Mr. Ashok buys clothing of Rs. 50,000 paying cash Rs. 20,000. What is the amount of expense as per the accrual concept?
Loss leads to a reduction in
Accounting standards are
“Substance of any transaction should be considered while recording them and not only the legal form” is the statement which holds true for:
The determination of the amount of provision for doubtful debts is an accounting
What is the order in which the accounting transactions and events are recorded in the books?
The expired portion of capital expenditure is shown in the financial statements as
Rs. 5,000 incurred for upgradation of computer by installation of 128 MB RAM is
According to money measurement concept, currency transactions and events are recorded in the books of accounts
All of the following errors do not affect the trial balance, except
Errors are ________ mistakes.
Trial balance is a statement which shows the ________ or the ________of all the accounts.
It is easy to detect ________ than to ________.
In case of debit balance, the words ________ are written on the debit side.
Rs. 5,000 spent on maintenance of plant and machinery is ________.
Bank pass book is also known as ________
Capital expenditures are recorded in the ________
Accounts receivable normally has ________ balance.
An account is a formal record of changes in items of ________ nature.
The ass umption underlying the fixed ins tallment method of depreciation is that of ________ of the asset over different years of its useful life.
A businessman purchased goods for Rs.25,00,000 and sold 70% of such goods during the accounting year ended 31^{st} March, 2010. The market value of the remaining goods was Rs.5,00,000. He valued the closing inventory at Rs. 5,00,000 and not at Rs. 7,50,000 due to
M/s Omega Brothers, which was registered in the year 2004, has been following LIFO method for valuation of shares. It changed its method from LIFO to FIFO Method in the year 2009.The auditor raised objection to this change in the method of valuation of investments.The objection of the auditor is justified because
Following are the items of the balance sheet of Mr. X: Capital Rs. 7,00,000; Machinery Rs. 5,00,000 and Cash Rs. 2,00,000. If Mr. X spends Rs. 5,000 to meet his family expenses, the balance of capital and cash accounts will be
Mr. Mohan started a cloth business by investing Rs. 50,000, bought merchandise worth Rs. 50,000. He sold merchandise for Rs. 60,000. Customers paid him Rs. 50,000 cash and assured him to pay Rs. 10,000 shortly. The amount of revenue earned by him is _________
If sales revenues are Rs. 4,00,000; cost of goods sold is Rs. 3,10,000, the gross profit is _________
When balance as per cash book (debit balance) as on 31^{st} March is the starting point, what will be the effect while preparing bank reconciliation statement when out of the cheques amounting to Rs. 5,000 deposited, cheques aggregating Rs. 1,500 were credited in March and cheques aggregating Rs. 2,000 credited in April and the rest have not been collected?
A and B purchased a piece of land for Rs. 30,000 and sold it for Rs. 60,000 in 2010. Originally A had contributed Rs. 12,000 and B Rs. 8,000. The profit on venture will be
On 1.1. 2010 X draws a bill on Y for Rs 1, 00, 000. At maturity, the bil l returned dishonoured as Y became insolvent and 40 paise per rupee is recovered from his estate.The amount recovered is:
An individual invests Rs.2,00,000 for running a stationery business. On 1st Jan., he purchases goods for Rs. 1,15,000 and sells the goods for Rs. 1,47,000 during the month of January. He pays shop rent for the month Rs. 5,000 and finds that still he has goods worth Rs. 15,000 in hand. The amount of surplus will be
Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above cost and a trade discount for 5%. The amount of sales will be
Goods sold for cash Rs. 10,000, plus 10% sales tax. Sales will be credited by
Ganesh takes a salary Rs. 10,000 per month. He withdrew goods worth Rs. 2,500 for personal use and got salary Rs. 9,500 in cash. The excess payment of Rs. 2,000 will be debited to
Journal entry for Rs. 6,000 stolen from the safe of the firm will be ________
After preparing the trial balance the accountant finds that the total of the debit side is short by Rs. 1,000. This difference will be __________
The accountant of the firm M/s ABC is unable to tally the following trial balance:
The above difference in trial balance is due to
Sita and Gita are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among Sita and Gita is:
A sale of Rs. 100 to A recorded in the Purchase Book would affect:
Total capital employed by a partnership firm is Rs.1,00,000 and its average profit is Rs.25,000.Normal rate of return is 20% in similar firms working under similar conditions. The firm earns super profit of:
If capital emplo y ed by a partnership firm is Rs. 1, 00,000 and its av erag e pro fit is Rs. 20,000, normal rate of return is 15%, the value of goodwill according to capitalization method will be
A and D are equal partners. They wanted to admit C as 1/6th partner who brought Rs.60,000 as goodwill. The new profit sharing ratio is 3:2:1. Profit sacrificing ratio will be
A, B, C & D are in partnership sharing profits and losses equally. They mutually agree to change the profit sharing ratio to 3:3:2:2. In this process D loses
The following information pertains to X Ltd.
