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CCI Management Trainee (Accounts) Mock Test - 4 - Agriculture Exams MCQ


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30 Questions MCQ Test Cotton Corporation of India Management Trainee (Marketing & Accounts) Mock Test Series 2025 - CCI Management Trainee (Accounts) Mock Test - 4

CCI Management Trainee (Accounts) Mock Test - 4 for Agriculture Exams 2025 is part of Cotton Corporation of India Management Trainee (Marketing & Accounts) Mock Test Series 2025 preparation. The CCI Management Trainee (Accounts) Mock Test - 4 questions and answers have been prepared according to the Agriculture Exams exam syllabus.The CCI Management Trainee (Accounts) Mock Test - 4 MCQs are made for Agriculture Exams 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for CCI Management Trainee (Accounts) Mock Test - 4 below.
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CCI Management Trainee (Accounts) Mock Test - 4 - Question 1

What does the phrase "Burn the midnight oil" mean?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 1

The correct answer is: Option 2 i.e. To work late into the night.

Key Points

  • The phrase "Burn the midnight oil" means to work late into the night, typically on a task or project. (देर रात तक काम करना)
    • Example: She had to burn the midnight oil to finish the report by the deadline.
  • To work late into the night refers to staying up late to complete work or study. (देर रात तक काम करना)
    • Example: He often works late into the night to meet his project deadlines.

Therefore, the correct answer is: To work late into the night.

Additional Information

Here are the other options explained along with their Hindi meanings and example sentences:

  • To waste resources (संसाधनों को बर्बाद करना): Using resources inefficiently or unnecessarily.
    • Example: Leaving the lights on all night is a way to waste resources.
  • To burn something (कुछ जलाना): Setting something on fire.
    • Example: He used the match to burn the old papers.
  • To stay awake all night (पूरी रात जागना): Not sleeping for the entire night.
    • Example: She had to stay awake all night to take care of her sick child.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 2

Select the alternative that will improve the underlined part of the sentence in case there is no improvement select “No improvement".

She is determined in expanding her vegetable business.

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 2

The correct answer is Option 2, i.e. "determined to expand"

Key Points

  • 'Determined' is used here as a participle adjective. It is not used here as a verb.
  • "Determined to expand" uses the correct preposition "to" which is used with "determined" when followed by a verb, indicating intention or resolution.
  • This phrase correctly constructs the sentence to express her resolution to grow her vegetable business.
    • Example: "He is determined to complete the project on time."

Therefore, the correct sentence is- "She is determined to expand her vegetable business."

Important Points

  • Option 1 "determined at expansion" can be correct. We have to change the whole sentence.
  • She is determined at the expansion of her vegetable business.
  • Option 3 "determining for expanding" is not correct because "determining" does not appropriately follow with "for expanding" in this context; "determined" is the correct word choice.
  • We use gerund when it indicates that the action is completed. When it indicates that the action will be completed, we use infinitive.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 3

Directions: Each item in this section consists of a sentence with an underlined word followed by four words. Select the option that is opposite in meaning to the underlined word and mark your response on the Answer Sheet accordingly.

She was known for her cogent arguments.

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 3

The correct answer is: Ineffective.

Key Points

  • The word "cogent" means something that is clear, logical, and convincing. (प्रभावशाली)
    • Example: Her cogent arguments during the debate won her many supporters.
  • "Ineffective" refers to something that does not produce the desired effect or outcome; it is the opposite of being convincing or strong. (अप्रभावी)
    • Example: The ineffective measures taken by the management did not solve the problem.
  • Hence, we can infer that the opposite of 'cogent' is 'ineffective'.

Therefore, the correct answer is: Ineffective.

Additional Information

Here are the other options explained along with their Hindi meanings and example sentences:

  • Convincing (प्रभावशाली): Capable of causing someone to believe that something is true or real.
    • Example: His convincing story made everyone believe in his innocence.
  • Persuasive (मनाने वाला): Good at persuading someone to do or believe something through reasoning or the use of temptation.
    • Example: She gave a persuasive speech that convinced many people to vote for her.
  • Strong (मजबूत): Having the power to move heavy weights or perform other physically demanding tasks; also, having a forceful and persuasive quality.
    • Example: His strong arguments made a significant impact on the jury.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 4

Directions: In the following items, there are two sentences S1 and S2, based on commonly used words which are underlined. Read the two sentences carefully and mark the response that denotes the correct use of these words in each of the two sentences and mark your response on the Answer Sheet accordingly.

S1: The principal of the school gave a speech.

S2: The main principal of the theory is simplicity.

