Cs-executive Scholarship Test

25 Questions

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Scholarship Quizzes & Trivia

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Questions and Answers
  • 1. 
    Small items like stapler, calculator, etc are not shown in books as fixed assets although they are used in business for long period due to:-
    • A. 

      Consistency concept

    • B. 

      Materiality concept

    • C. 

      Accrual concept

    • D. 

      Cost concept

  • 2. 
    According to AS 1, Disclosure should be made for
    • A. 

      Fundamental accounting assumption

    • B. 

      All accounting principles

    • C. 

      All significant accounting policies

    • D. 

      All accounting policies

  • 3. 
    The balance of sales day book is Rs. 25,000 and Rs.5000 were recovered from debtors. Then balance of Sales day Book will be transferred by which amount?
    • A. 

      Rs.25,000

    • B. 

      Rs.5,000

    • C. 

      Rs.20,000

    • D. 

      Rs.10,000

  • 4. 
    Contingent asset is not recognized in the financial statements on the basis of _____ accounting concept:
    • A. 

      Prudence

    • B. 

      Materiality

    • C. 

      Substance over form

    • D. 

      Going concern

  • 5. 
    Depreciation is the process of:
    • A. 

      Asset Valuation

    • B. 

      Verification of assets

    • C. 

      Allocation of cost of assets to the period of its life

    • D. 

      Decreasing the value of asset

  • 6. 
    On 1.6.07, X drawn a bill on Y for Rs. 25,000. At maturity Y request X to accept Rs. 5,000 in cash and noting charges incurred Rs. 100 and for the balance X draw a bill on Y for 2 months at 12% p. a interest amount will be :
    • A. 

      Rs. 410

    • B. 

      Rs. 402

    • C. 

      Rs. 440

    • D. 

      Rs. 400

  • 7. 
    Memorandum records of sale on approval is a part of :
    • A. 

      Management Accounts

    • B. 

      Financial Accounts

    • C. 

      Cost accounts

    • D. 

      None of the above

  • 8. 
    Amount spent on unsuccessful patent right is a :
    • A. 

      Revenue expenditure (even though the amount is large)

    • B. 

      Deferred revenue expenditure (if the amount is large)

    • C. 

      Capital expenditure

    • D. 

      None of these

  • 9. 
    Fees paid in cash to Notary public is charged by:
    • A. 

      Drawer

    • B. 

      Drawee

    • C. 

      Holder of the bill of exchange

    • D. 

      None

  • 10. 
    Accounting standards ______the statue:
    • A. 

      Can over-ride

    • B. 

      Cannot over-ride

    • C. 

      May over-ride

    • D. 

      None

  • 11. 
    A businessman purchased goods for Rs.25,00,000 and sold 70% of such goods during the accounting year ended 31st March,2005. The market value of remaining goods was Rs.5,00,000. He valued the closing stock at Rs.5,00,000 and not at Rs.7,50,000 due to:
    • A. 

      Money measurement

    • B. 

      Conservatism

    • C. 

      Cost

    • D. 

      Periodicity

  • 12. 
    A Hindu widow borrowed money from a lender for the purpose of filing a suit for maintenance. The lender advanced money at 100 percent rate of interest. The act of the money lender is induced by ___________.
    • A. 

      Undue Influence

    • B. 

      Coercion

    • C. 

      Fraud

    • D. 

      Misrepresentation

  • 13. 
    Which of the following types of agreements are opposed to public policy–
    • A. 

      Stifling prosecution.

    • B. 

      Trafficking in public offices.

    • C. 

      Agreements in restraint of marriage

    • D. 

      All of the above

  • 14. 
      An agreement is the outcome of ––––––between the contracting parties.
    • A. 

      Compromise

    • B. 

      Promises

    • C. 

      Consensus

    • D. 

      All of the above

  • 15. 
    A condition is a stipulation which is
    • A. 

      Essential to the main purpose of the contract of sale

    • B. 

      Not essential to the main purpose of the contract

    • C. 

      Collateral to the main purpose of the contract of sale

    • D. 

      None of these

  • 16. 
     In which of these relations, undue influence is to be proved by the 'aggrieved party'? 
    • A. 

      Parents and child

    • B. 

      Teacher and student

    • C. 

      Husband and wife

    • D. 

      Doctor and patient

  • 17. 
    Agreements contingent on happening or non-happening of an impossible event are–
    • A. 

      Parties are already aware about the impossibility of the event

    • B. 

      Always void

    • C. 

      Void only, if impossible event is unknown to the parties

    • D. 

      Valid

  • 18. 
    Which of the following is not the essential element of Contract of sale ?
    • A. 

      There must be atleast 2 parties i.e. Buyer and Seller

    • B. 

      Subject matter of the contract must necessarily be goods.

    • C. 

      Contract of sale must possess all the essential elements of contact of sale

    • D. 

      None of these

  • 19. 
    All the agreements are contracts if they are made
    • A. 

      By free Consent

    • B. 

      By coercion

    • C. 

      By incompetency

    • D. 

      None of these

  • 20. 
    Consent is not free when it is caused by
    • A. 

      Consensus ad idem

    • B. 

      Fraud

    • C. 

      Undue Influence

    • D. 

      Both B and C

  • 21. 
    Undue Influence sometimes called
    • A. 

      Mistake

    • B. 

      Moral coercion

    • C. 

      Duress

    • D. 

      All of the above

  • 22. 
    Fiduciary relations means relationship of
    • A. 

      Trust and confidence

    • B. 

      Senior and junior

    • C. 

      Both of the above

    • D. 

      None of the above

  • 23. 
    Contract with a pardanashin woman raise the presumption of:
    • A. 

      Domination of Will

    • B. 

      Undue Influence

    • C. 

      Both ofthese

    • D. 

      None of the above

  • 24. 
     which of the following is not  an exceptions to the rule " NEMO DAT QUOD NON HABET" -
    • A. 

      Sale by an unpaid seller

    • B. 

      Sale by co- owner

    • C. 

      Sale by finder of lost goods under certain circumstances

    • D. 

      None of these

  • 25. 
    In mistake of the law of the country
    • A. 

      Contract is Voidable

    • B. 

      Contract is Void

    • C. 

      Contract remains valid

    • D. 

      None of these