| Post Name | Finance Manager - KELPALM |
|---|---|
| Question Paper Code | 119/2023/OL |
| Category Code | 161/2022 |
| Date of Test | 21 July 2023 |
| Exam Type | Online Examination |
| Total Questions | 100 |
1
The law of demand is a
Answer
B. Qualitative statement
2
National Income is
Answer
B. Net output
3
The income method for measuring GNP considers
Answer
D. All of the above
4
Which item is included in the capital structure of a company
Answer
D. All of these
5
When is the capital redemption reserve account opened
Answer
B. At the time of preference share redemption
6
A company can reduce its issued capital by
Answer
C. Redemption of redeemable preference shares
7
The dividend is the portion of
Answer
D. Proļ¬t of the company
8
The method of raising equity capital from existing members by oļ¬ering securities on a pro-rata basis is referred to as
Answer
C. Right issue
9
The CAPM model can be explained as a linear relationship between systematic risk and security returns. This relationship is termed as
Answer
A. Security market line
10
Which of the following is not a diversiļ¬able risk factor?
Answer
D. Economic recession
11
SGR stands for
Answer
C. Sustainable Growth Rate
12
Which is the formula for the computation of earnings per share?
Answer
D. Net proļ¬t after tax, interest and preference dividend/Number of equity shares
13
____________ audit is compulsory for all types of joint stock companies
Answer
B. Financial Audit
14
Interim audit is conducted to
Answer
A. To determine the proļ¬t of the period
15
Sales made to Mr.Ram for Rs. 10,000 recorded as Rs. 1000 from the invoice is an example of
Answer
C. Error of commission
16
Management audit is generally conducted as per the order of
Answer
C. Board of directors
17
When an auditor is appointed by the Central Government, who ļ¬xes the remuneration of the auditor
Answer
B. Central Government
18
Veriļ¬cation in auditing refers to
Answer
A. Examination of the actual existence of assets and liabilities appearing in ļ¬nancial statements
19
Accounting of 'related party disclosure' is related to
Answer
B. Ind AS 24
20
An auditor in general is
Answer
D. Agent of the shareholders of the company
21
A cost auditor submits the ļ¬nal report to
Answer
A. Board of directors
22
Which of the following is not a function of an auditor?
Answer
D. Preparation of ļ¬nal accounts
23
Which of the following constitutes the element under performance audit?
Answer
D. All of the above
24
According to Sec 2(24) of income Tax Act 1961 which of the following is/are included in the income of an assessee (i) Proļ¬t and Gains (ii) Value of any perquisite in lien of salary (iii) Refund of customs or excise duty (iv) Consideration for issue of shares
Answer
D. All of the above
25
Which of the following incomes are exempted from Tax according to section 10 of the Income Tax Act 1961 (i) Income of a foreign company (ii) Income of a consultant (iii) Compensation on disaster (iv) Short term capital Garn
Answer
B. (i), (ii) and (iii) only
26
The following details are related to a house Rs. Municipal value 1,00,000 Fair rental value 1,20,000 Standard Rent 1,25,000 Actual Rent 1,15,000 The Gross Annual value (GAV) of the house is
Answer
B. Rs. 1,20,000
27
Which of the following allowances are fully taxable as per the present income tax rules (i) Project Allowance (ii) Medical Allowance (iii) foreign Allowance (iv) marriage Allowance
Answer
D. (i), (ii) and (iv) only
28
Mr. X was retrenched from service n 31.3.2022 and he was given Rs. 6,20,000 as compensation for the same However, the compensation payable according to the industrial Dispute Act was Rs. 5,20,000. What is the taxable amount of compensation
Answer
C. Rs. 1,20,000
29
Mr. X transferred as asset to Mr. Y who is Mr.Z's wife and inturn Mr.Z transfers an asset to Mr. S who is the wife of Mr. X@ This is an example of _____________
Answer
B. Cross Transfer
30
Which of the following services are covered under Reverse charge mechanism in GST (i) Legal consultancy (ii) Good, Transport Agency (iii) Manpower supply (iv) Rent a lab
Answer
A. (i) and (ii) only
31
Given that the cost of an article is Rs. 25,000 and CGST paid by the owner is Rs. 2,250. The rate of GST is
Answer
D. 18%
32
As per GST rules which of the following set oļ¬ is not permitted
Answer
B. CGST against SGST on inputs
33
Which of the following is/are included in the deļ¬nition of "Goods" as deļ¬ned under section 2(52) of the CGST Act 2017 (i) Money (ii) Actionable claim (iii) security (iv) Growing crops
Answer
C. (ii) and (iv)
34
A ladt received gifts worth Rs. 1,00,000 from her relatives as deļ¬ned under the income Tax Act 1961 and Rs. 60,000 from her oļ¬ce colleagues in her marriage anniversary. The taxable amount of gift would be
Answer
A. Rs. 60,000
35
After reissue of forfeited share the balance of forfeited account will be transferred to
Answer
B. Capital Reserve Account
36
Which one of the following is not correctly matched?
