| Post Name | State Tax Officer |
|---|---|
| Department | State Goods and Services Tax |
| Question Paper Code | 025/2023 |
| Category Code | 123/2021 |
| Date of Test | 11 April 2023 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
Which of the following statement are INCORRECT?
I. Depreciation is a non-cash expenditure charged to P & L Account.
II. Assets = Equities is the basic accounting Equation.
III. Provisions are created through appropriation of profits.
IV. Capital profits will be treated as income in the Profit and Loss Account.
Answer
C. Statement III and IV
2
Based on the following information, the balance as per Bank Pass Book will be :
Balance as per Cash Book Rs. 32,000, Interest on deposit only in the pass book Rs. 2,500,
Bank Charges only in the pass book Rs. 150, Cheque issued to supplier but not yet presented
for payment Rs. 15,000
Answer
B. 49,350
3
Which of the following statements are TRUE in respect of Cash Book?
I. Single column cash book is prepared under imprest system.
II. Contra Entries will appear in double column cash book.
III. Three column cash book will contain three amount columns
Answer
D. Statements II and III are True
4
A sole trader keeping books under single entry provides the following details :
Opening capital Rs. 25,000, Closing capital Rs. 50,000, Drawings Rs. 10,000. Additional
capital brought during the year Rs. 15,000
Profit of the sole trader is —————
Answer
A. 20,000
5
Which of the following statements are TRUE about Limited Liability Partnership (LLP) in
India :
I. LLPs are registered under the Partnership Act 1932
II. Liability of all the partners in an LLP are limited to their stake in the firm as that of
shareholders of a company
III. Registration of LLPs are optional
IV. There is only joint liability for partners in an LLP (No Joint and Several liability)
Answer
D. Statements II and IV are True
6
Which of the following is an INCORRECT statement in respect of the Joint and Several
liability of Partners in a Firm :
Answer
B. Personal properties of partners are not liable for the debts of the firm and only the
assets of the firm will be used to pay off the firm’s debts
7
A new partner is admitted in a Firm having two old partners with profit sharing ratio of 3:2.
The new profit sharing ratio is agreed as 3:2:1. The sacrificing ratio of old partners are :
Answer
C. 3:2
8
Which of the following is UNTRUE about the Dissolution of a Firm :
Answer
A. All assets and liabilities are transferred to Revaluation Account
9
Which of the following statements are FALSE?
I. In India, Equity Shares can be issued at a Discount
II. Reserve Capital is the amount of profit set aside to meet future contingencies
III. Balance in the forfeited shares account after reissue, shall be transferred to the Capital
Reserve A/C
Answer
A. Statements I and II are False
10
Which of the following statements are TRUE with respect to the Internal Reconstruction of a
Company?
I. There will be a comprehensive overhauling of the financial position
Answer
C. Statements I, III and IV are True
11
Which is FALSE with respect to the redemption of Debentures out of Profits?
Answer
D. Balance in the DRR after completing the redemption of all debentures can be
transferred to Capital Reserve A/C
A 5 025/2023
12
Which of the following is a WRONG Statement?
Answer
B. Under Subdivision of Shares, number of Equity Shares will decrease without
decrease in the Share Capital
13
Which of the following statements are TRUE?
I. Cost Accounting = Costing + Application of Cost Control Methods + Ascertainment of
Profitability
II. Historical Costing aims at ascertaining actual cost whereas Standard Costing aims at
cost control
III. Marginal Costing considers both Fixed Costs and Variable Cost for important decision
making
Answer
C. Statements I and II are True
14
Direct Material is Rs.15,000, Direct Labour is Rs.20,000, Direct Expense is Rs.10,000,
Overhead is Rs. 25,000
The Prime Cost is :
Answer
B. 45,000
15
EOQ is 1000 Units , Annual requirement is 12,000 Units Order Interval (POQ) is :
Answer
A. 1 month or 30 days
16
Which of the following statements are TRUE with respect to Departmentalisation of
Overheads?
I. Allocation is the process of charging full amount of overhead cost to a particular
department or cost centre.
II. Primary Distribution mean apportionment of overheads to production and service
departments.
