TYBAF - SEM VI - MCQ
TYBAF - SEM VI MCQ...
MCQ – Multiple
Choice Questions
SAMPLE MCQ
AS PER UNIVERSITY OF MUMBAI
SYLLABUS
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CLASS: T.Y.B.A.F-VI SEM REGULAR
SUB : Financial Accounting
MCQ (50 QUESTIONS)
1) At present, Electricity Companies are
governed by
a) Electricity Act, 1910
b) Electricity (Supply) Act, 1948
c) Electricity Regulatory Commission Act, 1998
d) Electricity Act, 2003
2) Capital of a co operative societies, 2002
a) share capital
b) ear marked fund
c) corpus fund
d) reserve fund
3) Electricity tariffs are fixed
a) by appropriate commission
b) under Electricity (Supply) Act, 1948
c) under Electricity Act, 1910
d) under Electricity Regulatory Commission Act,
1998
4) Contribution towards the sinking fund
a) 25% of the net profit each year
b) ₹ 36 per member per year
c) 1/4 % of the cost of the flat per annum
from each member
d) ₹ 1/- per member
5) Security deposit from electricity consumers
a) may be collected under section 43 of the
Electricity Act, 2003
b) may be collected under section 47 of the
Electricity Act, 2003
c) is the same everywhere in india
d) cannot be collected
6) Value of share of each member in capital of
the society
a) ₹250
b) ₹300
c) ₹1500
d) ₹3000
7) Interest on Security deposit from
electricity consumers
a) is not payable
b) is payable at bank rate or more as
prescribed
c) is payable only at bank rate
d) may be paid at a rate lower than the bank
rate
8) Balance of security deposit from electricity
consumers
a) is written off
b) is shown as current liability
c) is shown as non-current liability
d) is shown as current assets
9) The maximum amount of cash allowable to be
kept by sugar factories
a) ₹5,000
b) ₹1,000
c) ₹500
d) ₹300
10) Balance of accrued interest on security
deposit from electricity consumers
a) is written off
b) is shown as current liability
c) is shown as non-current liability
d) is shown as current assets
11) Tools and Equipment are shown in balance
sheet of a co operative society
a) under fixed assets
b) under current assets
c) separately
d) miscellaneous expenditure
12) Deposit for service line contribution cum
development change may be accounted for
a) as a liability
b) as a assets
c) as a expanses
d) as a income
13) Bye law no. ________ deals with final
Accounts.
a) 147
b) 146
c) 72
d) 43
14) Grand received under APDRP of ministry of
Power is accounted for
a) as a liability
b) as a reserve
c) as a capital reserve
d) as reduction in cost of fixed assets
15) Every society deriving profits, shall
transfer ________% of the profit to Reserve Fund
a) 10
b) 25
c) 15
d) 5
16) Utilisation of all funds will be with the
_____ permission of General Body
a) prior
b) after
c) pre
d) post
17) In case of Electricity Companies,
depreciation is changed as per
a) the rates prescribed by the central
electricity regulatory commission
b) the rates prescribed by the companies act
c) the rates prescribed by the income tax act
d) the rates prescribed by the comptroller and
auditor general of India
18) Maximum amount of cash balance for a
society is ₹______
a) 250
b) 300
c) 350
d) 400
19) Non-occupancy charges cannot exceed
__________ % of service charges
a) 5
b) 15
c) 10
d) 25
20) In case of Electricity Companies,
depreciation is changed as per
a) either straight line method or written down
method
b) either straight line method or optimised
depreciated replacement cost based method
c) only the straight line method
d) on the optimised depreciated replacement
cost based method
21) Under the maharashtra co op. Society act, a
society must prepare the profit and loss a/c and balance sheet for an
accounting year
a) as per schedule 6
b) in form M
c) in form N
d) in form P
22) Audit charge are recovered from members ar
₹ _______ per member.
a) 36
b) 40
c) 50
d) 100
23) In case of additional capital expenditure
by Electricity Companies during the year, depreciation rate should be applied
on
a) closing gross block of assets
b) opening gross block of assets
c) average gross block of assets
d) on addition capital expenditure on time
basis or pro rata basis
24) _________ fund of the society shall
comprises of all entrance fees received by the society from its members.
a) Reserve
b) Capital
c) Revenue
d) Profit and loss
25) ___________ Fund may be used to the society
for reconstruction of its building.
a) Capital
b) Revenue
c) Sinking
d) Reserve
26) Formats of financial statements of
Electricity Companies are laid down in
a) The central electricity regulatory
commission act
b) The companies act
c) The income tax act
d) The Electricity act
27) The Are of operation of the society is
confined to the area in which it is _______ .
a) location
b) located
c) debit
d) credit
28) The whole of the day to day management of a
co operative society vests in
a) the general body
b) the managing committee
c) the secretary
d) the chairman
29) Amendment of bye laws of the society can be
done
a) by the general body by 2/3rd majority
b) by general body by 2/3rd majority subject
to approval from register
c) by the general body by simple majority
d) by the general body by 3/4th majority
30) The society shall file annual returns on or
before 30th __________ of every year to the registrar.
a) September
b) April
c) June
d) November
31) The value base for depreciation in case of
Electricity Companies should be ________ cost of capital
a) capital
b) revenue
c) current
d) investment
32) For charging depreciation in case of
Electricity Companies, cost of land should be ______ the cost of assets.
