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StudyIQ EPFO Mock Test 2
StudyIQ EPFO Mock Test 2
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Mock 2
1. Which one of the following is the synonyms of the word written in Capital letters in the
Sentence, “only alternative is to ban child labour in hazardous areas and to regulate and
ameliorate the conditions of work.”?
(a) cover
(b) adjust
(c) remove
(d) mitigate
Correct Ans. D
2. Which one of the following is the synonyms of the word written in Capital letters in the
Sentence, “the U.S. began to stress the issue of signing the CTBT”?
(a) enforce
(b) pressurize
(c) emphasize
(d) suppress
Correct Ans. B
3. Which one of the following is the synonyms of the word written in Capital letters in the
Sentence, “The last five years have been the advent of the digital economy where
technology is becoming the driving force.”?
(a) shinning
(b) departure
(c) power
(d) arrival
Correct Ans. D
4. Which one of the following is the Antonyms of the word written in Capital letters in the
Sentence, “In recent years our society has shown readiness to address the educational and
developmental needs of adolescents”?
(a) discourage
(b) ignore
(c) diffuse
(d) locate
Correct Ans. B
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5. Which one of the following is the Antonyms of the word written in Capital letters in the
Sentence, “The two countries had come close to andagreement on the other issues”?
(a) dissension
(b) harmony
(c) refusal
(d) misunderstanding
Correct Ans. A
6. Which one of the following is the Antonyms of the word written in Capital letters in the
Sentence,“the students will be spurred to work doubly hard.”?
(a) depress
(b) enlarge
(c) explicate
(d) sustain
Correct Ans. A
7. He spent much time and energy over it, and lost a large sum in the bargain. has an error?
8. Which one of the following parts of the sentence, “At an early age he had made his mark
as a chemist.” has an error?
9. Which one of the following parts of the sentence, “He is not in the good books of his
master” has an error?
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10. Which one of the following parts of the sentence, “Atul’s habit of delaying his work put
his colleagues to a lot of trouble” has an error?
11. Which one of the following words can be used as a substitute “Land covered by water on
three sides?”
(a) Island
(b) Mainland
(c) Strait
(d) Peninsula
Correct Ans. B
12. Choose the correct alternative which will improve the Sentence “The higher you climb a
Himalayan peak, more cold you feel”.
13. Choose the correct alternative which will improve the Sentence “will you lend me few
rupees for the taxi fare”.
14. Which one of the following may be used in the blank space in the sentence, the new
industrial policy is a result of the confidence the government has in the ……………….. Itself to
increase the production
(a) Maturity
(b) Status
(c) Opinion
(d) Profitability
Correct Ans. A
15. Which one of the following may be used in the blank space in the sentence, the man was
about to move his bike into the compound of his apartment when a passer-by………down the
motorbike
(a) turned
(b) knocked
(c) climbed
(d) forced
Correct Ans. B
16. Which one of the idiomatic expression are correct, find out the correct meaning and
mark the answer of the sentence “To make clean breast of?
Correct Ans. C
17. Which one of the idiomatic expression are correct, find out the correct meaning and
mark the answer of the sentence “To leave someone in the lurch?
Correct Ans. D
18. Choose the alternative which best express the meaning of the idiom/phrase and mark it
“the decision to set up a new University in that town was welcomed by the people”?
(a) organize
(b) manage
(c) build
(d) institute
Correct Ans. D
19. Choose the alternative which best express the meaning of the idiom/phrase and mark it
(a) made
(b) drew
(c) dragged
(d) arranged
Correct Ans. B
20. Choose the alternative which best express the meaning of the idiom/phrase and mark it
(a) Scrap
(b) grab
(c) fistful
(d) brush
Correct Ans. A
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21. In context of early British Colonial expansion in India, consider the following
statements:
1. The Royal Charter (Shahi Farman) of 1717 was granted to the East India Company by
Mughal Emperor Bahadur Shah I.
2. The Royal Charter of 1717 granted the EIC the right to issue Dastaks for the duty-free
movement of goods.
3. The Battle of St. Thome concluded the third Carnatic war and with it the aspirations
of French to establish a strong foothold in India.
a) 1 and 2 only
b) 2 and 3 only
c) 2 only
d) 1 and 3 only
Answer: c
Explanation: The Royal Charter (Shahi Farman) of 1717 was granted to the East India
Company by the Mughal Emperor Farrukhsiyar and not Bahadur Shah I. It provided the
British East India Company the right to reside and trade in the Mughal Empire.
Through this Farman, the company was given the right to issue Dastak (passes) for the duty-
free movement of goods, which was misused by company officials for personal gain.
It is true that the third Carnatic war dealt a decisive blow to the French ambitions in India,
but it was concluded after the battle of Wandiwash in 1760 and subsequently the treaty of
Paris in 1763 and not the Battle of St. Thome. The first Carnatic war was fought at St. Thome
between the Nawab of Carnatic aided by the Britishers and the French led by Dupleix.
22. The policy of “Paramountcy” was initiated under which of these Governor Generals?
c) Lord Minto
d) Lord Cornwallis
Answer: a
Explanation: The new policy of Paramountcy was initiated under Lord Hastings (Governor
General from 1813-822). The company now claimed that its authority was supreme or
paramount, hence its power was greater than that of the Indian states.
