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1. Money Bill is introduced in which House of the Parliament?

Council of People-Lok Sabha Councils of States - Rajya Sabha Both the houses None of the Houses

2. Consideration contemplated under Indian Law is:

Past Consideration only. Present Consideration only. Past, Present Consideration or Monetary Consideration only.

3. The term Unpaid Seller includes:

Agent of the Buyer Agent of the Seller Agent of the Carrier/Transporter All of the above

4. An agreement will be unlawful if:

there is no consent. consent is not free. there is no considerations. the object is forbidden by law.

5. Feedback is needed in which way Communication?

One way Two ways Both (A) and (B) None of the above

6. What are Personal Laws?

Laws relating to inter-personal behaviour. Customs (religious beliefs) that have now been codified. Laws that a person makes. Laws based on opinion.

7. Agreements between a husband and wife living in a friendly environment are:

Valid Contracts Voidable Contract Domestic Arrangements Void Contract

8. A contract should be performed by:

the Promisor the Promisor's agent Promisor's legal representative All of them

9. State which of the following statements is false:

When a bill is drawn, accepted or endorsed for consideration, it is a fictitious bill. A Bill of Exchange is an unconditional order. A cheque is always payable on demand. The Negotiable Instrument Act, 1881 is applicable to the whole of India.

10. Writing is _____ in nature

personal impersonal neutral None of the above

11. Which of the following statements is true regarding Secondary/Subordinate legislation?

It cannot go beyond the ambit of the Act. It can go beyond the ambit of the Act or the Constitution of India. It can go beyond the Constitution of India. It is not subject to Directive Principles of State Policy.

12. If a party stands in a fiduciary relation to another, what is the implication?

He cannot dominate. He can dominate the will of the other. The trust should be maintained. None of the above.

13. The term price has been defined in which section of the Sale of Goods Act, 1930?

2(10) 2(7) 2(4) 2(2)

14. Who among the following cannot cross a cheque?

Drawer Holder Banker Foreigner

15. What is the method of delivering the message known as?

Receiver Channel Sender Feedback

16. Which of the following statements is false?

Case laws are judicial procedures. Any elected Minister can pass an ordinance. There is no punishment for contempt of court. Only Acts passed by the Parliament of India or State Legislature are the laws.

17. Municipalities are provided for authority under which part of the Constitution of India?

Part IX Part IX A Part II Part I

18. Which one of the following statements is correct?

Void agreements are always illegal. Illegal agreements are voidable. Illegal agreements can be ratified by the parties. Illegal agreements are always void.

19. Which one of the following statements is false?

Only movable goods are subject matter of Sale of Goods Act, 1930. Contract of sale creates right in personam. Agreement to sell creates right in rem. Both (B) and (C).

20. How many ingredients of offence are under Sec. 138 of the Negotiable Instrument Act, 1881?

Two Three Four Five

21. Which of the following relates to the need for proper Grammar and Syntax in communication?

Completeness Coherence Courteous Correctness

22. What is the grace period for payment of a negotiable instrument other than payable on demand?

7 days 3 days 1 month 15 days

23. If X contracted with Y to encroach upon Z's property forcefully, what is the nature of this contract?

Valid Void Illegal Voidable

24. Which of the following rights is/are available to an unpaid seller?

To resell the goods To mortgage the goods To consume the goods All of the above

25. In a breach of conditions in a contract of sale, what can the buyer do?

Cannot refuse to accept the goods. Has to pay the price. Can claim only damages. Can refuse to accept the goods.

26. In which business communication does a speaker have to clearly speak for or against a topic?

Presentations Debate Speech Group discussion

27. Which of the following relates to disadvantages of referencing?

It is the basis of research using secondary data. Too much referencing can lead to lack of originality. It brings about rigidity in research and it is a time-consuming process. Both (B) and (C)

28. What is commonly used to highlight certain important documents or matters of significance in a document?

Flowchart Colour printing Tables and graphs None of the above

29. In an FOB contract, when do property and risks pass on?

Shipment Landing at the port of destination Payment of the price Reaching the warehouse/godown of the buyer

30. For which of these rights of lien can not be exercised by an unpaid seller?

For dock charges Godown rent Warehousing charges All of the above

31. Which of the following statements is false regarding touch communications?

The use of touch communications is called Haptics. Change of command means levels of authority. Social media post is a written type of communication. Advertising is derived from the Latin word "Venalicium".

