Program/Course BCOM( A&F)

Class TYBCOM(A&F)
Semester VI
Subject FINANCIAL ACCOUNTING-VII
Subject Code 85601
Exam Date 05.10.2020

MULTIPLE CHOICE QUESTIONS:

1.When the rights are sold (without subscribing)

A)Sale proceeds are credited to the investment Account

B)Sale proceeds are debited to the investment Account

C)No entry is made in the investment Account ; and Sale proceeds are credited to the Profit &
Loss Account

D) Sale proceeds are ignored

2)The cost of Investment sold is to be calculated as per:

A) FIFO Method

B)Simple Average Method

C) Weighted Average Method

D) LIFO Method

3)Josh Ltd. purchased 20,000 Equity shares of Rs.100 each at Rs.120 each and paid brokerage
@2% .The cost of acquisition is:

A)Rs.24,00,000

B)Rs.48,000

C)Rs.24,48,000

D)Rs.48,24,000
4)Goodluck Ltd. buys 2,000 Debentures of Face value of Rs.100 each of Lucky Ltd. at Rs.101
(cum-interest) on 1.3.2019 from Mr.Rahul .Interest @12% p.a. is to be paid half-yearly on 30th
June and 31st Dec. Price paid towards cost of Investment is:

A)Rs.1,98,000

B)Rs.2,02,000

C)Rs.2,00,000

D)Rs.2,06,000

5)The interest up to the date of transaction is paid in addition to the price in case of
_____quotation.

A)cum – interest

B)ex -interest

C)fixed price

D)cost price

6)The carrying amount of long-term investment is to be shown at ______.

A)cost

B)face value

C)market value

D)paid up value

7) On sale of Equity shares, the equity shares a/c is credited by:

A)cost price

B) net selling price

C)market value

D) nominal value
 8) A close ended mutual fund has a fixed

A) NAV
B) Fund size
C) Rate of return
D) Number of distributors

9) The maximum load that a fund can charge is determined by the

A) AMC
B) SEBI
C) AMFI
D) Distribution agents based on demand for the fund

10) A Gilt fund is special type of fund that invests

A) in very high quality equity
B) in instruments issued companies with a sound track record
C) in short term securities
D) in government securities only

11) A fund Investments at market value total Rs. 700 crores, total liabilities stand at Rs.50 lakhs
and the number of units outstanding is Rs.28 Crores what is NAV.
A) Rs. 30.19
B) Rs.24.98
C) Rs,32.15
D) Rs. 40.49

12)IFRS 1 deals with

A) First time Adoption
B) financial instruments disclosures
C) Insurance contracts
D) operating segment

13)Sale of energy is credited to _______

A) P & L Statement

B) Reserve Account

C) Investment Account

D) Assets
14) Law charges are debited to_______

A) P & L Statement

B) Reserve Account

C) Investment Account

D) Assets

15) At present, Electricity companies are governed by

A) Electricity Act, 1910

B) Electricity (Supply) Act, 1948

C) Electricity Regulatory Commission Act,1998

D) Electricity Act,2003

16) Electricity tariffs are fixed ______

A) by appropriate commissions

B) under Electricity (Supply) Act, 1948

C) under Electricity Act, 1910

D) under electricity Regulatory Commission Act,1998

17) Balance sheet of Electricity Company is presented in_____

A) Schedule III Format

B) Three Parts

C) Four Parts

D) Five Parts
18) Convergence of Indian Accounting standards with IFRS means
A) Hence forth Indian Accounting standards will be known as IFRS
B) Hence forth IFRS will adopt Indian Accounting Standards
C) Indian Accounting standards 1( AS1) will be known as IFRS 1
D) Indian Accounting standards will achieve harmony in relation to IFRS

19) The NAV of equity funds are not affected by

A) stock market movements
B) events affecting the industry /sector in which the fund has invested
C) happenings in the companies in which the fund has invested
D) real estate prices

20)Balance Sheet of a Co-op. Society is prepared in Form ______.