a) excluded from / included in
b) excluded from
c) included from
d) included from / excluded in
33) _________ fund of the society shall
comprises of all transfer fees received by the society from its members.
a) Reserve
b) Capital
c) Revenue
d) Profit and loss
34) A member who holds jointly a share of
society with others, but whose name does not stand first in share certificate
a) nominal member
b) sympathiser member
c) associate member
d) co member
35) Expulsion of a member can be done
a) by managing committee
b) by the general body by simple majority
c) by general body by 3/4th majority
d) by chairman
36) Depreciation should be charged from the
year of _________ production or part of the year on time basis or pro rata
basis
a) comercial
b) assets
c) capital
d) cost
37) The maximum amount of cash allowable to be
kept by consumer societies
a) ₹5,000
b) ₹1,000
c) ₹500
d) ₹300
38) section ______ of the act states that no
part of the funds other than the dividend equalisation or bonus equalisation
shall be paid by way to bonus or divided to its members.
a) 65 (1)
b) 65 (2)
c) 64
d) 68
39) Register of audit objection is required to
be maintained by a co operative society under
a) section 79(1) of M.S.C.S. act
b) section 38 of the co operative society act
read with rule no.32
c) Rule No. 65 of M.S.C.S Rules
d) Rule No. 61 of M.S.C.S Rules
40) Bye
law no. 84
a) Break up of service charges of the society
b) sharing of the society charges by members
c) parking charges
d) interest on delayed payment of charges
41) Contribution towards the sinking fund
a) 1/4% of the cost of the flat per annum
from each member
b) maximum 20%
c) maximum 10%
d) 25% of the net profit each year
42) In case of Electricity Companies, after
_____ year from the year of commercial production, remaining depreciable value
should be depreciated equally over the _______ life.
a) 10, remaining
b) 5, remaining
c) 20, remaining
d) 12, remaining
43) Receipt and payment account is required to
be prepared by a co operative society under
a) section 79(1) of M.S.C.S. Act
b) section 38 of the co operative society act
read with rule no.32
c) Rule No. 65 of M.S.C.S Rules
d)Rule No. 61 of M.S.C.S Rules
44) For charging depreciation in case of
Electricity Companies, cost of leased land should be ______ the cost of assets.
a) excluded from / included in
b) excluded from
c) included from
d) included from / excluded in
45) The depreciation in case of Electricity
Companies should be charged in such a way that salvage value of assets remains
_____% of cost and _______% of cost is deprecated during the useful life of
assets.
a) 10, 90
b) 90, 10
c) 20, 80
d) 25, 75
46) Final Accounts for co operative society
a) Bye law no. 142
b) Bye law no. 145
c) Bye law no. 146
d) Bye law no.147
47) normal recurring repais
a) minimum of 0.75 % per annum of the
construction cost of each flat
b) minimum of 0.25 % per annum of the
construction cost of each flat
c) minimum of 0.10 % per annum of the construction
cost of each flat
d) minimum of 0.20 % per annum of the
construction cost of each flat
48)The prescribed form of balance sheet and
profit and loss Account (Form N) is dealt with in
a) Rule No. 62 of M.S.C.S Rules
b) Rule No. 32 of M.S.C.S Rules
c) Rule No. 65 of M.S.C.S Rules
d) Rule No. 61 of M.S.C.S Rules
49) section ______ of the act states that every
society shall contribute annually towards the education fund.
a) 65 (1)
b) 65 (2)
c) 64
d) 68
50) Interest on the defaulted charges
a) Bye law no. 70
b) Bye law no. 71
c) Bye law no. 72
d) Bye law no. 142
CLASS:
SYBFM – VI SEM REGULAR
SUB: INDIAN ECONOMICS – III
MCQ
(50 QUESTIONS)
1. __________
was the chairman of UIDAI.
a) Mr.Nandan Nilankani b) Mr.Suresh Kirmani c) Mr.Mahesh Vishwakarma d) Mr.
gopinath shinde
2.
MGNREGS stands for _________.
a)
Mahatma
Gandhi National Rural Employment Guarantee Scheme
b) Mahatma
Gandhi National Urban Employment Guarantee Scheme
c) Mahatma
Gandhi National Rural Equity Guarantee Scheme
d) Mahatma
Gandhi National Rural Employment Guarantee Session
3. The
state of ________ created maximum job opportunities under MGNREGS in 2011-2012.
a) Madhya
Pradesh b) Rajasthan c)
Telangana d) delhi
4. __________
is known as then ‘Aadhar Gaon’.
a) San
gaon b) uri village c) bharatpur village d) thambali village
5. According
to the Planning Commission, ________ of the population was below poverty line
in 2011-2012.
a) 21.9% b) 22.9% c) 23.9% d) 24.9%
6. Annapurna
Scheme was introduced in ____________.
a) March
2000 b) April 2000 c)
june 2000 d) October 2000
7. The
poverty line currently used by the Planning Commission is based upon _________
committee’s report.
a) Tendulkar b) Gavaskar c)
Kohli d) singh
8. __________
is coefficient used to measure the extent of inequality.
a) Bini b) mini c) Gini d)
4y
9. __________
System of taxation is used to reduce inequality.
a) Non
progressive b) declining c)
progressive d)
impressive
10. NCAER
stands for ________.