32. Which of the following is not an advantage of formal communication?

Reliable Fast Secrecy None of the above

33. At the end of the day, who needs to be satisfied in a business context?

Company Customers Suppliers None of the above

34. Select the odd one out:

Estoppel Sale by Merchant Agent Sale by Power of Attorney Holder Sale by Joint Owner

35. What is the term for auctioneer's tactics to raise prices artificially?

Pretended Bidding Manipulated Bidding Inflated Bidding Rigged Bidding

36. Select the odd one out regarding types of damages:

Nominal damages Special damages Exemplary damages Symbolic damages

37. A general offer can be accepted by:

Only senior citizens Any person competent to contract The person indicated therein None of them

38. What does remission of contract mean?

Termination of Contract Lapse of a Contract Discharge of a Contract All of the above

39. Quasi-Contractual obligations are also called:

Contractual obligation Moral obligations Extra Contractual obligations Certain relations resembling those created by contract

40. What does Consensus ad-idem mean?

Meeting of the mind Legality of objects Illegality of considerations Capacity to contract

41. A cheque is classified as:

Promissory Note Bill of Exchange Both (A) and (B) None of the above

42. If the words "not negotiable" are used with special crossing in a cheque, what is the status of the cheque?

Not transferable Transferable Negotiable under certain circumstances None of the above

43. How many parties are involved in a Bill of Exchange?

2 3 4 None of the above

44. Which of the following should be avoided in a group discussion?

Positive body language Leadership initiative False statements Confidence

45. How many parties are involved in a cheque?

2 3 4 5

46. If an instrument may be construed either as a Promissory Note or a Bill of Exchange, what is its status?

A valid instrument An unambiguous instrument A returnable instrument None of the above

47. The phrase "a cheque in electronic form" is defined in which section of the Negotiable Instruments Act, 1881?

Section 6(a) Section 6(1)(a) Explanation 1(a) of Section 6 None of the above

48. A corporation can be a party to a negotiable instrument if:

Authorised by its articles of association Special permission of Board of Directors is taken Special resolutions by shareholders are passed It is absolutely without any restrictions

49. A contract by a minor is voidable under which law?

Indian Contract Act English Law Hindu Law Common Law

50. A contract can be voidable due to:

Mistake of law of foreign country Mistake of law of own country Both (A) and (B) None of the above

51. The economic life of an entity is artificially split into small equal time intervals in accordance with which concept?

Going concern Matching Dual aspect Periodicity

52. Which of the following is not a framework of accounting?

Conceptual Legal Social Institutional

53. Which component of financial statements directly represents the Accounting Equation?

Income Statement Balance Sheet Cash Flow Statement None of the above

54. Which of the following is not a column in the triple column cash book?

Cash column Bank column Discount column Petty cash column

55. A cheque issued to a party of 44,800 was recorded twice in the Cash Book. How should it be treated while drafting Bank Reconciliation Statement, if the balance as per Cash Book is the starting point?

44,800 is to be deducted 89,600 is to be added 44,800 is to be added 89,600 is to be deducted

56. Which of the following is true about Trial Balance?

It is a part of books of accounts. It is a list of ledger balances. It is a part of financial statements. None of the above

57. 47,000 paid for installation of new machinery in the factory should be debited to which account?

Machinery Account Installation Expenses Repairs Factory

58. Recovery of bad debts:

Increases gross profit. Increases net profit. Decreases net profit. Decreases gross profit.

59. Under which method is depreciation calculated on the 'Original Cost' of a fixed asset?

Fixed installment method Production units method Depletion method Reducing balance method

60. Goods costing 1,28,000 taken for domestic use by proprietor were credited to Sales Account. While passing rectification entry, which account is to be debited and which account is to be credited?

