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Q1. Fixed cost is a cost:
A) Which changes in total in proportion to changes jn output
B) Which is partly fixed and partly variable in relation to output
C) Which do not change in total during a given period despise changes in output
D) Which remains same for each unit of output
Answer:- The correct answer is:
C) Which do not change in total during a given period despite changes in output
Explanation:
Fixed cost is a cost that remains constant in total during a given period, regardless of changes in output or production levels. It does not vary with the level of production or the number of units produced. This characteristic distinguishes fixed costs from variable costs, which change in direct proportion to the level of output. Option C accurately describes the nature of fixed costs.
Q2. Calculate the prime cost from the following information:
Direct material purchased: Rs, 1, 00,000
Direct material consumed: Rs. 90,000
Direct labour: Rs. 60,000
Direct expenses: Rs. 20,000
Manufacturing overheads: Rs. 30,000
A) Rs. 1,80,000
B) Rs. 2,00,000
C Rs. 1,70,000
D) Rs. 2,10,000
To calculate the prime cost, we sum up the direct costs associated with the production of goods. The formula for prime cost is:
Prime Cost = Direct Material Cost + Direct Labor Cost + Direct Expenses
Given the information:
- Direct material purchased: Rs. 1,00,000
- Direct material consumed: Rs. 90,000
- Direct labour: Rs. 60,000
- Direct expenses: Rs. 20,000
Answer:- Now, let’s calculate the prime cost:
Prime Cost = Direct Material Cost+ Direct Labor Cost + Direct Expenses
Prime Cost} = (Direct Material Purchased – Direct Material Consumed) + Direct Labor + Direct Expenses
Prime Cost = (Rs. 1,00,000 – Rs. 90,000) + Rs. 60,000 + Rs. 20,000
Prime Cost = Rs. 10,000 + Rs. 60,000 + Rs. 20,000
Prime Cost} = Rs. 90,000
Therefore, the correct answer is: C) Rs. 1,70,000
Q3. Suppliers personal a/c are seen in a
A) Sales Ledgers
B) Nominal ledger
C) Purchases Ledger
D) General Ledger
Answer:- The correct answer is:
C) Purchases Ledger
Explanation:
Suppliers’ personal accounts are typically found in the Purchases Ledger. The Purchases Ledger is a subsidiary ledger that records all the individual supplier accounts. It is a part of the double-entry accounting system and is used to keep track of the amounts owed to suppliers for goods or services purchased on credit. The Purchases Ledger is separate from the Sales Ledger, which contains personal accounts of customers. The General Ledger is the primary ledger that consolidates all the accounts from various subsidiary ledgers, including the Purchases Ledger.
Q4. Book Keeping is regarded as the step of accounting.
A) Fourth
B) Secondary
C) Third
D) First
Answer:- The correct answer is:
D) First
Explanation:
Bookkeeping is considered the first step in the accounting process. It involves the systematic recording, organizing, and storing of financial transactions in a company’s books. The purpose of bookkeeping is to maintain accurate and complete records of all financial activities, providing the foundation for the subsequent steps in the accounting process, such as preparing financial statements, analyzing financial performance, and making informed business decisions. Therefore, bookkeeping is the initial and foundational step in the accounting cycle.
Q5. Which of the following is correct?
A) equity = asset + liability
B) liability = asset + equity
C) asset = liability + equity
D) equity = liability
Answer:- The correct equation is:
C) asset = liability + equity
Explanation:
The fundamental accounting equation is expressed as:
Assets = Liabilities + Equity
This equation represents the accounting equation, also known as the balance sheet equation. It states that the total assets of a business must equal the sum of its liabilities and equity. Therefore, option C accurately reflects the correct relationship between assets, liabilities, and equity in accounting.
Q6. Which concept suggests the exclusion of human Resource in balance sheet?
A) Account Concept
B) Money Measurement Concept
C) Going Concern Concept
D) Cost Concept
Answer:- The concept that suggests the exclusion of human resources from the balance sheet is:
B) Money Measurement Concept
Explanation:
The Money Measurement Concept in accounting implies that only transactions and events that can be expressed in monetary terms are recorded. Since human resources, skills, and abilities do not have a readily measurable monetary value, they are typically excluded from the balance sheet under the money measurement concept. This concept emphasizes the need for information to be measurable and quantifiable in monetary terms to be included in the financial statements.
Q7. Which of the following procedures should an accountant follow while preparing a voucher?