a) National
council of apprehensive economic research
b) National
committee of applied economic research
c) National
council of applied economic report
d)
National
council of applied economic research
11. NSSO
estimates inter-state inequality by using ________ ratio.
a) Lorenz b) morenz c)
Donald c) moulding
12. _______
inclusion can be achieved through Jan Dhan Yojna.
a) Physical b) financial c) human d) efficiency
13. Pradhan
Mantri Ujjwala Yojana is concerned with _________.
a) CNG
connection b) water connection c) LPG
connection d) Gas supply
14. DBTs
stands for ________.
a)
Direct
benefit transfer
b) Direct
benefit transmission
c) Direct
beneficiary transfer
d) Deduct
benefit transfer
15. __________
unemployment is a situation in which the marginal productivity of labour is
zero.
a) Cyclical
unemployment c) seasonal unemployment
b) Disguised unemployment d) frictional
unemployment
16. NABARD
stands for __________.
a) National
balance for agriculture and urban development
b) National
bank for agriculture and rural development
c)
National bank for agriculture
and rural declining
d)
National
bank for agriculture and rural development
17. MGNREGP
provides employment for a minimum of ________ days in a year.
a) 100 b) 200 c)
300 d)365
18. _________
status unemployment refers to chronic unemployment.
a) Unusual b)
Usual c) weekly status d) monthly
19. The
Twelfth Five Year Plan is from __________ to __________.
a) 2012,2017 b) 2013,2018 c) 2014,2015 d)
2010,2003
20. The
magnitude of unemployment is brought out by __________ survey.
a) NSSOP b) NSSO c) NASA d) NASP
21. The
organization __________ is concerned with skills development.
a)
National
skill development corporation
b) Food
corporation of India
c) International
corporation of world
d) Organisation
of skill development
22. The
problem of poverty is ……….. problem.
a) Age –old
b) old age c) home age d) middle age.
23. India
is caught in ………… circle of poverty.
a) Dangerous
b) vicious c) round d) poor
24. According
to the Human Development Report 2011, India’s Gini index was ……..% for the
period 2010-11.
a) 35.6 b)36.8 c) 37.6 d) 39.6
25. A
lower gini index implies ……….. .
a)
More
equal distribution of income
b) Unequal
distribution of income
c) Higher
inequality
d) Higher
equality
26. UID
stands for ……….. .
a) Universal
identification
b)
Unique
identification
c) Unique
intelligent
d) Unique
information
27. The
world’s largest health care program is ………… .
a) MGNREGP b) swatch bharat c)
ayushman bharat d) Digital
india
28. The
government introduced the National Rural Employment Guarantee Bill 2004 in the
parliament in ……… .
a) December 2004 b) may 2004 c)
june 2004 d) November 2004
29. ‘Make
in India’ is concerned with ………
a) Agricultural
sector b) manufacturing sector c)
service sector d) quaternary sector
30. Pradhan
mantri Kaushal Vikas Yojna is related to ……… .
a) Skill development b) educational reforms c) fiscal reforms d) industrial reforms
31. …………
unemployment refers to joblessness of the people in cities & towns.
a) Rural
b) remote areas c) forest areas d)
urban
32. An
expert group was constituted by the planning commission in 1989 to estimate the
exact decline in poverty ration which was headed by ……… .
a) D T Ladkawala b) P T Ladkawala c) C T Ladkawala d) B
T Ladkawala
33. According
to professor ……… poverty was accentuated by the liberalisation process in the
1990s
a) A
N Gupta b) S P Gupta c) M P
Gupta d) C M Gupta
34. ………
programme was launched in December 2000
to provide good all weather roads to 1.60 lakh unconnected habitations with a
population of 500 or more persons in the rural areas.
a) Pradhan
mantri gramodaya yojana
b) Antyodaya
anna yojana
c)
Pradhan
mantra gram sadak yojna
d) Annapurna
35. To
protect worker in unorganized sector , ………. Pension yojana was started in 2015.
a) Gandhi
b) Nehru c) Indira d) Atal
36. Poverty
alleviation programmes have been implemented by government since ………
a) 1947 b) 1948 c) 1951 d)1950
37. ……….
Programme to improve the adverse sex ratio and ensure protection, survival and
education of the girl child.
a)
Beti
bachao beti padhao
b) Aam
admi bima yojna
c) Rashtriya
swasthya bima yojna
d) Ayushman
bharat
38. ………
scheme was launched in 2016 which support to BPL families to get LPG
connection.
a) UID
system
b) Direct
benefits transfer
c)
Pradhan
mantri ujjwala yojana
d) Other
measures
39. …….. is supposed to the gift of nature.
a)
Computer b)
mobile phones c) land d)
labor
40. ………. Scheme provided insurance cover to the
head of the family of rural landless households against & natural death as
well as disabilities.
a)
Child labor programme b) make in india c)
ayushman bharat d) aam admi bima yojna
41. The unorganized
workers’ social security act came into effect ………..
a)
May,2008 b) june,2008 c) july,2008 d) October,2008
42. Under the …………….
Scheme cooked food served to all children from I to VIII standard in all
government and govt. aided schools.
a)
Food corporation of India b)
midday meals c) Afternoon meals d) evening snacks
43. The underlying
commitment of the Ayushman Bharat scheme is …….
a)
Leaving no
one behind b) leaving every one behind c) working as team d) working individually
44. ………….. unemployment
arises due to seasonal factors.
a)
Cyclical unemployment b) voluntary unemployment
c) seasonal
unemployment d) frictional
unemployment
45. …………. Unemployment
occurs when new methods of production or machines and equipments displace
labor.
a) open unemployment b) seasonal unemployment c) disguised unemployment d) technical unemployment
46.