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 4
The correct answer is Option 1 i.e. S1 is right and S2 is wrong.
Key Points
  • The word "principal" in S1 refers to the head of the school, which is correct.
  • In S2, the word "principal" should be "principle" because it refers to a fundamental truth or proposition, which is incorrect in the given context.
Therefore, the correct answer is: S1 is right and S2 is wrong.
Additional Information
  • Option 2: S1 is wrong and S2 is right - Incorrect. S1 correctly uses "principal" as the head of the school, while S2 wrongly uses "principal" instead of "principle."
  • Option 3: Both S1 and S2 are wrong - Incorrect. S1 correctly uses "principal."
  • Option 4: Both S1 and S2 are right - Incorrect. "Principal" in S2 is incorrectly used and should be "principle."
CCI Management Trainee (Accounts) Mock Test - 4 - Question 5
What does the idiom "Cry over spilled milk" mean?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 5

The correct answer is: Option 1 i.e. To complain about a loss from the past.

Key Points

  • The idiom "Cry over spilled milk" means to lament or complain about something that has already happened and cannot be changed. (अतीत में हुई किसी हानि के बारे में शिकायत करना)
    • Example: There's no use crying over spilled milk; we need to focus on finding a solution to the problem.

Therefore, the correct answer is: Option 1 i.e. To complain about a loss from the past.

Additional Information

Here are the other options explained along with their Hindi meanings and example sentences:

  • To cry while drinking milk (दूध पीते समय रोना): This option is incorrect as it is a literal interpretation and does not convey the idiom's meaning.
    • Example: The baby cried while drinking milk because it was too hot.
  • To spill milk (दूध गिराना): This option is also incorrect as it describes an action rather than the idiom's figurative meaning.
    • Example: She accidentally spilled milk on the table.
  • To make a mess (गड़बड़ करना): This option is incorrect because it does not capture the essence of regretting something that has already happened.
    • Example: The kids made a mess while playing with their toys.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 6

Statements:
I. A $ J
II. J % R
III. P @ R
Conclusions:
I. J % P
II. P * A

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 6

According to the given information:

Statements:
I. A $ J
II. J % R
III. P @ R
On converting: A ≤ J, J > R, P < R
On combining: A ≤ J > R > P
Conclusions:
I. J % P → J > P → True (as A J > R < P → J > P)
II. P * A → T = M → False (as A J > R < P → relation between P and A cannot be determined)
Hence, conclusions I is true.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 7

Study the given letter, symbol series and answer the question that follows.

L @ S * J ^ B U # W R < E @ N $ # B * H ! A & L < W Q

How many symbols are immediately followed by a consonant and immediately preceded by a vowel?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 7

As per the information,

Given: L @ S * J ^ B U # W R < E @ N $ # B * H ! A & L < W Q

  • Symbols each of which is immediately followed by a consonant and immediately preceded by a vowel are:

(Left) L @ S * J ^ B U # W R < E @ N $ # B * H ! A & L < W Q (Right)

Clearly, there are three symbols that follow the given condition: U # W, E @ N, A & L.

Hence, the correct answer is "3".

CCI Management Trainee (Accounts) Mock Test - 4 - Question 8

Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at variance with commonly known facts, decide which of the given conclusions logically follow(s) from the statements.
Statements:
1) All breads are cakes.
2) Some cakes are pastries.
3) All pastries are toffees.
Conclusions:
I. All cakes are toffees.
II. No bread is a pastry.

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 8

Given Statements:
All breads are cakes.
Some cakes are pastries.
All pastries are toffees.
The least possible Venn diagram for the given statement is:

Conclusions:
I. All cakes are toffees. - False (Because, No definite relation given between cake and toffees, so it can be possible only).
II. No bread is a pastry - False (Because, No definite relation given between breads and pastries and there is no negative statement given, so it can be possible only).
So, Neither conclusion I nor II follow.
Hence, the correct answer is "Option 1".

CCI Management Trainee (Accounts) Mock Test - 4 - Question 9

Eight batsmen A, B, C, D, E, F, G, H batted in an inning for a team and scored different number of runs. G scored more than A, but less than D. A is not the least scorer. H is the highest scorer. B scored more than C, but less than F. D is the 5th highest scorer. C scored more than G.

Who is the least scorer?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 9

Let's create the order using the information given,

1) H is the highest scorer.

2) D is the 5th highest scorer.

H > _ > _ > D > _ > _ > _ > _

3) G scored more than A, but less than D.

4) A is not the least scorer.

H > _ > _ > _ > D > G > A > _

5) B scored more than C, but less than F.

6) C scored more than G.