Answer
B. Rights share - issued to new
37
Authorized capital is the _____________ capital that can to be raised by company
Answer
D. Maximum
38
Amount of share premium is credited to _________ account
Answer
D. Share premium
39
Depreciation of an existing company is
Answer
B. Cost Element
40
Heavy Expenditure on advertisement is
Answer
C. Deferred Revenue Expenditure
41
Under which head share premium account is shown in company Balance sheet
Answer
B. Reserves and surplus
42
The name and holdings of equity shareholders given the ____________ of the statement of aļ¬airs of liquidated company
Answer
C. List G
43
Net losses on sale or revaluation of investments gold, silver, alnd and premises of banking company may be
Answer
A. Deducted from income in P & L a/c
44
The diļ¬erence between the debt side and credit side of the revenue account of an insurance company is
Answer
D. Life assurance fund
45
Accounting standard 14 deals with
Answer
D. Amalgamation
46
International accounting standards committee came into being in
Answer
C. 1973
47
Share premium will be treated as
Answer
B. Capital Proļ¬t
48
Discount on issue of share is a
Answer
A. Capital loss
49
The company proļ¬t prior to incorporation capital proļ¬t is transferred to
Answer
D. Capital reserve account
50
Absorption means
Answer
A. Purchasing an existing company
51
Liquidator is appointed by
Answer
D. All of the above
52
Working capital is used to
Answer
A. To meet the expenses
53
The person who draws the bill is known as
Answer
B. Drawer
54
The act of buying an asset without having to make full payment in the immediate future is known as
Answer
B. Hire purchase
55
The rules for how to deal with leases and hire purchase contract are set out in which accounting standard?
Answer
C. IAS17
56
Which of these is not part of the planning ļ¬les of a production planning and contraol system?
Answer
A. A progress ļ¬le
57
Which of the following statements are correct? (i) Quartile deviation is 0.6745 of standard deviation (ii) Standard deviation and Quartile deviation is relative measure of dispersion (iii) Coeļ¬cient of variance is a absolute measure of dispersion (iv) Standard deviation is always less than range
Answer
D. Statement (i) and (iv) are correct
58
The average marks in English obtained by 300 students is 45. If the average marks of ļ¬rst and last 100 students are 70 and 20 respectively, then what is the average marks of remaining students?
Answer
C. 45
59
If each value of a series is multiplied by 10, the coeļ¬cient of variation will be increased by
Answer
D. 0 percent
60
Which of the following statements are correct (i) The ļ¬re in factory is an example of erratic variations (ii) Moving average method is used for measurement of trend when the trend is curvilinear
Answer
A. Only statement I is correct
61
Which of the following statements are correct? (i) Regression is independent of change of origin but not of scale (ii) Correlation is independent of change of scale but not of origin (iii) Correlation is both independent of change in origin and scale (iv) If the sign of twp regression coeļ¬cient is negative, then the sign of the correlation coeļ¬cient is positive
Answer
B. Statement I and III are correct
62
Under which method of measuring seasonal variations, data for each period (quarterly or monthly) are expressed as percentages of data for the previous period?
Answer
C. Link relatives method
63
A trust fund has Rs. 30,000 that must be invested in two diļ¬erent types of bonds. The ļ¬rst bond pays 5% interest per year and the second bond pays 7% interest per year (using matrix multiplication) determine how do divide Rs. 30,000 among the two types of bonds if teh trust must obtained an annual interest of Rs. 2,000?
Answer
A. First bond Rs. 5,000 second bond Rs. 25,000
64
Find limāāā (xĀ³ ā 27)/(xĀ² ā 9).
Answer
A. 9/2
65
When the price p=25, ļ¬nd elasticity of demand of the demand function is q=100-2p?
Answer
B. 1
66
The marginal cost function of producing x units of a product is given by The total cost of producing 5 times is 1000. ļ¬nd the total cost of producing 2 unit?
Answer
D. None of the above
67
What annual rate of interest compounded annually doubles an investment in 7 years? Give that
Answer
A. 04.09%
68
Which method of material pricing is suitable when there is rise in price?
