| Post Name | Stores/ Purchase Officer - Department Kerala Cooperative Milk Marketing Federation Ltd. |
|---|---|
| Question Paper Code | 146/2023/OL |
| Category Code | 046/2022 |
| Date of Test | 24 August 2023 |
| Exam Type | Online Examination |
| Total Questions | 100 |
1
A society may be registered under the Cooperative Societies Act of 1969 if (i) The objective of the society is the promotion of economic interest of its members in accordance with cooperative principles (ii) The registration of the society adversely affects the development of cooperative movement (iii) The society is formed for facilitating a society running in accordance with cooperative principles Which among the following is true?
Answer
C. (i) and (iii)
2
Which section of the Kerala Cooperative Societies Act 1969 deals with the expulsion of members?
Answer
B. 17
3
Section 19B of KCS Act 1969 deals with
Answer
A. Right of a member to get information
4
No member shall be eligible to vote at a meeting fixed for any election to the committee of that society unless he acquire the number of shares required for membership as per the bye law of the society prior to
Answer
A. 60 days of the meeting
5
Notwithstanding anything contained in the bye law of a society, the minimum number of members of the committee of a primary cooperative society and all other types of cooperatives formed after the Cooperative societies (Amendment) Act of 2013 are
Answer
C. 7 and 21 respectively
6
The financial statements and other statements as required by auditors shall be prepared by the chief executive of the society and submit it before the managing committee within
Answer
B. 1 month from the date of close of financial year
7
It is the duty of the committee of a society to (i) Request the Director of Co-operative Audit to get its accounts audited every year by remitting the required fee (ii) Place the audit certificate in full before the general body (iii) To read over to the general body, the defects mentioned in the audit report (iv) Rectify all the defects mentioned in the audit certificate and to submit the rectification reports to the Director of Co-operative Audit and to the Registrar with in one month of the receipt of the audit certificate Which among the following are true?
Answer
D. (i), (ii) and (iii) only
8
When an inquiry is made under section 65, the registrar may communicate the result to (i) Financing bank (ii) Director of Cooperative Audit (iii) The society to which the said society is affiliated (iv) Circle Cooperative Union Which among this is correct
Answer
B. (i), (iii) and (iv)
9
If the Registrar, on completion of the inquiry finds that there is a major defect in the constitution or working or financial condition of the society, he may initiate action in accordance with the provisions of section
Answer
C. 32
10
The Ombudsman or Ombudsmen appointed under section 69A sub section (2) shall be a person or persons having
Answer
A. 10 years of Bar practice and having experience and expertise in banking or co-operative field
11
Which section of the Kerala Cooperative Societies Act 1969 deals with settlement of Disputes
Answer
C. 69
12
If a proposal for revitalisation of a society, in respect of which an order under section 71 sub section (2) has been passed, is received by the Registrar within a period of one year from the date of such order, the registrar may
Answer
A. Cancel the winding up process and allow the society to continue to exist
13
How many Additional registrars are there to assist the Registrar of Cooperative societies at head quarters
Answer
D. 4
14
Milma came into existence during the year
Answer
C. 1983
15
NORTH KERALA DAIRY PROJECT was funded by which agency?
Answer
A. Swiss Development Cooperation
16
Which economic system allows private entities to amass a lot of economic power, particularly those who own resources of great value?
Answer
B. Market Economic System
17
The most important and welcoming change under the new industrial policy 1991 is
Answer
D. Delicensing of Industries
18
Which among the following is not an objective of liberalisation?
Answer
D. To protect the intellectual properties in a country
19
The process that encompasses the causes, and consequences of transnational and transcultural integration of human and non-human activities is called
Answer
C. Globalisation
20
If a company invests in a foreign business that is unrelated to its core business, it is known as
Answer
C. Conglomerate FDI
21
Statement I - Accounting assist the management in decision making Statement II - The main objective of accounting is to record all business transactions systematically
Answer
A. Statement II is the cause of Statement I
22
Among the following who is not an external user of accounting information?
Answer
B. Owners and Mangers
23
What is GAAP?
Answer
D. Generally Accepted Accounting Principles
24
A business records a financial transaction in the period it occurs. Which accounting concept applies here?
Answer
B. Accrual concept
25
What does the concept of verifiable objective evidence mean?
Answer
A. All the transactions recorded in the books should have documentary proof
26
In Accounting AR stands for
Answer
C. Account receivable
27
Which statement helps to assess the financial position of an organisation?
Answer
D. Balance Sheet
28
Provision for bad debt is created from
Answer
C. Debtors
29
Discount on issue of shares and capitalised expenditures are examples of:
Answer
B. Fictitious assets
30
Outstanding expenses if any will be
Answer
A. Debited along with the expense in the P/L account and shown as a liability in the balance sheet
31
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 where as 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
32
Which of the following is the RIGHT classification of cost according to behaviour? (i) Manufacturing cost, Administrative cost, Selling cost and Distribution cost (ii) Fixed Cost, Variable Cost, Semi-variable cost (iii) Explicit cost and implicit cost
Answer
B. Statement II alone is right
33
The costing method best suitable for pharmaceutical industry is
Answer
D. Batch costing
34
Which of the following is NOT an objective of Cost Accounting?