……….
Yojna aims at training one crore youth by 2020 in industry related skills .
a)
Swacha bharat abhiyan b)
pradhan mantra kaushal vikas yojana
c) pradhan mantra kaushal Kendra d) skill development
47. ………. Initiative was
launched in 2014 with goal of making a manufacturing global hub.
a)
Make in
india b) make in china c) make in Mumbai d) make in gujurat
48. Who is current
finance minister of India?
a)
Manmohan singh b)
narendra modi c) nirmala sitharaman d)
om birla
49. The government of
India confirmed India’s first case of coronovirus disease 2019 on 30th
January 2020 in the state of ………. .
a)
Maharashtra b) kerala c) uttar Pradesh d)
tamil nadu
50. The great
Depression was a severe world wide economic depression that took place mostly
during……… .
a)
1919-1920 b)
1920-1921 c)1929-1930 d) 1914-1918
CLASS:T.Y.B.A.F SEM V
SUB:Financial management
i
MCQ(50
Questions)
1.A________valuation is an examination
conducted towards rendering an estimate or opinion as to the fair market value
of a business interest at a given point of time.
a.Buisness() b.Market () c.Book()
d.Fair()
2.____value is the accounting record value of
assets that is shown in the balance sheet.
a.Book()
b.Market() c,Present()
d.Liquidation()
3.__________value is the value at which an
asset or a security of a company can be sold in the market.
a.Book
b.Market() c.Present d.Liquidation
4.________value can be applied to tangible
assets only because intangible assets cannot be sold generally.
a.Book b.Market c.Present d.Liquidation
5.The________value of all the incremental
future cash flows can be termed as the intrinsic value.
. a.Book() b.Market() c.Present()
d.Liquidation()
6._______value represents the price at which
each individual asset can be sold in the event of liquidation of business.
a.Book() b.Market() c.Present() d.Liquidation()
7.The maximum price at which a business can be
acquired is the ___value.
a.Fair () b.Salvage() c.Replacement() d.Economic()
8.________value is the cost of purchasing or
replacing a new asset which is of equal utility to the business.
a.Fair()
b.Salvage() c.Replacement() d.Economic()
9.______value is the average of the market
value, book value and the intrinsic value.
a.Fair()
b.Salvage( ) c.Replacement() d.Economic()
10._________value is generally applied to
tangible assets like equipment,plant.
a.Fair()
b.Salvage() c.Replacement() d.Economic()
11.Fair value of the shares is equal to______
a.intrinsic value only() b.yield value only() c.Avergae of Intrinsic value and yield value()d.EPS()
12.Under Net Asset value method value of shares
are depends on_
a.Net
Asset available to equity shareholders()
b.Net asset available to Debenture holders()
c.Net Asset available to Preference
shareholders()
d.Non current asset()
13._______refers to the mutual consolidation of
two or more entities to form a new enterprise with new name.
a.Merger() b.Acquisition() c.Takeover() d.reconstruction()
14.In a ______multiple companies of similar
size agree to integrade their operations into a single entity, in which there
is shared ownership, control and profit.
a.Merger
() b.Acquisition() c.Takeover() d.reconstruction()
15.The Purchase of the business of an
enterprise by another enterprise is known as________
a.Merger()
b Acquisition() c.Takeover() d.synergies()
16.In_______the firm which acquires another
firm is Known as Acquiring company while
the company which is being acquired as known as Target company.
a.Merger()
b.Acquisition() c.Takeover() d.synergies()
17.An_______is the purchase of by one company
(the acquirer) of a substantial part of the assets or the securities of
another(target company)
a.Merger
b.Acquisition() c.Takeover d.synergies
18._______mergers refer to two firms operating
in same industry or producing ideal products combining together.
a.Horizontal() b.Vertical() c.Conglomerate() d,Concentric()
19.The main objectives of __mergers are to
benefit form economies of scale reduce competition, achieve monopoly status and
control the market.
a.Horizontal() b.Vertical() c.Conglomerate() d,Concentric()
20._____merger refers to the combination of two
firms operating in industries unrelated to each other.
a.Horizontal()
b.Vertical() c.Conglomerate()
d,Concentric()
21.The main objective of a _________merger is
to achieve a big size.
a.Horizontal()
b.Vertical() c.Conglomerate() d,Concentric()
22.A watch manufacturer acquiring a cement
manufacturer is an example of merger_________
. a.Horizontal() b.Vertical() c.Conglomerate()
d,Concentric()
23._______merger refers to combination of two
or more fims which are related to each other in terms of customer groups,functions or technology.
. a.Horizontal() b.Vertical() c.Conglomerate() d,Concentric()
24.Combination of a computer system
manufacturer with a UPS Manufacturer is an example of_______merger.