A)I

B)N

C)D

D)C

21)The amount of profit to be transferred to Reserve fund is

A)10%

B)20%

C)25%

D)35%

22)Debentures should be shown under

A)Secured loans

B)Unsecured loans

C)Reserve Fund

D)Current Liabilities
23)Contribution to Education Fund by the Hsg. Society if jurisdiction is Municipal Corporation
A) 3 per member

B)10 per member

C) 100 per member

D) 300 per member

24)Company is having a Reserve Fund of 10,50,000; contribution from the members towards the
Reserve fund 4,50,000. Interest received on the Reserve fund 85,000 Amount shown in the
reserve fund would be
A)15,85,000

B)18,55,000

C)15,00,000

D)11,35,000

25) Security charges worth 5,75,648 appearing in trial balance and prepaid security charges
are 25,234.How much amount is chargeable to Income & Expenditure Account?
a)5,50,414

b)6,00,702

c)5,75,648

d)25,234
COURSE B.COM. (ACCOUNTING & FINANCE)
CLASS TY BAF
SEMESTER VI
SUBJECT COST ACCOUNTING IV
SUBJECT CODE 85602
EXAM DATE 06-10-2020

MULTIPLE CHOICE QUESTIONS

1. The classification of fixed and variable cost is done in preparation of ___________.

A. Flexible budget
B. Cash budget
C. Capital budget
D. Zero based budget

2. ________ budget can be re-cast on the basis of volume of activity.

A. Flexible budget
B. Fixed budget
C. Master budget
D. Functional budget

3. At a capacity level of 20000 units, amount spent on direct labour is Rs 800000 (100%
variable), then for 15000 units it will be Rs _________.

A. 800000
B. 1000000.
C. 600000.
D. 400000.

4. When a flexible budget is used, decrease in the actual production level will_________.
A. Decrease variable cost p.u.
B. Decrease variable cost.
C. Increase total fixed cost.
D. Increase variable cost per unit.

5. _________ budget remain unchanged irrespective of the level of capacity or volume.

A. Flexible.
B. Cash.
C. Production.
 D. Fixed.

6. Budget related with creation of units_________

A. Flexible
B. Fixed
C. Production
D. Sales

7. The fixed & variable cost classification has a special significance in the preparation
of_______
A.capital budget
B. master budget
C. flexible budget
D. cash budget

8. Contribution is the difference between

A. Sales and variable cost

B. Sales and fixed cost
C. Sales and total cost
D. Factory cost and profit

9. What is the planned activity level in units for the next month?

A. 3,100

B. 4,100

C. 5,350

D. 7,750

10. A product has the following unit costs:

Variable cost Rs.9 per unit

Sales Rs.17.50 per unit

What is the PV ratio?

A. 12 %

B. 48.6%
C. 56.6%

D. 51.4 %

11. The following planned result are available for a company with a single product:

Sales unit = 1, 12,000

Sales revenue = RS.1, 00,000

Variable cost = RS. 60,480

Fixed cost = Rs.36, 000

What sales revenue is required to earn profit of Rs.5, 000?

A. Rs.68, 333

B. Rs.90, 000

C. Rs.1, 02,500

D Rs.1, 13,889

12. From the following information find out sales at BEP

Variable cost per unit = 15

Sales per unit = 20
Fixed expenses = Rs.54, 000

A. Rs.2, 16,000

B. Rs.2, 20,000

C. Rs.3, 00,000

D. Rs.2, 50,000

13. If loss is Rs.30, 000, PV RATIO 60 %, Fixed cost RS. 90,000. Find out required sales in RS.

A. Rs.50, 000

B. Rs.1, 00,000
C.Rs. 1, 50,000

D. Rs.2, 00,000

14. The unit cost of production of a product XYZ is as follows:

Particulars
Rs.
Raw material 20
Direct labour 12
Variable overhead 4
Fixed overhead 4
There is a suggestion for buying the product from the market instead of making it. The company
wants to know at which price it can buy the product instead of making it?

