| Post Name | Commercial Tax Officer - SR FOR SC / ST ONLY |
|---|---|
| Department | Commercial Taxes |
| Question Paper Code | 172/2015 |
| Date of Test | 17 September 2015 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
Which of the following errors will be disclosed in the trial balance? |
Answer
C. Posting only the debit portion of a particular journal entry
2
Identify the correct statement :
Answer
C. Both carriage inwards and carriage outwards appear in the trading account |
3
Adebit balance on a partner's current account must indicate that :
Answer
D. They have withdrawn more than they have earned in the partnership |
4
Locate the item that would not be found in the Profit and Loss Appropriation account of |
partners : |
|
Answer
D. interest on capital
5
Ifa partner cannot clear his debts on dissolution, the other partners must clear these debts |
: in the following manner : |
Answer
A. sharing ratio of the partnership )
6
Conversion cost =—————————
Answer
B. Direct Labor + Direct Expense + Factory Overheads |
7
Conversion cost =
Answer
D. Both (B) and (C)
8
In which of the following wage plan, time wage is not guaranteed?
Answer
C. Taylor
9
Absorption of overheads means :
Answer
B. charging of overheads to individual products
10
Which among the following are not appearing in the cost sheet?
Answer
C. _ Both
11
What may be the caugze of negative cash flow from operating activities?
Answer
D. Asudden increase in credit sales
12
Which one of the following is false?
Answer
A. A profitable company will never run out of cash
13
Which of the following involves a movement of cash?
Answer
B. Rights issue
14
The difference between fixed cost and variable cost assumes significance in the preparation of
the following budget :
Answer
B. Flexible Budget
.
15
When a manufacturing business prepares budgets for a period, which is normally the first
budget to be prepared?
Answer
B. Sales budget
16
What is ‘management by exception’?
Answer
B. A means of management control
17
A budget is all of the following, except :
Answer
A. a plan which will ensure the generation of future profits
18
Which of the following would be consistent with a more aggressive approach to financing working capital?
Answer
D. Financing some long-term needs with short-term funds
19
Spontaneous financing includes :
Answer
C. accounts payable
20
Permanent working capital :
Answer
C. is the amount of current assets required to meet a firm's long-term minimum
needs
21
Identify the fictitious asset :
Answer
C. Both
22
Identify the transaction(s) where flow of fund occurs :
Answer
D. all the above
23
Which of the following types of assets should be financed with long-term: source?
Answer
C. Fixed assets and permanent current assets
24
How will you treat the share forfeited account while preparing Balance Sheet of a company?
Answer
A. Add with the paid up capital
25
While determining managerial remuneration, which among the following is not considered?
Answer
D. Both (B) and (C)
26
Cost of Capital refers to :
Answer
A. Required Rate of Return
27
Identify the correct statement :
Answer
C. Retained Earnings are cheaper than External Equity
28
‘The Internal Rate of Return (IRR) is:
Answer
D. the discount rate that equates the present values of inflows and outflows
29
29... The optimal capital structure of a firm :
Answer
B. is that combination of debt, preferred and common stock that maximizes the
30
The dividend-payout ratio is equal to: )
Answer
B. dividends per share divided by earnings per share
31
‘Shareholder's wealth’ in a firm is represented by :
Answer
A. the market price per share of the firm’s common stock
32
Firm having r< k may be referred as:
Answer
C. declining firm
33
The type of lease that includes a third party, a lender, is called : |
Answer
A. leveraged lease
34
—_——_——_—- act as an intermediary to link up the sources of ideas and the sources of
fund.
Answer
C. Venture capital
35
Method that provides correct rankings of mutually exclusive projects, when the firm is not
subject to capital rationing :
Answer
A. net present value
36
Acritical assumption of the Net Operating Income (NOT) approach to capital structure is :
Answer
C. thatk, remains constant regardless of changes in leverage |
37
Mr. Gomez purchased a bond at a price far below its face value, that makes no interest
payments and will be redeemed at its face value at maturity. In all likelihood, he purchased a
—— ~— —— hon.
Answer
D. zero-coupon
38
Ifinterest rates in the overall economy decrease, the market value of a corporate bond with a
fixed interest rate will :
Answer
B. the value of the bond will increase
|
39
Which of the following would be found in cash budget?
