| Post Name | PRELIMINARY EXAM - STAGE- 2 - UNIVERSITY L.G.S, COOLY WORKER etc.. |
|---|---|
| Question Paper Code | 154/2023 |
| Category Code | 349/2021 |
| Date of Test | 22 August 2023 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
Arguments in favour of profit maximization is
Answer
B. It is an appropriate measure of firmβs performance
2
Strategic management is a wider concept which involves the identification and
description of various strategies adopted by managers to attain better performance
and competitive advantage for their organization.
Answer
A. Both 1 and 2
3
Statement I : At optimum capital structure, the overall cost of capital is minimum
and the total market value of the firm is maximum.
Statement ll : At optimum capital structure, the overall cost of capital is maximum
and the total market value of the firm is minimum.
Which of the statements is/are correct ?
Answer
C. Statement I and II
4
Tax management d. Reduce tax liability by taking full advantage of the
provisions of the Act
Choose the correct answer from the options given below :
Answer
A. 1 β d 2βc 3βb 4βa
5
Statement I : Working capital management is concerned with how much to invest
in each type of current assets.
Statement ll : Working capital management deals with the way in which current
assets can be financed.
Which of the statements is/are correct ?
Answer
D. None of these
6
Statement I : Commercial papers and certificate of deposits are money market
instruments.
Statement ll : money market instruments are short term instruments.
Statement lll : money market is a market where long term instruments are traded.
Answer
D. Statement I and III is correct but Statement II is incorrect
7
An example of a discounted cash flow method of investment appraisal is
Answer
B. Average rate of return
8
Traditionally, which is the acceptable ratio for quick ratio ?
Answer
D. 1 : 1
9
One of the equity market index is
Answer
C. BSE 500
10
Which of the following is/are correct ?
a. Stock exchanges does not ensure liquidity.
b. Stock exchanges ensure safety of funds.
c. Stock exchanges does not mobilise the savings of the people.
d. Stock exchanges does not enable new issues to be listed.
Answer
C. c only
11
Statement I : Accelerating cash collection through decentralized collection and
lockbox system is a method of cash management.
Statement II : Controlling disbursement is also a method of cash management.
Answer
D. Both are correct
12
An approach which is midway between Net Operating income approach and Net
income approach is
Answer
C. Average approach
13
Efficiency ratios are also called as
Answer
A. activity ratios
14
The quality of an auditor is
Answer
D. all of the above
15
A set of procedures to be followed to support an opinion on the financial statements is
Answer
D. none of the above
16
Statement I : An officer or employee is disqualified being an auditor of a company.
Statement II : A person whose relative is a director in the company is disqualified
being an auditor of a company.
Which of the statements is/are correct ?
Answer
C. Statement I and II
17
An auditor can be removed from his office before the expiry of the term by passing a
Answer
C. Both ordinary and special resolution
18
Statement I : Auditing and Assurance Standards Board ensures that financial
statements are prepared according to the general accepted
accounting principles.
Statement II : Ensuring conformity of the accounts to the general accepted accounting
principles does not come under the purview of AASB.
Which of the statements are true ?
Answer
A. Statement II
19
Statement I : The writing of audit matters is called audit working papers.
Statement II : Audit working paper is a book maintained by the audit clerk.
Answer
B. Statement I is incorrect but Statement II is correct
20
While checking liabilities in Balance Sheet an auditor is not concerned with
Answer
A. whether they are properly valued
21
An audit engagement letter shall contain
Answer
C. management responsibility for financial statements
22
Checking whether financial statements are prepared using existing accounting policies
is an element of
Answer
D. All of the above
23
A report which states that the financial statements give a true and fair view of the
books of accounts is
Answer
D. both
24
mr.Jain, a non-government employee (with no gratuity) got 75% of his pension
commuted on retirement and received ` 75,000 during the assessment year
2023-24. How much is his eligible amount of exemption on commuted pension ?
Answer
D. ` 75,000
25
Which of the following are not agricultural incomes ?
