Professional Documents
Culture Documents
Participant ID 221500600046
Participant Name LEEPIKA SHARMA
Test Center Name Digital Vision Online P Ltd Panthaghatti
Test Date 24/10/2021
Test Time 12:30 PM - 2:30 PM
Subject Jr.Field Officer (Finance)
Q.1 Restatement of foreign currency trade receivables must be done in accordance with
________.
Ans A. Accounting Standard-11
B. Accounting Standard-37
C. Accounting Standard-7
D. Accounting Standard- 47
Question ID : 92775912087
Status : Answered
Chosen Option : C
Q.2 Which of the following method is an improvisation of Internal Rate of Return method?
Ans A. Net Present Value Method
Question ID : 92775912062
Status : Answered
Chosen Option : A
Question ID : 92775912098
Status : Answered
Chosen Option : D
Q.4 Which of the following are the limitations of ratio analysis?
I. Ratio analysis may result in false results if variations in price levels are not considered.
II. Ratio analysis ignores qualitative factors.
III. Ratio Analysis ignores quantitative factors.
IV. Ratio Analysis is historical analysis.
Ans A. I, II and IV
B. I, III and IV
C. I, II and III
Question ID : 92775912072
Status : Answered
Chosen Option : B
Q.5 Krishna Enterprises is having a machine whose book value is Rs. 60,000. It is propsed to be
replaced by machine costing Rs. 1,20,000. Calculate the cash outflow of the new machine
when the old machine is sold for Rs. 50,000 (Assume tax rate of 40percent).
Ans A. Rs. 86,000/-
B. Rs. 66,000/-
C. Rs. 70,000 /-
D. Rs. 60,000/-
Question ID : 92775912059
Status : Answered
Chosen Option : D
B. Current liabilities
C. Intangible asset
D. Tangible asset
Question ID : 92775912049
Status : Answered
Chosen Option : C
I. Internal Rate of Return gives percentage return while Net Present Value gives absolute
return.
II. Availability of required rate of return is a pre-requisite for Internal Rate of Return while
for Net Present Value it is not.
III. Net Present Value gives clear cut accept-reject decision while Internal Rate of Return
may give multiple results also.
Ans A. only I
B. Both I and II
Question ID : 92775912061
Status : Answered
Chosen Option : A
Q.8 Which of the following is not an example of Discounted cash flow techniques?
Ans A. Internal Rate of Return
B. Payback period
C. Profitability Index
Question ID : 92775912058
Status : Answered
Chosen Option : D
Q.9 Which section of Companies Act 2013 specifies that the company must have an adequate
internal control?
Ans A. Section 142
B. Section143
C. Section140
D. Section141
Question ID : 92775912074
Status : Answered
Chosen Option : B
Question ID : 92775912051
Status : Answered
Chosen Option : D
Q.11 From the given below information you are required to compute Capacity Ratio & Activity
Ratio: Actual Hours worked 3,600 Budgeted Hours 4,000 Standard Hours for Actual
Production 5,600 (Actual Production converted into Standard Hours) Budgeted Standard
Hours 6,000 (Budgeted Production Converted into Standard Hours)
Ans A. Capacity Ratio is 90 percent & Activity Ratio is 93.33 percent
Question ID : 92775912103
Status : Answered
Chosen Option : A
Q.12 Significant events occurring after the balance sheet date but before the approval of
financial statements by Board of Directors can be dealt by ______.
Ans A. Adjustment
B. Disclosure
C. Omission
Question ID : 92775912044
Status : Answered
Chosen Option : A
Q.13 Which of the following is not a relevant qualitative factor for a company in decision making?
Ans A. Liquidity risk
B. state of economy
Question ID : 92775912092
Status : Answered
Chosen Option : D
Q.14 Which of the following statement is not true relating to Integrated Reporting Framework?
Ans A. Takes a principal-based approach.
B. This framework can be applied to private and public sector and for-profit and not-
profit organizations.
C. The primary objective of this framework is to explain how value is created in an
organization over time.