(i) Equity share capital called up Rs.5,00,000
(ii) Calls in arrear Rs.40,000
(iii) Calls in advance Rs.25,000
(iv) Proposed dividend 15%
The amount of dividend payable is
Alfa Ltd. issued shares of Rs.10 each at par. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by:
The profits of last three years are Rs. 43,000; Rs. 38,000 and Rs. 45,000. Find out the goodwill at two years purchase.
Mohan sent some goods costing Rs. 3,500 at profit of 25% on sale to Sohan on sale or return basis. Sohan return goods costing Rs.800. At the year end, i.e., on 31^{st} December, 2011, the remaining goods were neither returned nor approved by him. The inventory on approval will be shown in the balance sheet at Rs. ______
A’s acceptance to B for Rs.2,500 is discharged by a cash payment of Rs.1,000 and a new bill is drawn for the balance plus Rs.50 for interest. The amount of the new bill will be Rs. ______
A bought goods of the value Rs.10,000 and consigned them to B to be sold on joint venture, profits being divided equally. A draws a bill on B for an amount equivalent to 80% of cost on consignment. The amount of bill will be
Goods costing Rs.1,80,000 sent to consignee to show a profit of 20% on invoice price. Invoice price of the goods is ______
If 1,000 typewriters costing Rs.250 each are sent on consignment basis and Rs.10,000 is spent for freight etc., 20 typewriters are damaged in transit beyond repair. The amount of loss will be __________
1,000 Kg. of Mangoes were consigned to a wholesaler, the cost being Rs. 3 per kg. plus Rs. 400 freight. Loss of 15% of Mangoes is unavoidable. 750 kgs. were sold by the consignee.The remaining inventory of 100 kg. will be valued at
Machinery costing Rs. 10,00,000 was purchased on 1.4.2011. The installation charges amounting Rs.1,00,000 were incurred. The depreciation at 10% per annum on straight line method for the year ended 31^{st} March, 2012 will be ____
Goods costing Rs 5,00,000 sent out to consignee at Cost + 25% . Invoice value of the goods will be _______
Opening inventory Rs. 2,50,000, closing inventory Rs. 50,000, purchases Rs. 2,00,000, sales Rs. 5,00,000. Gross profit rate 20% on sales. The amount of gross profit is:
XYZ & Company employs a team of ten workers who were paid Rs.1,000 each in the year ending 31^{st} December, 2010. At the start of year 2011, the company raised salaries by 10%. The amount of salaries for the year ended 31^{st} December, 2011 will be ______
Debit balance as per Cash Book of ABC Enterprises as on 31.3. 2012 is Rs. 10,000.Cheques deposited but not cleared amounts to Rs. 1,000 and Cheques issued but not presented is Rs. 2,000. Balance as per pass book should be
Goods purchased Rs. 1,00,000, Sales Rs. 90,000 and Margin is 20 % on sales. Closing inventory is
Mohan runs a restaurant. He renovates some of the old cabins to increase some space.The amount of Rs. 15,000 was incurred on renovation. The amount to be charged to profit and loss account is
Money paid to MTNL Rs. 10,000 for installing telephone in office is:
A company forfeited 1,000 shares of Rs.10 each (which were issued at par) held by Mr. John for nonpayment of allotment money of Rs. 4 per share. The calledup value per share was Rs.8. On forfeiture, the amount debited to share capital will be
Capital introduced in the beginning by Shyam Rs. 3,00,000; further capital introduced during the year Rs. 2,00,000; Drawing Rs. 1,500 per month and closing capital is Rs. 4,50,000. The amount of profit or loss for the year is:
Which of the following is correct:
In case of eatables and provisions, implied conditions can be applied are:
A contract of sale may be made by
An offer may be made to the following:
The following is not a ‘document of title to goods’:
An agreement induced by mistake of fact is void if the following conditions are fulfilled:
Contracts may be classified on the basis of their validity, formation or performance. Contracts classified on the basis of formation are of the following types:
A condition may be treated as warranty in the following cases:
The difference in consideration under English law and Indian law are:
Implied authority of the partner does not empower him to
Compulsory Dissolution includes
Ratification by a minor of a contract entered during minority, even after he attains majority is not allowed.
