ACCOUNTANT GR-II – FOARM MATTING ANG INDIA LTD

PROVISIONAL ANSWER KEY
Question Paper Code: 51/2019/OL
Category Code: 088/2018
Exam: Accountant Grade II
Medium of Question: English
Date of Test 01-11-2019
Department Foarm Matting India Ltd
Alphacode A
Question1:-One of the following line option is available in MS Word 2007
A:-1.15
B:-1.25
C:-2.15
D:-2.75
Correct Answer:- Option-A
Question2:-What will happen if we press ‘Ctrl + Down Arrow’?
A:-Cursor will be on next page
B:-Cursor will be on last sheet
C:-Cursor will be on last row
D:-Cursor will be on last column
Correct Answer:- Option-C
Question3:-‘MIN’ Function is MS Excel is used for finding ___________ .
A:-Minimum number of characters
B:-Smallest number in a set of values
C:-Minimise the cell
D:-Minimise the value
Correct Answer:- Option-B
Question4:-Pick out one of the following is not a search engine
A:-Google
B:-Baidu
C:-Bing
D:-Mosaic
Correct Answer:- Option-D
Question5:-Which one of the following is the maximum length of a text field?
A:-265
B:-255
C:-30
D:-72
Correct Answer:- Option-B
Question6:-The application under MS Office software that we can create audio visual presentation.
A:-MS Excel
B:-MA Access
C:-MS Word
D:-MS Power Point
Correct Answer:- Option-D
Question7:-Computer Monitor is also known as _______ .
A:-DVU
B:-UVD
C:-VDU
D:-URL
Correct Answer:- Option-C
Question8:-How many scroll bars in MS Excel Window have in general?
A:-1
B:-2
C:-3
D:-4
Correct Answer:- Option-B
Question9:-Short cut key for changing line space in to 1.5.
A:-Ctrl + 1
B:-Ctrl + 2
C:-Ctrl + 3
D:-Ctrl + 5
Correct Answer:- Option-D
Question10:-Foot notes are printed at the ________ .
A:-bottom of a page
B:-end of the document
C:-top of a each page
D:-last page of the document
Correct Answer:- Option-A
Question11:-One of the following is not a DTP Software.
A:-Adobe Frame Maker
B:-ISM Publisher
C:-Corel Venture
D:-Adobe Photoshop
Correct Answer:- Option-D
Question12:-Maximum number of rows can insert in a MS Word Table
A:-32767
B:-23767
C:-23677
D:-None of these
Correct Answer:- Option-A
Question13:-4 Bit = _________
A:-1 Byte
B:-1 KB
C:-1 MB
D:-1 Nibble
Correct Answer:- Option-D
Question14:-Pick out one of the following is not a secondary Memory.
A:-ROM
B:-iPod
C:-Hard Disk
D:-Flash Drive
Correct Answer:- Option-A
Question15:-Which is the shortcut key for Replace Dialogue Box
A:-Ctrl + Q
B:-Ctrl + F4
C:-Ctrl + H
D:-none of these
Correct Answer:- Option-C
Question16:-‘Word Art’ option is available in _______ Ribbon.
A:-Home
B:-Insert
C:-Page Layout
D:-Format
Correct Answer:- Option-B
Question17:-Default Font in MS Word 2007.
A:-Calibri
B:-Times New Roman
C:-Arial
D:-None of these
Correct Answer:- Option-A
Question18:-File extension of MS Publisher File name.
A:-.mdb
B:-.pub
C:-.mpub
D:-.accdb
Correct Answer:- Option-B
Question19:-Open office component for spread sheet similar to Microsoft Excel.
A:-Writer
B:-Draw
C:-Calc
D:-Impress
Correct Answer:- Option-C
Question20:-Full form of HTTP.