A. Rs. 35 B. Rs. 38 C. Rs. 39 d.Rs. 40

15. ABBA Ltd., producing 2 products A and B is considering the following sales mixes:

A. 100 units of A and 200 units of B

B. 200 units of A and 100 units of B

C. 200 units of A and 200 units of B

D. 300 units of A alone.

The contribution per unit of A is Rs. 800 and of B is Rs. 600. If the total fixed cost is Rs. 2 lakhs,
which mix will give ‘no profit; no loss’?

.16. Nirma Ltd. manufactures 4 products N1, N2, N3 and N4, which need the same type of
labour. If labour is in short supply, which product will be produced? The relevant information is
as follows:

Product N1 Product N2 Product N3 Product N4

Contribution/unit (Rs.) 25 24 22 20
Direct labour required per 4 3 2 4
unit (hrs)

A. Product N1

B. Product N2
C. Product N3

D. Product N4

17. Flipkart Ltd. is a company that produces and sells two products X and Y, both of which use
the same labour. For the coming period, the supply of labour is limited to 2,000 hours. Data
relating to each product is as follows:

X Y
Contribution/unit (Rs.) 8 10
Labour hours required/unit 2 4
Maximum demand (units) 800 400

Which of the following mixes will give the maximum profit?

A. 200 units of X and 400 units of Y

B. 400 units of X and 300 units of Y

C. 600 units of X and 200 units of Y

D. 800 units of X and 100 units of Y

18. Siemens Ltd. is manufacturing two products P1 and P2 using the same type of labour. The
relevant details are as follows:

P1 P2
Contribution per unit (Rs.) 1,000 2,000
Labour hours required/unit 2 5

In a particular period, labour was in short supply. In this case which of the following production
plan is right?

A. Maximum of P2 and remaining, P1

B. Maximum of P1 and remaining, P2

C. Both P1 and P2 equally

D. Only P2
19. In Virgo Ltd., the total quantity of raw material available was 10,000 kgs. It manufactures 2
products using the same raw material. The relevant details are as follows:

Product Product
1 2
Contribution per unit (Rs.) 2,000 1,500
Raw material consumption per unit 4 kgs 2 kgs
Maximum possible sales (units) 1,000 4,000

The most profitable sales mix would be

A. 1,000 units of Product 1 and 4,000 units of Product 2
B. 2,000 units of Product 1 and 2,000 units of Product 2
C. 3,000 units of Product 1 and 4,000 units of Product 2
D. 500 units of Product 1 and 4,000 units of Product 2

20. The objective of standard costing is to________

A) Determine profitability of a product

B) Determine break-even production level
C) Control costs
D) Allocate costs with more accuracy

21. Material Cost variance is calculated by using ___________.

A) (SQ X SP) - (AQ X AP)

B) (SQ X SP) - (AQ X SP)
C) (SP X AQ) – (AP X AQ)
D) (SP X RQ) – (SP X AQ)

22. The standard cost and actual requirements of material of a company are as under:

Standard – 2,400 units at the rate of Rs.20 per unit

Actual – 2,600 units at the rate of Rs.19 per unit

The material cost variance is

 A) Rs.2,600( Adverse)
B) Rs. 1,400 (favourable)
C) Rs.2,400 (Adverse)
D) Rs.1,400 (Adverse)

23. When actual price is higher or lower than the standard price, then it is

A) Sales price variance

B) Sales volume variance
C) Sales mix variance
D) Sales quantity variance

24. The standard units (SQ) were 5,200, the standard price (SP) was Rs.3.25, and the materials
quantity variance (MQV) was Rs.325 favourable. The actual unit(AQ) were:

A) 5,300
B) 5,000
C) 5,100
D) 5,200

25. The variance analysis is used in_________

A) Marginal costing
B) Budgetary control
C) Standard costing
D) Ratio analysis
Program/Course BCOM( A&F)

Class TYBAF

Semester VI

Subject Financial Management - III

Subject Code 85603

Date 07.10.20

MULTIPLE CHOICE QUESTIONS

1. Any non-trading income included in the profits should be __________________ .

a) Eliminated
b) Added
c) Ignored
d) Highlighted

2. Goodwill as per purchase of average profit method is calculated as _________________ .

a) Average profit
b) Average profit X Amount of purchase
c) Average profit X No. of years purchase
d) Average profit X Annuity Factor

3. Capital employed at the end of the year is Rs.4,20,000. Profit earned Rs.40,000. Average
capital employed is ________________________ .
a) Rs. 4,20,000/-
b) Rs. 4,00,000/-
c) Rs. 4,40,000/-
d) Rs. 5,40,000/-

4. Fair value of a share is equal to _______________ .

a) Intrinsic value only
b) Yield value only
c) Average of Intrinsic and yield value
d) Arm’s length value
5. Value of a partly paid equity share is equal to ____________________ .
a) Value of fully paid share – Calls unpaid per share
b) Calls in Arrears per share
c) Paid up value per share
d) Face value per share

6. Process of valuation of business involves_________________ procedure.

a) Long
b) Short
c) Easy
d) Complicated

7. While calculating EPS

a) Preference dividend is deducted from PAT
b) Preference dividend is added to PAT
c) Preference dividend is ignored
d) Only half of preference dividend is deducted

8.A situation where the combined form is more valuable than the sum of individual combined
firm
a) Synergy
b) Energy
c) Strength
d) Creativity

9.Equity shares outstanding of Krishna Limited and Rama Limited is 2,00,000 and 4,00,000
respectively.Earnings after tax of Krishna Limited and Rama Limited is 7,00,000 and 10,00,000
respectively. It is assumed that both the company will earn the same amount of profit post
merger also.Exchange ratio is 1:1 Earning per share post merger would be
a) 1
b) 2.83
c) 3.5
d) 2.5
10. NCLT stands for
a)National Company Law Tribunal
b) National Company Law Territory
c)Nationwide Company Law Tribunal
d) National Corporate Legal Tribunal

11. If the company is having Earning per share of 40 rupees and 2,00,000 share as outstanding
then the market capitalisation would be
a) 5,000
b) 20,00,000
c) 80,00,000
d) 5,00,000

12.In ___________, company distributes its shareholding in subsidiary to its

shareholders thereby not changing the ownership pattern.

a) Spin off

b) Split off

c) Split up

d) Spin up

13._________________ means the action of an organization or government

selling or liquidating an assets or subsidiary.

a) Merger

b) Joint venture

c) Take over

d) Disinvestment
14._______________ may be defined as an arrangement where one party
grants another party the right to use trade name.

a) Alliance

b) Franchising

c) Slump sale

d) Joint venture

15.In __________________ takeover the board members are usually the main
shareholders.

a) Friendly

b) Hostile

c) Merger

d) Bidding

16.In ______________ model bank hires the ARC’s to perform debt recovery
services.

a) Raising Fund

b) Restructure

c) Partnership

d) Co-operative
Program/Course BCOM (A&F)

Class TYBAF

Semester VI

Subject Taxation-III

Subject Code 85604

Date 08.10.20

Multiple Choice Questions:

1. The detector shall furnish the TDS certificate in Form _____.

a. GST REG-06

b. GST REG-07

c. GSTR-7A

d. IGST

2. Every deposit made towards tax, interest, penalty, fee or any other amount shall be

Credited to _____.