Answer
A. Cost Elimination
35
Identify the INCORRECT statement from the following (i) Bin card contains quantity and value of materials (ii) FIFO method is better when prices are increasing (iii) Stores Ledger is an accounting record maintained by the store keeper
Answer
D. Statements I,II and III are incorrect
36
Which of the following statements are TRUE with regard to purchase of materials? (i) Purchase procedure consists of receiving requisition, placing order, receiving and inspection of materials and making payments to the supplier (ii) GRN is prepared when materials are issued to the production department (iii) Inspection report is prepared as to validate the quantity and quality of received materials and the quantity of materials rejected and rteturned
Answer
C. Statements I and III are true
37
Which of the following is INCORRECT with respect to the techniques of inventory control? (i) JIT aims to keep inventory at the maximum stock level in all times so as to avoid interruptions (ii) Imprest system of inventory control involves fixing maximum stock level for each BIN and replacing the materials consumed to ensure maximum level in the bin (iii) Selective Inventory Control are made by using ABC analysis and VED analysis
Answer
A. Statement I alone is incorrect
38
Which of the following statements are TRUE in respect of determination of EOQ under graphical method? (i) Ordering Cost will slops downward as the quantity ordered is increased (ii) Carrying cost will slops upward as the quantity ordered increases (iii) EOQ is the quantity correponding to the point of inteersection of carrying cost line and ordeing cost line (iv) At EOQ the total cost will be highest
Answer
C. Statements I, II and III are True
39
Maximum consumption is 230 units, Minimum consumption is 180 units, Average consumption is 200 units, Maximum Reorder period is 15 days, Minimum Reorder period is 10 days, Normal Reorder period is 12 days. Reorder level is
Answer
B. 3450
40
Standard Quantity 250 units, Actual Quantity is 350 units, Standard Price is Rs. 18, Actual Price Rs. 17 Material price variance is
Answer
D. 350 favourable
41
Which of the following are TRUE with respect to Demand? (i) Demand means desire backed by Willingness to pay for it and capacity to negotiate (ii) Demand for food items, clothes, etc. are example of autonomous demand (iii) Demand for building materials such as cement, bricks etc, are examples of derived demand
Answer
C. Statements II and III are true
42
Which is FALSE in respect of Demand Curve and Law of demand (i) Inverse relationship between price and quantity demanded (ii) Demand curve slopes upward from the origin (iii) Demand curve touches X axis and falls in to negative territory (iv) Giffen goods are exceptions to the law of demand
Answer
B. Statements II and III are false
43
The percentage change in price is 5%, percentage change in quantity demanded is 0%, the elasticity of demand is said to be
Answer
A. Perfectly inelastic
44
Which of the following is INCORRECT with regard to methods of demand forecasting (i) Delphi method is way of finding a better and consensus estimate of experts (ii) Simultaneous equation method uses exogenous and endogenous variables and frames a structural equation (iii) Consumer clinic method uses simulated market conditions to study behaviour of consumers by giving money to participants for shopping (iv) Consumer survey method uses secondary data for demand forecasting
Answer
D. Statement IV alone is incorrect
45
Identify the CORRECT statements from the following (i) Fixed cost line is horizontal and parallel to X axis (ii) Variable cost line starts from the origin and moves upward from left to right (iii) Total cost line starts from the origin and moves upward from left to right (iv) Marginal cost is ascertained by dividing change in the total cost with the change in the quantity produced
Answer
A. Statements I, II and IV are correct
46
Which of the following is a WRONG statement with regard to CVP analysis
Answer
C. Margin of safety is equal to BEP sales minus Actual sales
47
Identify TRUE statement from the following (i) Economies of scale focuses on reducing the per unit cost through large scale production of single product (ii) Economies of scope focus on the production of variety of products by using the same resources and thereby reducing the total production cost (iii) Strategy behind the Economies of Scale is standarisation (iv) Strategy behind the Economies of Scope is diversification
Answer
D. Statements I, II, III and IV alone are true
48
Identify the WRONG statement with regard to the different market structures. (i) Monopoly is a situation where there is a single seller but large number of buyers (ii) Monopsony is a market where there is a single buyer but large number of sellers (iii) Oligopsony is a market where there is few buyers exists for a product (iv) Monopolistic competition exists when a single firm deals in differentiated products
Answer
D. Statement IV alone is wrong
49
Which one is NOT a feature of Oligopoly
Answer
A. Free Entry and Exit of firms
50
Which of the following statement is INCORRECT in respect of perfect competitive market? (i) Industry equilibrium is determined at a point of intersection of demand and supply lines (ii) Equilibrium of the firm is decided when MC cuts MR from above (iii) AR, MR and price are same and therefore represented by a horizontal line parallel to X axis (iv) At equilibrium MC line intersects AC line
Answer
B. Statement II alone is incorrect
51
Quantitative school deals with finding solutions to problems related with
Answer
D. All
52
The Fayol's principle which helps to avoid conflict and confusion is
Answer
A. Unity of command
53