A:-Hypertest Transfer Protocol
B:-Hypertest Transform Protocol
C:-Hypertext Transfer Protocol
D:-Hypertext Transfer Prototype
Correct Answer:- Option-C
Question21:-Research and development cost is an example of
A:-Imputed cost
B:-pre-production cost
C:-Sunk cost
D:-conversion cost
Correct Answer:- Option-B
Question22:-When the price of materials are fluctuating widely, which is the most effective method of issue of materials
A:-FIFO
B:-LIFO
C:-Weighted average method
D:-Simple average method
Correct Answer:- Option-C
Question23:-Which is cost accounting record?
A:-Bill of material
B:-Bin card
C:-Store ledger
D:-material requisition
Correct Answer:- Option-A
Question24:-Which method of costing is followed by general engineering workshops?
A:-batch cost
B:-unit cost
C:-job cost
D:-operation cost
Correct Answer:- Option-C
Question25:-Find out EOQ from the following
Annual usage -6000 units, cost of material per unit Rs.20. cost of placing an order Rs.60. Annual carrying cost of one unit is
10% of inventory value
A:-600 unit
B:-1200 unit
C:-120 unit
D:-360 unit
Correct Answer:- Option-A
Question26:-Obsolete stock is those
A:-have low turnover
B:-having no demand for technological changes
C:-having no present demand, but it may be in future
D:-having high demand when price decreases
Correct Answer:- Option-B
Question27:-Which of the following is not an indirect cost
A:-wages of production department machine operator
B:-wages of a production department cleaner
C:-materials used for machine maintenance in the production department
D:-materials used to clean the production department floor
Correct Answer:- Option-A
Question28:-Royalties paid for the use of patent is an example
A:-Direct cost
B:-selling overhead
C:-indirect cost
D:-production cost
Correct Answer:- Option-A
Question29:-If vendors are issued fully paid shares of Rs.2,00,000 in consideration of net assets of Rs.1,80,000, the balance
of Rs.20,000, will be debited to
A:-P&L a/c
B:-Goodwill a/c
C:-Capital reserve a/c
D:-General reserve a/c
Correct Answer:- Option-B
Question30:-Discount allowed on reissue of forfeited shares is debited to
A:-discount on issue of shares a/c
B:-forfeited shares a/c
C:-P&L a/c
D:-capital reserve a/c
Correct Answer:- Option-B
Question31:-The balance of sinking fund investment a/c after the realization of investment is tranferred to
A:-P&L a/c
B:-debenture a/c
C:-sinking fund a/c
D:-debentures suspense a/c
Correct Answer:- Option-C
Question32:-Divisible profit does not include
A:-Reserve fund
B:-Profit of revaluation of asset
C:-pre-incorporation profit
D:-dividend equalization profit
Correct Answer:- Option-B
Question33:-Preliminary expenses are transferred by the vendor company at the time of amalgamation to
A:-realization a/c
B:-equity shareholders a/c
C:-purchasing company a/c
D:-goodwill a/c
Correct Answer:- Option-B
Question34:-In case of insurance companies the legal fees with respect of claims is shown in
A:-revenue a/c
B:-P&L a/c
C:-P&L appropriation a/c
D:-Balance sheet
Correct Answer:- Option-A
Question35:-In case of banking company the VRS expenditure is treated as
A:-deferred revenue expenditure
B:-capital expenditure
C:-revenue expenditure
D:-operating expenditure
Correct Answer:- Option-A
Question36:-Taxation provision made by the subsidiary company will appear in consolidated balance sheet as an item of
A:-current liability
B:-revenue profit
C:-capital profit
D:-non current liabiltiy
Correct Answer:- Option-A
Question37:-In hotel business room rate is fixed on the basis of
A:-no. of available rooms which can be hired out during a particular period
B:-the estimated cost of operation during a particular period
C:-the expected fair return on the investment
D:-All the above
Correct Answer:- Option-D
Question38:-A and B are partners in a business sharing profit and loss in the ratio of 3:2 they admit a new partner C with 1/5
share in the profits. Calculate the new profit sharing ratio of the partners
A:-12:8:5
B:-4:2:3
C:-5:2:1
D:-6:4:3
Correct Answer:- Option-A
Question39:-General provision for doubtful debts in case of standard assets is to be made by a banking company is
A:-0.1%
B:-0.40%
C:-1%
D:-0.25%
Correct Answer:- Option-B
Question40:-When actual loss is less than the normal loss, it is
A:-normal waste
B:-abnormal waste
C:-normal gain
D:-abnormal gain
Correct Answer:- Option-D
Question41:-…………. variance is that portion of material cost variance which is due to the difference between actual
quantity consumed and standard quantity specified
A:-material usage
B:-material yield
C:-material mix
D:-material cost variance
Correct Answer:- Option-A
Question42:-What will be the main reason for labour rate variance?