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23. Which of these persons is credited with the establishment of the Sanskrit College at
Varanasi (erstwhile Benaras)?
b) B. M. Malabari
c) Jonathan Duncan
d) Ishwarchand Vidyasagar
Answer: c
Explanation: Jonathan Duncan started the Sanskrit College at Benares for the study of Hindu
law and Philosophy in 1791. (In 1958 the Sanskrit College became a university and in 1974
the name was changed to Sampurnanand Sanskrit University.)
24. Consider the following statements regarding the Mahalwari system of Land Revenue:
3. The entire land of the village was measured at the time of fixing revenue.
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) 1, 2 and 3
Answer: c
Explanation: Mahalwari system of land revenue was introduced first by Holt Mackenzie and
Robert Merttins Bird.
The word "Mahalwari" is derived from the Hindi word Mahal, which means house, district,
neighbourhood or quarter. This system consisted of landlords or lambardars claiming to
represent entire villages or even groups of villages. The responsibility of paying the revenue
rested with the entire Mahal. So, the entire land of the Mahal was measured at the time of
fixing the revenue.
Since the revenue was directly collected from the village community or the landlords
representing them, so the system helped in eliminating middlemen.
2. These riots were orchestrated by peasants who targeted the moneylenders to obtain
and destroy the bonds, decrees, and other documents in their possession.
3. A commission to inquire into these riots was set up which submitted its report to the
Parliament in 1878.
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer: d
Explanation: In May and June 1875, peasants of Maharashtra in some parts of Pune and
Ahmednagar districts revolted against increasing agrarian distress. The Deccan Riots of 1875
targeted conditions of debt peonage (kamiuti) to moneylenders. The rioters' specific
purpose was to obtain and destroy the bonds, decrees, and other documents in the
possession of the moneylenders.
Deccan Riots Commission was set up to enquire and investigate the reasons for the riots. It
submitted its report to Parliament in 1878.
26. Economically, one of the results of the British rule in India in the 19th century was the
Answer: c
Explanation: A major impact of British rule was the dictated growth of commercial crops like
tea and indigo to fulfil the needs of European markets.
27. With reference to modern Indian history, the Lottery committee (1817) was set up to
Answer: a
Explanation: The work of town planning was carried on by the Lottery Committee (1817)
with the help of the government. The Lottery Committee was so named because funds for
town improvement were raised through public lotteries. In other words, in the early
decades of the nineteenth century raising funds for the city was still thought to be the
responsibility of public-minded citizens and not exclusively that of the government.
28. Which of the following principles were advocated by the Theosophical Society?
1. Transmigration of soul
2. Upanishadic teachings
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer: d
Explanation: A group of westerners led by Madame H.P. Blavatsky and Colonel M.S. Olcott,
founded the Theosophical Society in New York City, United States in 1875. In 1882, they
shifted their headquarters to Adyar, on the outskirts of Madras in India.
The society believed that a special relationship could be established between a person’s
soul and God by contemplation, prayer, revelation, etc. It accepted the Hindu beliefs in
reincarnation, transmigration of soul and karma, and drew inspiration from the philosophy
of the Upanishads and samkhya, yoga and Vedanta schools of thought. It aimed to work for
universal brotherhood of humanity without distinction of race, creed, sex, caste or colour.
The Theosophical Movement came to be allied with the Hindu renaissance. It opposed child
marriage and advocated the abolition of caste discrimination, uplift of outcastes,
improvement in the condition of widows.
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer: a
Explanation: Veda Samaj was established by Keshab Chandra Sen and K. Sridharalu Naidu. It
was known as the Brahmo Samaj of South India. Baba Ram Singh was associated with the
Namdhari movement. Rest of the pairs are correctly matched.
30. Consider the following statements regarding 'Downward filtration theory '
1. It aimed directly to educate the masses and spread modern ideas among them.
2. Wood's Dispatch favoured the implementation of downward filtration.
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: d
Explanation: To make up for the paucity of expenditure on education, the officials had
recourse to the so called "downward filtration theory". Since the allocated funds could
educate only a handful of Indians, it was decided to spend them educating a few persons
from the upper and middle classes who were expected to assume the task of educating the
masses and spreading modern ideas among them. Education and modern ideas were thus
supposed to filter or radiate downwards from the upper classes.
The Wood's Dispatch of 1854 was another important step in the development of education
in India. The Dispatch asked the Government of India to assume responsibility for the
education of the masses. It thus repudiated the "downward filtration" theory, at least on
paper. In practice, the Government did little to spread education and spent very little on it.
31. Who among the following were the founders of the "Hind Mazdoor Sabha"
established in 1948?
Answer: d
Explanation: Hind Mazdoor Sabha was founded in Howrah in West Bengal on 29 December
1948, by socialists, Forward Bloc followers and independent unionists. Its founders included
Basawon Singh (Sinha), Ashok Mehta, R.S. Ruikar, Maniben Kara, Shibnath Banerjee, R.A.
Khedgikar, T.S. Ramanujam, V.S. Mathur, G.G. Mehta. R.S. Ruikar was elected president and
Ashok Mehta general secretary.
32. Jorve culture present in the Neolithic period is related to which of the following
states?