Answer
D. Capital expenditure
40
Identify the statement which is false in connection with capital budgeting decision :
Answer
B. opportunity costs are excluded
41
Return on Investment may be improved by :
Answer
D. all of the above
42
Suppliers and Creditors of a firm are interested in :
Answer
B. Liquidity Position
43
Advantage of Debt financing is :
Answer
D. all of the above :
44
Which of the following is studied with the help of financial leverage?
Answer
A. Financing risk
45
Which of the following is not a fundamental assumption made by Modigliani and Miller?
Answer
B. There is imperfect information
46
What is Gordon’s ‘bird in the hand’ fallacy?
Answer
B. Investors prefer carly resolution of uncertainty and apply a higher discount rate
to later dividends
|
47
Which of the following is not a fundamental concept in Corporate Finance?
Answer
D. Double-entry book-keeping
48
A hich risk, high yield bond rated below investment grade is :
Answer
A. junk bond
49
A short term lease where the leasing company will take the asset back at the end of the lease
is:
Answer
A. operating lease
50
Short-term unsecured promissory note issued by corporations is called :
Answer
A. commercial paper
51
Chairman of Central Sales Tax Authority shall be:
Answer
C. Retired judge of Supreme Court
52
Offences under the Central Sales Tax Act are :
Answer
A. Cognizable and bailable
53
Which is the lowest court in the hierarchy of criminal courts that can try the offences
punishable under the Central Salea Tax Act or Rules?
Answer
A. First Class judicial Magistrate Court
54
Which of the following will come within the ambit of Taxable Turn Over under Kerala
General Sales Tax Act?
Answer
B. Turn Over of goods in the course of intra state sale
55
The permit issued to a registered dealer under the Kerala General Sales Tax Act is valid for
a period of :
Answer
C. lyear
56
Which of the following Sales Tax Authority is appointed to exercise the powers akin to that of
Collector under the Revenue recovery Act, for recovering arrear dues under Kerala General
Sales Tax Act?
Answer
D. Inspecting Assistant commissioner
57
Which of the following are not goods within the meaning of Kerala Value Added Tax Act,
20037 .
Answer
D. All the above
58
Green card Under Kerala Value Added Tax Act and Rules, was introduced by the :
Answer
D. Kerala Finance Act, 2006
59
The appointing authority of the chairman of settlement commission under Kerala Value
Added Tax Rules, 2005:
Answer
B. Governor of Kerala
60
Which of the following cases the Deputy Commissioner under Kerala Value Added Tax Act,
2003 can exercise power of revision suo moto?
Answer
C. Lf appeal time has expired and the deputy commissioner feels that the order
passed by his subordinate authority is prejudicial to the interests of the revenue
61
The chairman of the Appellate Tribunal under the Kerala Agriculture Income Tax Act, 1991,
must have same qualification as that of :
Answer
C. District Judge
62
What is the effect of the death of a party between the conclusion of the final hearing and the
passing of the order under the Kerala Agriculture Income Tax Rules, 1991?
Answer
B. Proceedings will not abate and order may be passed
63
The application for the settlement of cases under the Kerala Agriculture Income Tax Act,
1991 may be filed :
Answer
A. at any stage of appeal pending before any authority under the Act
64
Which of the following courte have jurisdiction to try offences punishable under the Kerala
Money Lenders Act, 1958? |
Answer
D. First class judicial magistrate court |
65
Which of the following persons can apply for licence without a guardian to carry on the |
business under the Money Lenders Act? |
Answer
A. Unmarried woman aged 65 years )
66
Which of the following proceedings under the Money lenders act, the provisions of CrPC is
applicable?
Answer
C. Search and seizure
67
Which of the following articles can be attached under the Kerala Revenue Recovery Act, 1968?
Answer
B. Decree of a civil court for payment of money
68
Which of the following defaulted persons cannot be arrested and detained in prison under the
Kerala Revenue Recovery Act?
Answer
D. All the above
69
The period of limitation for claiming refund under the Kerala Tax on Luxuries Act, 1976 is:
Answer
A. 3 years from the date of order of the assessment
70
Which of the following will come within the ambit of Luxury Tax under Kerala Luxury Tax
Act?
Answer
C. Service provided by DTH broadcasting service provider to a subscriber
71
Which of the statements is not true with respect to “condition”?
