| Post Name | Finance Assistant |
|---|---|
| Department | Meat Products of India Ltd Category No : 406/2019 |
| Question Paper Code | 002/2023/OL |
| Category Code | 406/2019 |
| Date of Test | 5 January 2023 |
| Exam Type | Online Examination |
| Total Questions | 100 |
1
Opening Capital is 50,000 Profit for the year is 25,000 Drawings during the year is 10,000 The amount of closing capital of the sole trader is ___________
Answer
C. 65,000
2
Bad Debts amounted to Rs. 5,000 New Provision Required is calculated as Rs. 10,000 Old Provision is Rs. 4,000 Calculate the amount to be debited to P & L Account
Answer
A. 11,000
3
Actual Profit is 2,00,000 Capital Employed is 10,00,000 Normal Rate of Return is 10% Number of years purchase is 3 Value of Goodwill based on super profit is
Answer
B. 3,00,000
4
The accounting equation "Assets = Liabilities + Capital" is derived from _________ principle
Answer
D. Dual Aspect
5
P and Q are partners in a firm sharing profits and losses in the ratio of 3:2. They admit R into the partnership for a sixth share (1/6). The new profit sharing ratio is 3:2:1. What is the sacrificing ratio of P and Q?
Answer
C. 3:2
6
P, Q and R are partners sharing profits in the ratio of 5:3:2. R retires from the partnership and P and Q agree to continue the firm in the ratio of 5:3. Goodwill of the firm is valued at Rs. 40,000 and retiring partner's share of Goodwill is calculated as Rs. 8,000 and is to paid by P and Q by debiting their capital Account. What is the share of retiring partners Goodwill borne by P and Q
Answer
B. P 5000 and Q 3000
7
Which one is a WRONG statement in respect of Realisation Account
Answer
A. Realisation Account is in the nature of Real Account
8
Which one is correct in respect of Final Accounts of companies? a. Profit and Loss Account b. Balance Sheet c. Cash flow statwement d. Notes to the Accounts
Answer
D. Statements a, b, c and d are correct
9
Which of the following is NOT related to the Financing Decision?
Answer
B. Capital Budgeting
10
Which of the following is major point of consideration for the Optimal Capital Structure?
Answer
C. Both of the above
11
Hard Core working Capital means
Answer
A. Permanent Working Capital
12
Raw Material Conversion Period is 10 Days Work - in Progress Conversion period is 15 days Finished goods conversion period is 20 days Receivables conversion period is 30 days Payable Deferral Period is 25 Days Net Operating Cycle period is __________
Answer
D. 50 days
13
Which of the following is NOT a technique of accelerating cash collections?
Answer
B. ABC Analysis
14
Which of the following statement is TRUE about the Optimum Credit Policy for a firm? a. Liberal Credit Policy means increased profitability but decreased liquidity b. Stringent Credit Policy means Reduced Profitability but enhanced liquidity c. Firm should find an optimum credit policy through a trade-off between liquidity and profitability d. Firm should pursue liberal credit policy even by suffering the liquidity
Answer
C. Statement a, b and c only are true
15
Cost of Goods Sold is 5,00,000 Opening Inventory is 40,000 Closing Inventory is 60,000 Inventory Turnover Ratio is .....
Answer
A. 10 times
16
An Example for the Irrelevance Theory of Dividend is
Answer
C. Modigliani and Miller Model
17
The costing method suitable for Oil Refineries
Answer
C. Process Costing
18
Cost of Direct Material is 10,000 Cost of Indirect Material is 5,000 Cost of Direct labour is 20,000 Cost of Indirect Labour is 8,000 Cost of Direct Expense is 6,000 Cost of Indirect Expense is 3,000 The Prime Cost is ________
Answer
B. 36,000
19
Which of the following in NOT TRUE in respect of perpetual Inventory Control?
Answer
D. ABC Analysis is carried out to classify the materials
20
Which of the following is NOT considered for the calculation of cost of production?
Answer
C. Cost of Abnormal Idle Time
21
Which of the following statement is NOT correct in respect of overhead?
Answer
A. Service Department cost are allocated directly to the production departments
22
Which of the following is correct in respect of Margin of Safety?