A contract between A, B and C was executed whereby A pays money to B for delivering some goods to C. C has not paid any consideration. Can C enforce the agreement?
In case of sale
A void contract is a contract without any legal effect and cannot be enforced in a Court of law. The following are instances of void contracts:
Finder of goods is subject to the same responsibility as of :
Acceptance is deemed to take place when the buyer
The rights of a minor when admitted to the benefits of the partnership include
Which of the following is correct:
Agreement to share profits _________.
Actual Sale of future goods is _________.
An offer made to a definite person who can be accepted by the specified person only is _________.
A contracts to pay B Rs.1,00,000 if the latter’s house is burnt to ashes. This is an example of _________.
The position of a stranger to a contract and that of the stranger to a consideration is _________.
Goods are said to be in a deliverable state when _________.
Any act committed by a party to a contract, or with his connivance or by his agent with intent to deceive another party thereto or his agent, or to induce him to enter into a contract is said to be _________.
Provisions relating to doctrine of Caveat Emptor is laid down in the _________.
A directs B who is a solicitor to sell his estate by auction and to employ an auctioneer for this purpose. B names C, an auctioneer, to conduct the sale. The status of C for the sale is _________.
Quasicontract is also termed as :
X proposes by a letter sent by post to sell his house to Y. Y accepts the proposal by a letter sent by post. The letter of acceptance is in the course of transmission to X. Y _________.
A agrees to pay B Rs. 5,00,000/ if A is able to go to a foreign tour in the forthcoming week.It is _________.
A bus plying on the road is an example of _________.
Tender for supply of goods is an offer, which is allowed to remain open for acceptance over a period of time. Such offers are _________.
Consideration may be gratuitous or nongratuitous _________.
Expressed conditions are those _________.
Right of lien and Right of stoppage in transit _________.
Goodwill of the partnership business can be regarded as _________________.
Where the deterioration is caused to goods by delay in delivery by the carrier there the damages can be recovered from :
The Damages that constitute the direct loss suffered by the injured party :
Sanju took a medical insurance from Deadly Diseases Insurance & Claim Corporation of Asia (DDICCA) through one of its agent, Manju. Sanju singed whatever documents were placed before her by Manju in good faith. The documents contained the fact that Sanju was healthy, fit and fine whereas she was actually suffering from chronic asthma and acute allergy. Sanju did not take care to suggest the changes in the documents and the policy was issued based on the above submissions.
Economics is the study of
Which of the following is not part of the opportunity cost of going on holiday?
Which of the following statements is normative?
If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is
Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples?
A buyer’s willingness to pay is that buyer’s:
The following table exhibits:
If there are implicit costs of production:
If a competitive firm doubles its output, its total revenue:
In the longrun, some firms will exit the market if the price of the good offered for sale is less than:
Which of the following statements abo ut price and marginal cost in competitive and monopolized markets is true?