Advertisement; Purchases Drawings; Purchases Sales; Purchases Sales; Suspense

61. In a consignment, the Proforma Invoice is sent by:

Consignee Consignor Customer Banker

62. Anil draws a bill worth 60,000 on Vijay on March 1, 2024 for 30 days after date. On which date will the bill mature, given that it was accepted on March 7, 2024?

March 31, 2024 April 1, 2024 April 3, 2024 April 10, 2024

63. On honour of a Bill of Exchange at maturity, no journal entry is required to be passed in the books of the drawer when:

Bill is retained till maturity. Bill is sent for collection. Bill is endorsed. All of the above

64. What will be the accounting for goods purchased for joint venture by co-venturer in case separate set of books are maintained?

Debit: Goods A/c; Credit: Co-Venturer's A/c Debit: Joint Venture A/c; Credit: Joint Bank A/c Debit: Co-Venturer's A/c; Credit: Joint Venture A/c Debit: Joint Venture A/c; Credit: Co-Venturer's A/c

65. Akash purchased goods costing 10,00,000, Vikash sold 4/5th of the goods for 12,50,000. The balance of the goods were taken over by Vikash at 'cost less 20%'. If the same sets of books are maintained, determine the profit on venture.

4,10,000 2,50,000 4,50,000 5,00,000

66. In Memorandum Joint Venture accounting method, each co-venturer records:

All transactions of joint venture. Common transactions of joint venture. Her/his respective transactions of the joint venture. Transactions of the co-venturer.

67. Which of the following is not a component of financial statement of a trading sole proprietorship business concern?

Balance Sheet Profit & Loss A/c Profit & Loss Appropriation A/c Trading A/c

68. What is the purpose of drafting Manufacturing Account?

Ascertaining cost on goods manufactured Ascertaining profit/loss of goods manufactured Ascertaining sale proceeds of goods sold Both (A) and (B)

69. While drafting financial statements, goods distributed as free samples but not yet accounted for in the books is to be reflected in which component(s)?

Only in Trading A/c Only in Profit & Loss A/c Both in Trading A/c and Balance Sheet Both in Trading A/c and Profit & Loss A/c

70. Outstanding Wages appearing in Trial Balance is reflected in:

Trading A/c (Debit-side) Profit & Loss A/c (Debit-side) Balance Sheet (under Liabilities) Profit & Loss Appropriation A/c (Debit-side)

71. In Ram's stationery business for the year 2023-24, the value of opening stock-in-trade is 4,00,000, sales during the year is 20,00,000, rate of gross profit is 25% on cost, and purchases is 24,00,000. What is the value of closing stock-in-trade?

12,00,000 14,00,000 8,00,000 15,00,000

72. Trade Mark is a:

Fixed Tangible Asset Fixed Intangible Asset Current Asset Fictitious Asset

73. Madhu's Trial Balance as at March 31, 2024 contains the following information: 12% Bank loan (since July 1, 2022) 2,00,000; Interest paid 20,000. What will be the total amount of Interest debited to Profit & Loss A/c for the year 2023-24?

2,20,000 4,000 20,000 24,000

74. Subscription of a social club for the year 2023-24 appearing in Income & Expenditure A/c is 87,000. Ascertain the amount of Subscription received during the year, given the following details: Arrear Subscription: On March 31, 2023 10,000 and March 31, 2024 12,000; Advance Subscription: On March 31, 2023 11,000 and March 31, 2024 8,000.

84,000 82,000 92,000 90,000

75. Income & Expenditure A/c of a non-profit organization is by nature:

Nominal Account Real Account Personal Account Fictitious Account

76. When Life Membership Fee is treated as a capital receipt, its:

Entire amount is credited to Income & Expenditure A/c. Entire amount is recorded as payments in Receipts & Payments A/c. Entire amount is added to Capital Fund in Balance Sheet. None of the above

77. Provision for discount on debtors is created only on:

Insolvent debtors Total debtors Bad and Doubtful debtors Total debtors after providing provision for bad debts

78. Jaggu purchased goods of 80,000 for cash at 10% trade discount and 5% cash discount. Purchase account is to be debited by:

72,000 76,000 68,000 80,000

79. Goods purchased from Lokesh Ltd., but wrongly entered in the sales return book. After rectification of error, the result will be:

Increase in gross profit. Decrease in gross profit. No effect on gross profit. Increase in net profit.