Answer
D. Sales in excess of Break Even point
23
Determine the amount of variable cost from the following Sales is 1,50,000 Fixed Cost is 30,000 Profit is 40,000
Answer
B. 80,000
24
Which of the following is NOT a cost Control Techniques
Answer
C. Job Costing
25
Which is the following are the correct reasons for Management as a soft science? a. It deals with human being b. Human behaviour is unpredictable c. Management theories are fundamental truths d. Management principles do not always have universal applicability
Answer
C. Statement a, b and d are correct
26
POSDCORB means
Answer
B. Planning, Organising, Staffing, directing, Co-ordinating, Reporting and Budgeting
27
The Hawthorne studies were carried out by
Answer
D. Elton Mayo
28
Find the correct hierarchy of plans
Answer
A. Vision, Mission, Objectives, Policies, Strategies, Rules, Procedures, Programmes and Budgets
29
Number of subordinates that a supervisor can effectively controlled and managed are termed as
Answer
B. Span of Control
30
Which of the following is NOT an external source of Recruitment?
Answer
D. Promotions and Transfers
31
Which of the following is wrongly stated?
Answer
C. Theory X and Theory Y - McDonald
32
Which one is NOT correct with regard to MBO?
Answer
A. Popularised by F W Taylor
33
Which one is correct with regard to Exception to the Law of Demand? a. Giffen Goods b. Veblen Goods c. Expectation of possible price change
Answer
D. Statement a, b and c only are correct
34
Which is NOT a property of Iso-quants?
Answer
C. Will touch both X axis and Y axis
35
Which one is correct for the Delphi method of demand forecasting? a. Taking opinion from experts on forecasted demand b. Conducting consumer survey c. Evaluating the merits of each expert opinion d. Arriving at a consensus on the forecasted demand
Answer
B. Statements a, c and d are correct
36
Elasticity of Demand less than 1 means ______
Answer
C. Relatively inelastic Demand
37
Which of the following is NOT an assumption of Law of Diminishing Marginal Utility?
Answer
A. Heterogeneous Goods
38
The responsiveness of quantity demanded of a commodity to changes in the price of related goods is called as _________
Answer
B. Cross Elasticity
39
Which one NOT a property of indifference curve?
Answer
D. Indifference curves intersects each other
40
Which is NOT a characteristics of Recessionary Stage of Business Cycle?
Answer
A. Increasing Demand
41
Salary, bonus, interest, commission or remuneration due to or received by a partner from a firm is taxable under the head
Answer
C. Profits and gains of business or profession
42
Consider the following statements: a. Employer's contribution in employee's recognised provident fund is tax free up to 12.5%. b. Interest credited in recognised provident fund is exempt up to 9.5%. Which of the given statements is/are true?
Answer
B. Statement b is correct
43
Percentage of income from the sale of coffee grown and cured in India is considered as business income is _______
Answer
A. 25%
44
Mr. A incurred long-term capital loss of Rs. 25,000 such loss:
Answer
D. Can be set-off against Long-term capital gains only
45
Interest income received in Canada from a Canadian company in the year 2019, brought to India during the previous year 2021-22. Consider the following statements : a. It is taxable in the assessment year 2022-23 to ordinarily resident. b. It is not taxable to non-ordinarily resident but taxable to ordinarily resident in the assessment year 2022-23 c. It is not taxable to resident in the assessment year 2022-23 d. It is not taxable to non-resident but taxable to not-ordinarily resident in the assessment year 2022-23
Answer
D. a is not correct but c is correct
46
A non-resident received Rs. 26,00,000 as royalty on a book for college students. He will get deduction under section 80QQB
Answer
B. Nil
47
X received Rs. 90,000 as unrealised rent during the previous year 2021-2022. Choose the correct option
Answer
A. The amount taxable under section 25A of income tax act would be Rs. 63,000
48
Income of a tenant from sub-letting is taxable under the head _______
Answer
C. Income from other sources
49
A consumer product that the consumer either does not know about or knows about does not normally consider buying is called _________
Answer
C. Unsought product
50
Which of the following statements is/are not correct? a. Brand positioning is the differential effect that knowing the brand name has on customer response to the product and its marketing b. Brand Equity is the differential effect that knowing the brand name has on customer response to the product and its marketing c. Extending a existing brand name to new or modified products in a new category is line extension d. Extension an existing brand name to new forms, colors, sizes, ingredients of an existing product category is brand extension
Answer
D. a, c and d only
51
Setting a price for the products that must be used along with the main product is known as
Answer
A. Captive product pricing
52
The course of a product's sales and profits over its life time is called
Answer
B. Product life-cycle
53
Which of the following statements is/are correct: a. The set of all product lines and items that a particular seller offers for sale is product mix b. Product mix width refers to the number of different product lines the company carries c. Product mix length is the number of versions offered for each product in the line d. Product mix depth refers to the total number of items a company carries within its product lines
Answer
D. a and b only
54
Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands is ________
Answer
C. Dissonance - reducing buying behavior
55
Consider the following statements regarding product life-cyclic: Which of the following statements is/are correct? a. Maturity is the stage of peak sales b. Growth stage is a period of rising profits c. Build intensive distribution in introduction stage d. Marketing objective in the growth stage is maximize market share
Answer
A. a, b and d only
56
Process of dividing a heterogeneous market in to homogeneous sub units is called _________
Answer
C. Market segmentation
57
a. Audit conducted between two annual audits is internal audit b. Scope of statutory audit is determined by the client Which of the given statements is/are correct?