Agriculture faces the problem of:
ICICI bank is a:
SJSRY was launched to:
If 4 farmers can do a field job which is being done by 6 farmers, this means there is:
If 9 people are unemployed and 411 people are in the work force, then people in labour force are:
For adult education _________ mission was launched in 1998 in India.
According to the latest available data, the bedpopulation ratio in India is ________ per thousand population.
According to the latest data (March, 2013), there are around ___________ broadband subscribers in India.
The rate of inflation was lowest in _________.
In the year _________, the practice of RBI lending to the government through ad hoc treasury bills was given up.
TRAI is the regulatory authority for _______ in India.
The FRBM Act aims at reducing gross fiscal deficit by _______% per annum.
India’s postal network is the _______ in the world.
GNP at market price minus _______ is equal to GDP at market price.
About 90 percent of the sick units in India are _______ units.
Excise duties are levied on _______.
Points outside the production possibilities curve are _______.
Price theory is an important constituent of _______ Economics.
For _______ goods increase in income leads to increase in demand
Economic laws are essentially _______ and _______ .
Inductive method is _______ based on the observation of particular facts.
Questions 133 to 137 are based on the demand and supply diagrams in Figure 1.
D_{1} and S_{1} are the original demand and supply curves. D_{2}, D_{3}, S_{2} and S_{3} are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?
Q.
If Figure 1 represents the market for Perk (chocolates), the initial equilibrium is at the intersection of S_{1} and D_{1}. The new equilibrium if there is an increase in the price of Dairy milk (chocolates) will be:
D_{1} and S_{1} are the original demand and supply curves. D_{2}, D_{3}, S_{2} and S_{3} are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?
Q.
In Figure 1 (which represents the market for Perk (chocolates), the initial equilibrium is at the intersection of S_{1} and D_{1}. The new equilibrium if there is rapid economic growth but cost of labour producing Perk also rises:
D_{1} and S_{1} are the original demand and supply curves. D_{2}, D_{3}, S_{2} and S_{3} are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?
Q.
In Figure 1 (which represents the market for Perk), the initial equilibrium is at the intersection of S_{1} and D_{1}. The new equilibrium if there is a health scare about the effect chocolates may have is:
D_{1} and S_{1} are the original demand and supply curves. D_{2}, D_{3}, S_{2} and S_{3} are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?
Q.
In Figure 1 (which represents the market for Perk), the initial equilibrium is at the intersection of S_{1} and D_{1}. Assuming that there is a new technology for producing Perk, the new equilibrium:
D_{1} and S_{1} are the original demand and supply curves. D_{2}, D_{3}, S_{2} and S_{3} are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?
Q.
In Figure 1 (which represents the market for Perk), the initial equilibrium is at the intersection of S_{1} and D_{1}. Assume that there is an increase in the productivity and at the same time the price of 5 star (chocolates) falls. The new equilibrium will be:
What is the average total cost in producing 20 units, of fixed cost is Rs.5000 and average variable cost is Rs. 2/?
For producing 100 units, Total variable cost is Rs.500 & Total fixed cost is Rs.1000.Compute Average Cost.
Read the following data and answer questions 140143.
A monopolist charges Rs. 30 for his product. He notices that elasticity in market A is 2 and elasticity in market B is 5.
Q.
What will be the Marginal Revenue in Market A?
A monopolist charges Rs. 30 for his product. He notices that elasticity in market A is 2 and elasticity in market B is 5.
Q.
What will be the Marginal Revenue in Market B?
A monopolist charges Rs. 30 for his product. He notices that elasticity in market A is 2 and elasticity in market B is 5.
Q.
In which market will the monopolist charge a higher price?
A monopolist charges Rs. 30 for his product. He notices that elasticity in market A is 2 and elasticity in market B is 5.
Q.
The price discriminating monoplist will be in equilibrium when:
If in the above case, elasticity was same in both the market, the monopolist:
Compute national income when population is 3 crore and per capita income is Rs. 2,000.