A) Verify the date, amount, signature and transaction details on the supporting documents
B) Confirm if an authorised signatory has approved the supporting documents
C) Select the type of voucher that will be used for the transaction
D) All of the above
Answer:- The correct option is:
D) All of the above
Explanation:
While preparing a voucher, an accountant should follow all of the mentioned procedures:
A) Verify the date, amount, signature, and transaction details on the supporting documents: This ensures accuracy and reliability of the information being recorded.
B) Confirm if an authorized signatory has approved the supporting documents: Authorization is crucial for maintaining control and ensuring that transactions are legitimate.
C) Select the type of voucher that will be used for the transaction: Choosing the appropriate voucher type ensures that the transaction is classified correctly and is in compliance with accounting standards.
So, option D is the comprehensive answer, as it includes all the essential procedures to be followed while preparing a voucher.
Q8. Which of the following business documents is a proof of payment for business transaction?
A) Receipt
B) Invoice
C) Debit note
D) None of the above
Answer:- The correct answer is:
A) Receipt
Explanation:
A receipt is a business document that serves as proof of payment for a transaction. It is issued by the seller or service provider to the buyer or customer after receiving payment. The receipt typically includes details such as the date of the transaction, the amount paid, a description of the goods or services, and any relevant terms or conditions.
An invoice, on the other hand, is a document issued by the seller to the buyer before payment, indicating the details of the goods or services provided and the amount due.
A debit note is issued by a buyer to a seller to inform about the reduction of the amount payable, often due to a return of goods or an adjustment.
Therefore, the correct option for proof of payment is the Receipt (Option A).
Q9. In bank statement, cash deposited is shown as_____.
A) debit
B) credit
C) expense
D) profit
Answer:- In a bank statement, cash deposited is shown as:
B) credit
Explanation:
When you deposit cash into a bank, it increases the bank’s liability to you. In accounting terms, an increase in a liability is recorded as a credit. Therefore, cash deposited is shown as a credit in the bank statement. This reflects the bank’s obligation to hold the deposited funds on behalf of the account holder.
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Q10. What is “Deposit in transit” in bank reconciliation?
A) Added to Bank Balance
B) Subtracted From Bank Balance
C) Subtracted From the Cash Book Balance
D) Added to Cashbook Balance
Answer: C) Subtracted From the Cash Book Balance
Explanation:
“Deposit in transit” refers to a deposit made by a company that has not yet been recorded by the bank in its statement. In the process of bank reconciliation, when comparing the company’s cash book with the bank statement, any deposit made by the company but not yet processed by the bank is considered a “deposit in transit.”
To reconcile the two balances, the amount of the deposit in transit is subtracted from the Cash Book Balance (option C) because, at the time of preparing the reconciliation, it hasn’t yet been reflected in the bank statement.
Q11. What type of cheques is that which is issued by a firm but not yet presented to the bank?
A) Uncredited cheques
B) Outstanding cheques
C) Uncollected cheques
D) Bounced cheques
Answer: B) Outstanding cheques
Explanation:
Outstanding cheques are those that a company or an individual has issued but have not yet been presented to the bank for payment. These cheques are still in circulation and have not been deducted from the issuer’s bank account balance. They are an important consideration in bank reconciliation, as they represent a timing difference between the issuer’s records (such as the cash book) and the bank statement.
Q12. The Public Financial Management System (PFMS) was earlier known as:
A) Central Plan Schemes Monitoring System (CPSMS)
B) Controller General of Accounts (CGA)
C) Central Sector Scheme of Planning Commission
D) Core Banking System (CBS)
Answer: A) Central Plan Schemes Monitoring System (CPSMS)
Explanation:
The Public Financial Management System (PFMS) was previously known as the Central Plan Schemes Monitoring System (CPSMS). PFMS is an online platform of the Government of India that facilitates efficient management of funds, tracking of expenditures, direct benefit transfer, and financial reporting for various schemes and programs.
Q13. Statement of financial position produced from incomplete accounting record is commonly known as:
A) Balance sheet
B) Statement of affairs
C) Statement of financial operations
D) Cash flow statement
Answer: B) Statement of affairs
Explanation: When the accounting records are incomplete, and a statement needs to be prepared to show the financial position, it is referred to as a “Statement of Affairs.”
Q14. What happens when interest on drawings is charged to a partner?