III. Secondary Distribution means reapportionment of overheads of service departments to
production departments.
Answer
D. Statements I, II and III are True
17
Which of the following statements are TRUE?
I. Work-in-Progress in Contract Costing = Work Certified + Work Uncertified.
II. Batch Costing is suitable for pharmaceutical companies.
III. Process Costing is used in industries like mines and quarries.
IV. Companies engaged in rendering services like transportation, railways, etc uses
Operating Costing.
Answer
B. Statements I, II and IV are True
18
Which of the following statements are TRUE in respect of Cash Flow Statement?
I. Inflows and outflows of cash will be classified into three activities- operating, financing
and investing.
II. Net Cash resulting from operating, financing and investing activities are added to the
opening cash balance to arrive the closing cash balance.
III. Payment of Dividend to shareholders will be treated as Cash outflow from Investing
Activities.
Answer
B. Statements I and II are True
19
Which of the following transaction is NOT a flow of fund?
Answer
D. Between Current Assets and Current Liabilities
20
Which of the following statements are TRUE with respect to fund flow statement?
I. Net increase in Working Capital is shown as a source of fund
II. Fund from operation is shown as an application of fund
III. Redemption of debentures will shown as a source of fund
IV. Dividend paid will be shown as an application of fund
Answer
C. Statement IV alone is True
21
Net Profit for the year is Rs.1,00,000, Increase in Current Asset is Rs. 10,000, Decrease in
Current Liability is Rs.20,000
Cash from Operation is :
Answer
A. 70,000
22
Which is a WRONG statement with respect to different types of budgets?
Answer
B. Fixed budgets are type of Functional Budgets
23
Which of the following statements are TRUE?
I. ZBB stands for Zero Balance Budget which always carries its previous year balances to
the next years.
II. Du-pont control charts indicates the ratio interrelationship and is based on two
elements Net Profit and Capital Employed.
III. Budgets are blue print of a plan expressed in quantitative terms.
Answer
D. Statements II and III are True
025/2023 8 A
24
Which of the following statements are TRUE?
I. Operating Ratio is an example of Solvency Ratio
II. Turn Over Ratios are called as Activity Ratios
III. Proprietory Ratio is calculated as Shareholder’s Funds divided by Total Assets
IV. Capital Gearing Ratio is an example of Profitability Ratio
Answer
C. Statements II and III are True
25
Current Assets and Current Liabilities are Rs. 3,00,000 and 1,00,000 respectively, Current
Assets consist of Prepaid Expense of Rs. 40,000 and Closing Stock of Rs. 60,000.
Quick Ratio of the Firm is :
Answer
D. 2:1
26
Wealth maximization takes into consideration :
Answer
D. All of the above
27
The NPV and IRR gives conflicting results due to :
Answer
D. All of the above
28
Which of the following is not a feature of payback period method?
Answer
A. It is very difficult to calculate
29
Which among the following is not a part of Investment decision in financial management?
Answer
C. Both
30
Which decision of the finance manager determines the overall cost of capital and the financial
risk of the enterprise?
Answer
D. Financing decision
31
Which among the following is a service(s) rendered by the factor?
Answer
D. All of these
32
According to Walter, firm should pay 100% dividend if :
Answer
C. r
33
Which one of the following related to dividend decision is not true :
Answer
B. Dividend irrelevance theorem to share valuation was propounded by Myron
Gordon
34
The term “capital structure” refers to :
Answer
A. Long-term debt, preference shares and equity shares
35
Which of the following options is false?
Answer
A. The cost of equity capital is lower than the cost of debt
36
According to Net Operating Income (NOI) approach :
1. Cost of debt remains constant at all level of debt
2. Overall cost of capital remains constant
3. Cost of debt is less than cost of equity
4. Value of equity is residual
Answer
B. 1, 2, 4 are correct
37
Which one of the following statement is correct about the weighted average cost of Capital
(WACC)?
Answer
C. Both
38
Negative working capital arises because of :
Answer
C. Both
39
Which among the following is not applicable to over trading?
