| Post Name | Head of Section in Commercial Practice - Technical Education |
|---|---|
| Question Paper Code | 063/2022/OL |
| Category Code | 189/2019 |
| Date of Test | 11 August 2022 |
| Exam Type | Online Examination |
| Total Questions | 100 |
1
International Accounting standards (IAS)/International Financial Reporting standards (IFRS) are issued by ______________
Answer
B. IASB
2
Which of the following statement is/are correct about Amalgamation in the nature of Merger? (i) The Pooling of interest method is for an amalgamation in the nature of merger (ii) All the assets, liabilities and reserves of the transferor company are recorded by the transferee company at their existing carrying amounts (iii) An amalgamation adjustment account arises when certain statutory reserves need to be maintained by the transferee company which were previously maintained in the transferor company's account
Answer
B. Only (i) and (ii)
3
Issue of Bonus shares out of post-acquisition proļ¬ts may result in
Answer
A. Decreases of cost of control
4
The Liquidator of the company make the payment from amount received from the assets not speciļ¬cally pledged and the amounts contributed by the contributories in which of the following order:
Answer
C. Expenses of winding up, secured creditors, Preferential creditors, unsecured creditors,and surplus if any to contributories
5
If Total Assets are Rs. 1,50,000, Non-current liabilities are Rs. 40,000, Shareholders Funds Rs. 1,00,000, Fixed Assets Rs. 80,000 and Non current Investment 50,000. What is the value of current assets and Current liabilities?
Answer
D. 20000,10000
6
Cash advances and loan made to third parties other than advances and loans made by a ļ¬nancial enterprises are ____________
Answer
C. Cash ļ¬ows arising from Investing activities
7
Which of the following statement is/are correct? In case of Loss of proļ¬t policy, the claim shall comprises of __________ (i) Gross proļ¬t on short sales (ii) Claim in respect to increased cost of working capital
Answer
D. All of the above
8
The Scheme of internal reconstruction requires approval of __________
Answer
C. NCTL
9
In Double Account System which account is prepared for disclosing appropriation of proļ¬ts?
Answer
C. Net revenue account
10
Goodwill is to be calculated at one and half year' purchases of average proļ¬t of last 5 years. The ļ¬rm earned proļ¬ts during 3 years as Rs. 20,000. R. 18,000 and Rs. 9,000 and suļ¬ered losses of Rs. 2,000 and Rs. 5,000 in last 2 years. The amount of goodwill will be _____________
Answer
A. Rs. 12,000
11
Which of the following statement is/are correct? Net asset value is also called as ________________ (i) Asset backing value (ii) Intrinsic value (iii) Liquidation value
Answer
D. All of the above
12
Inļ¬ation accounting as already stated is also called as the __________ accounting
Answer
C. Price level Accounting
13
Which of the following is the determinant of working capital? (i) Nature and size of business (ii) Manufacturing cycle (iii) Credit policy (iv) Production policy Select the correct answer from the options given below:
Answer
D. All of the above
14
In Holding company accounts, proļ¬ts earned after acquisition of share is treated as:
Answer
A. Revenue proļ¬t
15
Which of the following statements are true? (i) Common-size balance sheet shows relative value of the various items (ii) In the common size income statement, each product is represented as a percentage of the net sales ļ¬gure (iii) Common size income statements represent the various elements as a percentage of the gross proļ¬t
Answer
B. Both (i) and (ii)
16
Break Even Sales in value will be ________ if, selling price Rs. 40 p u, Variable manufacturing cost Rs. 22 p.u, Variable selling cost Rs. 3 p.u., Fixed factory overhead Rs. 1,60,000 Fixed selling cost Rs. 20,000
Answer
C. 4,80,000
17
If raw materials prices are inļ¬ated, which of the following stock valuation methods will show the lowest gross proļ¬t?