1. Rent received from land granted for agricultural use.
2. Income from saplings and seedlings grown in a nursery.
3. Income from dairy and poultry farming.
4. Dividend received from a company, engaged in agricultural operations.
Choose the correct option.
Answer
B. 1and3
26
Match List β | with List β Il.
List -1 List - Il
1. Tax Planning a. Procedure to comply with the provisions of the law
2. Tax Avoidance b. Reduce tax liability by taking advantage of the
loopholes in the Act
3. Tax Evasion c. Reduce the tax liability deliberately by
non/under-reporting income
4. Tax Management d. Reduce tax liability by taking full advantage of the
provisions of the Act
Choose the correct answer from the options given below :
Answer
Question Cancelled
27
Which form should be furnished for submitting the details of inward supplies u/s 38 ?
Answer
C. GSTR-3
28
X and y are resident individuals (non-senior) whose total incomes were ` 6,00,000
and ` 4,00,000 respectively. Z, a non-resident individual had a total income of
` 5,00,000.What will be the amount of the rebate under 87A eligible for X, y and Z for the
A.y. 2023-24 ?
Choose the correct option.
Answer
A. X-12,500 y-7,500 Z-12,500
29
Choose the correct option based on the given statements.
Statement I : Unabsorbed depreciation can be carried forward for any number of
years.
Statement II : Unabsorbed depreciation cannot be carried forward if the return of
income has not been filed within time.
Answer
C. Both Statement I and Statement II are false
30
Compute the gross annual value of the property, which has a gross annual municipal
value of ` 3,50,000, fair rent of ` 4,00,000 p.a., standard rent of ` 5,00,000 p.a. and
actual rent of ` 6,00,000 p.a. The property remained vacant for 3 months.
Answer
B. ` 5,00,000
31
Match the following Sections related to penalty and what they are dealing with.
1. 270A a. Failure to maintain or retain books of accounts,
documents, etc.
2. 271A b. Failure to deduct tax at source
3. 271B c. Under-reporting and misreporting of income
4. 271C d. Failure to get the accounts audited or to furnish the
audited report
Choose the correct answer from the options given below:
Answer
A. 1-c 2-a 3-d 4-b
32
mr. Ajay resided in Kochi and received ` 50,000 as basic salary, ` 30,000 as d.A. (fully
forms part of retirement benefits), ` 20,000 as a commission (fixed % on turnover),
and ` 24,000 as HRA during the previous year 2022-23. He paid ` 22,000 as house
rent. What will be his exempted amount of HRA ?
Answer
C. ` 10,000
33
Considering the two statements about GST, choose the correct option.
Statement I : Input Credit Tax on account of CGST cannot be utilized towards Payment
of SGST.
Statement II : Input Credit Tax on account of SGST can be utilized towards Payment
of CGST.
Answer
D. Both Statement I and Statement II are true
34
minimum Alternate Tax is not applicable to any income accruing or arising to a
company from the business of
Answer
A. Banking
35
βPrevious Company Lawβ does not include
Answer
B. Indian Companies Act, 1866
36
Nudum Pactum refers to
i. Bare promise.
ii. A promise without consideration.
iii. A promise without acceptance.
Answer
B. Only (ii and iii)
37
As per Sec.63, a company may issue fully paid bonus shares to its members out of
i. Free reserves.
ii. Security Premium Account.
iii. Capital redemption reserve account
Answer
C. Only (i and iii)
38
The first AGM of a company must be held within a period of nine months from the
date of
Answer
D. Issue of notice
39
A bill of exchange executed for assisting someone to raise fund through discounting
mechanism
i. Kite Bills.
ii. Accommodation Bills.
iii. documentary Bills.
Answer
B. Only (i and ii)
40
Which of the following is not an objective of Competition Act, 2002 ?
Answer
D. To ensure freedom of trade carried on by other participants
41
Under what circumstances a banking company can be wound up ?
Answer
D. All of these
42
What is the quorum for meetings in case of public company, if the number of members
as on the date of the meeting exceeds five thousand ?