A. West Bengal
B. Uttar Pradesh
C. Madhya Pradesh
D. Maharashtra
Answer - d
Explanation- The Jorve culture present in the Neolithic period is related to Maharashtra.
Code:
A. a1 b2 c3 d4
B. a2 b1 c3 d4
C. a3 b4 c1 d2
D. a4 b3 c1 d2
Answer – b
Ans – b
Explanation–
In the later Vedic period the Furrow line was called ‘Sita’ and the plow was called
‘Sira’.
A woman who remained unmarried throughout her life was called ‘Amaju’.
Answer – b
Explanation - In the book 'Milind Panho', there is a reference to the question asked by the
Hindu-Greek ruler Minander and the answer given by the Buddhist monk Nagasen.
Answer:- (d)
Explanation
The senior-most elected member of the Lok Sabha will generally be appointed as the
Protem Speaker by the President of India. Protem Speaker presides over the swearing and
oath-taking of the newly elected members of the house.
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Answer:- (b)
Explanation
Gram Sabha is the assembly of all the registered voters (above the age of 18 years) of a
panchayat.
Answer:- (b)
Explanation
About ‘Gram Nyayalayas’:-
These are mobile village courts established under Gram Nyayalayas Act, 2008. There
is no provision of these courts in the Constitution of India. Hence statement (1) is
not correct.
These are aimed at providing speedy and inexpensive justice to people in rural areas
at their doorsteps. Hence statement (2) is correct.
The Gram Nyayalayas should be established for every Panchayat at the intermediate
level or a group of contiguous Panchayats at intermediate level in a district or where
there is no Panchayat at intermediate level in any State for a group of contiguous
Panchayats.
These courts exercise the powers of both Criminal and Civil Courts which are
specified in the First Schedule and the Second Schedule to the Gram Nyayalayas Act,
2008.
These courts are not bound by the rules of evidence provided in the Indian Evidence
Act,1872 but shall be guided by the principles of natural justice and subject to any
rule made by the High Court.
a. Bombay
b. Pune
c. Madras
d. Calcutta
Answer:- (c)
Explanation
The Corporation of Madras was established under a Royal Charter issued by King James-II on
30 December 1687 as the Corporation of Madras. It is the second oldest city civic body in
the world after the City of London.
40. The Legislative Assembly of Delhi can make laws on any subject of the state List
except:-
1. Public Order
2. Police
3. Land
4. Local government
5. Public debt of the state
Answer:- (d)
Explanation
The Parliament can make laws on any subject of the three lists (including the State List) for
the Union Territories. But, the Legislative Assembly of Delhi can make laws on any subject of
the State List (except public order, police and land) and the Concurrent List.
41. Which of the following industries does not constitute the eight core industries in
India?
a. Pharmaceutical Industry
b. Coal Industry
c. Natural gas and fertilizers
d. Refinery products Industry
Answer:- (a)
Explanation
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Eight Core Industries consists of Electricity, Steel, Refinery products, Crude Oil, Coal,
Cement, Natural gas, and Fertilizers. These eight core industries comprise nearly 40.27% of
the Index of Industrial Production.
42. Which of the following institutions/organizations is/are also known as ‘Bretton Woods
Institutions’?
Answer:- (d)
Explanation
The World Bank and International Monetary Fund are the two institutions that are also
known as the ‘Bretton Woods Institutions’.
a. Welfare of minorities
b. Helping poorest among the poor
c. Upliftment of Dalits
d. Complete removal of poverty
Answer:- (b)
Explanation
Antyodaya Anna Yojana (AAY) is a scheme of the Government of India. It is a sponsored
scheme to provide highly subsidized food to millions of the poorest families.
44. Which of the following is one of the reasons for low demand for crop insurance in
India?
Answer:- (d)
Explanation
Some of the main reasons for low demand for crop insurance in India are:-
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45. Who among the following chaired the meeting of Goods and Services Tax Council
(GSTC)?
a. Prime Minister
b. Union Finance Secretary
c. Union Finance Minister
d. Chief Minister of a state appointed by the President
Answer:- (c)
Explanation
Union Finance Minister is the ex-officio chairman of the GST council. GST Council is the
supreme body to decide on the matters of Goods and Services Tax.
Answer:- (d)
Explanation
OPEC+ refers to the alliance of crude producers, who have been undertaking
corrections in supply in the oil markets since 2017.
Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya,
Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
OPEC+ countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico,
Oman, Russia, South Sudan and Sudan.
47. With reference to ‘Export Preparedness Index’, consider the following statements:-
Answer:- (b)
Explanation
Recently, NITI Aayog has released the ‘Export Preparedness Index-2020’.
Answer:- (c)
Explanation
Recently, Green-Ag project has been launched by the Union government to reduce
greenhouse gases emission from agriculture.
It aims to bring at least 104,070 ha of farms under sustainable land and water
management and ensure 49 million Carbon dioxides equivalent sequestered or
reduced through sustainable land use and agricultural practices. Hence statement
(1) is correct.
It will be implemented in five states viz Mizoram, Rajasthan, Madhya Pradesh,
Odisha and Uttarakhand. Hence statement (2) is not correct.
It is funded by the Global Environment Facility (GEF), while the Department of
Agriculture, Cooperation, and Farmers’ Welfare is the national executing agency.
Hence statement (3) is also not correct.
