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MOCK TEST 2- FCI ACCOUNTANT


NAME :
ATTEMPTED QU.
NON ATTAMPTED QU.
RIGHT QU.
WRONG QU.
MARKS

1. A businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods during the
accounting year ended 31st March, 2009. The market value of the remaining goods was Rs.
4,00,000. He valued the closing inventory at cost. He violated the concept of
A. Money measurement B. Conservatism.

C. Cost D. Periodicity.
2. Abhishek Ojha purchased goods of Rs.5,000 for cash at 20% trade discount and 5% cash
discount. Purchases A/c is to be debited by Rs.______
(a) 3,800 (b) 5,000
(c) 3,750 (d) 4,000
3.In the course of locating the reason for the difference in the trial balance, It has been found
that an amount received from a customer has been debited to his account and a purchase from
a supplier has been wrongly entered in the ledger as Rs. 17,720 instead of Rs.17,270. These
errors may be classified as_______
A. Errors of commission.
B. Errors of omission .
C. Errors of Principle
D. Both errors of commission and omission.
4. A Company deals in electronic goods (AC, fridge, TV.etc) Purchases to Ac and install in its
showroom. the expense will be record in.
(a)Drawing A/C (b) Purchase A/C
(c) Fixed A/C (d) P & L A/C
5. Depletion method of charging depreciation is adopted for which of the following assets?
A. Plant and machinery
B. Wasting assets like mines and quarries
C. Buildings
D. Trademarks

6. Generals Manager gets 6% commission on net profit after charging such commission. Gross
profit Rs.60,000 and other indirect expenses other than manager’s commission are Rs.7,000.
Commission amount will be
(a) Rs.3,000 (b) Rs.3,396
(c) Rs.3,500 (d) None of the above
7. A decrease in provision for doubtful debts would result in:

(a) An increase in liabilities (b) A decrease in working capital
(c) A decrease in net profit (d) An increase in net profit
8. An amount of Rs. 68,000 was paid on 3/3/19 for advertisement in a newspaper. This was
published in the news paper on 3/4/19. This expenditure will be shown as______
A. Liability in the balance sheet on 31/3/19
B. Prepaid expenses on the assets side of balance sheet on 31/3/19
C. An expenses in the profit and loss A/c for the year ended 31/3/19
D. None of the above
9. Rishi of Kolkata consigned goods costing Rs.50,000 to Zenith of Mumbai at cost+ 20% 10%
of the goods were lost in transit.70% of the goods received were sold at 15% above invoice price.
Amount of sales will be Rs ?
(a) 37,800 (b) 39,600
(c) 43,470 (d) 44,370
10. Interest on capital will be paid to the partners if provided for in the agreement but only
from ________
A. Current Year’s Profits. B. Reserves.
C. Accumulated Profits. D. Goodwill

11. X,Y,& Z are partners in a firm sharing profits and losses in the ratio of 5:4:3. Z died on
30/09/16. Profit for the year 2016-17 was Rs. 40,000. What is the share of Z in the profits of
the firm till the date of his death?
(a) Rs. 6,000 (b) Rs. 5,000
(c) Rs. 4,500 (d) Nil
12. When shares are forfeited, the share capital A/c is debited with_______and the share
forfeiture A/c is credited with___________
A. Paid-up capital of shares Forfeited ; called up capital of shares forfeited
B. Called up capital of shares Forfeited; calls in arrear of shares forfeited
C. Called up capital of shares Forfeited; Amount received on shares forfeited
D. Calls in arrears of shares Forfeited; Amount received on shares forfeited
13. A Company issued 6,000, 10% debentures of Rs. 100 each at a discount of 10% repayable
after 5 years at a premium of 5%. Total loss on issue of debentures will be Rs. _____
(a) 90,000 (b) 30,000
(c) 60,000 (d) 75,000
14. M/s X Ltd. took over the assets of Rs. 4,60,000 & liabilities of Rs. 30,000 of Rs. B Ltd. for a
purchase consideration of Rs. 4,40,000. The company issued 10% debentures of Rs. 100 each at
a premium of 10% towards the purchase consideration no. of debentures issued will
be________________
(a) 4,200 (b) 4,000
(c) 3,000 (d) 4,400
15. Right in rem means ____________

A. right to sale
B. right to sue buyer for amount unpaid
C. right to enjoy the goods against whole world
D. to buy the goods

16. Proposal may be :

A. General B. Specific
C. implied or express D. any of the above
17. Ignorance of law is no excuse in case of
a. Mistake as to law of land
b. foreign law
c. unilateral mistake
d. Bilateral mistake
18. A promises to pay B a sum Rs. 10,000/- if it rains and in return B promises to pay Rs.
10,000/- to A if it does not rain. It is a/an_______
A. uncertain agreement
B. wagering agreement
C. contingent contract
D. valid agreement
19. Quantum meruit literally means __________