Answer
B. Itis a stipulation collateral to the main purpose of the contract
72
Right exercised by the seller to retain the possession of goods until the tender of the price or
payment of price by the buyer is called :
Answer
B. Lien
73
A minor cannot be a partner
ll. A minor may be admitted to the benefits of a partnership
Ul. A minor admitted to the benefits of a partnership cannot inspect the accounts of
the firm
Answer
A. Only T and I
74
Which of the following statements is not true with respect to Limited Liability Partnership?
Answer
D. The provisions of Indian partnership Act, 1932, shall generally apply to Limited
75
A advertises that he has got stock of books to sell. It amounts to:
Answer
D. Invitation to treat
76
The rule that a stranger to contract cannot sue refers to:
Answer
A. Privity of Contract.
77
vi. The agreement, the consent of which is caused by undue influence ia :
Answer
C. voidable
78
78 A person employed by and acting under the control of the original agent in the business of
agency is called :
Answer
B. subagent
79
A gratuitous bailment is terminated by :
Answer
C. death of either of the bailer or bailee
80
B is indebted to C and A is the surety for the debt. C demands payment from A and on his refusal sues him for the amount. Though A defended the suit, as he has reasonable grounds for doing so, he was compelled to pay the debt with costs. Whether A can recover from B the amount paid by him for costs together with principal debt?
Answer
B. Yes, A is entitled to recover from B whatever sum he has rightfully paid under the guarantee
81
Directive Principle of State Policy contained in Article —————————— of The Constitution
mentions that the State shall Endeavour to protect and improve the environment and to
safeguard the forests and wildlife of the country.
Answer
C. 48-A
82
As per Article 100(3) of The Constitution of India, the quorum to constitute a meeting of |
either house of Parliament shall be —————————— of the total members of The House,
Answer
C. one-tenth
83
As per Article 219 of The Constitution of India, every person appointed to be a Judge of a
High Court shall before he enters upon his office, make and subscribe an oath or affirmation
before :
Answer
D. The Governor of the State
84
The residuary power of making any law imposing a tax is conferred on Parliament as per
Article ————————__ of The Constitution of India,
Answer
A. 248(2)
85
In T. Devadasan v Union of India AIR 1964 SC 179, The Supreme Court was required to
adjudge the Validity of :
Answer
A. Carry forward rule
86
Request for providing access to information which would involve infringement of copyright
subsisting in a person other than the State, shall be rejected as per —-———————— of
The Right to Information Act 2005.
,
Answer
C. Section 9
87
Under Section 35(2) of The Protection of Children against Sexual Offences Act 2012, The
: Special Court shall complete the trial as far as possible within a period of —————_—_———
| from the date of taking cognizance of the offence,
Answer
B. one year
88
Under Section 4(
Answer
C. six thousand
89
Under Section 4(3) of The Sexual Harassment of Women at workplace (Prevention,
Prohibition and Redressal) Act 2013, The Presiding officer and members of the internal
complaints Committee shall hold office for a maximum of —--—————— years from the
date of their nomination.
Answer
A. three
90
Under Section 5(4) of The Maintenance and Welfare of Parents and Senior Citizens Act,
2007,an application for monthly allowance for interim maintenance shall be disposed off
within —————————— days of the service of application to such person.
Answer
D. ninety
91
Duravastha is written by :
Answer
B. Kumaranasan :
92
The Judes reached first in:
Answer
C. Kodungallur
93
The First Election Commissioner in Independent India was :
Answer
B. Sukumar Sen
94
Indira is India, India is Indira slogan was given by :
Answer
D. D.K. Barooah
95
First Deputy Prime Minister in India was :
Answer
B. Sardar Vallabai Patel
96
Kerala Renaissance leader who participate in the Kakkinada congress was :
Answer
A. T.K. Madhavan
97
“Vyazhavatta Smaranakal" an autobiography is written by :
Answer
C. 6B. Kallyani Amma
98
The famous temple entry proclamation is made on:
Answer
C. 12% November 1936
99
‘The founder of Sadhujana Paripalana Yogam was :
Answer
D. Ayyankali
100
Swadesabhimani Press was under the ownership of ;
Answer
C. Abdul Khader Moulavi
Discussion
Ask a doubt or share a tip.
No comments yet — start the discussion.