A:-inefficient workers
B:-defective tools, plant and machinery
C:-insufficient training of workers
D:-change in basic wage rate
Correct Answer:- Option-D
Question43:-Subdivision of overhead volume variance are
A:-efficiency variance
B:-capacity variance
C:-calendar variance
D:-all the above
Correct Answer:- Option-D
Question44:-From the following budget, which gives a summary of all functional budget
A:-capital budget
B:-master budget
C:-flexible budget
D:-discretionary budget
Correct Answer:- Option-B
Question45:-Metal pieces left in utensil manufacture is an example of
A:-joint product
B:-by-product
C:-scrap
D:-waste
Correct Answer:- Option-C
Question46:-Operating costing is applicable in
A:-electricity companies
B:-water works
C:-shipping companies
D:-metal product companies
Correct Answer:- Option-D
Question47:-From the following which is not a part of job costing procedure
A:-production order
B:-cost of sales account
C:-cost card
D:-cost sheet
Correct Answer:- Option-C
Question48:-Which is not come under selling and distribution overhead
A:-transportation
B:-warehouse Rent
C:-general managers salary
D:-Demurrage, wharfage
Correct Answer:- Option-C
Question49:-Over absorbed overhead due to defective planning are charged to
A:-costing P& L A/C
B:-overhead reserve a/c
C:-overhead suspense account
D:-Cost sheet
Correct Answer:- Option-A
Question50:-Under Gantt’s task and bonus plan, no bonus is payable to a worker, if his efficiency is less than
A:-100%
B:-80%
C:-110%
D:-125%
Correct Answer:- Option-A
Question51:-In Haley plan a worker gets bonus equal to —- of time saved
A:-50%
B:-25%
C:-20%
D:-10%
Correct Answer:- Option-A
Question52:-Wages sheet is prepared by
A:-payroll department
B:-time keeping department
C:-personnel department
D:-cost accounting department
Correct Answer:- Option-A
Question53:-Which of the following is an example of direct labour cost?
A:-crane operator in a factory
B:-wages paid to a tailor of a readymade garments
C:-wages paid to inspectors of ready made garments
D:-wages paid to electrician of ready made garments
Correct Answer:- Option-B
Question54:-Which costing method is followed by a cement industry
A:-batch costing
B:-job costing
C:-unit costing
D:-process costing
Correct Answer:- Option-D
Question55:-How can you calculate labour turnover
A:-no. of employees left during a period/average no. of employees during a period X 100
B:-no. of separation during a period+no. of additions/average no. of employees during a period X 100
C:-(no. of separation during a period+no. of additions/2)/ average no. of employees during a period X 100
D:-no. of workers replaced during a period/ average no. of employees during a period X 100
Correct Answer:- Option-D
Question56:-Minimum stock level =
A:-minimum consumption x minimum reorder level
B:-re-order level – (normal consumption x normal reorder period)
C:-(reorder level+reorder quantity) – (minimum consumption x minimum reorder period)
D:-normal consumption x minimum reorder level
Correct Answer:- Option-B
Question57:-Which is the most favorable method of material control of spare parts
A:-VED analysis
B:-ABC analysis
C:-FSND analysis
D:-Just in time inventory system
Correct Answer:- Option-A
Question58:-Special Economic Zone Act came into existence
A:-23 June 2005
B:-23 June 2007
C:-25 June 2003
D:-25 June 2007
Correct Answer:- Option-A
Question59:-Financial accounting is different from cost accounting in respect of
A:-collection of cost
B:-recording cost
C:-allocating cost
D:-controlling costing
Correct Answer:- Option-D
Question60:-Prime cost + variable OH
A:-factory cost
B:-marginal cost
C:-cost of production