Answer
A. Last In First Out (LIFO)
18
Labour turnover rate is correctly deļ¬ned as:
Answer
C. The total number of employees replaced divided by the average number of employees in the payroll
19
Angle of incidence is the angle at which ____________
Answer
A. Total revenue line intersects the total cost line
20
Which of the following statement is/are correct (i) Standard costing is an estimated or predetermined cost of performing an operation, or producing a good or service, under normal conditions (ii) Standard costing is a control technique that reports variances by comparing actual cost to pre-determined standards so facilitating action through management by exception
Answer
C. Both (i) and (ii)
21
A ļ¬rm has ļ¬xed expenses Rs. 1,50,000, sales Rs. 4,00,000 and proļ¬t Rs. 80,000. The P/V ratio of the ļ¬rm is
Answer
B. 57.5%
22
Integral accounts eliminate the necessity of operating ____________
Answer
A. Cost Ledger control account
23
Which of the following statement is/are correct (i) Cost indiļ¬erent point is the point at which cost line under two alternatives intersect each other (ii) It is the point at which total cost line and total revenue line for a particular alternative intersects each other (iii) It is the level of activity at which total cost under two alternatives are equal
Answer
C. Only (i) and (iii)
24
In a process 10000 units are introduced during a period. 10% of input is normal loss. Closing work-in-process 70% complete is 1000 units. 8000 completed units are transferred to next process, equivalent production for the period is _________
Answer
C. 8700 units
25
In the context of Contract a/c, work completed and not yet certiļ¬ed will be shown
Answer
D. At cost under WIP a/c
26
In reconciliations statements, closing stock undervalued in Financial accounts is
Answer
A. Added to ļ¬nancial proļ¬t
27
Which of the following statement is/are correct? (i) Contract costing is a special type of job costing (ii) It is also known as terminal costing (iii) The contract itself is a proļ¬t centre and is executed under the contractor's speciļ¬cations
Answer
A. Only (i) and (ii)
28
The methodology that focuses on removing waste or any item that does not provides value to the customer from the manufacturing system is _________
Answer
D. Lean Manufacturing
29
Sunk costs are:
Answer
B. Not relevant for decision making
30
Economic order quantity is that quantity at which cost of holding and carrying inventory is:
Answer
C. Minimum and equal
31
Arrange the following elements as sequential steps for a remuneration plan: (i) Job hierarchy (ii) Pay Surveys (iii) Pricing Jobs (iv) Job description (v) Job Evaluation
Answer
A. (iv)-(v)-(i)-(ii)-(iii)
32
Which of the following statements is wrong regarding living wage?
Answer
D. Living wages are laid down in Law or Govt. regulation
33
Which of the following is not regarding as performance deļ¬ciency?
Answer
D. None of the above
34
Match the following List A List B 1. Halo error (a) Rating inļ¬uenced by behaviour during the early stages of review period 2. Recency eļ¬ect (b) Rater's assessment is inļ¬uenced by previously held beliefs 3. primary eļ¬ect (c) Past performance appraisal rating inļ¬uences current ratings 4. Spillover eļ¬ect (d) One aspects of employee inļ¬uences the evaluation of the entire performance 5. perceptual set (e) Employee ratings inļ¬uenced by the behaviour at the end of the review period
Answer
A. 1-(d), 2-(e), 3-(a), 4-(c), 5(b)
35
Rejection of an applicant who would have succeed is known as _____________
Answer
B. False negative error
36
Which of the following is not an example for HRM Model?
Answer
D. Robert Model
37
Which of the following elements are not included in MCkinsey's 7's approach for a management: Strategy, Staļ¬, Supervisor, Style, Skills, Shared values, Structure and Society?
Answer
A. Supervisor and Society
38
match the following management thinker and concepts List A List B 1. C.K. Prahalad and Gary Hamel (a) Maturity theory of motivation 2. Max Weber (b) Theory of bureaucracy 3. Bill Smith and Mikel Harry (c) Core competency 4. Henry Fayol (d) Administrative management 5. Chris Argyris (e) Six Sigma
Answer
B. 1-(c), 2-(b), 3-(e), 4-(d), 5-(a)
39
Which of the following statements is not true regarding 'decision making'?
Answer
D. Unstructured decision required less decision discretion
40
Which among the following statements is not a condition for brain storming?
Answer
C. The quality of ideas produced is stressed
41
Which of the following statements best described the Herzberg's theory of motivation?
Answer
B. Dissatisļ¬ers are not motivators, while satisļ¬ers are motivators and are related to job content
42
Read the following statements and select the correct option Statement 1 : In classical theory organization had been treated like a machine and its eļ¬cient can be increased by making each individual working in the organization eļ¬ciency Statement 2: William Scott emphasized that classical organization theory built around four pillars i,e, division of labour, scalar and functional process, structure and span of control,
Answer
A. Both statement are correct
43
"Autonomy needs forms the basis of conļ¬ict when one party seeks to exercise control over some activity that another party regards as its own province." This stage of conļ¬ict is known as
Answer
B. Latent conļ¬ict
44
An approach for setting goals and productivity measures based on best industry practices is known as
Answer
C. Benchmarking approach
45
A Systematic, integrated and planned approach to solve the problems that decrease operational eļ¬ciency at all levels is known as _________
Answer
C. Organisational Development
46
Which of the following statement is/are incorrect regarding introduction of income tax in India? (a) Income Tax was introduced for the ļ¬rst time in 1860 (b) Present Income Tax Act came into force on 1.4.1961 (c) First Income Tax Act was passed in 1886 (d) Income tax act, 1961 is based on the recommendation of chellaiah committee report
Answer
B. (b) and (d)
47
Ramesh started business on 1.8.2020. His previous year and assessment year are:
Answer
C. PY 1.8.2020 to 31.3.2021 and AY 1.4.2021 to 31.3.2022
48
Which of the following statement is/are not correct for deemed residential status? (i) He/She should be an Indian citizen (ii) Deemed resident is always a Not-ordinarily resident (iii) Deemed residential status is applicable for individual and HUF (iv) Deemed residential status applied when total income (including foreign sources) exceeds Rs. 15 lakhs.
