to issue a “qualified opinion”?
Answer
Question Cancelled
66
Which of the following statements are true regarding an auditor’s report?
(I) It provides absolute assurance about the accuracy of financial statements.
(II) It states the auditor’s opinion on the fair presentation of financial statements.
(III) It may include a “going concern” warning if there is doubt about the entity’s future.
(IV) It guarantees that there are no errors in financial statements.
Answer
B. (II) and (III) only
67
Which of the following statements about corporate announcements by stock exchanges is
correct?
(I) They are made to inform investors and the public of significant company events.
(II) They include disclosures about insider trading activities.
(III) They are mandatory for companies listed on the stock exchange.
(IV) They are primarily for internal company use.
Answer
C. (I), (II) and (III) only
68
Which of the following statements about Clause 49 of the Listing Agreement is correct?
Answer
A. It mandates the appointment of independent directors on the board.
69
Which of the following statements are true about whistleblowing?
(I) Whistleblowing involves reporting unethical or illegal practices within an
organization.
(II) It is only applicable in cases of financial fraud.
(III) Whistleblowers are often protected by laws against retaliation.
(IV) It is an informal method of raising complaints
Answer
A. (I) and (III) only
70
How long before the commencement of the meeting must a proxy form be submitted at
the Registered Office to be effective?
Answer
C. 48 hours
71
Assertion
Answer
C. [A] is true, but [R] is false.
72
Which of the following statements about corporate governance theories are correct?
(I) Agency theory focuses on aligning the interests of managers and shareholders.
(II) Stewardship theory views managers as stewards who act in the best interest of the
company.
(III) Stakeholder theory focuses solely on maximizing shareholder wealth.
Answer
A. (I) and (II) only
73
The Companies Act, 2013 governs the incorporation, responsibilities and dissolution of :
Answer
C. Corporations
74
Match the following :
Column A Column B
1. Limited Liability Partnership (LLP) Act
2. Competition Act
3. Indian Contract Act, 1872
4. Intellectual Property Rights Protection
Answer
B. , 3-
75
Match the following :
Column A Column B
1. The Payment of Gratuity Act
2. The Payment of Bonus Act
3. The Indian Contract Act
4. The Negotiable Instruments Act
Answer
B. ,3- ©, 4-
76
The use of information and ideas protected by IPR are of :
Answer
C. Commercial value
77
The Payment of Bonus Act, 1965 is applicable to employees who have worked for
atleast :
Answer
A. 30 days in a year
78
Under the Consumer Protection Act, which of these is NOT a recognized right of
consumers :
Answer
B. Right to protection of environment
79
Which of the following is true about the validity period of a trademark in India?
Answer
B. 10 years
80
An agreement that is enforceable by law at the option of one or more parties, but not at
the option of others, is called :
Answer
B. A voidable contract
81
Pick out the invalid number among the following :
Answer
D. (192)₈
82
The 16 bit coding system that can represent characters from different languages all over
the world is :
Answer
C. UNICODE
83
––––––––– is an optical storage device.
Answer
A. DVD
84
Allocation and deallocation of processes and scheduling of various system resources is a
function of :
Answer
C. Operating System
85
Select the input device used to recognise the printed text in a scanned image and convert
it to proper text format.
Answer
B. OCR
86
Choose the correct absolute cell reference in MS-Excel among the following :
Answer
D. $A$4
87
In MS-WORD The keyboard shortcut to paste the contents of clipboard is :
Answer
B. Ctrl + V
88
The presentation view in MS-PowerPoint that displays only the text in your slides, not
pictures or other graphical items is :
Answer
C. Outline View
89
The MS- Excel function that counts the number of cells that are not empty in a range :
Answer
B. COUNTA( )
90
A faded text or graphics appearing in the background of a document to show ownership
or discourage unauthorized use is called :
Answer
C. Watermark
91
Which of the following statements is/are TRUE regarding the object oriented concept
in C++?
(i) A private element in a class is visible to its direct child only.
(ii) Operators can be overloaded in C++.
(iii) C++ supports multiple and multilevel inheritances.
Answer
B. Only (ii) and (iii)
92
Which of the following statements causes errors in a C++ program?
Answer
C. char str[10] = {“hello”};
93
Which of the following is/are done by the CLR in VB.NET?
(i) Memory Management
(ii) Exception Handling
(iii) Garbage Collection
Answer
D. All of the above (i), (ii) and (iii)
94
Which one of the following statements is TRUE for an array initialization in VB.NET?
Answer
A. Dim numbers = New Integer( ) {1, 2, 4, 8}
95
In DBMS, Which of the following constraints is most closely related to referential
integrity?
Answer
D. FOREIGN KEY
A 21 175/2024
96
Which of the following statements is/are TRUE in SQL?
(i) The LIKE operator can be used for string pattern matching.
(ii) The WHERE clause is used to find the location of a particular record in the disk.
(iii) The DISTINCT clause removes duplicates from the result set.
Answer
B. Only (i) and (iii)
97
Which of the following types of languages in SQL contains the statement TRUNCATE?
Answer
A. DDL
98
Which of the following is the correct expansion of URL?
Answer
C. Uniform Resource Locator
99
Which of the following HTML tags does NOT come under the BODY tag?
Answer
D.
100
Which of the following is NOT a mouse event in Javascript?
(i) onclick
(ii) oncontextmenu
(iii) oninput
Answer
C. Only (iii)
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