Inter Law and Accounts Scholarship Test 1

1. Second hand furniture worth ₹6,000 was purchased. It was repaired for ₹600 and installed by workmen to whom ₹200 was paid as wages. The furniture should be capitalised for

2. Under section 118 of the Negotiable Instruments Act, 1881, it is presumed, until the contrary is proved, that every transfer of a negotiable instrument was made :

3. At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

4. A Share Certificate is a —

5. The term ‘Negotiable instrument’ is defined in the Negotiable Instruments Act, 1881, under section:

6. A Bill of Lading is a —

7. A telephonic acceptance is complete when the offer is :

8. Cost accounting system that determines cost in advance

9. Case of appropriation of goods, which are the essential requirements:

10. What is the minimum number of accounts affected by any business transaction?

11. Which option gives a review report on the firm’s financial status at a specified date?

12. M and N enter into a joint venture where M supplies goods worth ₹6000 and spends ₹300 on expenses. N sells the entire lot for ₹7,800 meeting selling expenses amounting to ₹300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be:

13. Presentation of Cost is known as

14. If an instrument may be construed either as a promissory note or bill of exchange, it is :

15. Company B had ₹30000 account receivable from Company D. On 26^th February, Company D made a partial payment of ₹21000 to Company B. The journal entry made by Company D to record this transaction is _________.

16. In which business communication, a speaker has to clearly speak for or against a topic?

17. ”Nemo dat quad non habet”, means:

18. The ledger column that links the entry with the journal is called as.

19. In case of ________________ Costing, costs are ascertained only after they have been incurred.

20. CAS on employee cost

21. Business communications help in establishing ________________ when marketing?

22. A system in which accounting entries are made on the basis of amounts having become due for payment or receipt is called

23. A catalogue of the goods of a company for sale ________ a series of offers but only an invitation for offers.

24. Rent paid by cheque is recorded in

25. Bank reconciliation statement compares a bank statement with _________

26. Which of the following is not a book of original entry.

27. What is the situation called when a bad image of the company is created?

28. With regard to the contractual capacity of a person of unsound mind, which one of the following statements is most appropriate?

29. which of the following items is excluded from cost Accounts?

30. A credit entry in a real account means

31. The receipt and the payment account are the summaries of which the following?

32. The general rule of Sale of Goods Act is, risk prima facie passes with :

33. X promises to supply Y one tola of gold brought from the sun. This is

34. CAS ____ Captive Consumption

35. While obtaining the consent of the promisee, keeping silence by the promisor when he has a duty to speak about the material facts, amounts to consent obtained by:

36. If a party stands in a fiduciary relation to the other:

37. In a Book depot a catalogue of books enlisting the price of each book and specifying the place where the particular book is available is :

38. When it is compared that how much benefit is derived by incurring some cost is known as

39. Voidable contract is one :

40. The essence of Sub-Ordinate legislation can be found in which Article of the Constitution of India, 1950?

41. What is used in preparing trial balance?

42. Use of coupons and samples come under which mode of marketing communication?

43. What will be the current classification of Goodwill & bill discounted but not matured respectively

44. What kind of acceptance is known as when the bill is accepted without any condition?

45. Money Bill is introduced in which House of the Parliament?

46. Factors vitiating consent are:

47. Which of the following is true

48. Which Article in the Constitution of India, 1950 has provisions for introduction of a bill in the Parliament of India?

49. A person is deemed to be in a position to dominate the will of another if he:

50. Consider the following:

1. Active concealment of fact.
2. Promise made without any intention of performing it.
3. Breach of duty which gains an advantage to the person committing it.
4. Inducing mistakes as to subject matter. Which of the above amount to fraud?

51. Voluntary transfer of possession from one person to another is called as :

52. Which bill is drawn and accepted in the same country?

53. Appropriation of goods means :

54. Under what Article of the Constitution of India, 1950 is The President of India empowered to make an Ordinance?

55. Which of the following is a real account

56. Communication that originates at a lower level and flows to a higher level is called -

57. The unsold stock on consignment is valued at-

58. The ₹1000 of the rent is debited to the landlord’s account; what will serve as a rectification entry for the above error?

59. Transfer of documents of title to the goods sold to the buyer, amounts to :

60. Which of the following should be avoided in the Group discussion?

61. P sold goods to Q on consignment. Q sold the goods to R. R sold the goods to S. Who is the debtor in the books of P :

62. The error which can be disclosed by trial balance is ________.

63. An offer does not lapse if the :

64. Consignment Stock is valued

65. What are the sources of law?

66. Among these transactions, which transaction will have no impact on stockholders’ equity?

67. Determine Cost Of Goods Sold, Cost of production = 35000, Opening stock of finished goods = 5000, Closing Stock of Finished Goods = 10000, Delivery Van Expenses = 10000, Salesman Commission = 2000.

68. Misrepresentation means:

69. Direct expenses are also known as ______________.

70. The difference between an advertisement for sale and a proposal is :

71. Which of the following accounts will be affected by a transaction where the company receives from a debtor?

72. Includes face to face interaction with customers for closing the sale?

73. Over which of the following costs, management is likely to have least control -

74. The main objective of book keeping is to

75. Cash Account will be included in which type of ledger

76. Cheque is a __________.

77. The term ‘negotiation’ in section 14 of the Negotiable Instruments Act, 1881 refers to :

78. Which oh the following will not be included in the Factory Overheads

79. A contract which is vitiated by undue influence is declared as which one of the following by the Indian Contract Act?

80. Interest on own fund is a kind of

81. Section 19 of the Sale of Goods Act, deals with passing of property of ___________ goods.

82. If a minor draws, endorses, delivers or negotiates an instrument, such instrument binds :

83. How many types of communication takes place in an organisation?

84. Which business communication usage provides a bird’s eye view on a matter?

85. In a Passenger Transport ________________ is used as an appropriate cost unit.

86. The undertaking contained in a promissory note, to pay a certain sum of money is :

87. Which of the following errors will be rectified through a suspense account?

88. Soap industry use which costing method

89. Bookkeeping mainly consists of ____________ part of the accounting process.

90. Sale of the old newspaper is ______.

91. Debit Note is issued for purchased goods returned to

92. Journal is also called a?

93. Communication among employees at the same level in the organizational structure is called -

94. If an organisation is following framework prescribed by IRDAI then the framework is

95. A bill of exchange contains a/an :

96. Under the balance method, which one of the following is used to prepare the trial balance at the end of an accounting period:

97. Under Sec.2(4) of the Sale of Goods Act, a delivery order enabling a person to obtain delivery on payment of price is :

98. A’ threatened to commit suicide if his wife did not execute a sale deed in favour of this brother. The wife executed the sale deed. This transaction is:

99. Which Of the following is not the basis of classification of Cost

100. In a promissory note, the amount of money payable :