Answer
B. Twenty-five members
43
When the goods are identified after the contract of sale as per the terms of agreement,
the goods are called
Answer
D. Future goods
44
Under βfree pricing of sharesβ SEBI permits the companies to issue shares
Answer
B. At a discount
45
The permission to issue a greater number of shares than what it is actually offered
by a company through prospectus
Answer
B. Book building
46
NFRA stands for
Answer
C. National Financial Reporting Association
47
Under stock and debtors system, the account which gives profit and loss of each
Branch is
Answer
D. Branch Adjustment Account
48
Which of the following statements relating to the concept of βEquityβ is right ?
i. Net worth of an organization.
ii. Residual value of Assets over liabilities.
iii. Net asset of an entity.
iv. Gross total asset of an entity.
Answer
D. Only (ii, iii and iv)
49
Which of the following is not a method for calculating Purchase Consideration ?
Answer
C. Present Value method
50
Ind-AS 19 deals with
Answer
D. Employee Benefits
51
On corporate liquidation, which of the following sources are available for the payment
to preferential creditors ?
i. The proceeds of the assets not specifically pledged.
ii. Surplus from the assets specifically pledged.
iii. The amount contributed by the contributories.
Answer
A. All of the above (i, ii and iii)
52
Opening capital Rs. 50,000, Closing capital Rs. 60,000, Additional capital Rs. 5,000
and drawings Rs. 10,000. Profit is
Answer
B. 25,000
53
What is the role of revenue profit in the computation of cost of control of a parent
company ?
Answer
A. Totally included
54
Among the following options which one is not a contingent liability ?
Answer
D. liability in respect of bill discounted not yet due
55
Stock insured for Rs. 1,20,000, stock in hand was Rs. 1,80,000 and stock destroyed
is estimated to Rs. 60,000. What would be the admitted claim ?
Answer
B. 40,000
56
Income Tax paid by a sole proprietary entity is to be
Answer
C. debited in Cash/Bank Account
57
A square matrix is diagonal if all elements aα΅’β±Ό for which ___ are zero.
Answer
D. i < j
58
Find the derivative of ex .
2 2 2
Answer
C. 2ex
59
What is the derivative of xn ?
Answer
D. nxnβ2
60
Coefficient of range can be defined as
Answer
A. L β S β L + S
61
Which of the following cannot be obtained by graphical method ?
Answer
B. median
62
If x is a prime number then n x is always
Answer
D. Surds
63
The sum of two Conjugate Surds a + b and a β b is the rational number 2a and
their product is
Answer
A. a2 β b2
64
Two persons A and B are awarded pensions in proportion to the number of years they
served. A served 8 years longer than B and received Rs. 400 p.m. more in pension.
If A had served 12 years longer than B. His pension would have been double that of
B. How long did each of them serve ?
Answer
C. A β 8 years
B β 20 years
65
Solve the proportion (a + 2)/4 = (2a β 5)/6.
Answer
D. a = 18
66
Equal sums of money are invested at 3% and 6% respectively. If the income at 3%
is 250, what is the income at 6% ?
Answer
D. 800
67
Two numbers are in the ratio 3/4. If 4 is subtracted from each they are in the ratio
5/7. Find the numbers.
Answer
B. 24 and 32
68
When materials are procured in Economic Order Quantities, total carrying cost will
be equal to
Answer
A. Total ordering cost
69
A cost which is already incurred and could not be reverted is known as
Answer
C. Sunk cost
70
In respect of a material to be used in the manufacturing process, it is given that usage
as 250 to 500 units per week and re-order period as 8 to 12 weeks. What will be its
re-order level ?
Answer
D. 6000 units
71
Under which method of pricing the issues, material consumption reflects latest market
prices ?
Answer
C. HIFO
72
Given that rate per hour as Rs. 20, standard time 15 hours and time taken as
10 hours. Then, what will be the total earnings of the worker under Halsey Plan ?
Answer
A. Rs. 250
73
Which one of the following is not a preventive cost of labour turnover ?
Answer
D. Cost of providing good working conditions
74
Which one of the following is not a method of absorbing overheads ?