A) Credited to partner’s current a/c
B) Not shown in current account
C) Debited to partner’s capital a/c
D) None of the above
Answer: C) Debited to partner’s capital a/c
Explanation: When interest on drawings is charged to a partner, it is debited to the partner’s capital account as it represents an additional cost or expense associated with the partner’s drawings.
Q15. M and N are two partners sharing profit and losses in 3:2 ratios. They admit P as a new partner with 1/5th share. What will be the new profit-sharing ratio?
A) 12:4:7
B) 12:8:5
C) 12:5:8
D) 8:5:12
Answer: B) 12:8:5
Explanation: The new profit-sharing ratio is determined by multiplying the existing ratio by the fraction of the new partner’s share. The calculation results in the ratio 12:8:5.
Q16. The method of transferring items from a journal into their respective ledger accounts or journals is known as:
A) Balancing
B) Arithmetic
C) Entry
D) Posting
Answer: D) Posting
Explanation: Posting is the process of transferring information from a journal to the respective ledger accounts. It involves recording entries in the general ledger.
Q17. When an audit is undertaken to check the financial controls and irregularities in the organization, it is which type of audit?
A) System audit
B) Compliance audit
C) Internal audit
D) Statutory audit
Answer: C) Internal audit
Explanation: Internal audit focuses on evaluating and improving the effectiveness of an organization’s internal controls, financial management, and compliance with policies and procedures.
Q18. Current Ratio = __
A) Current assets / Current liabilities
B) Fixed assets / Current liabilities
C) Debt/ Current assets
D) Debt/Equity
Answer: A) Current assets / Current liabilities
Explanation: The current ratio is calculated by dividing current assets by current liabilities. It measures a company’s ability to cover its short-term liabilities with its short-term assets.
Q19. A bank passbook is a copy of -—
A) The cash column of a customer’s cash books
B) The bank column of a customer’s cash book
C) The customer account in the bank’s ledger
D) The debtor’s account in the bank’s ledger
Answer: C) The customer account in the bank’s ledger
Explanation: A bank passbook is a record provided by the bank to its customer, showing transactions in the customer’s account as maintained by the bank.
Q20. Trial balance helps to check the accuracy of the:
A) Balance sheet
B) Ledger
C) Journals
D) Cash flow statement
Answer: B) Ledger
Explanation: A trial balance is a list of all general ledger account balances. It helps check the mathematical accuracy of the ledger accounts.
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Q21. Which of the following entities generally prepare their books of accounts under a single-entry system?
A) Joint-stock companies
B) Sole traders
C) Government organizations
D) Not-for-profit organizations
Answer: B) Sole traders
Explanation: Single-entry accounting is commonly used by small businesses and sole traders due to its simplicity and ease of use.
Q22. GST is a consumption of goods and service tax based on.
A) Development
B) Dividend
C) Duration
D) Destination
Answer: D) Destination
Explanation: GST (Goods and Services Tax) is a destination-based tax. It is levied at the point of consumption or the destination of goods and services.
Q23. What does financial leverage measure?
A) No change with EBIT and EPS
B) The sensibility of EBIT with % change with respect to output
C) The sensibility of EPS w.r.t % change in the EBIT level
D) % variation in the level of production
Answer: C) The sensibility of EPS w.r.t % change in the EBIT level
Explanation: Financial leverage measures how sensitive a company’s earnings per share (EPS) is to percentage changes in its earnings before interest and taxes (EBIT).
Q24. Finance Bill becomes the Finance Act when it is passed by.
A) Lok Sabha
B) Both Lok Sabha and Rajya Sabha
C) Both House of Parliament and signed by the President
D) Both House of Parliament and signed by the Prime Minister
Answer: C) Both House of Parliament and signed by the President
Explanation: The Finance Bill becomes the Finance Act when it is approved by both Houses of Parliament and receives the President’s assent.
Q25. Income which accrues or arises outside India & also received outside India is taxable in the case of.
A) Resident and Ordinary Resident
B) Resident but not Ordinary Resident
C) Non-Resident
D) Resident and Ordinary Resident and Resident but not Ordinary Resident
Answer: B) Resident but not Ordinary Resident
Explanation: In India, individuals are categorized based on their residential status for taxation purposes. Income earned outside India and received outside India is taxable for those classified as “Resident but not
Ordinary Resident.”