. a.Horizontal() b.Vertical()
c.Conglomerate() d,Concentric()
25.The _________as well as non trading assets
should also be reduced in total assets.
a.Goodwill
b.cash c.Debtors d.Creditors
26.Under____method, shares are valued on the
basis of expected dividend and normal
rate of return.
a.Dividend
yield b.Net asset method c. yield d.earning profit
27.Under______method shares are valued on the
basis expected earnings and normal rate
of return.
a.Dividend yeid b.Earning yield c.Net Asset d.Future
28.The expected rate of return in investment is
denoted by____
. a.Dividend
yield b.Net asset method c. yield d.earning
profit
29.NPV=_________-Premium
a.Value creation() b.Acceleration() c.Synergies() d.Speculation()
30.An acquisition is the same thing as_
a Spin-off()
b.a merger() c.an amalgamation()
d.turnover.()
31.Balance of capital reduction should be
transfer to______
a.Securtiy premium() b.Capital reserve() c.share
capital() d.profit and Loss()
32.A new company is formed under_______
a.Absorption()
b.Reconstruction ()c.Amalgamation()
d.Internal()
33.Amalgamation is formed under______
a.As-14
b.As-3 c.As-21 d.AS-32.
34.All of the following are common motives for a merger or
acquisition except for.
a.Operating synergy() b.financial synergy() c.raising the cost of capital()
dBuying undervalued assets()
35.Vertical mergers are those in which the
participants are
a.in the same industry() b.in different
industries()
c.in
different phases of the value chain() d.other form()
36.Earnings based company valuations do not
include the
a.P/E method () b.DCF method ()
c.ABC
method() d.APR method()
37.Which of the following are commonly cited
reasons for M & As?
a.Synergy () b.Market
power()
c.Strategic realignment() d.all the above()
38.Asset based company valuations do not
include the
a.Marginal
cost method() b.book value method()
c.realisable method() d.replacement cost
method()
39.Other reasons for company valuations do not include
a.tax
evasion() b.inheritance tax
assessment()
c.security for loans() d.Capital gains tax assessment()
40.Justifications for M & As do not relate
to:
a.emoluments () b.job security()
c.power()
d.dividends()
41.Financial motives for M & As do not relate to
a.earning per share() b.corporation tax()
c.value added tax() d.unemploymed tax shields()
42.Managerials motives M & As do not relate
to
a.emoluments () b.job security()
c.power() d.dividends()
43.The three broad approaches to company
valuation do not include
a.future earnings valuation() b.inventory valuation()
c.stock market valuation() d.asset valuation()
44.The good reaons for M &As do not include
a.supporting value-added growth() b.increasing earning per share()
c.complementing business strategies()
d.stopping acompetitor merging
or taking over()
45.synergies that reduce costs through the
economies of scale in various divisons of the company, research and development
,procurement ,sales and marketing,manufacturing, distribution and general
administration is called______
a.Cost() b.revenue() c.Reserve()
d.Subsidiary()
46.A___merger in a small industry will
definitely help in increasing the market share.
a.Horizontal() b.Vertical() c.Reverse() d.Subsidiary()
47.A car manufacturer acquires a steel company
is an example of __________merger.
a.Horizontal()
b.Vertical()
c.Conglomerate() d.Concentric()
48.In_______merger ,the buyer merges into the
target and the shareholders of the buyer get stock in the target.
a.Horizontal() b.Vertical() c.Reverese() d.Concentric()
49.________is where a larger company acquires
another company and uses its greater resources to accelerate market access for
the smaller company’s products.
a.value creation() b.Acceleration() c.Synergies() d.specualtion()
50.The ways in which mergers and Acquisitons (M&
As) occur do not include:
a.Vertical integration () b.Conglomerate takeover()
c.Vertical integration
() d.Horizontal
integration()
CLASS: T.Y.B.A.F-VI SEM REGULAR
SUB : COST ACCOUNTING
MCQ
(50 QUESTIONS)
1. Which
of the following is / are true with regard to the period of budget ?
(i)The budget period depends on the nature of
industry
(ii)Master
budget is prepared annually, while functional budgets may be for different
periods
(iii)Basic
budget is the long term budget Only.
(i)
above(i) only (ii) above(ii) c. Both (i) and (ii) above() d. All (i) (ii) and (iii) above()
2. The
classification of fixed and variable cost has a special significance in the
preparation of
a. Flexible budget() b. Cash budget() c. Capital budget()
d. Zero-based budget()
3.
When a flexible budget is used, then decrease in the actual production level
whit in a
relevant
range would
a.
Decrease variable cost per unit()
b. Decrease variable costs()
c.
Increase total fix costs() d. Increase
variable costs per unit()
4. If
the activity level is reduced from 80% to 70% the fixed cost
a.
will decrease by 10%() b.
will increase by 10%() c.
per unit will decrease()
d. per
unit will increase()
5.
Which of the information below should be contained in a budget manual?
a. An organisation chart() b. Timetable for budget
preparation()
c. A
list of account codes() d. All
(a), (b) and (c)()
6. A
master budget comprises
a. The
budgeted profit and loss account()
b.
Budgeted cash flow, budgeted profit and loss, budgeted balance sheet()
c. Budgeted
cash flow()
d. Entire sets of budgets prepared()
7.
Which of the following is normally the most appropriate sequence of events in
the
preparation of the indicated budgets?
a. Sales
budgets, cash budgets, budgeted balance sheet, production budget()
b. Sales
budgets, cash budgets, production budgets, budgeted balance sheet()
c. Sales
budgets, production budget, cash budgets, budgeted balance sheet()
d. Sales
budgets, production budgets, budgeted balance sheet, cash budgets()
e.
8.
Which one of the following items would NOT be included in a cash budget?
a.