Answer
C. (iii) and (iv)
49
Which of the following is not an example for income deemed to accrue or arise in India?
Answer
B. Dividend paid by an Indian Company outside India
50
Deļ¬nition of salary for deduction u/s 16(ii) is ___________
Answer
B. Basic pay only
51
Given below are two statement : One is labelled as Assertion (A) and the other is Reason (R). Assertion : Salary received by a partner is taxable under the head income from other sources. Reason: There is no employer-employee relationship between partner and the partnership ļ¬rm In the light of the above statements choose the correct answer
Answer
D. (A) is false but (R) is true
52
If GAV of a let-out house property Rs. 45,000, which of the following is true?
Answer
C. Municipal Value Rs. 40,000; Fair Rent Rs. 45,000; Standard Rent Rs. 40,000 and Actual Rent Rs. 45,000
53
WDV of a block (Depreciation 10%) on 1.4.2020 is Rs. 20,000 and new asset purchased in May 2021 is Rs. 10,000. Another asset purchased in January for Rs. 10,000. One asset in the block is sold for Rs, 10,000 (its WDV is Rs. 15,000). Which statement is true?
Answer
D. No loss or gain
54
Which of the following gifts is not taxable?
Answer
A. Gift from father's brother
55
Which of the following is true regarding clubbing of income?
Answer
A. For revocable transfers, transferee is not liable to pay tax in income from asset
56
From the following receipts, select an example for revenue receipt
Answer
C. A receipt in substitution of an income
57
Rate of TDS on winnings from horse race for the Assessment year 2022-23 is ____________
Answer
C. 30% when winnings exceed Rs. 10,000
58
Taxable event in GST is _____________
Answer
B. Supply of goods or services or both made for consideration in the course or furtherance of business
59
Which of the following is not true regarding CBIC?
Answer
A. It is a part of Department of Economic aļ¬airs under Ministry of Finance
60
Which of the following is not an item under section 2 (22) of the customs Act?
Answer
D. Immovable properties such as land and building
61
What is the purpose of a multiple regression?
Answer
B. To predict scores on a dependent variable from scores on multiple independent variables
62
Which of the following is/are example/s of conļ¬rmatory data analysis (i) Testing that the variability in one manufacturing process is lower than the other (ii) Finding maximum amount of rainfall in a given region (iii) Histogram analysis of runs scored by a player in cricket (iv) Determining that income increases expenditure of an individual
Answer
D. (i) and (iv)
63
In doubly stochastic transition probability matrix
Answer
D. Each row and column sum both are one
64
Which of the following approach is about developing a hypothesis based on some existing theory?
Answer
B. Deductive approach
65
A researcher wishers to know about brand preference of consumers. He has asked the respondents to distribute 100 points between 6 brand options based on how positively they view a brand. Which scale has been used in the above situation?
Answer
B. Constant sum scale
66
Which of the following assumptions is made in processing of n jobs on 2 machines?
Answer
C. Processing time of a job is unknown and it is to be worked out after ļ¬nding the sequence
67
If a one-tailed test for a proportion us being performed and the upper critical value is +2.33 and the test statistics is equal to +1.37 then _____________
Answer
D. The null hypothesis should not be rejected
68
You have the following options to design a hotel room: Wiļ¬ included: Yes/No: Bathtub : Yes/No; TV: Yes/No; Price Rs. 500, Rs. 1000, Rs. 1500. With these 4 attributes, how many possible room conļ¬gurations can you design?
Answer
D. 24
69
If you were running a small sample (e.g., n=24) two-tailed test, then the critical t-value would be ________ if alpha was chosen as 5%.
Answer
B. 2.069
70
Consider the scale "attitude towards a car brand". Which of these questions is not nomologically valid?
