| Post Name | and |
|---|---|
| Department | COMMERCIAL TAX OFFICER - SR FOR ST ONLY DIRECT COMMERCIAL TAXES |
| Question Paper Code | 026/2015 |
| Date of Test | 7 February 2015 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
Balance sheet shows :
Answer
C. static financial position
2
Cash payment as interest on debentures and loans is
Answer
B. financing
3
The portion of the value of work that the architect of the contractec agrees as to have been
done is :
Answer
D. work certified
4
Works on cost is otherwise called :
Answer
A. works overhead
5
In funds flow statement, fund means :- : |
|
Answer
D. working capital
6
Dividend declared in between two annual general meeting is :
Answer
B. interim dividend
|
7
The discount on reissue of forfeited shares should not exceed :
Answer
A. the amount paid by the original holder
8
Production budget is a ââââââââ_ Budget.
Answer
C. functional
9
9,0 Š âââ_â_ââââââ is an application of fund.
Answer
C. Purchase of fixed asset
10
ââââââââ cost is also known as period cost.
Answer
B. Fixed 3
11
Piece meal distribution is in connection with :
Answer
D. dissolution of firm
12
âââââ_ com mission is given for bearing risk of bad debts.
Answer
A. Delcredere
13
Debit note is prepared in connection with :
Answer
D. return outwards
14
ââââ- system is a method of accelerating the cash inflows.
Answer
Question Cancelled
15
A buffer to meet the un anticipated increase in the usage of material is called :
Answer
C. safety stock
16
A project requires an initial investment of Rs. 8,00,000 with annual cash inflow of
Rs. 2,00,000 for fiver years. Its pay back period is :
Answer
A. 4 years
17
Assets sold by a firm in the capital market to raise fund is called : - |
Answer
C. financial aasets
18
* + 18. Capital gearing refers to the relationship between equity capital and:
Answer
D. long term debts
19
Profitability index is a method of :
Answer
C. evaluation of investment projects
20
Working capital is also known as ââââââââ- capital.
Answer
A. circulating
21
The method which recognises the time values of money by combining pay back with the net
present value is:
Answer
B. discounted pay back period
22
The funds invested in total current assets is termed as :
Answer
D. gross working capital
23
The quality of management is not directly disclosed in the books of accounts because of:
Answer
C. money measurement concept
24
Amount withdrawn by the proprietor for personal use reduces both:
Answer
B. assets and owners equity
25
Cost of equity share is influenced by :
Answer
C. both
26
ââââ___â_ represents minimum requirements for extending credit to a customer.
|
Answer
A. Credit standard
27
97 âThe difference between the total present value of a stream of cash flow of a given rate of
discount and the initial capital outlay is known as :
{A) IRR (B) ARE
Answer
D. b) NPV
28
The arbitrage process is the operational justification of :
Answer
A. Derivatives
29
refers to that EBIT level at which EPS remains the same irrespective of the
Debt-Equity mix.
Answer
B. Under capitalization
30
Incase of factoring, the factor assumes the risk of bad debts.
Answer
D. none of these
31
In case of firms having r > k, the optimum dividend policy requires pay out
ratio.
Answer
C. O%
32
ad. committee suggested inventory and receivable norms for 15 major industries.
Answer
C. Chore
33
JIT inventory system waa pioneered in :
Answer
B. USA
34
Depreciation is included in costs in case of ââââââââ method,
Answer
A. Pay back
35
ââââââââ 1s a form of equity financing designed specially for funding high risk and high
reward project,
Answer
D. Sweatequity _
36
Operating lease is favoured by lessee in respect of assets which depreciate in value on
account of :
Answer
A. wear and tear
37
Stock split is a remedy for : |
Answer
C. capital gearing
38
The accept-reject result of NPV and IRR is the same if:
Answer
A. projects are mutually exclusive
39
In India, the issue of commercial papers came into being after the recommendations of :
Answer
B. Chore committee
40
The loss incurred on an incomplete contract is transferred to âââââ_ account.
Answer
D. inventory
41
ââ_______ jz a selective inventory control technique.
Answer
B. LED analysis
42
The guidance and regulation of the cost of operating by executive action is called :
|
Answer
D. cost manipulation
43
âââ______ is that segment of activity of a business which is responsible for both revenue
| and expenses,
_
Answer
A. conversion centre
44
Bl,
ba.
Bonds issued without any rate of interest is called :
Answer
C. FCCB
45
When the same transaction is recorded twice in the books of accounts, the error is called :
Answer
B. error of principle
46
Carriage outward is an item of â overhead.
Answer
C. administration
47
- refers to excess of absorbed overhead over the actual overhead,
Answer
D. Over trading
48
Operating cycle is:
(A) inventory conversion period only ;
(3) inventory conversion period minus debtors conversion period
(C) inventory conversion period plus debtors conversion period
(D) none of these
If the debentures carry interest @ 10% per annum and corporate tax rate 1s @ 30%, cost of
debt. is :
Answer
B. 5%
49
The essentials of a valid contract is provided under, â of the Indian Contract
Act,
Answer
C. Section 25
50
A contract without consideration 1s :
Answer
D. Void
51
The essentials of a valid contract is provided under, ________ of the Indian Contract Act.