Capital repayments on loans() b. Depreciation
charges()
c.
Dividend payments()
d. Proceeds of sales
of fixed assets
9.
Which of the following items should be included in a cash budget?
(i)
loan repayments (ii)
depreciation charge (iii)
tax provision
(iv)
wages paid
a.
(i) and (ii)() b. (i) and (iv)() c. (ii) and (iii)() d. (iii) and (iv)()
10. A
company is preparing a production budget for the next year. The following
information is relevant
Budgeted
sales 10000 units
Opening
stock 600 units
Closing
stock 5% of budgeted sales
The
production process is such that 10% of the units produced are rejected
What
is the number of units required to be produced to meet demand ?
a.
8900 units() b. 9900
units() c. 10900
units() d. 11000 units()
11. A
company has the following budgets for the next month:
Finished
product
Materials
Sales
– 7000 units
Usage per units – 3kg
Production
units – 7200 units Opening stock
– 400kg
Closing
stock – 500kg
What
is the material purchase budgets for the month ?
a.
20,900 kg () b. 21,100 kg() c. 21,500 kg() d. 21,700 kg()
12.
ABC LTD. Uses the following flexible budget formula for annual maintenance
cost:
Total
cost = Rs. 6,720 + Rs. 0.64 per machine hour
The
current month’s budget is based on 20000 hours of planned machine time.
The
maintenance cost included in this flexible budget for the current month is
a.
Rs. 12,240() b. Rs. 12,800() c. Rs. 13,360() d. Rs. 13,600()
13.
ABC LTD has furnished the following information for 4,000 units of a product
for the
year
2014-2015
Particulars
Rs.
Direct
materials
2,50,000
Direct
labour
2,00,000
Manufacturing
overheads
2,80,000 (40% fixed)
Selling
and administrative overheads
2,70,000 (30% fixed)
The
total cost of 4,380 units is
a.RS.
10,95,000()
b.Rs.10,42,500()
c.Rs.10,80,120()
d.RS.
10,76,665()
14.
The budgeted cost of electricity is Rs. 62,500 for 5,000 units of production
per month and
Rs.71500
for 6200 unit of production per month. If company manufactures 6900 units
in the
month May 2014 the budgeted amount of electricity for the month is .
a.Rs.74360() b.Rs.76750() c.Rs.77770() d.Rs.79572()
15.__________budgeted
is calculated from the desired ending inventory in and the sales forecast.
a.production() b.master() c.fixed() d.principle()
16.________
is a financial and /quantitative statement prepared and approved prior to a
Defined
period of time of the policy to be pursued during that period for the purpose
of
Attending
a given objective.
a.budget() b.function() c.flexible() d.center()
17.CIMA
has defined a ___________ Budget as the summary budget incorporating its
Component
functional budgets.
a.Master() b.productio() d.functional() d.fixed()
18.CIMA
has defined a_________Budget as a budget which is designed to remain
unchanged irrespective of the level of capacity or
volume.
a.fixed() b.master() c.functional() d.key()
19.CIMA
has defined a Budget_________as a section of the organisation of an undertaking
Defined
for the purpose of budgetary control.
a.center() b.fixed() c.production() d.master()
20.CIMA
has defined budget________as a document sets out the responsibilities of the
Person
engaged in, the routine of and the form and record required for ,budgetary
control.
a.manual() b.key() c.production() d.functional()
21.CIMA
has defined a_________factor as a factor which at any time or over a period
many
limit
the activity of an entity often one where there is shortage or difficult of
supply.
a.center() b.manual() c.key() d.fixed()
22.Sales
budget_____________
a.functional
budget() b.current budget() c.master budget() d.key factor
23.Budget
which is established for use unaltered over a long period of time _________
a.basic
budget() b.budget center() c.principle budget() d.fixed budget
24.a
factor which at any time or over a period may limit the activity of an
entityoften one
where
there is shortage or difficult of supply.
a.budget
center() b.key factor c.manual budget() master budget()
25. a
section of the organisation of an undertakingDefined for the purpose of
budgetary control.
a.budget
center() b.master budget() c.fixed budget d.sales budget()
26.What
should be the profit per week if the selling price of the product was set at
Rs.31 per unit?
a.Rs
2800 b.3150 c.5490 d.5800
27. A
company manufactures and sells two products( X and Y)both of which utilise the
same skilled labour. For the coming period, the supply of skilled labour is
limited to 2,000 hours. Data relating to each product are as follows :
Product
X Y
Selling
price per unit
Rs20
Rs40
Variable
cost per unit Rs12 Rs30
Skilled
labour hours per unit 2
4
Maximum
demand (unit) per period
800
400
In
order to maximise profit in the coming period, how many units of each product
should the company manufacture and sell ?
a. 200
units of X and400 unit of Y b.400
unit of X and 300 unit of Y
c. 600 unit of X and 200 unit of Y d.800 unit of X and 100 unit of
Y
28. A
company manufactures and sells a single product. The variable cost of the
product is Rs2.50 per unit and all production each month is sold at a price of
Rs3.70 per unit. A potential new customer has offered to buy 6,000 units per
month at a price of Rs2.95 per unit. The company has sufficient spare capacity
to produce this quantity. If the new business is accepted sales to existing
customers are expected to fall by two
units for every 15 units sold to the new customer. What would be the overall
increase in monthly profit which would result from accepting the new business ?