D. The framework has categorised capital into four main forms.
Question ID : 92775912054
Status : Answered
Chosen Option : C
Q.15 Technique of data processing that enables linking together two or more Central Processing
Units to work in parallel in a single computer system is known as ______.
Ans A. Multi programming
B. Multi-processing
C. Time Sharing
D. Online processing
Question ID : 92775912109
Status : Answered
Chosen Option : A
Q.16 Which of the following is not a type of controls in an automated environment?
Ans A. General Information Technology Controls
B. Application Controls
Question ID : 92775912083
Status : Answered
Chosen Option : C
Q.17 Situation when a firm has many projects to be undertaken but has limited funds to spend or
when there is some ceiling on availability of funds is known as ______.
Ans A. Capital budgeting
B. Capital rationing
C. Capital shortage
D. Capital deficiency
Question ID : 92775912055
Status : Answered
Chosen Option : A
B. Cost Accounts
C. Management Accounts
Question ID : 92775912099
Status : Answered
Chosen Option : B
Q.19 How, as per Indian Accounting Standard 17, a non-cancellable lease cannot be cancelled?
Ans A. On the occurrence of remote contingency
D. if the lessee enters into a new lease for the same or an equivalent asset with the
same lessor
Question ID : 92775912046
Status : Answered
Chosen Option : D
Q.20 While undertaking a project in public interest, public sector undertaking can borrow from
multi-lateral/bilateral institutions for developmental projects on the basis of ______.
Ans A. Bank guarantee
B. Line of credit
C. Sovereign guarantee
D. Letter of comfort
Question ID : 92775912066
Status : Answered
Chosen Option : C
Q.21 Calculate annual cash inflows of a project from the following information: Profit before tax
Rs. 50,000/-Depreciation on fixed assets Rs. 60,000/-Interest Rs. 35,000/-Tax rate 30
percent.
Ans A. Rs. 1,45,000/
B. Rs. 1,34,500/-
C. Rs. 1,16,500/-
D. Rs. 1,37,500/-
Question ID : 92775912064
Status : Answered
Chosen Option : C
Q.22 ____________refers to the amount at any given volume of output by which the aggregate
costs are charged if the volume of output is changed by one unit.
Ans A. Standard Cost
B. Historical Cost
C. Marginal Cost
D. Absorption Cost
Question ID : 92775912096
Status : Answered
Chosen Option : D
Q.23 Which of the following is not an underlying assumption in the preparation and presentation
of financial statements?
Ans A. Accrual Basis
B. Going Concern
C. Consistency
D. Relevance
Question ID : 92775912043
Status : Answered
Chosen Option : D
Q.24 The main objective of public sector undertaking is to ______.
Ans A. maximize the book value per share
Question ID : 92775912065
Status : Answered
Chosen Option : C
Q.25 Which of the following company would be completed in 2021-22 as per 2021-22 strategic
disinvestment, Budget Speech?
Ans A. North Eastern Electric Power Corporation Limited
C. Air India
Question ID : 92775912067
Status : Answered
Chosen Option : B
Q.26 A survey and/or sample of files to determine accuracy and completeness of data in an
information system is known as ______.
Ans A. Information audit
B. Data audit
Question ID : 92775912106
Status : Answered
Chosen Option : A
C. Monitoring of activities
D. Political Environment
Question ID : 92775912075
Status : Answered
Chosen Option : A
Q.28 Which of the following methods is not used for evaluation of internal control?
Ans A. Checklists
B. Narrative record
C. Radar chart
D. Questionnaire
Question ID : 92775912076
Status : Answered
Chosen Option : D
B. Common-size statements
C. SWOT analysis
Question ID : 92775912069
Status : Answered
Chosen Option : C
Q.30 A company’s by-product can be sold at a salvage value of Rs. 0.90 per litre. If company
decides to further process the by-product, it will have to incur labour & overhead cost of Rs.
0.75 per litre and can then sell it at Rs.1.60 per litre. If the opportunity cost is taken into
consideration, then Net gain/loss to the company on processing the by-product is ______.