Answer
A. Section 10
52
A contract without consideration is :
Answer
Question Cancelled
53
A minor's contract was held to be void in the case :
Answer
C. Mohoribibi V Dharmodas Ghosh
54
Section 13 (f) of the Indian Partnership Act provides for :
Answer
B. Indemnity in favour of the firm against a partner
55
Which is correct about the following statements? (1) A counter offer terminates the original offer (2) Quotation of price is an offer (3) Acceptance to an offer is like a lighted match to a train of gun powder
Answer
A. (1) and (3) are correct
56
Acceptance to an offer is like a lighted match te a train of gun powder
Answer
B. are correct
57
When goods are displayed in a shop window with price tags attached to them, it amounts to:
Answer
C. counter offer
58
The damages under Section 73 of the Indian Contract Act are -
Answer
D. none of the above
59
Which section of the Indian Contract Act, deals with agreement in restraints of legal
proceedings?
Answer
B. Sec. 29 :
60
A partner has no implied authority :
|
Answer
D. both
61
Where one of the parties ia under a mistake as to matter of fact, the contract 1s?
|
Answer
C. illegal
62
A property belonging to a partner on entering into a partnership and used for the purposes of
partnership : â-
Answer
D. either
63
Section 40 of Indian Partnership Act provides for :
Answer
D. diasolution by agreement
| â63. Which one of the following does not amount to fraud?
| .
64
Which one of the following is a contract?
|
Answer
A. an undertaking in writing duly signed to pay the time-barred debt
65
The liability of a partner :
Answer
B. joint and several
66
Section ââââââââ of sale of Goods Act, 1930, enumerates the doctrine of âNemo dat quod |
non habetâ.
Answer
B. Section 27
67
The term âMercantile agentâ defined under sale of Goods Act means an agent having in the
customary course of business as such agent authorised to :
Answer
D. either
68
A contract of sale under Section 4 of the sale of goods may be: _ ,
Answer
C. either absolute or conditional
69
The unpaid seller of goods can waive his right to lien :
Answer
A. expressly or impliedly
70
. 70. Conditions and warranties are defined in Section âââââââââ of the sale of Goods Act.
Answer
B. Section 12
71
The principle of caveat emptor is enunciated under Section â__âââââ of the sale of
Goods Act.
Answer
A. Section 16
72
The term âPersonâ defined under the Kerala value added tax includes :
Answer
D. all the above
73
The turnover on which a dealer shall be liable to pay tax after making the deductions from |
his total turnover, is called :
Answer
B. taxable turnover
74
Every dealer whose total turnover in any year is not less than â_-âââââ should get
compulsory registration,
Answer
B. five lakh rupees
75
âNo tax shall be levied or collected except by authority of lawâ. This is provided under :
Answer
C. Article 265
76
Sale under Section 3 of the Central Sales Act means, any tranefer of goods by one person to
another :
Answer
D. either
77
The term goods under Section 2
Answer
A. all movable properties
78
An Indian company is always :
Answer
A. Resident in India
79
According to Section 2 (34) of the Income Tax Act 1961. Previous year means, year :
Answer
Question Cancelled
80
The term Assessee means :
Answer
D. all the above
81
In one of the following cases Mr. A.B. Vajpayee, before he became the Prime Minister of
India, was a respondent. The case was :
Answer
B. Habeas Corpus Case
82
In R.C Cooper V. Union of India, the Supreme Court declared as unconstitutional one of the
following Constitution
Answer
D. Fourth Amendment Act
26/2015 12 A
,
83
What is the maximum age fixed by the Food Security Act for providing nutritional
entitlements to children of school-going age?
Answer
A. 14 '
84
The Maximum number of Judicial Members excluding the Chairperson Green Tribunal is ;
Answer
D. . twenty
85
Any man who follows a woman and contacts repeatedly despite a clear indication of
disinterest by such woman is punishable under Section 3541 of the Indian Penal code for the
offence of : |
Answer
C. Stalking :
86
Disbursement of wages of a worker under the National Rural Employment Guarantee Act
has to be made on: |
Answer
Question Cancelled
87
The Wild Life Protection Act was enacted in the year : | |
Answer
D. 1972 |
88
The concept of basic structure was adopted from the Constit ution of :
Answer
Question Cancelled
89
âTwo provisions in the Indian Constitution that are connected to the right to education are :
Answer
C. Art. 2lA and 514A
90
Which of the following is not specifically mentioned as eligible for appointment as Judge of
the Supreme Court under Article 124?
Answer
B. Advocate of the Supreme Court
91
The most important event related to Malabar Rebellionis: =~
Answer
B. Wagon Tragedy
92
The fourth all Kerala political conference held at Payyannur presided over by :
Answer
A. Jawaharlal Nehru |
93
Which among the following is âWorld Cancer Dayâ
Answer
D. >) February 4
94
âVishakanyakaâ is the work of :
Answer
C. §.K. Pottakkad
95
The credit for taking the first tangible step towards the introduction and diffusion of Western
Education goes to:
Answer
A. Christian Missionaries
96
Sree Narayana Guru conducted an uncompromising crusade against :
Answer
B. Caste System
97
Which among the following Gandhiji called âa miracle of modern timesâ?
Answer
D. Temple Entry Proclamation
98
The leader of âNarmada Bachao Andolanâ agitation is :
Answer
B. Medha Padkar
99
The headquarters of International Court of Justice 1s at:
Answer
A. Hague
100
GSAT-14 successfully launched from Sriharikotta on
Answer
C. 5dJanuary 2014
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