a.Rs1,740 b.Rs2,220 c.Rs2,340 d.Rs2,700
29.A
company manufactures four components (L,M,N and P) using the same general
purpose machinery .Weekly demand is 1,500 units of each component but only
24,000 machine hours are available. Each week . A decision has to be made on
which component to buy in from an outside supplier. The following data are
available :
L M N
Variable
production cost (Rs per unit) 45 40 30
General
purpose machinery hours per unit 3 5 4
Purchase
price from outside supplier (Rs per unit)
57 55 54
In
order to minimise total cost , which component should be purchased from the
outside supplier each week ?
a.component
L b.component M c.component N d.component P
30.A
company manufactures two products (L and M) using the same material and labour
it holds no stocks. Information about the
variable costs and maximum demands are as follow
Product
L Product M
Rs/unit Rs/unit
Material
(Rs 4 per litre)
13
19
Labour
(Rs 7 per hour)
35
28
Units Units
Maximum
monthly demand
6,000 6,000
Each
month 50,000 litres of material and 60,000 labour hours are available
Which
one of the following statements is correct ?
(a) Material
is a limiting factor but labour is not a limiting factor
(b) Material
is not a limiting factor but labour is a limiting factor
(c) Neither
material nor labour is a limiting factor
(d) Both
material and labour are limiting factors
40.A
company would sell 40,000 units of a product if the unit selling price was sat
at Rs 10 and these would generate a total contribution of Rs 1,60,000. If the
unit selling price was reduced to RS 9.50 then sales of 44,000 units would
result.
Setting
unit selling prices of Rs 10.50 and Rs 11 would result in sales of 36,000 and
31,000
units respectively.
Which
selling price would generate the highest total contribution?
a.Rs.9.50() b.Rs.10 c.Rs.10.50 d.Rs.11.00
41.Contribution
=sales - __________ cost.
a.fixed
cost() b.variable cost() s.emivariable cost d.sunck cost
42.__________Cost
is the value of the alternative forgone by adopting a particular strategy or
Employing
resources in specific manner.
a.Opportunity() b.impute() c. sunk() d.controllable
43.__________Cost
in the hypothetical or notional cost not involving any cash payment computed
Required
to be made by the management at present.
a.avoidable() b.differential () c.imputed() d.sunk()
44.________cost
wich can not be influenced by the concerned cost centre.
a.controllable() b.sunk() c.differential() opportunity()
45._______
Cost are in escapable cost which are essentially to be incurred within the
limit of norms
Provided
for.
a.unavoidable() b.avoidable() c.sunk() d.imputed()
46.__________
cost is the change in cost due to change in activity from one level to another.
a.Differential
() b.fixed() c.variable() d.sunk()
47.value
of the alternative foregone by adopting a particular strategy or employing
resources
In
specific_______________ manner.
a.opportunity
cost() b.fixed cost c.variable cost() d.semivariable cost()
48.Change
in cost due to change in activity for one level to another level.
Semivariable
cost() b.differential cost() c.variable cost() d.sunk cost()
49.ICMA
stand for ____________
a. institute
of cost and management accountants()
b.institute
of cost and management audit()
c.
institute of code of management accountants()
d.industry
of cost of management accountants()
50.ICWAI
stand for______________
a.institute
of cost and works accountants of India()
b.institue
of cost and works accountants of industry()
c.institute
of cost and words accountants of India()
d.instute
of cost and works account of India()
CLASS:
T.Y.B.A.F-VI SEM REGULAR
SUB : Indirect Tax
MCQ
(50 QUESTIONS)
1. Article
__________of the constitution give power to Parliament of India to enact laws
for the India.
a. 260() b.390() c.245() d.250()
2.________ Customs Act .
a.1962()
b.1975()
c.1935()
d.1960()
3.Indian Exclusive economic zone an area up to
________ nautical miles in to sea from
base line.
a.12() b.24() c.100() d.200()
4.Custome duty is on __________.
a. services()
b. goods() c.
goods and services() d. none of the above()
5.Customs tariff act____________.
a.1935() b.1962() c.1975() d.1938()
6.Territorial water_________.
a.12 nautical miles() b.24nm() c.176nm() d.200nm()
7._______is the last stage in imposition of tax.
A.rebate() b. Assessment() c. Collection() d. Levy()
8.Goods which are chargeable to duty on which duty has
not been paid are knows
as _______goods.
a.Imported() b. exported() c. interport() d. all()
9.The term “goods” includes_________.
a. Vessel, Vehicle & aircraft() b. Baggage()
c. Currency & negotiable instruments() d. All of the above()
10._________Chargeing section in Customs
a.12 nautical miles from Indian base line() b.176() c.200() d.24()
11.Vessel, Vehicle or aircraft used for transport of
passenger or goods is knows as _________
for the purpose of customs.
a. Goods carrier()
b. passenger transport()
c. conveyance()
d. all of the above()
12.U/s 2(3), Baggage includes unaccompanied baggage
but done not include __________
a. Motor vehicle() b. aircraft() c. roadway() d. all of the above()
13.For the purpose of Customs law, any vessel engaged
in finishing or any other
operations outside the territorial waters of Indian
shall be regarded as ___________vessel.
a. fishing()
b. foreign-going()
c. Passenger() d. any
of the above()
14. For the purpose of extraction of mineral oil and
gas “India” shall extend up to _____nautical miles from base line of India.