Other key players involved in its implementation are the Food and Agriculture
Organization (FAO) and the Union Ministry of Environment, Forest and Climate
Change (MoEF&CC).
Answer:- (b)
Explanation
Shantaram Siddi of the Siddi community has been nominated as a member of the Legislative
Council in Karnataka. He was the first from his community to be nominated to the Karnataka
legislature.
50. With reference to Infrastructure Investment Trusts (InvIT), consider the following
statements:-
1. These are similar to a mutual fund.
2. These are regulated by the Reserve Bank of India.
3. Power Grid Corporation of India Limited is the first PSU in the Power Sector that will
undertake asset recycling by monetising its assets through the InvIT model.
Answer:- (c)
Explanation
The Union Cabinet approves asset monetization of subsidiaries of Power Grid Corporation of
India limited through infrastructure investment trust.
Answer:- (b)
Explanation
Myristica swamp treefrog is a rare arboreal species endemic to the Western Ghats.
They are active only for a few weeks during their breeding season.
It has been recorded for the first time north of the Shencottah gap in the Vazhachal
Reserve Forest in Kerala’s Thrissur district.
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Answer:- (b)
Explanation
Assam’s Pobitora Wildlife Sanctuary is also known as ‘Mini Kaziranga’.
It has the highest density of one-horned rhinos in the world and second highest
concentration in Assam after Kaziranga National Park.
Recently it has been found that too many cattle are robbing rhinos of nutrition in
‘Mini Kaziranga’.
Answer:- (c)
Explanation
Recently, the Reserve Bank of India (RBI) eased the leverage ratio (LR) for banks as a
measure to expand banks’ lending activities.
A reduction in leverage ratio means that banks can lend more on the same capital
base. Hence statement (3) is also correct.
54. Which of the following statements is correct regarding the ‘Financial Stability and
Development Council’?
a. The Council is chaired by the Prime Minister.
b. It is a statutory body and was established under the Financial Resolution and Budget
Management Act, 2003.
c. Chief Economic Advisor is one of the members of this council.
d. Preparation of budget, collection of economic data and overview of economic
condition of the country are some of the main features of this council.
Answer:- (b)
Explanation
Financial Stability and Development Council:-
It was constituted in December, 2010 and It is not a statutory body.
Composition:-
The Council is chaired by the Union Finance Minister and its members are Governor,
Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic
Affairs; Secretary, Department of Financial Services; Chief Economic Adviser,
Ministry of Finance; Chairman, Securities and Exchange Board of India. Hence
statement (c) is correct.
Recently, the government through a gazette notification, had included the ministry
of electronics and information technology (MeitY) secretary in the FSDC in view of
the increased focus of the government on digital economy.
Functions:-
The Council deals, inter-alia, with issues relating to financial stability, financial sector
development, inter–regulatory coordination, financial literacy, financial inclusion and
macro prudential supervision of the economy including the functioning of large
financial conglomerates.
55. With reference to the ‘Garib Kalyan Rojgar Abhiyan’, consider the following
statements:-
1. It will provide livelihood opportunities to the returnee migrants.
2. It will be implemented in all rural areas of India.
3. This campaign involves 100 days of work.
c. 3 only
d. 1 only
Answer:- (d)
Explanation
‘Garib Kalyan Rojgar Abhiyan’:-
Objectives:-
To empower and provide livelihood opportunities in areas/ villages witnessing large
numbers of returnee migrant workers affected by the devastating COVID-19 and
similarly affected rural citizens. Hence statement (1) is correct.
Salient Features:-
It is a massive employment -cum- rural public works Campaign.
Public works to be undertaken during this campaign will have a resource envelope of
Rs 50,000 crores.
The campaign involves 125 days of work. Hence statement (3) is not correct.
Coverage:-
It covers 116 districts in 6 states - Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan,
Jharkhand and Odisha. Hence statement (2) is also not correct.
The chosen districts include 27 Aspirational Districts. o These districts are estimated
to cover about 2/3 of such migrant workers.
Accountancy
Answer: - (d)
Explanation: -
When we have paid any expense and its benefits is to be availed in future, it is termed as
Unexpired or Prepaid Expenses.
Personal Account: - These accounts relate to persons such as individuals, firms, companies
etc. These are prepared to determine the balance due to or due from person or
organizations. These are further divided into three types:
Natural Personal Accounts: - These are the accounts of those person who come into
existence naturally i.e. persons who creation of God. Therefore, it includes only
accounts in the name of individual like Radha’s Account, Kahnaiya’s Account etc.
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57. The rule “Debit all expenses and losses and credit all incomes and gains” related to: -
a. Nominal Account
b. Personal Account
c. Real Account
d. None of the above
Answer: - (a)
Explanation: -
Nominal Account: - Nominal Accounts related to income, losses or gains for one financial
year. At the end of the financial year, the balances in these accounts are transferred into the
Capital Account. Example: - Wages Account, Salary Account, Rent Account etc.
58. Economic Life of an enterprise is split into the periodic interval as per which concept?
a. Matching
b. Money Measurement
c. Accrual
d. Periodicity
Answer: - (d)
Explanation: -
Periodicity Concept of Accounting: -
In accounting, periodicity means that accountants will assume that a company’s complex
and ongoing activities can be divided up and reported in annual, quarterly and monthly
financial statements.