a. Electronic commerce operator

b. Cancellation of registration

c. Electronic cash ledger

d. Bank pass book

3. TDS certificate is to be issued by the deductor in the form __________

a. GSTR1A

b. GSTR2A

c. GSTR7B
 d. GSTR7A

4. Interest @ _____ is payable on delayed payment of taxes.

a.24%

b.18%

c.10%

d.15%

5. The sequence for utilizing input credit of _____ is IGST, CGST, SGST and UTGST.

a. SGST

b. UTGST

c. IGST

d. GST

6. The input credit of CGST can be utilized for payment of _____ and IGST

a. CGST,

b. UTGST

c. CGST,

d. IGST

7. In case cost of insurance to the place of importation is not ascertainable, it shall be taken as
________% of gross F.O.B.

a) 1.225
b) 1.125
c) 2.15
d) 3.25
8. In case goods are transported by air, transport, handling, loading & unloading cost for
delivery to place of removal shall be limited to _____% of gross F.O.B.

a) 10
 b) 30
c) 20
d) 50
9. Dumping margin for anti-dumping duty shall be equal to difference between _____.

a) landed cost and market price in India

b) Export price and normal price
c) market price in India and landed cost
d) Normal price and export price
10. Anti-dumping duty can be levied on retrospective basis for up to _____ days before the
date of notification.

a) 30
b) 90
c) 180
d) 360
11. Crew members of vessel or aircraft shall be allowed to bring articles like chocolates,
cheese, cosmetics and other petty gift items for their personal or family use which shall not
exceed the value of RS _____________.

a) 500
b) 1,000
c) 1,500
d) 2,000
12______% duty drawback shall be available for fuel and lubricant oil used onboard a
foreign going aircraft.

a) 200
b) 100
c) 80
d) 90
13) Public warehouse are __________ by Custom department.
a) Controlled
b) b) Approved
c) c) Licensed
d) d) Rectification

14) Special Warehouse are _______ by custom department.

a) Controlled
b) Approved
c) Licensed
d) Rectification
15) Refund / drawback / Input tax credit for IGST paid on imported goods shall be claimed
under ______.

a) CGST Act. 2017

b) Customs Act, 1962

c) Customs Tariff Act, 1975

d) Central Excise Act.1944

16) Drawback u/s for re-export of goods imported shall be provided at a maximum ____ %

of duty paid on imported goods.

a) 95%
b) b) 99%
c) c) 98%
d) d) 100%

17) Drawback u/s 74 for re-export of used goods after 15 months but before 18 months shall

be provided at ______ % of import duty paid.

a) 65%

b) 60%

c) 55%

d) Nil

18) Bill of entry for ___ is field by importer for making imported goods part of mass of India.

a) Warehousing

b) Home consumption

c) Clearance

d) Indian Consumption.

19) Bill of entry for ware housing is also known as ________ bill of entry.

a) Ex-bond

b) Cum-bond

c) Into-bond
 d) No-Bond

20) Rule no._______ of first schedule to custom Tariff Act, 1975 specifies that if rule of

“specific or general” or rule of “ essential character” cannot be applied to my goods, such

goods shall be classified in that heading which comes last in numerical order.

a) 3(a)

b) 3(b)

c) 3(c)

d)3(d)

21) Rule no.______ of first schedule to custom Tariff Act, 1975 specifies that if goods cannot

be classified by applying rule of “specific over general “, “ essential character principle”

and “ Latter the better” ,they shall be classified under the heading appropriate to the

goods to which they are most akin.

a) 3(a)

b) 3(b)

c) 3(c)

d)3(d)

22) Column 5 of each chapters in first schedule to Custom Tariff Act, 1975 denotes____.

a) Preferential rate of duty

b) Description of goods

c) Units

d) Standard rate of duty.