Q26. Which of the following is/are included in the definition of “Goods” as defined under section 2(52) of the CGST Act, 2017-
A) Money
B) Actionable claim
C) Securities
D) Bonds
Answer: B) Actionable claim
Explanation: In the context of the CGST Act, 2017, “Goods” includes actionable claims, but money, securities, and bonds are excluded.
Q27. Amount payable at the time of closure or opting out of the National Pension Scheme referred to in section 80CCD shall be exempt to the extent of the total amount payable.
A) 30%
B) 100%
C) 40%
D) 25%
Answer: B) 100%
Explanation: The entire amount payable at the time of closure or opting out of the National Pension Scheme (NPS) under section 80CCD is exempt from tax.
Q28. Goodwill of a firm of X and Y is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000. Z is admitted for a 1/4 share. What amount is he supposed to bring for goodwill?
A) Rs. 3,000
B) Rs. 4,500
C) Rs. 7,500
D) Rs. 10,500
Answer: B) Rs. 4,500
Explanation: The value of goodwill Z is supposed to bring can be calculated as (New Share of Z * Total Goodwill) = (1/4 * Rs. 30,000) = Rs. 7,500. Since the existing goodwill in the books is Rs. 12,000, Z needs to bring Rs. 7,500 – Rs. 12,000 = Rs. 4,500.
Q29. Assertion (A): If the interest is payable outside India, tax must be deducted at source. Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
A) Both (A) and (R) are correct, and (R) is the correct explanation of (A).
B) (A) and (R) both are correct but (R) is not the correct explanation of (A).
C) (A) is correct, but (R) is wrong.
D) (A) is wrong, but (R) is correct.
Answer: A) Both (A) and (R) are correct, and (R) is the correct explanation of (A).
Explanation: If interest is payable outside India, tax must be deducted at source under certain conditions, and if tax is not deducted, the amount paid as interest may not be allowed as a deduction in computing business income.
Q30. From the following information, find out the number of units that must be sold by the firm to earn a profit of Rs. 1,89,000 per year.
- Sales price: Rs. 25 per unit
- Variable manufacturing costs: Rs. 12 per unit
- Variable selling costs: Rs. 3 per unit
- Fixed factory overheads: Rs. 5,00,000
- Fixed selling costs: Rs. 3,00,000
A) 60,000 units
B) 88,000 units
C) 98,000 units
D) 1,00,000 units
Answer: C) 98,000 units
Explanation: The break-even point can be calculated by dividing the total fixed costs by the contribution margin per unit [(Selling price – Variable cost per unit)]. In this case, the number of units needed to earn a profit of Rs. 1,89,000 is calculated by adding the break-even point to the desired profit.
Q31. A snake in the grass
A) Secret of hidden enemy
B) Unforgotten happening
C) Unrecognizable danger
D) Unreliable person
Answer: A) Secret of hidden enemy
Q32. Synonym of ADMONISH
A) Threaten
B) Praise
C) Shallow
D) Appeal
Answer: A) Threaten
Q33. Antonym of AGONY
A) Pleasure
B) Bliss
C) Ecstasy
D) Fear
Answer: A) Pleasure
Q34. Rearrange the jumbled phrases in meaningful references.
- Are tree from
- Grow abundantly
- Low plants
- Tundra region
- During the short summer
- Like mosses and lichens
- And
- Ice
A) 3, 6, 2, 5, 7, 4, 1, 8
B) 4, 1, 8, 5, 7, 3, 6, 2
C) 5, 3, 6, 2, 7, 4, 1, 8
D) 5, 4, 1, 8, 7, 2, 3, 6
Answer: C) 5, 3, 6, 2, 7, 4, 1, 8
Q35. Insert proper preposition in the sentence.
He hinted _ some loss of treasure.
A) Of
B) For
C) With
D) At
Answer: D) At
Q36. Choose the correct option.
The boys were playing cricket.
A) Cricket had been played by the boys.
B) Cricket has been played by the boys.
C) Cricket was played by the boys.
D) Cricket was being played by the boys.
Answer: C) Cricket was played by the boys.
Q37. Fill in the blanks with the suitable article.
“The Sun rises in the east and sets in __ west”.
A) A
B) An
C) The
D) Are
Answer: C) The
Q38. Choose the correct option.
“If had left early like every time else did, I _ sitting here, now listening to all this rubbish”.
A) May not be
B) Maybe
C) Wouldn’t be
D) Was
Answer: C) Wouldn’t be
Q39. Pick out the clause in the following sentence.