Answer
A. LIFO method
69
Calculate the re-ordering level Maximum consumption = 300 units per day Minimum consumption = 200 units per day Re-order period = 8 to 10 days
Answer
C. 3000 units
70
The incentive scheme designed to give encouragement to workers to perform better than before is called
Answer
B. Emerson's Eļ¬ciency plan
71
There are two piece workers, A and B who are paid Rs. 5 for each piece of work executed which cost Rs, 15 per piece in material. In a working day of 8 hours, A can complete 4 pieces and B only 3. If the overhead charges are Rs. 1.50 per hour, show which of teh two piece workers is useful to the ļ¬rm
Answer
A. Worker A
72
Which method of costing applicable to advertising, furniture, ship building, case making and repairs
Answer
C. Job costing
73
A company manufacturing a single product sells it at a price Rs. 80 per unit. The variable cost per unit is Rs. 48 and the annual ļ¬xed cost amounts to Rs. 18 lakhs. Find the Break even sales
Answer
B. 45 lakhs
74
Contract Account is a
Answer
B. Nominal Account
75
A standard material required to manufacture one unit of product X is 10 kgs and at standard price per kg of material is Rs. 25. The cost account records reveals that Rs. 11500 Kgs of material costing Rs. 276000 wrer used for manufacturing 1000 units of product X. Calculate material cost variance
Answer
A. Rs. 26000 Adverse
76
Compute EBQ for a company Annual demand for the component Rs. 24,000 se-up cost per batch Rs. 120, carrying cost per unit of production Rs. 0.36
Answer
B. 4000 units
77
Which costing techniques is applied where the production is uniform and continuous aļ¬air, units of output are identical
Answer
D. Unit costing
78
Rate per hour = Rs. 1.50 per hour, Time allowed for job = 20 hours, Time taken = 15 hours. calculate total earnings of the worker under the Halsey plan
Answer
C. Rs. 26.25
79
State whether the following statements are true or false (i) Master budget is a consolidated summary of the various functions budgets (ii) Budgetary control inculcates the feeling of cost consciousness among workers
Answer
A. Both statements are true
80
The schedule, document or booklet which shows, in written forms budgeting organisation and procedures is known as
Answer
C. Budget Manual
81
Among the following which one is NOT the method of preparing cash budget
Answer
A. Income and Expenditure method
82
Match the following (a) Transfer pricing - (i) A deterministic model for scheduling (b) Simulation - (ii) Value of goods transferred between related parties (c) Skimmed pricing - (iii) Manipulating a model of the reak system (d) CPM - (iv) Charging high prices during introduction phase
Answer
B. (a)-ii, (b)-iii, (c)-iv, (d)-i
83
Expression of actual hours as a percentage of budgeted hours
Answer
C. Capacity Ratio
84
Contour lines on a map are examples of
Answer
A. Analogue model
85
Which of the following is NOT a method of Transfer pricing
Answer
D. Penetration Transfer pricing
86
Saddle point occurs when
Answer
B. Maximum value = Minimax value
87
State whether the following statements are true or false (i) The more complicated the model, the more useful it generally is (ii) Models are often built by teams of individual drawn from diļ¬erent disciplines
Answer
C. Statement (i) is false and statement (ii) is true
88
In learning curve, amount of attempts is usually measured along
Answer
C. X axis
89
The method of least squares implies
Answer
A. The sum of squared deviations of individual observations from arithmetic mean is the minimum
90
Which of the following statements are true regarding Multiprocessing Operating System (i) Multiprocessing Operating System sometimes implies that more than one CPU is involved (ii) Preemptive and co-operative operating systems are the two basic types of operating system in multiprocessing (iii) Multiprocessing operating system enables several programmes to run concurrently (iv) Multiprocessing operating system allows diļ¬erent parts of a single programme to rum concurrently
Answer
B. Statements I and III are correct
91
What do you mean by Environmental scanning?
Answer
A. It is the process of conducting research and gathering and assimilating external information
92
The components in the business layer of business intelligence component framework includes
Answer
D. Business requirements, Business value, programme management, Development
93
Which sequence is correct with respect to phases in strategic management (i) implementation of strategies (ii) Establishing the hierarchy of strategic Intent (iii) Formulation of strategies (iv) Performing strategic evaluation and control
Answer
B. (ii), (iii), (i), (iv)
94
Which among the following category of companies are exempted from ļ¬ling statements in Extensible Business Reporting language (XBRL) (I) Non-Banking Financial companies (II) Power sector companies (III) Companies having paid up capital of 5 crore rupees or above (IV) Insurance sector companies
Answer
D. Options I and IV are correct
95
Section 72 of the Information Technology Act 2000 deals with
Answer
C. Penalty for beach of conļ¬dentiality and privacy
96
A programme or a set of related programmes that an attacker installs on the victim computer to allow access to the system at a later time
Answer
D. Backdoors
97
Which of the following is true with regard to management Information System (MIS) (I) MIS is a system which subserves managerial functions (II) MIS collects information systematically and routinely (III) MIS supports planning and control decisions (IV) MIS does not include ļ¬les, hardware, software and operations research modules.
Answer
B. Statements I, II and III are correct
98
Which of the following is true regarding supply chain management? (I) Supply chain is the process which helps the organization to develop and deliver products (II) Supply chain management involved all aspects of interactions of an organization with its customers (III) Supply chain management manages the ļ¬ow between diļ¬erent stages to maximize productivity and minimize stock outs and over stocking (IV) Supply chain management is a software application that helps the organization to integrate various functions
Answer
B. Statements I and III are correct
99
Which process can be seen as the counter part of the quote-to-cash process in the context of B2B interactions
Answer
A. Procure-to-pay process
100
Which of the following statements are correct with respect to E-commerce (I) E-commerce involves process of transacting business over the internet (II) E-commerce involves fundamental re-engineering of the business model into an internet based networked enterprise (III) E-commerce provides a fundamental solution to the problem of diminishing proļ¬t margin (IV) Initial set up cost is much lower and maintenance cost is minimal in case of E-commerce
Answer
D. Statements I and III are correct
Discussion
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