Ans A. Net gain is Rs. 0.05/-
Question ID : 92775912093
Status : Answered
Chosen Option : B
Q.31 A Company has undertaken a project which requires cash outflow of Rs. 60,000 and the
expected cash flows generated from the project are 15000, 17000, 15000, 12000 and 5000
for the next 5 years. Calculate payback period of the project.
Ans A. 1.06 yrs
B. 4.2 yrs
C. 4.5 yrs
D. 5.2 yrs
Question ID : 92775912057
Status : Answered
Chosen Option : C
Q.32 Cash from operations is equal to ______.
Ans A. Net profit plus the increase in outstanding expenses
Question ID : 92775912071
Status : Answered
Chosen Option : D
Q.33 ABC ltd has a capacity of 100 machines working for 8 hours per day for 25 days in a month.
The budgeted fixed overheads for a month are Rs. 1,50,000. The Standard time required to
produce a unit of product is 4 hours. In a particular month, the company worked for 24 days
for 750 machine hours per day and produced 4,500 units of the product. The actual fixed
overheads incurred were Rs. 1.45,000. The Efficiency Variance is ______.
Ans A. 9000
B. 1,50,000
C. 1,35,000
D. Nil
Question ID : 92775912100
Status : Answered
Chosen Option : A
Q.34 On which of the following bases, cash flow statements are prepared?
Ans A. Accrual Basis
B. Cash Basis
C. Entry Basis
D. Due Basis
Question ID : 92775912042
Status : Answered
Chosen Option : B
Q.35 ABC is an unlisted public company. Which of the following statement stands true for the
ABC company?
Ans A. Company ABC will have to appoint an internal auditor.
B. Company ABC will have to appoint an internal auditor if its paid-up capital is Rs. 50
crore or more.
C. Company ABC will have to appoint an internal auditor if its paid-up capital is Rs. 60
crore or more.
D. Company ABC will have to appoint an internal auditor if its paid-up capital is Rs. 50
crore or less.
Question ID : 92775912081
Status : Answered
Chosen Option : B
Q.36 Which of the following is not a reason for misappropriation of assets?
Ans A. Independent checks
Question ID : 92775912073
Status : Answered
Chosen Option : A
Q.37 Company LMN has earned a net profit of Rs. 12,00,000 for the year 2020. Weighted average
number of ordinary shares outstanding during year 2020 was 5,00,000. Average market
price of one ordinary share during the year was Rs. 20. As per Indian Accounting Standard
33, the Earning Per Share for the year is ______.
Ans A. Rs. 2.40
B. Rs. 0.30
C. Rs. 1.30
D. Rs. 2.50
Question ID : 92775912047
Status : Answered
Chosen Option : C
Q.38 Notional value at which goods and services are transferred between divisions in a
decentralized organisation is known as ______.
Ans A. Cost
B. Transfer Price
C. Nominal Value
D. Division Cost
Question ID : 92775912091
Status : Answered
Chosen Option : C
Question ID : 92775912110
Status : Answered
Chosen Option : A
Q.40 Which of the following Costs, are incurred in the past and are not relevant to the capital
budgeting decisions?
Ans A. Opportunity Cost
B. Explicit cost
C. Sunk cost
D. Fixed cost
Question ID : 92775912056
Status : Answered
Chosen Option : C
Q.41 What will be the cost drivers in case of in ‘customer order processing’?
Ans A. Number of customers
B. Number of orders
C. income of customers
Question ID : 92775912090
Status : Answered
Chosen Option : D
Question ID : 92775912094
Status : Answered
Chosen Option : D
Q.43 What is the full-form of TDF meaning “flow of electronic data across national boundaries”?
Ans A. Transborder Data Flow
Question ID : 92775912107
Status : Answered
Chosen Option : A
Q.44 In the books of XYZ ltd, the auditor observed that repairs of Rs 1,00,000 were not recorded
but were appearing in financial statements. This concludes that ______.
Ans A. Financial statement does not present true & fair picture of operational results.