Answer
D. Both are not correct a and b
58
Comparing entries in the books of accounts with documentary evidence in support thereof is called ___________
Answer
B. Vouching
59
Internal control systems are implemented in a company by the ___________
Answer
A. Management
60
Which of the following statements is/are correct? a. The overall audit strategy is more detailed than the audit plan b. Once the overall audit strategy has been established , an audit plan can be developed c. Establishment of the overall audit strategy and the detailed audit plan are not necessarily discrete audit plan are not necessarily discrete or sequential processes, but are closely inter-related since changes in one may result in consequential changes to the other d. The auditor shall update and change the overall audit strategy and the audit plan as necessary during the course of the audit
Answer
C. b, c and d only
61
Consider the following statements regarding the appointment of first Auditor of the company a. First auditor of a company, other than a Government company shall be appointed by the Board of directors within 90 days from the date of registration of the company b. If Board of directors fails to appoint, by the members of the company within 90 days at an extraordinary general meeting appoint the first auditor
Answer
C. Statement a is not correct
62
Which of the following statements is/are correct regarding audit evidence? a. Audit evidence is the information used by the auditor in arriving at the conclusions on which the auditor's opinion is based b. Sufficiency is the measure of quality of audit evidence c. Audit evidence includes information contained in the accounting records underlying and other information d. Manuals containing details of internal control is not audit evidence
Answer
A. a and c only
63
Which of the following statement is/are correct regarding audit working papers? a. Audit working papers are the record of the planning and execution of the audit engagement b. Audit working papers for the current year are referred to as permanent working papers c. Significant audit observations of the earlier years are permanent audit files
Answer
A. Only a and c
64
Consider the following statements regarding the removal of auditor by members: a. The members of a company have no right to remove the auditor from his office before the expiry of the term b. The members have a right to remove an auditor from his office by an ordinary resolution of the company c. Obtaining previous approval of the Central Government in the prescribed manner is not required for removing the auditor Which of the given statements is/are correct?
Answer
D. None of the above options (1, 2 and 3)
65
Which of the following statements is/are correct regarding call money market? a. Call money market is the part of national money market b. Call money market helps the banks to borrow money from other banks to maintain the CRR with RBI c. Loans in the call money market are of a long term nature d. No collateral is required to carry transactions in call money market
Answer
C. b, d and a only
66
Process of converting securities held in electronic form in to physical certificates is called
Answer
B. Re-materialization
67
Issue of shares made by a company to select group of investors, instead of inviting the public at large is
Answer
A. Private placement
68
____________ provides an alternative mode of payment in issues whereby application money remains in the investor's bank account till finalization of basis of allotment
Answer
B. ASBA
69
Which of the following statements is/are correct? a. An option that can be exercised only on the expiration date is American option b. Writing a call option is appropriate when the underlying asset's price is expected to fall c. Buying a put option is appropriate when the price on the underlying asset is expected to rise d. Writing a put option is appropriate when the underlying asset's price is expected to fall
Answer
D. Only b
70
A right of existing stockholders in which new shares must be offered to the existing shareholders first is called __________
Answer
B. Preemptive rights
71
Which of the following statements is/are correct about Demat account? a. Investors can open demat account with only one depository participant b. Investors can open more than one Demat account with one depository participant c. Investors need not keep minimum balance of securities in a Demat account
Answer
A. c and b only
72
Consider the following statements: a. NSE was incorporated in November 1992 b. Base year of Nifty 50 is taken as 1996 Which of the given statements is/are correct?