23) Rule 2(a) of first schedule to Custom Tariff Act.1975 deals with classification of ______.

a) Packing material

b) Mixture or combination of materials

c) Incomplete articles
 d) Akin goods

24) The term “Goods” includes __________.

a) Vessel, vehicle and aircraft

b) Agreement

c) Contract

d) Currency

25) For the purpose of customs law, any vessel engaged in fishing or any other operations

outside the territorial waters of India shall be regarded as ______ Vessel.

a) Fishing
b) Foreign going
c) Passenger
d) motor man
Program/Course BCOM( A&F)
Class TY BAF
Semester VI
Subject Economics-III (Indian Economy)
Subject Code 85607
Exam Date 12-10-20

Multiple Choice Questions:

1. Which of the following is part of urbanization?

a) Growth of population.
b) Development process.
c) Features of less development country
d) Increasing unemployment
2.Which of the following is not the adverse effect of urbanization?

a) convenience
b) congestion
c) Over crowding
d) Rise in crime
3.Which of the following types of unemployment is not applicable to India.

a) Seasonal
b) cyclical
c) C Educated
d) Disguised
4.Which of the following programs aims to provide employment only rural poor?

a) Self-employment for educated youth

b) Swarna Jayanti shahari Rozgar yojans.(SJSRY)
c) Swarna Jayanti Gram swarozgar yojana(SGSY)
d) Jan dhan Yojana
5. Objectives of Land reform is

a) Land to the tiller

b) B Land to the landlords
c) Land to all
 d) land to broker

6. LPG was introduced in India in the year ____

a) 1985
b) 1991
c) 2000
d) 1965

7. At present India’s rank in the Ease of Doing Business Index is ______ out of 190 countries.

a) 63
b) 144
c) 165
d) 171

8. Make in India is concerned with ____

a) Agriculture
b) Education
c) Health
d) (d) Manufacturing

9. CPSEs means

a) Central Private Sector Enterprises

b) Central Public Sector Enterprises
c) Common Private Sector Enterprises
d) Common Public Sector Enterprises

10. During the period 1965-1976 the industrial growth was

a) slow
b) high
c) recovering
d) increasing at high rate

11. Imports of capital goods has __________.

a) Remained constant
b) decreased
c) increased
d) neutral
12. In 2018-19 major share of our exports belongs to __________
a) Crude and Petroleum
b) Manufactured goods
c) Agricultural and Allied products
d) Chemical products

13. In 1990-91, India’s foreign exchange reserve was in __________.

a) Surplus
b) deficit
c) balance
d) Excess

14. Foreign Direct Investment refers to _______.

a) Loans from IMF
b) Grants from the World Bank
c) Investment by multinationals
d) Sectoral development

15. Multinational Corporations

a) Acquire monopoly policy
b) reduces inequality of income
c) creates unemployment
d) technological upgradatition

16. According to the new system of National Income accounting , the service sector’s
contribution to GDP in 2018-19 was ----------%.

a) 52.6%
b) 54.3%
c) 53.4%
d) 51.2%

17. IT and ____is a very important component of the service sector .

a) Internet
b)Digital India
c)ITES
d) Telecommunication

18.The Insurance Sector is regulated by _______

a) IRDA
b) RBI
c) SBI
d) Commercial Banks

19._______is the apex Bank of the Banking Sector

a) RBI
b)SBI
c) NABARD
d) Commercial Banks

20. Services in the ________list are not taxed by the Governement .

a) Positive
b) Negative
c) Neutral
d)Nominal

21. Which of the following is a part of organized sector of Indian money market.
a) Indigenous bankers
b) Loan companies
c) Call money market
d) Money lenders

22. Which of the following is not the main player of Indian money market.
a) Government
b) RBI
c) Commercial banks
d) Over the counter exchange of India

23. Which of the following is not the participant in call money market.
a) Commercial banks
b) Cooperative banks
c) Primary dealers
d) Unorganized Sector
24. Which of the following is not the feature of commercial bills.
a) Short term
b) Trade bills
c) Issued by RBI
d) High degree of liquidity

25. Which of the following money market instrument is issued by commercial bank.
a) Commercial papers-CPs
b) Commercial bills
c) Certificates of deposits-CDs
d) Treasury bills