The economic life of an enterprise is split into the periodic intervals as per the Periodicity
concept. It is the concept that each accounting period has an economic activity associated
with it, and that the activity can be measured, accounted for, and reported upon.
59. The charges of placing commodities into a saleable condition should be charged to: -
a. Trading Account
b. Profit & Loss Account
c. Balance Sheet
d. None of above
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Answer: - (a)
Explanation: -
Trading Account
Trading account is used to determine the gross profit or gross loss of a business which
results from trading activities. Trading activities are mostly related to buying and selling
activities of goods in a business. This account is useful for businesses that are dealing in the
trading business.
This account considers only the direct expenses and direct revenues while calculating gross
profit. This account is mainly prepared to understand the profit earned by the business on
the purchases and sales of goods.
Answer: - (b)
Explanation: -
Purchase Journal
This is the main entry book which is used to record the credit transactions or credit
purchases for resalable purposes. In other words, this is the journal that keeps track of the
orders placed using vendor credit or accounts payable. Other names used for the purchases
journal are “purchases book” and “purchases day book”.
The source document which is used as an evidence in recording/entered transactions into
purchase journal is called PURCHASE INVOICE.
Answer: - (b)
Explanation: -
Purchases
A purchase means to take possession of a given asset, property, item or right to paying a
predetermined amount of money for the transaction to be completed successfully. In other
words, its an exchange of money for a particular good or service for resale.
The routinely operation carried by both individuals and corporations. Purchases can be
made in cash or credit.
Cash Purchases: -
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A cash purchase occurs when a business pays for goods or services immediately upon
ordering or delivery. The resulting expense is posted immediately to an expense account.
Credit Purchases: -
Credit purchase is happen when entity make the purchase on goods or services and then
make the payment later. Yet, the transactions will affect at the time of payments. The
account that affect the credit purchases at the time purchasing are account payable and the
corresponding accounts like expenses and assets.
Answer: - (c)
Explanation: -
Debtor is an expression used in the accounting world to specify a party who owes money to
a company or individual. Debtors can be entities, companies, or people of a legal nature that
owe money to someone else.
In general terms, a debtor is a customer that has purchased a good or service and in return
owes their supplier a payment.
Answer: - (b)
Explanation: -
Internal Users
Internal users include managers and other employees who use financial information to
confirm past results and help make adjustments for future activities. Examples: - Owners,
Management, Employees and Workers.
Answer: - (d)
Explanation: -
External Users
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External Users are those outsiders of the organization who use the financial information to
make decisions or to evaluate an entity’s performance to determine the credit worthiness of
the business and to invest their money into the organization. Example: - Investors and
potential investors, Unions and Employee groups, lenders and financial institutions,
suppliers and creditors, customers, government and other regulators, competitors and social
responsibility group
Answer: - (d)
Explanation: -
Management Accounting: - it is the process of providing financial information and
resources to the managers in decision making. Management accounting is only used by the
internal team of the organization, and this is the only thing which makes it different from
financial accounting. From the information and reports such as invoice, financial balance
statement is shared by finance administration with the management team of the company
with the objective is to use this statistical data and take a better and accurate decision,
controlling the enterprise, business activities and development.
66. The owner of the firm records his medical expenses in the firm’s income statement.
Indicate the principle that is violated: -
a. Prudence
b. Full disclosure
c. Entity Concept
d. Cost principle
Answer: - (c)
Explanation: -
Entity Concept
According to this concept, any private and personal incomes and expenses of the owner(s)
should not be treated as the incomes and expenses of the business.
The business and its owner(s) are two separate existence entity.
Example: 1. Any payment for the owner’s personal expense by the business will be treated as drawings
and reduced the owner’s capital contribution in the business.
2. The owner’s property should not be included in the premises account of the
business.
3. Insurance premiums for the owner’s house should be excluded from the expense of
the business.
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67. Due to which of the following, contingent liabilities are shown in the balance sheet: -
a. Full disclosure
b. Dual Aspect
c. Going Concern
d. Materiality
Answer: - (a)
Explanation: -
Full Disclosure: -
Financial Statements should be prepared to reflect a true and fair view of the financial
position and performance of the enterprises to the customers, investors, and any people
involved in doing business with the company. All material and relevant information must be
disclosed in the financial statements.
Answer: - (d)
Explanation: -
Accrual Concept: -
The net income for the period is determined by subtracting expenses incurred from
revenues earned. Expenses are recognized as they are incurred, but not when cash is paid.
Revenues are recognized when they are earned, but not when cash is received.
So the Accrual concept is based on Matching Principle.
69. Due to which principle qualitative transaction are not recorded in the books: -
a. Dual Aspect
b. Business Entity
c. Money Measurement
d. Historical Cost
Answer: - (c)
Explanation: -
Money Measurement: -
The concept of Money Measurement states that only those transactions and happenings in
an organization which can be expressed in terms of money such as sale of goods or payment
of expenses, receipt of income. It provides a common unit of measurement. All transactions
of the business are recorded in terms of money.