Answer
B. Lower Turnover Ratios
40
Transaction motive of holding cash means :
Answer
A. Keeping cash for meeting day to day expenses
41
Doctrine of Stare Decisis means :
Answer
C. All previous decisions are binding and need to be followed
42
Which amongst the following falls under right re-propria?
Answer
Question Cancelled
43
The chief proponent of American Realism was :
Answer
A. Oliver Wendell Holmes
44
The rule of interpretation that meaning of a word should be understood from its associating
words is related to :
Answer
B. Noscitur a sociis
45
Smith v Hughes laid down the :
Answer
A. Mischief Rule of Interpretation
46
The constitutionality of Administrative Tribunals Act was challenged in :
Answer
A. Sampath Kumar Vs Union of India
47
Which of the following statements are correct?
(I) The writ jurisdiction of High Court is wider than that of Supreme Court
(II) Doctrine of Promissory Estoppel is not available against statute
(III) The Discretionary powers are not subjected to judicial review
(IV) The Doctrine of Pleasure is absolutely followed in Indian Constriction
Answer
D. Statements (II) and (I) are correct
48
Duncan Vs Cammel, Laird & Co. Limited is related to :
Answer
C. Crown privilege
49
Find out the correct option :
(I) The word secularism was inserted in the preamble by the 44th Amendment of the
Constitution.
(II) Parliament has the residuary power of the legislation.
(III) The executive power of the state includes power to acquire and dispose of property.
(IV) A bill that contains provision for appropriation of money out of the consolidated fund is
classified as a money bill.
Answer
D. Statements (II), (III) and (IV) are correct
50
Which of the following statement is correct?
(I) Freedom of movement can be restricted on the ground of interest of general public
(II) Parliament cannot make any restrictions on the freedom of trade between states.
(III) Part IX of the constitution was inserted by the 74th amendment of the constitution.
(IV) Protection from double jeopardy is a Fundamental Right under the Constitution of
India.
Answer
B. Statements (I) and (IV) are correct
51
In respect of matters in concurrent list, ————— have the power to make laws.
Answer
D. Both central government and state government
025/2023 14 A
52
Those activities which cannot be treated as supply of goods or supply of services is given in :
Answer
C. Schedule III
53
If CGST, SGST and IGST are payable by recipient of goods and services, it is called :
Answer
D. Reverse charge
54
Tax invoice shall be issued within a period of ————— days from the date of supply of
services in case of taxable supply of services.
Answer
B. 30 days
55
Form GSTR-2 contains :
Answer
A. Inward supplies
56
The rate of tax deducted at source under Section 51 of GST Act is :
Answer
A. 2%
57
Initiation of action under Section 67 is to be made by an officer not below the rank of :
Answer
B. Joint Commissioner
58
All arrests should be made as per provisions of :
Answer
A. Code of Criminal Procedure
59
The late fee for delay in filing returns other than annual return is Rs. 100 for everyday upto
a maximum of :
Answer
C. Rs. 5,000
60
The date on which supplier receives the payment is :
Answer
B. Date entered in books of account of date of credit in bank account
61
Income of minor from his or her own skill or effort is taxable in the hands of :
Answer
B. Minor
62
Rule 8 of Agricultural Income is related to :
Answer
C. Tea manufacturing
63
A proclamation prohibiting the transfer or charging of any immovable property to the
defaulter is stated in ————— section of Revenue Recovery Act, 1890.
Answer
A. Section 6
64
The fees for obtaining license under Kerala Money Lenders Act is :
Answer
Question Cancelled
65
The tax arises for luxury provided in a hotel if luxury exceeds ————— per day per
residential accommodation.
Answer
Question Cancelled
66
In which year India has ratified United Nation convention against Corruption :
Answer
B. 2011
67
Lok Pal and Lok Ayuktha are institution constituted to prevent corruption at :
Answer
D. All of the above
68
Which is the institution at national level to prevent corruption?
Answer
C. Central vigilance Commission
69
Punishment for bribery is defined under which section of Indian Penal Code :
Answer
C. 171E
70
Which of the following is true?
The person authorized to investigation under Section 17 of Prevention of Corruption
Act 1968.