An example for operational plan is
Answer
B. Rules
54
Graicuna's theory is related with
Answer
C. Span of management
55
Pick out the odd one
Answer
D. Standardised work
56
Which of the following statement is true with regard to future of management
Answer
D. Marketing is managed by cross functional teams
57
The first person to introduce the concept of span of control is
Answer
A. General Hamilton
58
PERT means
Answer
A. Programme Evaluation and Review Technique
59
Differential piece rate system was introduced by
Answer
D. F.W. Taylor
60
Which of the following is not true with planning
Answer
B. Backward looking process
61
P/V Ratio is
Answer
C. The ratio of contribution to sales
62
Internal service quality is one of the pillars of
Answer
A. TQM
63
The requirements of JIT method are
Answer
C. 1 and 2
64
Group of people from the organisational area who meet regularly to share problems they experience at work is called
Answer
B. Quality circle
65
Which of the following is not a feature of TQM
Answer
D. Lesser productivity
66
Which is not a technical factor to be considered while designing a product
Answer
A. Standards
67
Machine running time equals
Answer
A. Normal machine capacity + overtime hours - maintenance time - idle machine time
68
Assignment of work to manpower, machine etc, without specifying when the work is to be done is called
Answer
C. Loading
69
The various dimensions of service quality are
Answer
D. All
70
Studies reveal that 35-40% of plant accidents are the results of
Answer
B. Bad methods of material handling
71
__________ is a plan for the purchase and production of the components used in making items in the master production schedule
Answer
B. Material requirements plan
72
____________ file contains a step-by-step set of instructions describing how the product is made
Answer
A. Routing file
73
____________ is the time normally required to produce an item in a typical lot quantity
Answer
C. Manufacturing lead time
74
__________ is an inventory strategy implemented to improved the return on investment of a business by reducing in-process inventory and its associated carrying costs
Answer
C. JIT
75
_______ analysis means grouping inventory according to its value, to identify the small number of items that will account for most of the issue value
Answer
A. ABC
76
_______ is a statement of major goals and objectives to be achieved by a company over the next 2 to 10 years
Answer
B. Strategic business plan
77
The statement showing the end products, its quantity and its completion date is known as
Answer
B. Master production schedule
78
When a particular event occurs, a good MRP system generates _________ messages to advise the authorities
Answer
A. Exception messages
79
Delphi method, historical analogy and test marketing are different methods of _________ forecasting technique.
Answer
C. Qualitative forecasting technique
80
__________ is the difference between the actual demand and forecast demand
Answer
A. Forecast error
81
Capital cost is an example for __________
Answer
B. Carrying cost
82
____________ is a technique uses for placing an order economically tom minimize the ordering cost and carrying cost
Answer
D. EOQ
83
____________ is a hedge against running out of inventory
Answer
D. Both 1 and 3
84
The approaches used in developing a suitable inventory identification system include
Answer
C. Both 1 and 2
85
The Economic Order Quantity (EOQ) for an item is 3,500 units and the annual usage is 52,000 units. The period order quantity is _______
Answer
C. 3.5 weeks
86
The purpose of ________ inventory is to cover the unpredictable fluctuations in demand and supply or lead time
Answer
D. Fluctuation inventory
87
The technique used for short term planning of actual jobs to be run in each work center based on capacity and priorities
Answer
B. Operation sequencing
88
A brief description of raw-materials, components and parts needed to manufacture a final product is _________
Answer
B. Bill of material
89
The system that integrates various functions within an organization which helps in materials management and forecasting is
Answer
B. ERP
90
The techniques used in planning of materials include
Answer
D. All of the above
91
_____________ is an agreement between the buyer and the supplier to provide a required quantity of specified items, over a period of time at an agreed price
Answer
A. Blanket orders
92
A company intend to introduce a new product and to build a market share will follow ___________ pricing strategy
Answer
B. Penetration pricing strategy
93
A requisition which contains details such as description of materials to be purchased, its quantity, schedule for receipt of such materials, estimated price requisitioner's identity etc is _________
Answer
C. Standard requisition
94
Electronic transmission of funds from the purchaser to the supplier through internet is
Answer
C. EFT
95
________ is an option available to a company to increase the sales of their products
Answer
D. All of the above
96
Once the goods are accepted on inspection, __________ is prepared for goods accepted and update the record accordingly
Answer
B. GRN
97
The smart sensing technology which provide accurate real-time information and improvements in process efficiency
Answer
B. Radio frequency identification technology
98
___________ helps to find out the best suppliers according to the requirements of the client
Answer
A. MSPs (Managed Service Provider)
99
A system of managing inventory in which each inventory item is receiving and reorders are placed after a predetermined time interval
Answer
B. Fixed period based system
100
The characteristics of AP items include
Answer
D. All of the above
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