80. Software A/c is a:

Personal Account Intangible Real Account Nominal Account Tangible Real Account

81. Which one of the following accounts is not opened in the books of the consignor?

Consignment Account Commission Account Goods sent on Consignment Account Consignee's Personal Account

82. Which one of the following statements is true?

Joint venture follows the going concern concept. Accounting is transactions. Comparability is one of the accounting concepts. Financial statements are part of Accounting.

83. The manager is entitled to a commission of 2% on profits after deducting this commission. If the profits before charging such commission as well as interest on capital of 6,000 are 1,08,000, then the manager's commission will be:

2,160 2,000 2,040 2,280

84. Subscription received during the year is 70,000; subscription outstanding at the beginning of the year is 7,000. Income from subscription was shown as 75,000. What amount will be shown as subscription outstanding at the end of the year?

12,000 7,000 5,000 10,000

85. Bank balance as per Pass Book (credit) is 25,000. Cheque issued worth 9,090, but recorded in cash book as 9,900. Find the bank balance as per cash book.

Cash book (Dr) 15,100 Cash book (Cr) 15,100 Cash book (Dr) 24,190 Cash book (Cr) 24,190

86. CAS 6 deals with:

Material Cost Employee Cost Overheads Pollution Control Cost

87. Which of the following is not a cost unit applicable for the services sector?

Passenger-Km Tonne-Km Room-Day Cubic-feet

88. Which method of costing is appropriate for the readymade garments industry?

Process Costing Batch Costing Multiple Costing Contract Costing

89. The appropriate cost unit for a hospital is:

Operating Costing Single/Output Costing Contract Costing Batch Costing

90. The method of costing applicable for hospitals is:

Operating Costing Single/Output Costing Contract Costing Batch Costing

91. GACAP stands for:

Generally Accepted Cost Auditing Principles Generally Accepted Cost Accounting Principles Generally Accepted Accountancy Practices Cost Generally Accepted Cost Accounting Procedures

92. Calculate the amount of Factory Rent given that: Prime Cost is 6,50,000, Works Cost is 200% of Prime Cost, Depreciation on Plant is 2,50,000 and Power & Fuel is 1,70,000.

5,20,000 2,80,000 2,30,000 3,20,000

93. Which of the following item(s) is/are not included in the Cost Sheet?

Donations Collection expenses Audit fees All of the above

94. Which is an example of Direct Expenses in book publication?

Cost of paper Wages of printing staff Royalty to authors None of the above

95. Given that: Value of Raw Materials consumed is 2,00,000, Raw Materials purchased is 1,50,000 and Closing Stock of Raw Materials is 80,000, calculate the value of Opening Stock of Raw Materials.

4,30,000 30,000 2,70,000 1,30,000

96. Costing is the adoption of identical costing principles and procedures.

Marginal Uniform Standard Direct

97. Which one is false?

Tender is an estimation of selling price. Rent on own building is imputed cost. Fixed cost per unit increases with the increase of output. Out of pocket costs involve payment to outsiders.

98. Costs are classified into material costs, employees' costs and expenses, it is known as:

Functional Classification Element-wise Classification Behavioral Classification Classification according to controllability

99. Wages for abnormal idle time are charged to:

Abnormal Overhead Costing Profit & Loss Account Production Cost Job Cost

100. Which of the following items are not included in the Cost Sheet?

Cash Discount Bank Interest Donations to employees club All of the above

June 24 Attempt Session 1

[Choose your options carefully. The MCQ will be automatically submitted once the timer ends, your results will be displayed at the conclusion of the session]

Bussiness Law

Financial & Cost Accounting