Answer
D. All of the above
71
The term taking cognizance means :
Answer
C. Taking notice of offence judicially
72
In which offence Court permission is required to compound the offence :
Answer
Question Cancelled
73
Facts of which the judicial notice is to be taken are stated in :
Answer
C. Section 57 of Evidence Act
74
Under the Evidence Act, fact means :
Answer
C. Mixed factum probandum and factum probans
75
Chapter XX of IPC deals with :
Answer
A. Offences relate to marriage
76
Derry v. Peek (1989) 14 Ca 337 is one of the remarkable Judgment in :
Answer
A. Misrepresentation
77
Which Section of Indian Contract Act defines agreement in restraint of legal proceedings?
Answer
C. Section 28
78
A suit for possession of an immovable property under Section 6 of specific relief Act can be
filed within :
Answer
A. 6 Month of dispossession
79
Joint tort feasers :
Answer
C. Two or more persons acting in furtherance of common design cause a single
Damage
80
“Ex trupi causa constructu non oritur actio” means:
Answer
C. No action arises from an immoral act
81
One of the following device is used as both input and output device :
Answer
C. Touch Screen
82
In static RAM one of the following condition is true :
Answer
A. constructed with transistors
83
One of the following is not the function of an Operating Systems :
Answer
D. Language translation management
84
In general, one of the following is true in mail merge features of word processors. :
Answer
B. One letter send to many persons
85
In the hierarchy of operations in an expression, one of the following statement is not correct :
Answer
C. All multiplications are executed after division
86
In the following statements which is correct in networking :
Answer
D. All of the above
87
One of the following device works on the physical, data-link and network layer of the
OSI model :
Answer
B. Router
88
Specify the name of the scripting language used for the development of webpages :
Answer
C. PHP
89
Specify the functions of a web browsers :
Answer
D. all of the above
90
One of the following is not belong to Information Technology Act 2000 under cyber wrongs :
Answer
A. To encourage use of open standards
91
The Adi Vypin Thozhilali Sangham was organised by :
(I) Paravoor T.K. Narayana Pillai
(II) Sahodaran Ayyappan
(III) C. Kesavan
Answer
B. Only (II)
92
Parkalitta Porkalam was authored by :
(I) Vakkom Abdul Khadar Moulavi
(II) Moulana Chalilakath Kunjahmad Haji
(III) Makti Thangal
Answer
D. Only (III)
93
Thuvayalpanthy means :
(I) Integration and purification of a group
(II) Interdining
(III) Processions of Chanars to the royal court
Answer
Question Cancelled
94
Uruppika written by K.Damodaran deals with :
(I) Memories of his life
(II) Mobilisation within the Congress Socialist Party
(III) Economics in the background of Marxist theory
Answer
A. Only (III)
95
Which Proclamation was hailed as “a Smriti which is the people’s charter of spiritual
emancipation” :
(I) The abolition of slavery in Travancore in 1855
(II) Temple Entry Proclamation of 1936
(III) Raja’s Proclamation in 1859 allowing Chanar women to cover their breasts
Answer
B. Only (II)
96
The Right to Information Act, 2005 replaced :
(I) Freedom of Information Act
(II) Whistle Blowers Protection Act
(III) Official Secrets Act
Answer
D. Only (I)
A 21 025/2023
97
Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Act, 1989 :
(I) Is rooted in Articles 15 and 17 of the Indian Constitution
(II) Was enacted when the existing legal provisions were found to be inadequate
(III) Was preceded by the Untouchability
Answer
A. All of the above
98
Which one is not a Fundamental Duty?
(I) To protect and improve the natural environment including lakes, wildlife, rivers,
forests, etc.
(II) To protect women from violence; mental, physical and verbal
(III) To develop scientific temper, humanism, and spirit of inquiry
Answer
B. Only (II)
99
The Directive Principles of State Policy of India is related to :
(I) Article 38
(II) Article 40
(III) Article 42
Answer
Question Cancelled
100
The subsidiary part of the judicial system :
(I) District Court or Subordinate Court
(II) Supreme Court
(III) Magistrate Court
Answer
Question Cancelled
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