A. as much as is merited
B. as much as is credited
C. as much as no work done
D. None of the above
20. In case of specific goods in deliverable state, the sale is concluded ___________
A. when goods are delivered to buyer
B. when contract of sale is made by parties
C. when money is paid by buyer
D. when goods are deliver red and money is paid
21.In the event of insolvency of buyer before making the payment, but seller does not have
right of lien, then the seller ___________
A. must deliver the goods to official receiver
B. must resell the goods to any other
C. must retain the goods for any other payment due from buyer
D. None of these

22. __________ was ﬁrst country to adopt GST as indirect system of taxation.
A. France
B. Germany
C. UK
D. India
23. When did the GST act come into force?
(a) Year 2015
(b) Year 2016
(c) Year 2017
(d) None of the above
24. GSTN is a
(a) Non-profit organisation
(b) Profit organisation
(c) None of the above
(d)One Person company
25. Which of the following good will not be coveredunder the GST act?
(a) Cooking gas (b) Liquor
(c) Petrol (d) Both b &c above

26. Where the application for grant of registration has been approved, a certificate of
registration in _____shall be made available to the applicant on the____
(a) FORM GST REG-06, Common Portal
(b) FORM GST CER-06, Common Portal
(c) FORM GST CER-06, Jurisdictional office
(d) FORM GST REG-10, Company portal
27.Can a person apply for registration to pay tax u/s 10 for any of his business verticals at his
choice?
(a) Yes, irrespective of the registration status of other business verticals.
(b) No all of his other business verticals also should have obtained registration for paying tax
under section 10.
(c) Yes, provided majority of the business verticals are paying under section 10.
(d) Yes, if all the business vertical in a state are obtained registration to pay tax under section
10.
28. The income received and accrued outside India from a business controlled op profession set
up in India, the tax incidence in case of resident is
A. Taxable B. Non-taxable
C. Partly taxable D. None of the above
29. The most suitable coverage ratio for deciding the debt capacity of a firm is
(A) Interest Coverage Ratio
(B) Cash Flow Coverage Ratio
(C) Debt Service Coverage Ratio
(D) Fixed Assets Coverage Ratio
30. If the annual demand is 500 units, carrying cost Rs. 4 per unit p.a. and ordering cost is
equal to Rs 40, what will be its EOQ?
A) 100 units B) 250 units
C) 300 units D) 400 units

31. Labour Rate of Pay Variance can be calculated by which one of the following equations ?
(a) Budgeted Labour Costs-Actual Labour Costs
(b) (Standard Hours-Actual Hours)*Actual Wage Rate
(c) (Standard Wage Rate-Actual Wage Rate)*Actual Hours Worked
(d) (Standard Wage Rate-Actual Wage Rate)*Standard Hours Worked
32. If profit is Rs. 20,000 and PV ratio is 40 %, what will be the margin of safety?
A) Rs.40,000
B) Rs. 50,000
C) Rs. 1,00,000
D) Rs.2,00,000
33. Identify the correct equation
I II
i. Fixed cost/P/V ratio a) Contribution
ii. Fixed expenses + profit b) Margin of safety
iii. Actual Sales - breakeven sales c) Breakeven point
iv. Sales (1-P/V ratio) d) Fixed cost
e) Variable cost
A) i-c, ii-a, iii-b, iv-e
B) i-b, ii-c, iii-a, iv-d
C) i-c, ii-b, iii-a, iv-d
D) i-a, ii-c, iii-b, iv-e

34. Which of the following is not a cash inflow ?
(1) Decrease in creditors
(2) Decrease in debtors
(3) Issue of shares
(4) Sale of a fixed asset
35. Which of the following is not corroborative evidence?
(a) Minutes of meetings;
(b) Confirmations from debtors;
(c) Information gathered by auditor through observation;
(d) Worksheet supporting consolidated financial statements.
36. In case the directors fail to appoint first auditor(s), the shareholders shall appoint them
at………….by passing a resolution:
(a) A general meeting
(b) First annual general meeting
(c) Statutory meeting
(d) Annual general meeting.
37. Balance sheet audit does not include:
(a) Vouching of income expense accounts related to assets and liabilities;
(b) Examination of adjusting and closing entries;
(c) Verification of assets and liabilities;
(d) Routine checks