H > F > B > C > D > G > A > _

So, the final ranking of the batsmen on the basis of their scores is,

H > F > B > C > D > G > A > E

Here, we can see that the least scorer is E.

Hence, the correct answer is " E ".

CCI Management Trainee (Accounts) Mock Test - 4 - Question 10

DIRECTIONS: Select the answer figure in which the question figure is embedded.


Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 10

The answer figure that will complete the pattern in the given question figure is as follows:

Hence, the correct answer is "Option (3)".

CCI Management Trainee (Accounts) Mock Test - 4 - Question 11

In the question below there are two statements numbered I and II Decide whether the facts provided in those statements are sufficient to answer the question? Read both the statements and give your answer.
Question: Seven people Kuna, Kamal, Shiva, Naveen, Tarun, Rajesh and Vijay are standing in a row facing east. Who stands at the extreme right end?
I. Only Kamal is in between Vijay and Kuna. Naveen is to the immediate right of Vijay.
II. Naveen is between Vijay and Shiva. Tarun is standing to the immediate left of Kuna.

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 11

According to the given statements:
Statement I. Only Kamal is in between Vijay and Kuna. Naveen is to the immediate right of Vijay.

Statement II. Naveen is between Vijay and Shiva, Tarun is standing to the immediate left of Kuna.

From the above arrangement, there is one vacant place, so we can't sure about the place of Rajesh.
Either Rajesh or Shiva is sitting at the right end.
Hence, "The facts in Statements I and II together are not sufficient to answer the question".

CCI Management Trainee (Accounts) Mock Test - 4 - Question 12
If in the sales department of a company, the average salary per employee is Rs. 350, average salary of 10 senior employees is Rs.450 per employee and average salary of remaining staff is Rs. 250 per employee, then what is the total number of employees working in the sales department?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 12

Given:

The average salary per employee in the sales department is Rs. 350.

The average salary of 10 senior employees is Rs. 450 per employee.

The average salary of the remaining staff is Rs. 250 per employee.

Formula:

Average = (Sum of observations)/(Number of observations)

The sum of observations = Average × Number of observations

Calculation:

Let the total number of employees in the sales department be x.

The sum of salaries of all the employees in the sales department is:

(10 × 450) + (x - 10) × 250

The average salary per employee is given as Rs. 350, so we can write:

350 = [(10 × 450) + (x - 10) × 250]/x

Multiplying both sides by x, we get:

350x = (10 × 450) + (x - 10) × 250

Expanding the right-hand side, we get:

350x = 4500 + 250x - 2500

Simplifying and solving for x, we get:

100x = 2000

x = 20

Therefore, the total number of employees working in the sales department is 20.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 13
A bucket contains liquid A and B in the ratio 16 : 17. 132 litre of the mixture is taken out and filled with 132 litre of B. Now the ratio changes to 5 : 6. Find the quantity of liquid B initially. (In litres)
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 13

Given:

Initial ratio of liquid A and B in the bucket = 16 : 17

The final ratio of liquid A and B in bucket = 5 : 6

Calculation:

Let the initial quantities of A and B be 16x and 17x.

Quantity of liquid A taken out = 132 × = 64 litre

Quantity of liquid B taken out = 132 - 64 = 68 litre

Final quantity of B after addition = 17x - 68 + 132 = 17x + 64

Final quantity of A = 16x - 64

According to the question,

⇒ 96x - 384 = 85x + 320

⇒ 11x = 704

⇒ x = 64

So, Initial quantity of B = 64 × 17 = 1088 litres

∴The answer is 1088.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 14
A, B and C invest capitals in a business in the ratio 8 ∶ 3 ∶ 9. At the end of every quarter, A halves his capital, whereas B doubles his capital and C leaves his capital as it is. At the end of a year, C's share in the total profit is 9,60,000. What is B's share (in ) in the profit?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 14

Given:

A, B and C invest capitals in a business in the ratio 8 ∶ 3 ∶ 9.

At the end of every quarter, A halves his capital, whereas B doubles his capital and C leaves his capital as it is. At the end of a year, C's share in the total profit is 9,60,000.

Concept used:

Profit is always divided according to the ratio of the investment made.

Calculation:

Let the common ratio be Q.

Hence, the initial investments of A, B, and C are 8Q, 3Q, and 9Q respectively.