B. Financial statement does present true & fair picture of operational results.
C. Human error
D. Technical error
Question ID : 92775912079
Status : Answered
Chosen Option : C
Question ID : 92775912089
Status : Answered
Chosen Option : C
Question ID : 92775912086
Status : Answered
Chosen Option : A
Q.47 Inventory of XYZ ltd is usually realised in 14 months. This would be classified as ______ in
balance sheet.
Ans A. Current assets
C. Current liabilities
Question ID : 92775912052
Status : Answered
Chosen Option : B
Q.48 ______ is an audit process for verifying the cost of manufacture/production of an article.
Ans A. Cost Audit
B. Price Audit
C. Value Audit
D. Profit Audit
Question ID : 92775912084
Status : Answered
Chosen Option : A
B. planned events
C. contingent events
D. emergent events
Question ID : 92775912102
Status : Answered
Chosen Option : B
B. Accounting Policies
Question ID : 92775912045
Status : Answered
Chosen Option : D
Q.51 Arun ltd. manufactures two products M & N. The sales mix is 4 units of M and 3 units of N.
The contribution margin per unit is Rs. 40 and Rs. 20 for M & N, respectively. Fixed costs
are Rs. 6,16,000 per month. Calculate the composite break-even point?
Ans A. 19,600 units
B. 11,200 units
C. 8,400 units
D. 19,000 units
Question ID : 92775912097
Status : Answered
Chosen Option : C
Q.52 Public sector enterprise is owned, managed and controlled by the ______.
Ans A. Individuals
B. Government
C. Board of Directors
D. Local Authority
Question ID : 92775912068
Status : Answered
Chosen Option : B
Q.53 ______ is the process of establishing budgets relating to various activities and comparing
the budgeted estimates with the actual performance for arriving at deviations(if any).
Ans A. Standard Control
B. Marginal Control
C. Budgetary Control
D. Variance Control
Question ID : 92775912101
Status : Answered
Chosen Option : A
Question ID : 92775912085
Status : Answered
Chosen Option : D
Q.55 ABC ltd captures all costs which would have been incurred against the inventory that was
manufactured during the year. This concept is called as ______.
Ans A. Materiality Concept
B. Matching Concept
D. Cost Concept
Question ID : 92775912053
Status : Answered
Chosen Option : C
Q.56 What is the correct order for developing the information security policy?
1. Project Initiation
2. Consultation & Approval
3. Policy Development
4. Policy Dissemination
5. Awareness & Education
Ans A. 1,3,2,5,4
B. 2,3,4,5,1
C. 1,2,3,4,5
D. 5,4,1,2,3
Question ID : 92775912104
Status : Answered
Chosen Option : D
Question ID : 92775912105
Status : Answered
Chosen Option : C
Q.58 Which of the following is not a key feature of Automated Audit Environment?
Ans A. Enables faster business operations
Question ID : 92775912082
Status : Answered
Chosen Option : C
Q.59 Which among the following is not mandated to appoint an internal auditor or a firm of
internal auditors as per companies Act, 2013?
Ans A. listed company with a turnover of Rs. 200 crore or more in last 3 years
B. Private company with a turnover of Rs. 200 crore or more in preceding financial year.
C. Unlisted company with a turnover of Rs. 200 crore or more in preceding financial year.
D. Proprietary with a turnover of Rs. 200 crore or more in preceding financial year.
Question ID : 92775912078
Status : Answered
Chosen Option : D
Q.60 ABC ltd sold an asset to Mr. Z and immediately after this transaction,Mr. Z leased the asset
to ABC ltd. The reporting of this sale transaction is unfaithful in accordance with which of
the following aspect of financial reporting?
Ans A. Neutrality
C. Prudence
D. Faithful representation
Question ID : 92775912050
Status : Answered
Chosen Option : D
Question ID : 92775912070
Status : Answered
Chosen Option : B
Q.62 Which of the following is basic principle for the calculation of cash flows of a capital
budgeting project?