D:-cost of sales
Correct Answer:- Option-B
Question61:-When profit is 20% on sales, it will be —– of cost price
A:-80%
B:-25%
C:-75%
D:-60%
Correct Answer:- Option-B
Question62:-For reducing the labour cost per unit which of the following factors is the most important
A:-Low wage rates
B:-higher input-output ratio
C:-strict control & supervision
D:-longer hours of work
Correct Answer:- Option-B
Question63:-In transport costing, an example of fixed cost is
A:-license fees
B:-tyres and tubes
C:-wages of driver
D:-repairs and painting
Correct Answer:- Option-A
Question64:-Which is not considering while preparing final accounts
A:-loss on sale of capital assets
B:-fines and penalities
C:-notional rent
D:-damages payable by law
Correct Answer:- Option-C
Question65:-If the rate of gross profit is 25% on cost of goods sold and the sales are Rs.100000, the amount of gross profit
will be
A:-Rs.25000
B:-Rs.20000
C:-16667
D:-26667
Correct Answer:- Option-C
Question66:-Which of the following is not a group bonus plan
A:-priestman Plan
B:-Towne Plan
C:-Rucker Plan
D:-Bedaux Plan
Correct Answer:- Option-D
Question67:-Which is not a method of segregating Semi-variable cost
A:-high and low point method
B:-method of average
C:-scatter Diagram Method
D:-Alpha coding method
Correct Answer:- Option-D
Question68:-Wages paid to the casual workers are treated as
A:-factory expense
B:-direct cost
C:-direct expense
D:-factory overhead
Correct Answer:- Option-A
Question69:-Motion study was developed by
A:-F.B.Gilbrith
B:-F W Taylore
C:-Merrik
D:-Rucker
Correct Answer:- Option-A
Question70:-Time and motion study is done by
A:-personnel department
B:-engineering department
C:-payroll department
D:-cost accounting department
Correct Answer:- Option-B
Question71:-Reversionary Bonus is bonus paid by Life Insurance Companies
A:-every year
B:-along with the maturity value
C:-in cash every half year
D:-to employees
Correct Answer:- Option-B
Question72:-Tax paid in advance in case of Banking Companies are included in
A:-Schedule 2
B:-Schedule 7
C:-Schedule 11
D:-Schedule 9
Correct Answer:- Option-C
Question73:-Claims against the bank not acknowledged as debt
A:-contingent liability
B:-Current liability
C:-Short term liability
D:-Long term liability
Correct Answer:- Option-A
Question74:-In banks the posting of entries is done from
A:-Records
B:-Subsidiary books
C:-Slips
D:-computer
Correct Answer:- Option-C
Question75:-A stock worth Rs.500000 is insured for Rs.300000 only. And the loss incurred due to fire is Rs.200000. The
policy contains average clause. The claim admitted by the insurance company will be
A:-Rs.500000
B:-Rs.200000
C:-Rs.120000
D:-Rs.125000
Correct Answer:- Option-C
Question76:-Assets acquired by banks in satisfaction of claims is called
A:-banking assets
B:-acquired assets
C:-purchased assets
D:-non banking assets
Correct Answer:- Option-D
Question77:-The statement prepared by Life Insurance Company to find out profit
A:-policy holders account
B:-shareholders account
C:-valuation balance sheet
D:-balance sheet
Correct Answer:- Option-B
Question78:-Investment made to earn regular income
A:-Short term investment
B:-fixed investment
C:-trade investment
D:-marketable investment
Correct Answer:- Option-B
Question79:-The account prepared to find out the stock as on the date of fire
A:-trading account
B:-stock account
C:-memorandum trading account
D:-loss of stock account
Correct Answer:- Option-C
Question80:-Overriding commission is given for
A:-selling goods at higher price
B:-for bearing loss
C:-for bearing expenses
D:-for bearing bad debts
Correct Answer:- Option-A
Question81:-AS-3 relates to ………..