Answer
D. The brand should diversify into bicycles (7-point Likert: Completely disagree - Completely agree)
71
A random sample of 26 items taken from a normal population has the mean as 145.8 and S.D. as 15.62. At 1% level of signiļ¬cance, test the hypothesis that the population mean is 150. Calculate t score
Answer
A. 1.344
72
Income distribution per month (below Rs. 10,000, Rs. 10,000-20,000, Rs. 20,000-30,000, Rs. 30,000 and above) and preference for type of house with number of bed 2 rooms (1, 2, 3, 4 and above), š =28.50 and Ī±=0.01, Calculate the correposnding table value
Answer
A. 21.666
73
An airline oļ¬ers coach and ļ¬rst-class tickets, For the airline to be proļ¬table, it must sell a minimum of 25 ļ¬rst-class tickets and a minimum of 40 coach tickets. The company makes a proļ¬t of $200 for each ļ¬rst class ticket and 4 225 for each coach ticket. At most, the plane has a capacity of 150 travellers. How many of each ticket should be sold in order to maximize proļ¬ts?
Answer
C. sell 125 coach tickets and 25 ļ¬rst-class tickets
74
_____________ is a comparative scaling technique in which respondents are required to allocate a constant sum of units such as points, euros, chits, stickers or chips among set of stimulus objects with respect to some criterion
Answer
A. Constant sum scaling
75
Assume a researcher created a new measure of reading comprehension and he/she wanted to test its validity. He/she therefore compares the results of his/her new measures to existing validated measures of reading comprehension and ļ¬nds that their measure well with these other measures. One can say that the new measure has good __________________
Answer
C. Criterion-related validity
76
__________ environment relates to the external world. It comprises competitor, political, economic and technological environment
Answer
A. Macro
77
Which of these is not the characteristic feature of non-programmed decisions?
Answer
A. These decisions have been taken several times
78
Which of these service factors are to be taken into account to facilitate the performance assessment of cloud service providers?
Answer
D. Disaster Recovery and Business Continuity, Delays, Workloads and Security
79
Which of the following statements is true?
Answer
C. Decision making is commitment to course of action
80
Which is the classical life cycle model of SDLC?
Answer
A. Waterfall model
81
The rule-based technology that can represent imprecise values or ranges of values by creating rules which use approximate or subjective values having applicability in problems that are diļ¬cult to represent by IF-THEN rules is termed as
Answer
C. Fuzzy Logic
82
SET and ___________ are two standards that protect the integrity of online transactions
Answer
C. SSL
83
Five years ago, you invested $1,00,000 in a mutual fund. the money has been growing the rate of 6% per year. its REAL value is 869755, (relative to what could have been purchased 5 years ago). The annual rate of inļ¬ation over this period has been
Answer
C. 9%
84
Which one of the following statements about IPOs is not true?
Answer
D. IPOs generally provide superior long-term performance as compared to other stocks
85
An investors put up $5,000 in equity and borrows an equal amount of money at 7% per year from their broker. the total capital is used to purchase stock at $25 per share. One year later, the investor sells the stock for $28. The investor's are of return was _____________
Answer
C. 17%
86
According to technical analysts, a shift in market fundamentals will _____________
Answer
D. Lead to a gradual price change that is recognizable as a trend
87
Amar, Akbar and Anthony are all analyzing a dividend -paying stock for possible purchase. Amar plans to hold the stock for one year and Akbar for three years. Anthony takes a really long-term view and intends to hold the stock until retirement, 10 years away. which one of the following statements is correct?
Answer
D. All three should be willing to pay the same amount for the stock regardless of their holding period
88
Which of the following stock price observations would appear to contradict the weak form of the eļ¬cient market hypothesis?
Answer
C. You could have consistency made superior returns by buying stock after a 10% rise in price and selling after a 10% fall
89
In the case of _________ mutual fund, the funds are invested from the amount mobilized from the small investors as well as money borrowed from the capital market
Answer
B. Leverage fund
90
Under factoring the factor acts in the capacity of ____________?
Answer
B. a holder for value
91
Which one of the following ministries is the lates addition to the Central Cabinet?
Answer
B. Co-operation
92
Who happened to be the successful bidder in Air India buyout process?
Answer
A. Tata Sons
93
Blue Economy refers to
Answer
C. Establishment of higher education institutions
94
LIC of India is recently in the news headlines in connection with
Answer
B. IPO
95
The insolvency and Bankruptcy code governing framework relating to insolvency and bankruptcy proceedings in India was passed in the year
Answer
B. 2016
96
Which one of the following terms is not associated with crypto currencies?
Answer
B. Fiat currency
97
Which one of the following is not a derivative instrument?
Answer
C. ETF
98
The enactment to regulate real estate business is
Answer
A. RERA
99
Elon Musk is the CEO of which one of the following entities?
Answer
D. Tesla
100
The technique followed by an acquirer by accumulating large number of stocks in a company before making an open oļ¬er to the shareholders of the target ļ¬rm, who are left with no choice but to give in, is known as:
Answer
B. Street sweep
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