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70. Which of the following highlights the correct order of the stages in the accounting cycle?
a. Journalizing, final accounts, posting to the ledger and trial balance
b. Posting to the ledger, trial balance, final accounts and journalizing
c. Posting to the ledger, trial balance, journalizing and final accounts
d. Journalizing, posting to the ledger, trial balance and final accounts
Answer: - (d)
Explanation: -
Social Security
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Ans. A
Explanation- Labour welfare means taking care of the well-being of workers by
employers, trade unions, governmental and non-governmental institutions and
agencies. There are 7 theories related to labour welfare-
1. The Police Theory
2. The Religious Theory
3. The Trusteeship Theory
4. The PhilantropicTheory
5. The Functional Theory
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Ans. D
Explanation- The Employees' State Insurance Act of India is an integrated
social security scheme made to provide social protection to workers and their
dependants, in the organised sector. It tries to protect the interests of workers
in contingencies, such as, sickness, maternity and death or disablement due to
an employment injury or occupational hazard.
A. National Tribunal
B. Industrial Tribunal
C. Labour Court
D. All of the above
Ans.D
Explanation- The three adjudicatory bodies under the Industrial Disputes Act,
1947 are Labour Courts, Industrial Tribunal and National Tribunal. It settles
disputes related to working hours, holidays , safe working conditions, wages
etc.
Disputes to them are generally referred by the appropriate government on
conciliation officers’ recommendation. These bodies generally deal with the
appeals from the conciliation authorities.
76.In which of the following acts the term ‘same work or work of a similar
nature”is mentioned ?
A. The Child Labour (Prohibition and Regulation) Act, 1986
B. Maternity Benefit Act, 1961
C. Industrial Employment (Standing Orders) Act, 1946
D. Equal Remuneration Act, 1976
Ans. D
Explanation- The Equal Remuneration Act an act enacted to give effect to the
Article 39 of the Constitution of India . This article is a directive principle of
state policy that talks about equal pay for equal work for both men and
women. This Act provides for the payment of equal remuneration to men and
women workers for the same work or work of a similar nature. It also has the
aim to prevent discrimination on the ground of sex against women in the
matter of employment. There are also certain exceptions where provisions of
this Act shall be inapplicable i.e. when special treatment is given to women
under any law or in connection with the birth of a child.
Ans. C
Explanation- Article 42 of the Indian Constitution and the Maternity Benefit
Act of 1961 provides women certain rights. The Maternity Benefit Act is made
to regulate the employment of women in certain establishments for certain
periods before and after child-birth and to provide for maternity benefit and
other related benefits. This Act provides for two nursing breaks for every
nursing mother until her child is 15 months old understanding that they
require time for breastfeeding, in addition to the normal lunch break and
other breaks that all workers get.
Article 42 of the Constitution of India, 1949 provides that the State shall make
provision for securing just and humane conditions of work and
for maternity relief.
78.Under the Maternity Benefit Act, 1961 every woman entitled to maternity
benefit shall also be entitled to receive from her employer, which of the
following?
(A) Leave with wages for tubectomy operation
B. Leave for miscarriage
C. Medical bonus
D. All of the above
Ans.D
Explanation- The Maternity Benefit Act was passed to originally provide
maternity benefit of 12 weeks, out of which up to six weeks could be claimed
before delivery. Through amendment 2017 , the law was amended to extend
the period to 26 weeks. Now, out of the 26 weeks, up to eight weeks can be
claimed before delivery. Women undergoing a tubectomy operation can also
get a paid leave of two weeks following the operation.
79. The Minimum Wages Bill was introduced in the Central Legislative
assembly on the recommendations of which Standing Labour Committee?
Answer : C
Explanation-
Ans. A
Ans. A
Explanation- According to section 14 of The Child Labour (Prohibition and
Regulation) Act, 1986 , whoever employs any child or permits any child to
work in contravention of the provisions of section 3 shall be punishable with
imprisonment for a term which shall not be less than three months but which
may extend to one year or with fine which shall not be less than ten thousand
rupees but which may extend to twenty thousand rupees or with both.
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Explanation-
A labor economist,John T. Dunlop developed a framework
of industrial relations system. He developed the System's Theory.
This theory stressed on the interrelationship of institutions and
behaviors that enables one to explain industrial relation rules and
understand it.
87. Choose the convention of ILO which has been ratified by India?
1) Minimum Age Convention
2)Forced Labour Convention
3) Equal remuneration
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a) 1 only
b) 1, 4 and 5 only
c)1, 2 and 3 only
d) 1 and 2 both
Correct Answer: “c”
EXPLANATION-India has ratified 6 out of the 8 fundamental International
Labour Organisation Conventions. These are -
Forced Labour Convention, 1930 ,
Abolition of Forced Labour Convention, 1957 ,
Equal Remuneration Convention, 1951 ,
Discrimination (Employment and Occupation) Convention, 1958 ,
Minimum Age Convention, 1973
Worst Forms of Child Labour Convention, 1999 .