Ans A. Cash flows are considered on before-tax basis
D. At the end of project life, funds blocked in working capital are absorbed completely
Question ID : 92775912063
Status : Answered
Chosen Option : A
Question ID : 92775912095
Status : Answered
Chosen Option : B
Q.64 With use of ______________,the processing power is distributed to multiple computers at
multiple sites, which are then tied together via telecommunications lines.
Ans A. Distributed data processing
Question ID : 92775912108
Status : Answered
Chosen Option : A
B. Expansion
C. Diversification
D. Financing
Question ID : 92775912060
Status : Answered
Chosen Option : A
Q.66 As defined in Indian Accounting Standared-34, Interim period is a financial reporting period
of ______.
Ans A. longer than a full financial year
D. Exactly 6 months
Question ID : 92775912048
Status : Answered
Chosen Option : D
Question ID : 92775912088
Status : Answered
Chosen Option : C
Q.68 What is the full-form of CARO, 2020 in regard to Companies Act 2013?
Ans A. Companies (Auditor’s Report Order, 2020)
Question ID : 92775912080
Status : Answered
Chosen Option : C
Q.69 Which of the following statement is true regarding the Internal Control of an Entity?
Ans A. The objective of internal control is to safeguard assets from unauthorized access.
D. The auditor must report on compliance with all aspects of internal control.
Question ID : 92775912077
Status : Answered
Chosen Option : D
Question ID : 92775912041
Status : Answered
Chosen Option : C
B. Sweden
C. Denmark
D. Singapore
Question ID : 92775912112
Status : Answered
Chosen Option : A
Q.2 Which article of Indian constitution deals with right to education?
Ans A. Article 19
B. Article 20
C. Article 21
D. Article 21 A
Question ID : 92775912115
Status : Answered
Chosen Option : A
Q.3 What is the rank of India in Global Youth Development Index 2020?
Ans A. 120
B. 124
C. 122
D. 132
Question ID : 92775912113
Status : Answered
Chosen Option : D
C. Switzerland
D. United Kingdom
Question ID : 92775912111
Status : Answered
Chosen Option : B
B. 6
C. 4
D. 3
Question ID : 92775912114
Status : Answered
Chosen Option : A
Q.6 Which of the following pair of classical dance form – state is correct?
Ans A. Mohiniyattam – Kerala
C. Kathak – Kerala
D. Kuchipudi – Manipur
Question ID : 92775912116
Status : Answered
Chosen Option : D
Q.7 Which of the following pair of peak – country is correct?
I. Makalu – Nepal
II. Nanga Parbat – India
Ans A. Only I
B. Only II
C. Both I and II
D. Neither I nor II
Question ID : 92775912117
Status : Answered
Chosen Option : A
Q.8 In the following question, select the missing number from the given series.
B. 48
C. 49
D. 50
Question ID : 92775912121
Status : Answered
Chosen Option : A
Q.9 In the following question, select the related letter pair from the given alternatives.
RVEW : UYCU :: ?
Ans A. UOIA : XRGY
B. FXWR : IBUP
C. PVQJ : SYOG
D. MTND : PXLB
Question ID : 92775912120
Status : Answered
Chosen Option : C
Q.10 In the following question, select the related number pair from the given alternatives.
728 : 17 :: ?
Ans A. 543 : 13
B. 483 : 14
C. 619 : 16
D. 342 : 11
Question ID : 92775912122
Status : Answered
Chosen Option : A
Q.11 In the following question, select the odd figure from the given alternatives.
Ans A.
B.
C.
D.
Question ID : 92775912124
Status : Answered
Chosen Option : C
Q.12 A series is given with one term missing. Select the correct alternative from the given ones
that will complete the series.
B. IAB
C. IAC
D. JCB
Question ID : 92775912119
Status : Answered
Chosen Option : B
Q.13 From the given alternatives, select the word which CANNOT be formed using the letters of
the given word.
ILLUSTRATIVE
Ans A. REST
B. TRAIL
C. RENT
D. SAT
Question ID : 92775912118
Status : Answered
Chosen Option : C
Q.14 By interchanging which two signs and two numbers the equation will be correct?
