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Discussed Questions
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Tejas Chaudhary upvoted • 3 days ago |
Which of the following persons can perform the contract?- a)Promisor alone.
- b)Legal representatives of promisor.
- c)Agent of the promisor.
- d)All of these.
Correct answer is option 'D'. Can you explain this answer?
Which of the following persons can perform the contract?
a)
Promisor alone.
b)
Legal representatives of promisor.
c)
Agent of the promisor.
d)
All of these.
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Srsps answered |
The correct answer is (d) All of these.
A contract can be performed by various parties involved in the agreement. These parties include:
Promisor alone:
- The promisor is the person who makes the promise in a contract.
- They are responsible for fulfilling the obligations stated in the contract.
- In many cases, the promisor alone can perform the contract as they are the primary party involved in the agreement.
Legal representatives of the promisor:
- In some cases, the promisor may not be able to perform the contract due to reasons such as death, incapacitation, or bankruptcy.
- In such situations, the legal representatives of the promisor can perform the contract on their behalf.
- Legal representatives include executors, administrators, or any other person authorized to act on the promisor's behalf.
Agent of the promisor:
- An agent is a person who is authorized to act on behalf of another person, known as the principal (in this case, the promisor).
- The agent can perform the contract if they have been granted the authority to do so by the promisor.
- This authorization can be given explicitly through a written agreement or implicitly through the conduct of the parties.
In conclusion, a contract can be performed by the promisor alone, the legal representatives of the promisor, or an agent of the promisor, making "All of these" the correct answer.
A contract can be performed by various parties involved in the agreement. These parties include:
Promisor alone:
- The promisor is the person who makes the promise in a contract.
- They are responsible for fulfilling the obligations stated in the contract.
- In many cases, the promisor alone can perform the contract as they are the primary party involved in the agreement.
Legal representatives of the promisor:
- In some cases, the promisor may not be able to perform the contract due to reasons such as death, incapacitation, or bankruptcy.
- In such situations, the legal representatives of the promisor can perform the contract on their behalf.
- Legal representatives include executors, administrators, or any other person authorized to act on the promisor's behalf.
Agent of the promisor:
- An agent is a person who is authorized to act on behalf of another person, known as the principal (in this case, the promisor).
- The agent can perform the contract if they have been granted the authority to do so by the promisor.
- This authorization can be given explicitly through a written agreement or implicitly through the conduct of the parties.
In conclusion, a contract can be performed by the promisor alone, the legal representatives of the promisor, or an agent of the promisor, making "All of these" the correct answer.
Practice question of u?
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Tejas Chaudhary answered • 6 days ago |
Understanding the Concept of 'U'
The letter "U" in various contexts can represent numerous concepts, especially in finance and accounting. In the context of CA Foundation, it could refer to certain terminologies or symbols used in financial statements, accounting principles, or taxation.
Key Concepts Related to 'U'
- Understanding 'U' in Financial Statements:... more
The letter "U" in various contexts can represent numerous concepts, especially in finance and accounting. In the context of CA Foundation, it could refer to certain terminologies or symbols used in financial statements, accounting principles, or taxation.
Key Concepts Related to 'U'
- Understanding 'U' in Financial Statements:
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Tejas Chaudhary upvoted • 2 weeks ago |
Choose the most appropriate option (a) (b) (c) (d)
S.I on Rs. 3500 for 3 years at 12% per annum is
- a)Rs. 1200
- b)1260
- c)2260
- d)none of these
Correct answer is option 'B'. Can you explain this answer?
Choose the most appropriate option (a) (b) (c) (d)
S.I on Rs. 3500 for 3 years at 12% per annum is
a)
Rs. 1200
b)
1260
c)
2260
d)
none of these
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Freedom Institute answered |
The formula for Simple Interest (SI) is: SI = (P x R x T) / 100
Where, P = Principal amount (Rs. 3500) R = Rate of interest (12%) T = Time (3 years)
So, SI = (3500 x 12 x 3) / 100 = 1260
Therefore, the simple interest on Rs. 3500 for 3 years at 12% per annum is Rs. 1260. So the answer is 2. Rs. 1260
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Tejas Chaudhary upvoted • 2 weeks ago |
Under-statement of closing work in progress in the period will
- a)Understate cost of goods manufactured in that period.
- b)Overstate current assets.
- c)Overstate gross profit from sales in that period.