A:-cash flow statement
B:-valuation balancesheet
C:-disclosure of accounting policies
D:-accounting for amalgamation
Correct Answer:- Option-A
Question82:-‘anticipate no profit but provide for all possible losses’ is based on —- concept/convention
A:-consevatism
B:-consistancy
C:-revenue
D:-materiality
Correct Answer:- Option-A
Question83:-If a plant purchased for Rs.10000, its book value is Rs.6000 and it sold for Rs.12000. what is its capital profit
A:-Rs.2000
B:-Rs.6000
C:-Rs.4000
D:-Rs.3000
Correct Answer:- Option-A
Question84:-Cost of Rs.300000 for dismantling, removing and reinstalling a plant by a medium size sugar mill incurred in
connection with the removal of works to a more suitable locality is considered as
A:-capital expenditure
B:-revenue expenditure
C:-deferred revenue expenditure
D:-capital loss
Correct Answer:- Option-C
Question85:-Give an example of indirect expenses
A:-customs duty
B:-royalty
C:-trade expense
D:-cartage and freight
Correct Answer:- Option-C
Question86:-An amount of Rs.500 received from M credited to N, it would affect
A:-M’s Account
B:-N’s Account
C:-Cash Account
D:-Account of M& N
Correct Answer:- Option-D
Question87:-Which is the most appropriate method of depreciation for loose tools, livestock jigs etc
A:-revaluation method
B:-fixed installment method
C:-depletion method
D:-Diminishing balancing method
Correct Answer:- Option-A
Question88:-Goodwill is a ……… asset.
A:-tangible
B:-intangible
C:-current
D:-fluctuating
Correct Answer:- Option-B
Question89:-Excess of opening capital over closing capital denotes ……….
A:-profit
B:-loss
C:-additional capital
D:-lesser capital
Correct Answer:- Option-B
Question90:-Under stock and debtors system, loading in opening stock is credited in
A:-stock account
B:-debtors account
C:-branch adjustment account
D:-trading account
Correct Answer:- Option-C
Question91:-The unexpired discount for a banking company is
A:-Income
B:-expense
C:-liability
D:-none of the above
Correct Answer:- Option-C
Question92:-Statutory reserve created by a banking company as per Banking Regulation Act 1949 is
A:-20%
B:-25%
C:-15%
D:-10%
Correct Answer:- Option-B
Question93:-Cost of control of holding company account is credited with
A:-revenue profit
B:-capital profit
C:-revenue loss
D:-capital loss
Correct Answer:- Option-B
Question94:-In case of amalgamation, the liabilities which are not taken over by the new company are transferred to
A:-Realization a/c
B:-Partner’s capital A/c
C:-partner’s current A/c
D:-bank A/c
Correct Answer:- Option-A
Question95:-The debentures which do not carry any charge on assets of a company is called
A:-naked debenture
B:-registered debenture
C:-bearer debenture
D:-first debenture
Correct Answer:- Option-A
Question96:-Premium paid on the life policy of the proprietor is
A:-debited to P&L a/c
B:-deducted from capital
C:-credited to P&L A/c
D:-added to capital a/c
Correct Answer:- Option-B
Question97:-As Per companies Act 2013 maximum number of members in a partnership firm shall not exceed ——-
A:-50
B:-20
C:-100
D:-150
Correct Answer:- Option-C
Question98:-Minimum number of members for a public limited company is
A:-2
B:-3
C:-4
D:-5
Correct Answer:- Option-B
Question99:-Who presented the first union budget of independent India
A:-R.K.Shanmukham Chetty
B:-John Mathai
C:-Morarji Desai
D:-Charan Singh
Correct Answer:- Option-A
Question100:-No. of clauses of companies Act 2013
A:-470
B:-658
C:-13
D:-29
Correct Answer:- Option-A