“Neha Played when Evening came”.
A) Neha Played
B) When Evening Came
C) Played when evening
D) Evening came
Answer: C) Played when evening
**Q40. He said to
us, “why are you all sitting about there doing nothing’?**
A) He asked us why are all we sitting about there doing nothing.
B) He asked us why é are we all sitting about there doing nothing.
C) He asked us why we were all sitting about there doing nothing.
D) Parrot about there doing nothing.
Answer: C) He asked us why we were all sitting about there doing nothing.
Q41. Secondary data is primarily sourced from:
A) Original research studies
B) Publicly available databases
C) Personal interviews
D) Laboratory experiments
Answer: B) Publicly available databases
Q42. What is an example of the primary data collection method?
A) Surveying existing research papers
B) Reviewing census data
C) Analyzing historical records
D) Conducting interviews and surveys
Answer: D) Conducting interviews and surveys
Q43. Consider the following statements regarding questionnaire preparation:
a. Questionnaires collect data by asking people to respond to a different set of questions.
b. The validity and reliability of the data you collect and the response rate you achieve depend largely on the design of your questions.
c. Collect the data without a pilot test of all questionnaires.
d. When designing your questionnaire you should consider the wording of individual questions prior to the order in which they appear.
Answer: C) a and d
Q44. Which of the following statement is correct?
A) a and b
B) b and c
C) a and d
D) b and d
Answer: C) a and d
Q45. Which of the following statement regarding tabulation is FALSE?
A) Tabulation allows for the presentation of complicated data
B) Tabulation is a prerequisite for diagrammatic representation of data
C) Statistical analysis of data necessarily involves tabulation
D) Tabulation facilitates comparison between rows and not columns
Answer: C) Statistical analysis of data necessarily involves tabulation
Q45. Eight randomly selected college students were asked to state the number of hours they slept the previous night. The resulting data values are 4,8,7,5,3,7,7,3. Arrange the following values in decreasing order:
a. Mean of sleeping hours of the students
b. Median of sleeping hours of the students
c. Mode of sleeping hours of the students
d. Number of random Sample
A) a, b, c, d
B) a, d, b, c
C) d, c, b, a
D) c, b, d, a
Answer: B) a, d, b, c
Q46. Consider the following statements regarding probabilities:
P: Probabilities can never add up to more than one.
Q: Probabilities of mutually exclusive events always add up to one
R: Probabilities can never be zero
S: Probabilities are always positive
Answer: A) P and S
Q47. In a class of 100 students, every student must pick exactly one sport to play. 28 students pick Football, 27 students pick Kho-Kho, 33 students pick volleyball, and 12 students pick cricket. 23 boys play cricket, and 13 boys play volleyball. Meanwhile, out of a total 40 girls, 13 girls play Kho-Kho.
a. Boys who play Kho-Kho
b. Girls who play cricket
c. Boys who play cricket
d. Total no. Of boys
Which of the pair given above is/are correctly matched?
A) a-1, b-2, c-3, d-5
B) a-3, b-1, c-2, d-4
C) a-3, b-1, c-4, d-5
D) a-3, b-1, c-2, d-5
Answer: C) a-3, b-1, c-4, d-5
Q48. An economist estimated that a commodity Y had a price index of 10, calculated for 1993 with a base year of 1990, and a quantity index of 0.5 when calculated for 1990 with a base year of 1993. What is the Fisher Ideal Value Index for 1993 with the base year taken to be 1990?
A) 5
B) 10.5
C) 20
D) 15
Answer: B) 10.5
Q49. One of the features of the census is:
A) Defining boundaries
B) Simultaneity
C) Employment of census-workers
D) Homogeneity.
Answer: B) Simultaneity
Q50. Consider the following statements regarding Measures of Mortality:
a. Gross Reproduction Rate – 1. Reduces the reproduction rates
b. Age-Specific Fertility Rate – 2. Affected by mortality rates
c. Net Reproduction Rate – 3. Has modal value between20 and 25
d. Maternal Mortality Rate – 4. Is measured per 1000 live births.
5. Measures the number of daughters over a lifetime.
Which of the pairs given above is/are correctly matched?
A) a-5, b-3, c-2, d-1
B) a-5, b-3, c-4, d-2
C) a-5, b-3, c-2, d-4
D) a-3, b-5, c-2, d-1″
Answer: B) a-5, b-3, c-4, d-2