38. Which of the following statements is, generally, correct about the reliability of audit
evidence:
(a) To be reliable, evidence should be conclusive rather than persuasive;
(b) Effective internal control system provides reliable audit evidence;
(c) Evidence obtained from outside sources routed through the client;
(d) All are correct.
39. Which of the following statement is true regarding an auditor’s working papers:
(a) They document the level of independence maintained by the auditor.
(b) They should be considered as the principal support for the auditor’s report
(c) They should not contain details regarding weaknesses in the internal control system.
(d) They help the auditor to monitor the effectiveness of the audit firm’s quality control
procedures.
40. Cost Audit is related to:
(a) Cost accounting records;
(b) Compliance
(c) Financial statements
(d) Balance and Profit & Loss Account

41. The current file of the auditor’s working papers, generally, should include:
(a) A flowchart of the internal controls
(b) Organization charts
c) A copy of financial statements
d) Copies of bond and debentures
42. When an independent auditor relies on the work of an internal auditor, he or she should:
(a) Examine the scope of internal auditor’s work
(b) Examine the system of supervising, review and documentation of internal auditor’s work.
(c) Adequacy of related audit programme
(d) All of the above
43. Appropriateness of evidence depends on the following:
(a) Information must be reliable
b) Information must be affordable
(c) Information must be relevant
(d) Information must be valid.
44. One of the following is not an advantage of maintaining working papers:
(a) Working papers helps in proper planning and performance of audit
(b) It provides as evidence of the audit performed to support the auditor’s opinion
(c) Seniors can supervise the audit work performed by juniors by examining the working
papers.
(d) Working papers acts as morale check on client staff.

45. Match the following items of List – I and List – II and select the correct answer from the
codes given below :
List – I(Sections) List – II(Maximum Deduction)
a. Section 80C of I.T. Act i. Rs. 10,000
b. Section 80D of I.T. Act ii. Rs. 75000
c. Section 80 DDB of I.T. Act iii. Rs. 1,50,000
d. Section 80 TTA of I.T. Act iv. Rs. 25,000
Codes :
abcd
(A) iii i iv ii
(B) iii iv ii i
(C) iv iii ii i
(D) ii iii i iv
46. In which of the following long term assets, cost indexation benefit is allowed ?
(A) Debentures issued by a company
(B) Self generated goodwill of a business
(C) Bonus shares allotted on 1-4-2000
(D) Jewellery
47. Calculate the Gross Annual Value from the following details :
Municipal Value – 45,000
Fair Rental Value – 50,000
Standard Rent – 48,000
Actual Rent – 42,000
(A) 50,000
(B) 48,000
(C) 45,000
(D) 42,000
48.Match the items of the List – I with those of the List – II and indicate the correct code :
List – I List – II(Sec)
a. Residential status of an individual i. 10 (13A)
b. Agricultural income ii. 10 (10
c. House rent allowance iii. 6
d. Gratuity iv. 10 (1)
Codes :
abcd
(1) i iii ii iv
(2) iii iv i ii
(3) ii i iii iv
(4) iv ii i iii

49. A Ltd. has unabsorbed depreciation of 10,00,000 for the P.Y. 2017-18. This can be carried
forward
(A) for a maximum period of 8 years and set-off against business income
(B) indefinitely and set-off against business income
(C) indefinitely and set-off against any head of income except salaries
(D) cannot be carried forward
50.Assertion (A) : Family pension is not taxable.
Reason (R) : The person who receives the family pension was not an employee but dependent
of the employee.
Codes :
(A) Both (A) and (R) are correct
(B) (A) is correct and (R) is incorrect
(C) Both (A) and (R) are incorrect
(D) (A) is incorrect and (R) is correct
51. When income of a minor is clubbed, assessee will get deduction u/s 10(32) of :
a. 1,500
b. Income clubbed subject to maximum of 1,500
c. Such deduction is not available u/s 10(32) but u/s 10(33)
d. None of the above

52. Advance tax is required to be paid by all assessee only if estimated advance tax liability is
a. 5,000 or more
b. 10,000 or more
c. More than zero
d. 50,000 or more
53. Tax is required to be deducted at ……….. from payment made to a resident on winning
from lottery
a. 30% b. 30% + Surcharge + Education cess + SHEC
c. 30% + Education cess + Health Cess d. 31%
54. Three statements are given about wages payment system. State which statement (s) is/are
correct.
Statement 1- When the time saved increases the bonus under Halsey plan also keeps on
increasing. Statement 2-When the time saved is 50% of the standard time, then bonus under
Halsey plan and Rowan plans are the same.
Statement 3-When the time saved is below 50% of the time allowed bonus under Rowan plan is
lesser than that of Halsey plan.
A) Statement 1 only is correct
B) Statement 1 and 2 are correct
C) All the statements are correct
D) All the statements are wrong