What is the price elasticity of demand when, price changes from Rs.10 to Rs.12 and correspondingly demand changes from 6 units to 4 units?
What is the new quantity demanded when price elasticity is 1 and price changes from Rs.15 to Rs.10 and the original quantity demanded was 10 units?
What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?
Read the following table and answer question number 149 150.
Q.
What is marginal utility when consumption increases from 4 units to 5 units?
Q.
What is marginal utility when consumption increases from 8 units to 9 units?
The correlation is said to be positive
The point of intersection between the lines 3x+ 4y = 7 and 4x –y = 3 lie in the
If P is a set of natural number then is
Three coins are tossed. What is the probability of getting at least two tails?
The result of ODI matches between India and Pakistan follows
If in a binomial distribution mean = 20, Standard Deviation = 4 then n is equal to
The difference between sample Standard Deviation and the estimate of population Standard Deviation is negligible if the sample size is
Coefficient of determination is defined as
Regression coefficient is independent of the change of
If A and B are mutually exclusive events and P(A) = 0.3 and P(B) = 0.4, find P(A’).
If y = f(x) = then f(y) is _______ .
Value of ^{3}P_{2} is _______ .
In binomial distribution ‘p’ denotes probability of _______ .
First deciles is the value for which onetenth of the given observations are _______ D_{1} and the remaining ninetenth observations are _______D_{1}.
_______ may be defined as the minimum value and the maximum value, the class interval may contain.
In case of _______, plotted points on a scatter diagram would be equally distributed without depicting any particular pattern.
The colour of a flower is an example of _______ .
A quantitative characteristic is known as _______ .
Data collected on the weight of a group of a students after recording their weights with a weighing machine are _______.
If in a binomial distribution Mean = 20, Standard Deviation = 4 then p is equal to:
The variables x and y are related by 6x+ 7y = 81 and median of x is 10. What is the median of y?
Find D6 for the following observations.
41, 28, 45, 25, 60, 37.5, 37.5, 40, 65, 32.5
For a moderately skewed distribution of marks in statistics for a group of 100 students, the mean mark and median mark were found to be 50 and 40. What is the modal mark?
If y = 5+7x and mode of x is 4, what is the mode of y?
Following are the marks of 10 students :
82, 79, 56, 79, 85, 95, 55, 72, 70, 66 .
Find coefficient of range.
A card is drawn from a pack of 52 cards. What is the probability that it is neither a black card nor a king?
Refer following table
Frequency distribution of weights of 16 students
Find Relative frequency for the third class interval.
If the coefficient of correlation between two variables is 0.6, then the percentage of variation unaccounted for is
A coin is tossed two times. The toss resulted in one head and one tail. What is the probability that the first throw resulted in tail?
A survey shows that 68% of women like apples, 74% of women like orange. What percentage like both
Sum of the series 1, 3, 9, 27 ...nth term is 364. The number of terms is
In how many ways can 4 single seated rooms in a hostel be occupied by 3 students?
The value of
The difference between the compound interest and the simple interest on Rs. 1200 for 4 years at 10% p.a. is:
Differentiate y w.r.t. x when y=(x^{2} – 2x) (x^{2}+1)
If f(x) = is to be discontinuous then
Find the arithmetic mean between 4 and 10
Compute ^{8}C_{7}
Find the distance between the pair of points p (–5, 2) and q (–3, –4)
What will be the final value of investment for the principal value of Rs. 80,000 for 4 years @ 10% p.a. rate of interest?
184 x^{–9/8} is expressed as
The value of dx is
If a : b = c : d = 3 : 5, then what are the values of ad : bc is
The solution set of the equations is 2x + 3y = 0 and x + 2y = 0
The curve 4y = ux^{2}+v passes through the point p at (2, 3) and = 4 this point ‘p’. So the values of u and v are
Determine the first term of an A.P. with common difference 3 & 7^{th} term being 11
Find the mean proportion between 5.25 and 8.9
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