7 ÷ 5 – 18 × 3 + 6 = 31
Ans A. + and ÷, 6 and 7
B. × and ÷, 6 and 7
C. – and ×, 5 and 6
Question ID : 92775912123
Status : Answered
Chosen Option : A
Q.15 I lose the selling price of 20 metres by selling 60 metres of cloth. What is the loss
percentage?
Ans A. 20 percent
B. 25 percent
C. 30 percent
D. 40 percent
Question ID : 92775912130
Status : Answered
Chosen Option : A
B. 1 : 3 : 2
C. 3 : 2 : 6
D. 6 : 3 : 2
Question ID : 92775912128
Status : Answered
Chosen Option : A
B. 676
C. 784
D. 667
Question ID : 92775912125
Status : Answered
Chosen Option : C
Q.18 240 litres of oil was poured into a empty tank and it was still 20 percent empty. How much
more oil must be poured into the tank in order to completely fill it?
Ans A. 30 litres
B. 40 litres
C. 60 litres
D. 80 litres
Question ID : 92775912129
Status : Answered
Chosen Option : A
Q.19 Tarun invested an amount of Rs. 20000 at compound interest (compounding annually) at a
rate of 10 percent per annum. How much amount will he get after 2 years?
Ans A. Rs. 22200
B. Rs. 23200
C. Rs. 24200
D. Rs. 25200
Question ID : 92775912131
Status : Answered
Chosen Option : B
B. 4
C. 8
D. 16
Question ID : 92775912126
Status : Answered
Chosen Option : B
Q.21 A man spends (1/3) of his salary on food and (1/5) of his salary on house rent. He still has
Rs. 1400 left with him. What is his salary?
Ans A. Rs. 2800
B. Rs. 2400
C. Rs. 3200
D. Rs. 3000
Question ID : 92775912127
Status : Answered
Chosen Option : D
Q.22 In the given question, four words are given out of which one word is correctly spelt. Choose
the correctly spelt word.
Ans A. Handkerchief
B. Hankerchef
C. Hankyrcheif
D. Handkirchief
Question ID : 92775912137
Status : Answered
Chosen Option : A
Q.23 Find the part of the given sentence that has an error in it. If there is no error, choose ‘No
error’.
Mila was (1)/ listening on (2)/ music while studying (3)/. No error (4)
Ans A. 1
B. 2
C. 3
D. 4
Question ID : 92775912132
Status : Answered
Chosen Option : B
Q.24 Choose the word that means the same as the given word.
Reverie
Ans A. Meeting place
B. Solitude
C. Daydreaming
D. Garden
Question ID : 92775912135
Status : Answered
Chosen Option : C
Q.25 In the following question, out of the given four alternatives, select the alternative which best
expresses the meaning of the Idiom/Phrase.
B. To insult someone
C. To gossip
D. To face insults
Question ID : 92775912138
Status : Answered
Chosen Option : A
Q.26 A sentence has been given with a blank to be filled with an appropriate word. Choose the
correct alternative.
B. into
C. inside
D. over
Question ID : 92775912133
Status : Answered
Chosen Option : D
Q.27 Choose the word that is opposite in meaning to the given word.
Antecedent
Ans A. Cause
B. Effect
C. Reason
D. Posterior
Question ID : 92775912136
Status : Answered
Chosen Option : D
Q.28 Choose the word that can substitute the given sentence.
A large group of animals such as cows that live and eat together.
Ans A. Pasture
B. Herd
C. Group
D. Committes
Question ID : 92775912134
Status : Answered
Chosen Option : B
B. Detaining
C. Rewarding
D. Threatening
Question ID : 92775912140
Status : Answered
Chosen Option : C
Q.30 The process of habituating the child to repeat and modify behaviors both elicited or emitted
is called ______.
Ans A. Observing
B. Materializing
C. Producing
D. Conditioning
Question ID : 92775912139
Status : Answered
Chosen Option : D