- d)Understate net income in that period.
Correct answer is option 'D'. Can you explain this answer?
Under-statement of closing work in progress in the period will
a)
Understate cost of goods manufactured in that period.
b)
Overstate current assets.
c)
Overstate gross profit from sales in that period.
d)
Understate net income in that period.
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KP Classes answered |
Work-in-progress is a measure of the costs of goods that have been partially completed but are not yet ready for sale. It is included in the cost of goods sold, which is a major expense on the income statement. When work-in-progress is understated, the cost of goods sold will also be understated. This will result in an overstatement of gross profit and net income.
Here is a more detailed explanation of each option:
- A. Understate cost of goods manufactured in that period. This is incorrect because work-in-progress is included in the cost of goods manufactured. When work-in-progress is understated, the cost of goods manufactured will also be understated.
- B. Overstate current assets. This is incorrect because work-in-progress is not a current asset. It is an asset that is used in the production of goods and services.
- C. Overstate gross profit from sales in that period. This is incorrect because gross profit is calculated by subtracting the cost of goods sold from sales. When work-in-progress is understated, the cost of goods sold will also be understated. This will result in an overstatement of gross profit.
- D. Understate net income in that period. This is correct because net income is calculated by subtracting expenses from revenues. When work-in-progress is understated, the cost of goods sold will also be understated. This will result in an overstatement of gross profit and net income.
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Tejas Chaudhary upvoted • 3 weeks ago |
Credit balance as per cash Book Rs. 10,000
Bank charged interest Rs. 150
Cheques issued but not presented for payment Rs. 2,500
Balance as per pass Book will be :
- a)Rs. 7,650
- b)Rs. 12,350
- c)Rs. 12,650
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
Credit balance as per cash Book Rs. 10,000
Bank charged interest Rs. 150
Cheques issued but not presented for payment Rs. 2,500
Balance as per pass Book will be :
Bank charged interest Rs. 150
Cheques issued but not presented for payment Rs. 2,500
Balance as per pass Book will be :
a)
Rs. 7,650
b)
Rs. 12,350
c)
Rs. 12,650
d)
None of these
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Pj Commerce Academy answered |
Calculation of Balance as per Pass Book
- Credit balance as per Cash Book: Rs. 10,000
- Bank charged interest: Rs. 150
- Cheques issued but not presented for payment: Rs. 2,500
Calculation:
- Opening balance (Credit balance as per Cash Book): Rs. 10,000
- Add: Bank charged interest: Rs. 150
- Less: Cheques issued but not presented for payment: Rs. 2,500
Balance as per Pass Book:
10,000 + 150 - 2,500
= Rs. 7,650
Therefore, the correct answer is A: Rs. 7,650.
- Credit balance as per Cash Book: Rs. 10,000
- Bank charged interest: Rs. 150
- Cheques issued but not presented for payment: Rs. 2,500
Calculation:
- Opening balance (Credit balance as per Cash Book): Rs. 10,000
- Add: Bank charged interest: Rs. 150
- Less: Cheques issued but not presented for payment: Rs. 2,500
Balance as per Pass Book:
10,000 + 150 - 2,500
= Rs. 7,650
Therefore, the correct answer is A: Rs. 7,650.
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Tejas Chaudhary upvoted • 4 weeks ago |
In the long run monopolist can - a)Incur losses
- b)Must earn super normal profits
- c)Wants to shut-down
- d)Earns only normal profits
Correct answer is option 'B'. Can you explain this answer?
In the long run monopolist can
a)
Incur losses
b)
Must earn super normal profits
c)
Wants to shut-down
d)
Earns only normal profits
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Srsps answered |
As you can see above, there are two alternative cases for the determination of Equilibrium in Monopoly:
- With normal profits
- With super-normal profits
The arithmetic mean and coffecient of variable of data set Xare respectively , 10and 30 . the variance pf 30 - 2X is?
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Tejas Chaudhary answered • Jan 17, 2025 |
Understanding the Problem
To find the variance of the transformed data set 30 - 2X, we first need to understand the properties of the variance and how transformations affect it.
Given Information
- Arithmetic Mean of X = 10
- Coefficient of Variation of X = 30
Coefficient of Variation Explained
- The Coefficient of Variation (CV) is defined as the... more
To find the variance of the transformed data set 30 - 2X, we first need to understand the properties of the variance and how transformations affect it.