88. As per Sec 2(m) of the Factories Act, a Factory does not include which
among the following?
a. A mine subject to the operation of the Mines Act, 1952
b. A mobile unit belonging to the Armed Forces of the Union
c) A railway running shed
d) all of these
Ans: d
Explanation-The definition of ‘Factory’ is given in section 2(m) of the Factories
Act,1948. Section 2(m) defines the term ‘Factory’ as: - ‘Factory’ means: any
premises or precincts thereof –
(i) whereon 10 or more workers are working, or were working, on any day of
the preceding 12 months, and in any part of which a manufacturing process is
being carried on with the aid of power, or is ordinarily so carried on; or
(ii) whereon twenty or more workers are working, or working on any day of
the preceding 12 months and in any part of which a manufacturing process is
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being carried on without the aid of power ,or is ordinarily so carried on, but
does not include (i) a mine subject to the operation of the Mines Act 1952, or
(ii) a mobile unit belonging to the armed forces of the Union of India, (iii) a
railway running shed, or (iv) a hotel , (v) a restaurant, (vi) eating place., (vii)
poly house or (viii) Green house engaged in the activity of floriculture or
pomology or high value crops.
89. For how many days per month, leave with wages is allowed for employees
?
a. 20
b. 25
c. 15
d. 28
Ans: a
Explanation- As per Section 79 in the Factories Act, 1948 , every worker who
has worked for a period of 240 days or more in a factory during a calendar year
shall be allowed to take leave with wage if they work for twenty days in a
month.
90. Which of the following is not an important objective of the Industrial
Relations?
a. Increased industrial conflicts.
b. Increase morale of employees
c. Increase profitability
d. Increase productivity of Organization
Ans. A
Explanation- The objective of Industrial relations is to address the industrial
disputes, Handling Grievance, Mental Revolution, Employees’ Rights
Protection, Boosting Morale, Collective Bargaining , Increasing Productivity
and profitability of an organization.
Basic Science
a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2
Answer:- (b)
Explanation
Lysosome is considered as suicide bag of cell as it brust and consume cell when it
become dead. Hence statement (1) is not correct.
Mitochondria is the powerhouse of cell. It provides energy to a cell in the form of
Adenosine Triphosphate (ATP). Hence statement (2) is correct.
Answer:- (c)
Explanation
Adrenaline is a human hormone and found in trees.
Answer:- (a)
Explanation
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Bats use echolocation to find their prey. Hence statement (1) is correct.
The bat emits ultrasonic waves with very high frequencies.Their sounds are reflected
in the environment, hitting various objects and returning to the bat as echoes. Hence
statement (2) is not correct.
Answer:- (d)
Explanation
Recently, Harvey Alter, Charles Rice, and Michael Houghton have been bestowed with Nobel
Prize for Medicine or Physiology, 2020 for discovering the Hepatitis C virus (HCV).
Answer:- (a)
Explanation
Lactic acid is present in the sour milk.
Maleic acid is present in apples.
Oxalic acid is present in tomatoes.
Tartaric acid is present in grapes.
Answer:- (c)
Explanation
Globin is a proteinous compound. With haeme it is extremely capable of combining with
oxygen and carbon dioxide.
Answer:- (a)
Explanation
Roger Penrose, Reinhard Genzel and Andrea Ghez were given the Nobel prize in physics for
the year 2020 for furthering the understanding of black holes.
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Answer:- (d)
Explanational
Kwashiorkor and Marasmus are caused by the deficiency of protein in children.
Anaemia is caused by the deficiency of Folic Acid.
Non-clotting of blood is a disease caused by the deficiency of Vitamin-K.
Deficiency of Vitamin-B5 will lead to Pellagra disease.
Answer:- (b)
Explanation
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Russian chemist and inventor Dmitri Mendeleev is considered as the father of the periodic
table.
Answer:- (b)
Explanation
Natural Gas is naturally occurring fossil fuel (non renewable) found beneath the
earth surface. Hence statement (1) is incorrect.
It is a mixture of various hydrocarbons primarily methane (87-92 %) , other
hydrocarbons like ethane, propane, butane etc and a small amount of nitrogen,
helium, hydrogen sulphide, carbon dioxide. Hence statement (2) is correct.
Answer: b
Explanation: The secondary storage is the non-volatile storage unit because the data is
not lost when the power supply is dissipated. Primary memory is the volatile memory.
102. Which of these defined the internet?
a) The Federal Networking Council
b) The Federal Network Council
c) The Federal Networking Committee
d) The Federal Network Committee
Answer: a
Explanation: The Federal Networking Council in 1995 passes a unanimous resolution to
define internet. Internet refers to a global information system.
103. Which is a link layer protocol?
a) ARP
b) TCP
c) UDP
d) HTTP
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Answer: b
Explanation: ‘In computer networking, the link layer is the lowest layer in the Internet
Protocol Suite. It is commonly known as TCP/IP, the networking architecture of the
Internet. It is described in RFC 1122 and RFC 1123.’
104.Which of the following dimension is related to organization’s boundaries?
a) Physical location of data
b) Ownership
c) Security boundary
d) All of the mentioned
Answer: a
Explanation: Internal (I) / External (E) determines your organization’s boundaries.
105. Which of the following is not a function of the Output Unit?
a) It produces results that can be easily understood by the user
b) It accepts the results produced by the computer
c) It supplies the data and instructions to the outside world
d) It supplies the data and instructions to the computer for further processing
Answer: d
Explanation: The output unit is responsible for giving the results to the user in the form of
a printed report or visual display. It is not responsible for giving the instructions back to
the CPU for processing.
106. The sides of a triangle are 11 cm, 61 cm and 60 cm. What is the radius of the circle
circumscribing of the triangle?