55. A worker completes a job in a certain number of hours. The standard time allowed for the
job is 10 hours and the hourly rate of wages is Re.1.The worker earns at 50% rate a bonus of
Rs.2 under Halsey Plan. Find the total wages under Rowan Premium Plan.
A) Rs 6.40
B) Rs 9.40
C) Rs 4.40
D) Rs 8.40
56. P to whom 100 shares of 10 each were allotted at par paid the application money of 2 and
allotment money of 4 per share. He did not pay the call money of 4 per share. His shares were
forfeited. The amount to be credited to Share forfeiture account is
(A) 400
(B) 1000
(C) 600
(D) None of the above
57. What would be the cost of goods sold from the following details–
Opening Stock 4,000
Sales 45,000
Direct Expenses 5,000
Indirect Expenses 6,000
Closing Stock 2,000
Gross Profit 5,000
(A) 28,000

(B) 33,000
(C) 32,000
(D) 27,000
58 The default font used in Excel is

A) Arial B) Algerial C) Times New Roman D) Preeti
59. The Accounting Standard on ‘the Effect of Changes in foreign exchange rates’ is
(A) AS -11
(B) AS -15
(C) AS -18
(D) None of these
60. Arrangement of balance sheet in a proper way is known as
(A) Marshalling of Balance Sheet
(B) Formatting of Balance Sheet
(C) Finalization of Balance Sheet
(D) Grouping of Balance Sheet

Answer
1. B 2. D 3. A 4. C 5. B 6. A 7. D 8. B 9. C 10. A
11. B 12. C 13. A 14. B 15. C 16. D 17. A 18. B 19. A 20. B
21. A 22. A 23. C 24. A 25. D 26. A 27. B 28. A 29.A 30.A
31.C 32. B 33. B 34. A 35. D 36.A 37. C 38.D 39.B 40.A
41.C 42.D 43.C 44.D 45.B 46.D 47.B 48.2 49.C 50.D
51.B 52.B 53.C 54.B 55.D 56.C 57.B 58.A 59.A 60.A
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MOCK TEST 2- FCI ACCOUNTANT

MOCK TEST 2- FCI ACCOUNTANT

NON ATTAMPTED QU.

MOCK TEST 2- FCI ACCOUNTANT

A. Money measurement B. Conservatism.

MOCK TEST 2- FCI ACCOUNTANT

7. A decrease in provision for doubtful debts would result in:

MOCK TEST 2- FCI ACCOUNTANT

15. Right in rem means ____________

MOCK TEST 2- FCI ACCOUNTANT

16. Proposal may be :

17. Ignorance of law is no excuse in case of

a. Mistake as to law of land

19. Quantum meruit literally means __________

MOCK TEST 2- FCI ACCOUNTANT

23. When did the GST act come into force?

(a) Year 2015

(b) Year 2016

(c) Year 2017

(d) None of the above

(a) Non-profit organisation

(b) Profit organisation

(c) None of the above

(d)One Person company

(a) Cooking gas (b) Liquor

(c) Petrol (d) Both b &c above

MOCK TEST 2- FCI ACCOUNTANT

C. Partly taxable D. None of the above

A) 100 units B) 250 units

C) 300 units D) 400 units

MOCK TEST 2- FCI ACCOUNTANT

(a) Budgeted Labour Costs-Actual Labour Costs

(b) (Standard Hours-Actual Hours)*Actual Wage Rate

(c) (Standard Wage Rate-Actual Wage Rate)*Actual Hours Worked

(d) (Standard Wage Rate-Actual Wage Rate)*Standard Hours Worked

33. Identify the correct equation

i. Fixed cost/P/V ratio a) Contribution

ii. Fixed expenses + profit b) Margin of safety

iii. Actual Sales - breakeven sales c) Breakeven point

iv. Sales (1-P/V ratio) d) Fixed cost

A) i-c, ii-a, iii-b, iv-e

B) i-b, ii-c, iii-a, iv-d

C) i-c, ii-b, iii-a, iv-d

D) i-a, ii-c, iii-b, iv-e

MOCK TEST 2- FCI ACCOUNTANT

34. Which of the following is not a cash inflow ?

(1) Decrease in creditors

(2) Decrease in debtors

(3) Issue of shares

(4) Sale of a fixed asset

35. Which of the following is not corroborative evidence?

(a) Minutes of meetings;

(b) Confirmations from debtors;

(c) Information gathered by auditor through observation;

(d) Worksheet supporting consolidated financial statements.

(a) A general meeting

(b) First annual general meeting

(c) Statutory meeting

(d) Annual general meeting.

37. Balance sheet audit does not include:

(a) Vouching of income expense accounts related to assets and liabilities;

(b) Examination of adjusting and closing entries;