Given Information
- Arithmetic Mean of X = 10
- Coefficient of Variation of X = 30
Coefficient of Variation Explained
- The Coefficient of Variation (CV) is defined as the... more
When goods are lent to a person to be used by him on free of cost. That is ______ contract.- a)comodatum
- b)pawn
- c)hire
- d)gift
Correct answer is option 'A'. Can you explain this answer?
When goods are lent to a person to be used by him on free of cost. That is ______ contract.
a)
comodatum
b)
pawn
c)
hire
d)
gift
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Tejas Chaudhary answered • Dec 14, 2024 |
Understanding the Contract of Commodatum
When goods are lent to a person for use without any charge, it is classified as a commodatum. This type of contract involves specific characteristics that set it apart from other agreements.
Key Characteristics of Commodatum:
Comparison with Other Contracts:
Conclusion:
The contract of commodatum serves a valuable purpose in allowing individuals to borrow goods for specific uses without incurring costs. Understanding its characteristics helps differentiate it from other types of contracts in legal terms.
When goods are lent to a person for use without any charge, it is classified as a commodatum. This type of contract involves specific characteristics that set it apart from other agreements.
Key Characteristics of Commodatum:
- Free of Cost: The borrower uses the goods without any rental fees or charges. ... more
Comparison with Other Contracts:
- Pawn: Involves a loan secured by an asset, where the lender holds the asset until the loan is repaid.
- Hire: Involves payment for the use of goods, contrasting with the free nature of commodatum.
- Gift: Involves an unconditional transfer of ownership without expecting anything in return, unlike commodatum which requires the return of goods.
Conclusion:
The contract of commodatum serves a valuable purpose in allowing individuals to borrow goods for specific uses without incurring costs. Understanding its characteristics helps differentiate it from other types of contracts in legal terms.
Under the Sale of Goods Act, 1930, which of the following is/are the implied warranty (ies) ?1 . Warranty of quiet possession2 . Warranty of freedom from encumbrances3 . Warranty of title4 . Warranty as to wholesomeness.- a)1&2
- b)1&3
- c)2&4
- d)3&4
Correct answer is option 'A'. Can you explain this answer?
Under the Sale of Goods Act, 1930, which of the following is/are the implied warranty (ies) ?
1 . Warranty of quiet possession
2 . Warranty of freedom from encumbrances
3 . Warranty of title
4 . Warranty as to wholesomeness.
a)
1&2
b)
1&3
c)
2&4
d)
3&4
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Tejas Chaudhary answered • Dec 14, 2024 |
Implied Warranties Under the Sale of Goods Act, 1930
The Sale of Goods Act, 1930 outlines several implied warranties that protect the interests of the buyer in a sale transaction. Among the options provided, the warranties that are recognized include:
1. Warranty of Quiet Possession
- This warranty ensures that the buyer will have peaceful enjoyment of the goods purcha... more
The Sale of Goods Act, 1930 outlines several implied warranties that protect the interests of the buyer in a sale transaction. Among the options provided, the warranties that are recognized include:
1. Warranty of Quiet Possession
- This warranty ensures that the buyer will have peaceful enjoyment of the goods purcha... more
2,5,9,14,_,27
find missing values?
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Tejas Chaudhary answered • Dec 03, 2024 |
Understanding the Sequence
To find the missing value in the sequence 2, 5, 9, 14, _, 27, we first need to analyze the differences between consecutive numbers.
Finding Differences
- The difference between 2 and 5 is:
- 5 - 2 = 3
- The difference between 5 and 9 is:
- 9 - 5 = 4
- The difference between 9 and 14 is:
- 14 - 9 = 5
- The d... more
To find the missing value in the sequence 2, 5, 9, 14, _, 27, we first need to analyze the differences between consecutive numbers.
Finding Differences
- The difference between 2 and 5 is:
- 5 - 2 = 3
- The difference between 5 and 9 is:
- 9 - 5 = 4
- The difference between 9 and 14 is:
- 14 - 9 = 5
- The d... more
The branch of economic theory that deals with the problem of allocation of resource is?
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Tejas Chaudhary answered • Nov 09, 2024 |
Introduction to Resource Allocation
Resource allocation is a fundamental concept in economics that addresses how limited resources are distributed among various competing uses. The branch of economic theory that specifically deals with this problem is known as Microeconomics.