Answer
C. Only statement a is correct
73
All general meetings other than annual general meetings are called _______
Answer
B. Extraordinary general meeting
74
A company can present a petition to the tribunal for winding up: a. By passing an ordinary resolution b. By passing a special resolution c. No resolution is required
Answer
A. Only b is correct
75
Which of the statements is/are not correct? a. Ordinary resolution can be passed by simple majority of votes b. Special resolution can be passed by the support of one-fourth majority of votes c. Ordinary resolution and special resolution needs to be registered with the Registrar
Answer
C. b and c only
76
Doctrine of constructive notice presumes that every person dealing with the company has the knowledge of : a. All the charges registered by the company with the registrar of companies b. Resolutions passed and registered with the registrar by the company c. Powers of the company d. Powers of the directors
Answer
D. None of the above options (1, 2 and 3)
77
Which is the following statements is/are not correct regarding One Person Company (OPC)? a. A natural person shall be eligible to incorporate maximum of two OPC. b. Minimum number of directors is one c. OPC can be incorporated or converted into a charitable company
Answer
A. a and c only
78
Prospectus does not have complete particulars on the quantum or price of the securities included therein is called ________
Answer
B. Red herring prospectus
79
Which of the following statements is/are correct? a. Table F provides model articles for a company limited by shares b. Table G provides model articles of a company limited by guarantee and not having a share capital c. Table I provides model articles of an unlimited company having a share capital d. Table H provides model articles of a company limited by guarantee and having a share capital e. Table J contains model articles for an unlimited company not having a share capital
Answer
C. a, c and e only
80
A private company may issue securities in any one or more of the following ways: a. Through private placement b. Through a bonus issue c. To the public through prospectus d. Only c is through a rights issue correct
Answer
B. a, b and d only
81
Which of the following are examples of processors used in a computer? a. Core i9 b. DDR4 c. Ryzen 7 d. Intel H470
Answer
B. Only a and c
82
Which of the following correctly orders the different types of memory devices in the ascending order based on their speed?
Answer
D. Magnetic Tape, Harddisk, RAM, Cache
83
Which of the following statements are TRUE? a. Laser printer is an example of a non impact printer b. A plotter is an output device, used to produce very large and high quality drawings c. An OCR converts an image of text into a machine-readable text format d. Light pen is a printing device, used to print images
Answer
A. Only a, b and c
84
Which of the following are system software? a. Operating System b. Spreadsheet c. Web browsers d. Linker e. Multimedia Software f. Device Drivers
Answer
D. Only a, d and f
85
Binary representation of 15 is
Answer
C. 1111
86
Which of the following statements are correct? a. Ctrl+E is the shortcut key to centre the text horizontally between side margins b. Header and Footer are used to provide references to something in a document c. It is not possible to use both landscape and portrait orientation in the same document d. Text wrapping sets how a shape or picture interacts with the surrounding text
Answer
B. Only a and d
87
Which of the following contain names, addresses or any other information that vary with each version of mail merge document?
Answer
C. Data source
88
Which following statement(s) about spreadsheet is/are FALSE? a. The address of the cell in 9th row of 4th column is D9 b. A formula in a cell always begins with equal sign (=) c. CONCAT function joins two or more text strings into one string d. The dollar sign ($) is used to make references absolute
Answer
D. None of the above
89
Let the contents of the cells A1, A2, B1 and B2 in a spreadsheet are 1,2,a,3. Match the following : A B a. SUM (A1:B2) (i) 3 b. COUNTA(A1:B2) (ii) 6 c. COUNT(A1:B2) (iii) 4 (iv) Error
Answer
A. a-(ii), b-(iii), c-(i)
90
The pattern or blueprint of a slide or a group of slides that contain layouts, colours, fonts, effects and background styles.
Answer
C. Template
91
Which of these features of OOP would indicate code reusability?
Answer
C. Inheritance
92
Which operator is used in C++ for dynamically allocating memory for a variable?
Answer
A. New
93
Which attribute in used to limit the number of characters in a Text Box control in VB.Net?
Answer
D. MaxLength
94
The Event which is executed at the time of opening a new Form in VB. NET
Answer
B. Load
95
What does the SQL command "DELETE FROM student"?
Answer
C. Delete All Records
96
Which is the suitable SQL LIKE operator used to get employees with string 'College' anywhere in INSTITUTE field?
Answer
A. INSTITUTE LIKE '%College%'
97
What refers to record in a relational database?
Answer
B. Tuple
98
HTML belongs to which category of language?
Answer
D. Markup Language
99
Which attributes is used to provide a unique name to an HTML element?
Answer
A. id
100
In which HTML element is used to put the JavaScript code?
Answer
C.
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