During the one year period,

Investment of A = 8Q × 1/4 + 4Q × 1/4 + 2Q × 1/4 + Q × 1/4 = 15Q/4

Investment of B = 3Q × 1/4 + 6Q × 1/4 + 12Q × 1/4 + 24Q × 1/4 = 45Q/4

Investment of C = 9Q

Ratio of their investment

⇒ 15Q/4 : 45Q/4 : 9Q

⇒ 15 : 45 : 36

⇒ 5 : 15 : 12

Hence, the total profit = 9,60,000 ÷ = Rs. 25,60,000

Thus, B's share = 25,60,000 × = Rs. 12,00,000

∴ B's share of the total profit is Rs. 12,00,000.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 15
In a group of 150 people, 2/5 are men, 1/3 are women and the rest are children. The average age of the women is 4/5 of the average age of the men. The average age of the children is 1/5 of the average age of the men. If the average age of the men is 50 years, then the average age of all the people in the group is?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 15

Given:

Total people = 150

Average age of men = 50 years

Formula used:

Average = Sum of values/Number of values

Calculation:

Total men in the group = (2/5) × 150 = 60

Total women in the group = (1/3) × 150 = 50

Total children in the group = 150 – 60 – 50 = 40

Average age of men = 50 (given)

Average age of women = (4/5) × 50 = 40

Average age of children = (1/5) × 50 = 10

Now, Total age of men in the group = 60 × 50 = 3000

Total age of women in the group = 50 × 40 = 2000

Total age of children in the group = 40 × 10 = 400Total age of all persons in the group = 3000 + 2000 + 400 = 5400

Average age of persons in the group = 5400/150 = 36

∴ The average age of all the people in the group is 36

CCI Management Trainee (Accounts) Mock Test - 4 - Question 16
Which of the following nations was ranked last in the World Press Freedom Index 2023?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 16

The correct answer is North Korea.

Key Points

  • World Press Freedom Index:
    • Reporters Without Borders (RSF) publishes the World Press Freedom Index each year since 2002 and it measures the level of media freedom in 180 countries.
      • It measures the level of freedom available to journalists and not the quality of journalism.
    • India ranked 161 out of 180 countries.
      • In 2022, India was ranked at 150.
    • Pakistan was placed at 150, an improvement from last year’s 157th rank.
  • Norway, Ireland and Denmark continued to occupy the top three positions in press freedom.
  • North Korea was ranked last.

Additional Information

  • Vietnam was ranked 178.
  • China was ranked 179.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 17
It is the duty of every citizen to uphold and protect the _______, unity and integrity of India.
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 17

The correct answer is sovereignty.Key Points

  • Article 51-A of the Constitution contains a list of all eleven essential duties.
  • On the basis of the Swaran Singh Committee's recommendations, they were added to Part IV-A of the Constitution by the 42nd Constitutional Amendment Act of 1976.
  • In addition to the original 10 duties, one additional was added by the 86th Constitutional Amendment Act of 2002.
  • One of the primary duties is to "uphold and protect the sovereignty, unity, and integrity of India."​​

Additional Information

  • 51 A Fundamental duties: It shall be the duty of every citizen of India:
    • to uphold the Constitution's ideals and institutions, as well as the national anthem and flag.
    • to cherish and follow the noble ideals that inspired the national struggle for freedom.
    • defending the nation and performing national service as required.
    • In order to uphold the dignity of women, it is important to establish harmony and a sense of common brotherhood among all Indians, regardless of their differences in language, geography, or religion.
    • to respect and uphold the rich cultural history of the nation as a whole.
    • to exhibit compassion for all living things and to preserve and enhance the natural environment, including woods, lakes, rivers, and wildlife
    • to foster humanism, a scientific mindset, and a spirit of reform.
    • to protect public property and abstain from violence.
    • to pursue excellence in all areas of personal and societal endeavour in order for the country to progressively reach greater heights of endeavour and success.
    • should give his ward or child, between the ages of six and fourteen, chance for education (added by the 86th Constitutional Amendment Act, 2002).
CCI Management Trainee (Accounts) Mock Test - 4 - Question 18

Which is the first integrated steel plant in the public sector in India?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 18

The correct answer is Rourkela Steel Plant
Key Points

  • Rourkela Steel Plant:-
    • RSP is a public sector, integrated steel plant in Rourkela, Odisha state, India.
    • It was established on the 3rd of February 1959 with the help of West German industrial corporations on approximately 19,000 acres of land acquired from tribal inhabitants.
    • The plant is operated by the Steel Authority of India (SAIL), a Central PSU.
    • RSP was the first integrated steel plant in the public sector in India and is one of the largest steel plants in the country. (Hence option 2 is correct).
    • It has a production capacity of 4.5 million tonnes of Hot Metal, 4.2 million tonnes of Crude Steel and 3.9 million tonnes of Saleable Steel.