Key Concepts in Microeconomics
- Scarcity: Resources are limited, which creates ... more
Resource allocation is a fundamental concept in economics that addresses how limited resources are distributed among various competing uses. The branch of economic theory that specifically deals with this problem is known as Microeconomics.
Key Concepts in Microeconomics
- Scarcity: Resources are limited, which creates ... more
Insurance premium paid in previous year was not brought forward to insurance account what will be the rectifying entry if the trial balance has been prepared?
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Tejas Chaudhary answered • Sep 25, 2024 |
Understanding the Situation
When the insurance premium paid in the previous year is not carried forward to the insurance account, it results in an understatement of expenses and an overstatement of profit in the current year. This discrepancy needs to be corrected through a rectifying journal entry.
Rectifying Entry
To correct this error, an adjustment entry must be ma... more
When the insurance premium paid in the previous year is not carried forward to the insurance account, it results in an understatement of expenses and an overstatement of profit in the current year. This discrepancy needs to be corrected through a rectifying journal entry.
Rectifying Entry
To correct this error, an adjustment entry must be ma... more
An investment counselor put 70% of a client's money into a 15% annual simple interest money market fund. The remainder was invested in 12% annual simple interest account. Find the amount invested in each of the annual simple ... more
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Tejas Chaudhary answered • Sep 25, 2024 |
Investment Breakdown
To determine how much was invested in each account, we need to analyze the total interest earned and the distribution of investments.
Total Interest Earned
The total annual interest earned from both investments is Rs. 1,48,050.
Investment Distribution
- 70% of the total investment is allocated to a money market fund with a 15% in... more
To determine how much was invested in each account, we need to analyze the total interest earned and the distribution of investments.
Total Interest Earned
The total annual interest earned from both investments is Rs. 1,48,050.
Investment Distribution
- 70% of the total investment is allocated to a money market fund with a 15% in... more
“Holiday Packages” announced as an advertisement are an example of _________:- a)Offer
- b)Counter offer
- c)Invitation to offer
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
“Holiday Packages” announced as an advertisement are an example of _________:
a)
Offer
b)
Counter offer
c)
Invitation to offer
d)
None of the above
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Tejas Chaudhary answered • Aug 17, 2024 |
Invitation to offer:
Holiday packages announced as an advertisement are considered an example of an invitation to offer. This means that the advertisement is not a definite offer but an invitation for customers to make an offer to purchase the holiday package.
Explanation:
- Definition: An invitation to offer is an invitation to other parties to make an of... more
Holiday packages announced as an advertisement are considered an example of an invitation to offer. This means that the advertisement is not a definite offer but an invitation for customers to make an offer to purchase the holiday package.
Explanation:
- Definition: An invitation to offer is an invitation to other parties to make an of... more
X agrees to pay y Rupees 5000 if he counts the stars shining In T he Sky sky this Agreement is. (a) v o i d (b) v o i d a b l e (c) v a l i d (d) i l l e g a l?
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Tejas Chaudhary answered • Aug 17, 2024 |
Analysis of the Agreement:
- X agrees to pay Y Rupees 5000 if he counts the stars shining in the sky. This agreement raises the question of whether it is legally enforceable.
Void Agreement:
- A void agreement is one that lacks legal enforceability from the start. In this case, if the task of counting the stars in the sky is impossible or uncertain, the agreement... more
- X agrees to pay Y Rupees 5000 if he counts the stars shining in the sky. This agreement raises the question of whether it is legally enforceable.
Void Agreement:
- A void agreement is one that lacks legal enforceability from the start. In this case, if the task of counting the stars in the sky is impossible or uncertain, the agreement... more
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Tejas Chaudhary asked • May 17, 2024 |
The minimum number of persons who are legally allowed to operate in a partnership is: - a)2
- b)20
- c)There is no legal limit
- d)100
Correct answer is option 'A'. Can you explain this answer?
The minimum number of persons who are legally allowed to operate in a partnership is:
a)
2
b)
20
c)
There is no legal limit
d)
100
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Freedom Institute answered |
Minimum number of persons in a partnership:
- Legal Requirement: The minimum number of persons legally allowed to operate in a partnership is 2.
- No Legal Limit: There is no legal limit on the maximum number of persons who can form a partnership, but the minimum requirement is 2.