a. 12() b. 24() c.200() d.400()
15. Import and Export by government is deal __________section
a. sec.12(2)() b.sec.12(5)() c. sec12(3)() d. sec12(8)()
16. India deal _________in sec
a. u/s 2(27)() b.u/s2(65)() c. u/s(73)() d.u/s2(83)()
17. __________charging section of custom
a. 11() b.13() c. 12() d.14()
18. __________In-land bonded where housing at
a. 1878()
b. 1875()
c.1889() d. 1896
19. ___________section give the power to arrest.
a. u/s 104() b. u/s 108() c. u/s 103() d. u/s 102()
20. Custom tariff at divide___________ schedule
a. 2() b.5() c.3() d.4()
21. Contiguous zone extends to ___________ nautical
miles from base line of India
a. 24() b. 27() c.23() d. 25()
22. Coastal goods mean goods other than _________
goods transported in a vessel from one port in India to another
a. imported() b. exported() c. all of the above d.none of the above
23. ___________ Contiguous zone
a. 24 nautical miles from Indian base line() b. 12 nm() c. 36nm() d. 150nm
24. One nautical mile means ___________miter
a. 1.85() b. 2.78() c. 1.79() d. 1.89()
25. Custom duty is _________ tax
a. indirect() b. direct() c. all() d. none of theme
26. TDS stand
for ___________
a. Total deducted at source() b. Tax deducted at source() c. Tax Deduction at source() d. Total deduction at source()
27. TDS @ ________ is to be deducted by the deductor
from the payment made or credited to the deductee.
a. 1%() b. 5%() c. 7%() d. 3%()
28. TDS shall
__________ deducted where supplier and place of supply are in different states.
a. be() b. not be() c. all() d. none them()
29. Refund is payable if the amount exceeds
a. Rs. 0()
b. Rs.1000() c. Rs. 10000() d. All of the above()
30. The_________ needs to compulsorily get registered
under GST
a. E-commerce operator() b. Supplier supplying goods or
services through an operator
c. both (a) and (b) d. none of the
above
31. Every registered person required to deduct tax at
source shall furnish a return in from ___________
a. GSTR- 1() b. GSTR- 5 c. GSTR- 9 d. GSTR- 7
32. The deductor shall furnish the TDS certificate is
From___________
a. GSTR-7A() b. GSTR-4A() c. GSTR- 6A() d. GSTR-3A()
33.The Electronic cash ledger shall be maintained in
from_________
a. GST PMT-01() b. GST PMT -02() c. GST PMT_04 () d. GST PMT-05()
34. Every register person required to deduct tax at
source shall furnish a return in form _______
a. GSTR-1() b.GSTR-2() c.GSTR-3() c.GSTR-4()
35.The option to appoint any person in the taxable
territory in absence of representative
and /or physical presence of E-commerce operator, is
allowed in respect of supply of _______
a.Goods ()
b.Services()
d.both A and B() d.None
of the above()
36. The amount of tax collected is to be paid to the
government within ________days after the
end of the month in which tax is collected.
a.5() b.7() c.10() d.15()
37.Every operator who collect the amount of tax has to
furnish the details of the same within______
After the end of the month.
a.15 days() b.1month() c.20days() d.10days()
38.An operator can rectify any omission or incorrect
particular in furnishing the statement u/s52(4)
Subject to payment of ______________
a.Taxes() b.Intrest() c.Penalty() d.Late fee
39.In above case , if annual statement is failed in
July ,2018the answer will be ___________
a.August,2018() b.September ,2017() c.September,2018() d.July,2018()
40.In case an operator fails to furnish the information
required by the notice served to him U/s52(2)
Within 15 days of date of service ,he will be liable
to pay penalty of maximum_________
a.Rs.5000() b.Rs.10000() c.Rs.25000() Rs.20000()
41. Person required to collect tax at source has to
submit ____________ in From GST REG-07
a. Application for grant of registration()
b. Application for cancellation of registration()
c. Application for amendment of registration()
d. details of tax collected()
42. Details furnished by operator are made available
to suppliers in their From___________
a. GSTR 4A()
b. GSTR 8A() c. GSTR
2A() d. GSTR 4()
43. The amount available in the Electronic credit
ledger can be utilized for payment of __________
a. Output tax() b. penalty() c. cess() d.
All of the above()
44. Input Tax credit of SGST can be utilized towards
payment of_________
a. SGST and CGST() b. SGST and IGST() c. SGST and UTGST() d. SGST only()
45. Input tax credit of ___________ cannot be utilized
towards payment of CGST
a. SGST()
b. UTGST() c.
IGST() d. both (a) and
(b)()
46. The balance is _________ may be refunded
a. Electronic cash ledger() b. Electronic credit ledger() c. both (a) or (b)() d. none of the above
47. Interest @ _________ is payable on delayed payment
of taxes
a. 18%() b. 15%() c. 28%() d. 24%()
48. Payment of every liability registered person shall
be made by debiting__________
a. Electronic credit ledger() b. Electronic cash ledger() c. Electronic ledger register() d. both (a) and (b)
49. Over the counter payment through authorized banks is restricted to ___________per challan
per tax period
a. Rs. 10000() b. Rs. 20000() c. Rs. 0() d. Rs. 50000()
50. CPIN is a ____________ digit
unique number
a. 15() b. 14() c. 10() d. 27()
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