Additional Information

  • Indian Iron and Steel Company"-
    • IISCO is an integrated steel plant located at Burnpur, West Bengal, India.
    • It is a subsidiary of the Steel Authority of India Limited (SAIL), the largest steel producer in India.
    • IISCO has a crude steel production capacity of 2.5 million tonnes per year.
  • Salem Steel Plant:-
    • SSP is a steel plant located in the city of Salem, Tamil Nadu, India.
    • It is a unit of the Steel Authority of India Limited (SAIL), the largest steel producer in India.
    • SSP is a pioneer in the production of stainless steel in India.
  • Visvesvaraya Iron and Steel Limited:-
    • VISL is a steel plant located in the city of Bhadravathi, Karnataka, India.
    • It is a subsidiary of the Steel Authority of India Limited (SAIL), the largest steel producer in India.
    • VISL is a pioneer in the production of high quality alloy & special steels and pig iron.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 19
What is the nature of a share in a company?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 19
A share in a company is considered as movable property. It represents a right to a specified amount of the company's share capital, carrying with it certain rights and liabilities while the company is operational and during its winding-up process.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 20
Under what circumstances can an individual transfer income without transferring the ownership of the asset?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 20
If an individual transfers income without transferring the ownership of the asset, the income is still taxable in the hands of the transferor. This practice prevents individuals from evading taxes by diverting their income to others while retaining ownership of the asset.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 21
Which method of depreciation charges a fixed amount of depreciation every year?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 21
The Straight Line Method charges a fixed amount of depreciation every year throughout the estimated life of the asset. This method is simpler to calculate and provides uniform depreciation over time.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 22
Which type of preference shares gives shareholders the right to claim dividends for unprofitable years in the future?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 22
Cumulative preference shares allow shareholders to claim dividends for years in which the company does not earn profits. If the company earns profits in the future, these shareholders can receive the accumulated dividends from previous unprofitable years.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 23

What is the minimum requirement for annual accounts audit in an LLP?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 23

In an LLP, the annual accounts need to be audited only if the turnover of the LLP exceeds Rs. 40 lakh or the contribution of the LLP exceeds Rs. 25 lakh. If the LLP does not meet these thresholds, there is no mandatory requirement for an audit.
Example: If an LLP has a turnover of Rs. 35 lakh and a contribution of Rs. 20 lakh, it is not required to undergo an annual accounts audit. However, if the turnover exceeds Rs. 40 lakh or the contribution exceeds Rs. 25 lakh, the LLP will need to engage a chartered accountant to audit its annual accounts. 

CCI Management Trainee (Accounts) Mock Test - 4 - Question 24

What is one limitation of the piece wage system?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 24

One limitation of the piece wage system is that workers may prioritize quantity over quality. Since their wages are directly linked to the number of units produced, they may be less concerned about the quality of the goods or products they are producing. This can result in a decrease in the overall quality of the output.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 25
What is the time limit for filing an appeal to the Commissioner of Income Tax?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 25
An appeal to the Commissioner of Income Tax must be filed within 30 days from the date of receiving the notice of demand relating to assessment or penalty order.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 26

What are examples of preventive costs of labour turnover?

Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 26

Examples of preventive costs of labour turnover are costs incurred to keep the workers satisfied and discourage them from leaving the concern. These costs include costs of providing medical services, personnel administration costs, costs of labour welfare activities, and costs incurred for providing pension, provident fund, and retirement schemes.

CCI Management Trainee (Accounts) Mock Test - 4 - Question 27
In what situation would you disclose a contingent liability in financial statements?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 27
Contingent liabilities are disclosed in financial statements when the liability is reasonably possible but not probable. This means that there is a chance of the event occurring, but it is not likely to happen. The disclosure helps provide transparency about potential future obligations.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 28
Which internal source of finance is created by setting aside a portion of the company's profits for future use?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 28
Retained earnings are funds generated from the company's profits that are retained within the business for future use. These earnings can be used for expansion, diversification, or other financial requirements.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 29
Which of the following assets is generally not subject to valuation in auditing?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 29
Current assets, such as stock, cash, and accounts receivable, are usually not subject to detailed valuation in auditing as they are recorded at their historical cost or net realizable value. The valuation focus is more relevant for fixed assets, leasehold property, and intangible assets.
CCI Management Trainee (Accounts) Mock Test - 4 - Question 30
In the operating cycle, what does the Debtors collection stage refer to?
Detailed Solution for CCI Management Trainee (Accounts) Mock Test - 4 - Question 30
The Debtors collection stage of the operating cycle refers to the process of collecting payments from customers who have purchased goods on credit. This stage comes after the production of finished goods and reflects the time taken for customers to settle their outstanding payments.
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