- Partnership Agreement: Partnerships are governed by a partnership agreement that outlines the rights and responsibilities of each partner.
- Equal Share: In a partnership with 2 partners, each partner typically has an equal share in the business unless otherwise specified in the partnership agreement.
- Decision Making: Partners in a partnership have the authority to make decisions on behalf of the business collectively.
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Tejas Chaudhary asked • Dec 05, 2023 |
x, y and z are three positive integers such that x > y > z. Which of the following is closest to the product xyz?- a)(x - 1)yz
- b)x(y - 1)z
- c)xy(z - 1)
- d)x(y + 1)z
Correct answer is option 'A'. Can you explain this answer?
x, y and z are three positive integers such that x > y > z. Which of the following is closest to the product xyz?
a)
(x - 1)yz
b)
x(y - 1)z
c)
xy(z - 1)
d)
x(y + 1)z
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Innovative Classes answered |
The expressions in the four options can be expanded as
xyz-yz; xyz-xz; xyz-xy and xyz+xz
The closest value to xyz would be xyz-yz, as yz is the least value among yz, xz and xy.
Option a) is the correct answer.
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Tejas Chaudhary asked • Oct 09, 2023 |
On which of the following grounds, a partner may apply to the court for dissolution of the firm?- a)Insanity of a partner
- b)Misconduct of a partner
- c)Perpetual losses in business
- d)All of the above.
Correct answer is option 'D'. Can you explain this answer?
On which of the following grounds, a partner may apply to the court for dissolution of the firm?
a)
Insanity of a partner
b)
Misconduct of a partner
c)
Perpetual losses in business
d)
All of the above.
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Kalyan Ghoshal answered |
Dissolution of a partnership firm refers to the termination of the partnership agreement. There are several grounds on which a partner may apply to the court for the dissolution of the firm. These grounds are as follows:
a) Insanity of a partner:
If a partner becomes mentally unfit or insane, it can significantly impact the functioning and operations of the firm. In such cases, the... more
a) Insanity of a partner:
If a partner becomes mentally unfit or insane, it can significantly impact the functioning and operations of the firm. In such cases, the... more
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Tejas Chaudhary asked • Aug 01, 2023 |
Is the CA Foundation Exam admit card available in regional languages?
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Meera Joshi answered |
Availability of CA Foundation Exam Admit Card in Regional Languages
The CA Foundation exam is conducted by the Institute of Chartered Accountants of India (ICAI) and is an entry-level examination for students aspiring to pursue a career in chartered accountancy. The admit card is an essential document that candidates must carry to the examination center. While the admit card is issued in English, it is important to understand the availability of the admit card in regional languages.
... more|
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Tejas Chaudhary asked • Jul 31, 2023 |
Can I register for the CA Foundation Exam if I have completed my graduation in a foreign language?
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Charvi Roy answered |
Can I register for the CA Foundation Exam if I have completed my graduation in a foreign language?
Yes, you can register for the CA Foundation Exam even if you have completed your graduation in a foreign language. The CA Foundation Exam is conducted by the Institute of Chartered Accountants of India (ICAI) and is the entry-level examination for the Chartered Accountancy course.... more
Yes, you can register for the CA Foundation Exam even if you have completed your graduation in a foreign language. The CA Foundation Exam is conducted by the Institute of Chartered Accountants of India (ICAI) and is the entry-level examination for the Chartered Accountancy course.
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Tejas Chaudhary asked • Aug 29, 2021 |
Which one of the following is the correct descending order of the three most populous states of India (2011)?- a) Uttar Pradesh, Maharashtra, Bihar
- b) Maharashtra, Bihar, West Bengal
- c) Uttar Pradesh, Bihar, West Bengal
- d) Uttar Pradesh, West Bengal, Bihar
Correct answer is option 'A'. Can you explain this answer?
Which one of the following is the correct descending order of the three most populous states of India (2011)?
a)
Uttar Pradesh, Maharashtra, Bihar
b)
Maharashtra, Bihar, West Bengal
c)
Uttar Pradesh, Bihar, West Bengal
d)
Uttar Pradesh, West Bengal, Bihar
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Freedom Institute answered |
According to the State Census 2011, the most populated state in India is Uttar Pradesh with a population of 19.96 crores. Second comes Maharashtra with a population of 112,374,333 and thirdly Bihar having population 104,099,452.
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