Answer
D. Percentage of prime cost
75
Technique of inventory control which requires classification of materials based on
the speed with which it is consumed is
Answer
A. ABC analysis
76
In respect of a material, it is given that
Standard Actual
Quantity 100 kg 120 kg
Price/kg Rs. 5 Rs. 6
What will be the material price variance ?
Answer
A. Rs. 100
77
Given selling price per unit as Rs. 25; variable cost per unit as Rs. 15 and total fixed
cost as Rs. 10,000. Then what will be the break even sales value ?
Answer
C. Rs. 50,000
78
When administration overhead is added with factory cost, we get
Answer
D. Works cost
79
The solution to a transportation problem with βmβ rows and βnβ columns is feasible, if
number of positive allocations are
Answer
B. m β n
80
_________ is generally used for the projects which are not repetitive in nature and
where time required to complete various activities are not known in advance.
Answer
D. None of the above
81
___________ is a special type of linear programming problem where the objective is to
minimize the cost or time of completing a number of jobs by a number of persons.
Answer
B. Transportation problem
82
PERT and CPm are
Answer
D. None of the above
83
The method used to verify the optimality of current solution of transportation
problem is
Answer
D. All of the above
84
The basic pricing policies include
Answer
B. demand based pricing policies
85
__________ is a quantitative technique which provides a trial and error movement
towards the optimal solution.
Answer
B. decision tree
86
The __________ of an event in a network is the difference between the latest event
time and earliest event time.
Answer
C. Slack time
87
long term budgets are prepared for
Answer
B. Capital expenditure
88
A budget which requires justification of entire budget in detail from the beginning is
Answer
A. master budget
89
Budgetary control facilitates the introduction of
Answer
B. marginal costing
90
IT Act, 2000 essentially deals with
a. legal recognition of electronic documents.
b. legal recognition of digital signatures.
c. Offences and contraventions.
d. Justice dispensation system for cyber crimes.
Answer
C. c and d
91
Section 65 of IT Act, 2000 deals with
Answer
A. Cyber stalking
92
The term BPm stands for
Answer
A. Business Policy management
93
Identify the correct order of steps in BPm.
a. Analyze existing processes
b. Implement the new process
c. Identify the processes for change
d. design the new process
e. Continuous measurement
Answer
C. a β b β c β d β e
94
Identify the most important factors inhibiting an organisationβs move towards a
dBmS.
a. Resistance to acquiring a new tool.
b. Resistance to choosing to use a new tool.
c. Resistance to learning how to use a new tool.
d. Resistance to using a new tool.
Answer
D. All of the above
95
___________ may change or steal the password or may modify records in protected
files or may allow illicit users to use the systems and have access to data and
information stored there.
Answer
B. Bombs
96
Consider the following statements.
1. Strategic management focuses on applying the management concepts and
functions to the critical areas of the organization.
2. Strategic management is a wider concept which involves the identification and
description of various strategies adopted by managers to attain better performance
and competitive advantage for their organization.
Answer
C. Only 2
97
match the following :
List β I List β II
a. Transaction processing 1. Scheduling to activities and performance
b. Operational control reports 2. Formulation of objectives
c. management control allocation 3. Order processing
d. Strategic Planning 4. Formulation of budgets and resources
Answer
A. a β 1, b β 2, c β 3, d β 4
98
Assertion (A) : The leaders/ managers have to tackle upcoming environmental
challenges intelligently, quickly and responsibly.
reason (r) : Therefore, effective strategic management is the precondition of
success for modern dynamic organisations, which aims at inventing new avenues
and opportunities for the future.
A) Both
Answer
D. B) Both (A) and (R) are incorrect, but (R) is not the correct explanation of (A)
C) (A) is correct, but (R) is incorrect
d) (A) is incorrect but (R) is correct
99
ERP systems play a vital role in supporting
Answer
A. The business processes and operations of an organization
100
ERP system is a highly integrated and enterprise wide information system that
covers
Answer
C. Zarea of an organization
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