(a) 31.5 cm
(b) 30cm
(c) 30.5 cm
(d) 31cm
107. A sum of Rs 8400 to Rs 11046 at 8.75% p.a. simple interest in certain time. What is the simple
interest on the sum of Rs 9600 at the same rate for the same time?
(a) Rs 3,024
(b) Rs 2,990
(c) Rs 2,686
(d) Rs 3,012
S.I = A – P
= 11046 – 8400 = Rs 2646
S.I = P× R× T100
2446 = (8400×8.75 ×T)100
T = 3.6 yrs.
P = 9,600
T = 3.6
R = 8.75
SI =9600 x3.6 x8.75/100 = Rs 3024
108. In what ratio sugar costing Rs 60 per kg be mixed with sugar costing Rs 42 per kg such that by
selling the mixture at Rs 56 per kg there is a gain of 12% ?
(a) 8:9
(b) 5:7
(c) 4:5
(d) 5:6
109. The work done by a man, a woman and a child is in the ratio of 3:2:1. There are 10 men, 15
women and 30 children in a factory, their weekly wages amount to Rs.1050 which is divided in the
ratio of work done by the men, women and children. What will be the wages of 12 men 24 women
and 30 children for a week?
A. 1485
B. 1080
C. 1385
D. 1085
Correct Ans. A
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110. Naveen working hours per day were increased by 15% and his wages per hour were increased
by 20 %. By how much percent did his daily earning increase?
(a) 40
(b) 36
(c) 38
(d) 35
Correct Answer C
Working Hour = 20 : 23
wage = 5 : 6
Daily earning = 100 : 138
Increase % = 38/100× 100 = 38%
111. A is as efficient as B and C together. Working together A and B can complete a work in 36 days
and C alone can complete it in 60 days. A and C work together for 10 days. B alone will complete the
remaining work in:
(a) 110 days
(b) 90 days
(c) 4 days
(d) 88 days
Correct Ans. A
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112. In what ratio should 20% ethanol be mixed with 40% ethanol solution to obtain a 28% ethanol
solution?
(a) 2 : 3
(b) 8 : 5
(c) 3 : 2
(d) 5 : 8
Correct Ans. C
113. Train A and B start at the same time. Train A travels at 55 km/hr from station X to station Y and
train B travels at 80 km/hr from station Y to station X. They cross each other after 1 hour and 36
minutes. What is the distance (in km) between station X and Y ?
(a) 196
(b) 232
(c) 240
(d) 216
Correct Ans D
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114.
A. 350
B. 380
C. 280
D. 420
Correct Ans. A
115. The average marks in Maths of a class of 25 Students is 70. If the marks of two students were
misread as 42 and 64 instead of the actual marks 68 and 58 respectively, then what would be the
correct average?
A. 70.4
B. 80
C. 92
D. 60.3
Correct Ans. A
Increase in Average marks = ((68+58)-(42+64))/25 = 10/25 = 0.4
Correct Average = 70+0.4 = 70.4
116. A boat running downstream cover 25km in 5 hours. If the speed of the current is one-third that
of the boat, what is the speed of the boat?
A. 8.75 km/h
B. 5.75 km/h
C. 3.75km/h
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D. 2.75 km/h
Correct Ans C
117. A and B start a business by investing equal amounts. Four months later, C joins them investing
Rs 3.5 lakhs. By withdrawing his investment in the business B leaves the business 4 months after C
joined. At the end of the year the business makes Rs 62,400 profit out of which A collects Rs 24,000
as his share of profit. How much should be paid to C (in Rs) as his share of profit?
(a) 16000
(b) 32000
(c) 22400
(d) 27800
Correct Ans C.
Let A & B invest Rs. x lakhs,
A B C
x × 12 : x×8 : 3.5× 8
12x : 8x : 28
According to question
12x = 24000
x = 2000
8x = 16000
Share of profit of C = 62400 – 24000 – 16000
= 22400
118. A man bought a Rs.65 share of a company which paid 12% dividend. If the man got 16% on his
investment, at what price did he buy the share?
A. 58.57
B 48.75
C. 38.32
D. 52.25
Correct Ans. B
Dividend on one share = 12/100×65=Rs. 7.8
Rs. 16 is the income on the investment of Rs. 100
So, 7.8 is the income on the investment of = 100/16×7.8 = 48.75 (Cost of the Share)
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119. A train whose speed is 30m/s crosses a bridge in 15 sec. Another train which is 70m shorter
than the first train crosses the same bridge at the speed of 54km/h find the time taken by the
second train to cross the bridge.
A. 27 Sec
B. 23.33 Sec
C. 25.33 Sec
D. 19 Sec
Correct Ans C
Distance Covered by the first train = 30x15= 450 m Distance Covered by the second train = 450-70=
380 m Time taken by the second train to cross the bridge =380/15 = 25.33 sec (54km/h =15sec/m)
120. At present ratio of the Age of P to that of Q is 2:3 and that of P to R is 2:1. Five years hence the
sum of the ages of P,Q and R will be 75 years, what is the present age of P?
A. 18 years
B. 15 years
C. 26 years
D. 20 years
Correct Ans.D
P:Q = 2:3
P:R = 2:1
P:Q:R = 2:3:1
Now 5 years hence
2X+3X+X+15 =75
6X=75-15, X=10
Present Age of P =2X= 2x10 =20 years