Mock Exam: KPSC MOCK TEST KPSC QP 116 2023 OL

1

An individual received Rs. 10,000 at the end of 5 years. If the interest rate suddenly increases, then the present value of cash flow

2

EBIT is Rs. 15,00,000, interest is Rs. 2,50,000, corporate tax is 40% degree of financial leverage is

3

Which of the following statements is/are correct about companies Act 2013 (i) Oﬃcial liquidators have adjudicatory powers for companies having net assets of up to Rupees 2 crore (ii) All companies should have at least one director who has been a resident of India for not less than 182 days in last year (iii) Having independent directors has been made a statutory requirement for all companies (iv) It provides for self-regulation concerning disclosures and transparency rather than having a government-approval based regime

4

Which of the following statements is/are incorrect about Coercion and Undue inﬂuence in a contract (i) It is not necessary in Coercion that there must be some sort of relationship between the parties (ii) Undue inﬂuence is always exercised between parties to the contract (iii) The contract is voidable at the option of the party whose consent has been obtained by the coercion (iv) Where the consent is induced by undue inﬂuence, the contract is neither voidable nor the court may set aside not enforce it in a modiﬁed form

5

Which of the following section of Negotiable Instruments act, 1881 describes diﬀerent types of Negotiable Instruments?

6

According to the payment of bonus Act 1965, which of the following statements is/are correct? (i) Every employee shall be entitled to be paid by has employer in an accounting year, bonus provided he has worked in the establishement for not less than ﬁfty working days in a that year (ii) An employee shall be disqualiﬁed from receiving bonus if he is dismissed from services for fraud, theft, etc (iii) A minimum bonus which shall be 8.33% of the salary or wage earned by the employee during the accounting year or one hundred rupees, which ever is higher should be paid by employer (iv) Section 14 of the Act deals with computation of Number of working days

7

As per payment of Gratuity Act 1972, Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than

8

When does provident fund of full accumulation with interest thereon can't be refunded , under the employees provident fund and miscellaneous provision Act 1952

9

Where a company is not in a position to redeem its preference shares, it may issue further redeemable preference shares with consent of holder's of

10

Under which of the following conditions can a proposal be revoked according to the Indian Contract Act 1872? (i) By notice of revocation after the acceptance is communicated (ii) By the failure of the acceptor to fulﬁll a condition of proposal (iii) By the communication of notice of revocation by the proposer to the other party (iv) By death or insanity of the proposer

11

Statement I : Agreements without consideration is always valid Statement II : All agreements are contracts but all contracts are not agreement

12

For every completed years of service or part thereof in excess of six months, the employer shall pay gratuity to an employee at the rate of __________ days wages based on the rate of wages last drawn by the employee concerned

13

The part of labour cost variance which arises due to the diﬀerence between standard rate speciﬁed and the actual rate paid is

14

Which of the following statement is/are incorrect about Budgeting/Budgetary control (i) Operating budgets are prepared before Financial budgets (ii) Comparison between actual and budgeted costs is not possible in ﬁxed budget (iii) Material budget is an example of Long term budget (iv) Cost is classiﬁed according to variability in ﬂexible budget

15

The maximum number of members in a private company, other than one person company is limited to

16

In a process, 100 units of raw material were introduced at a cost of rupees 1000. The other expenditure were rupees 600. Out of 100 units introduced, 10% are normally lost and possess scrap of rupees 7 each. The output of process was only 75 units. What is the Abnormal loss?

17

Which of the following statement is/are correct about purchasing (i) Centralized purchasing exercises eﬀective control over inventories (ii) Centralized purchasing involves huge clerical work because all records relating to purchases are kept at one place (iii) Decentralized purchasing avoids the problem of overstocking and under stocking of material (iv) Centralized purchasing may cause delay in getting the material

18

A manufacturer buys certain equipment from outside suppliers at Rs. 30 per unit. T otal annual needs are 800 units and annual ROI is 10%. rent and insurance per unit per year Rs. 1. Cost of placing an order Rs. 100. EOQ will be

19

Choose the incorrect statements/statements from the following (i) The loss of time inherent in the production process is called Normal Idle Time (ii) The ﬁre, non-availability of material and power failure is Abnormal Idle Time. It is excluded from the cost (iii) Inﬂated wage rate method is used in case of normal idle time where wage rate is inﬂated properly and spreading the cost of idle time over eﬀective hours (iv) Abnormal idle time wage should be debited to costing, P/L Account

20

The cost of spare parts and accessories and overhaul in service costing is categorized under which of the following charges

21

(i) It is diﬃcult to apply standard costing (ii) It facilitates cost control by comparing actual with estimates (iii) It involves a lot of clerical work and chances of errors are high (iv) It is also called terminal order costing Choose the correct costing method to which the above features related?

22

A local authority is preparing cash budget for its refuse disposal department. Which of the following items would not be included in cash budget?

23

Which of the following statement is correct?

24

Match the following working capital management strategies\n(a) Hedging approach (i) Short term sources should be used only during emergency\n(b) Aggressive approach (ii) Permanent working capital requirement should be ﬁnanced by long term funds\n(c) Conservative approach (iii) Firm relies more on short term sources to ﬁnance its current assets\n(d) Zero working capital approach (iv) the concept developed by Kampouris

25

What will be the cost of preference capital if a company issues 1000 7% preference shares of Rs. 100 each at a premium of 10% redeemable after 55 years at par

26

Which of the following statement is/are incorrect about cash management (i) Delay cash disbursement as much as possible without damaging the firm's credit rating will enhance efficiency of cash management (ii) Pre-authorized cheques and zero balance accounts are methods of synchronizing cash flows (iii) The optimum level of cash is that level if cash at which there is a trade off between cost of maintaining the cash surplus and cost of deficit financing (iv) Cash conversion cycle is calculated by subtracting the average payment period from the operating cycle

27

Indicate the correct statement /statements regarding dividend policy (i) the residual theory of dividend is applicable only when the cost of retained earnings is lower than the cost of debt (ii) According to Gordon, the value of share changes with changes in retention/dividend ration (iii) Walter's dividend policy says that if the company has investment opportunities to invest its earnings, it does not pay dividend (iv) As per MM theory of dividend, the firm has a dynamic investment policy and investors behave rationally

28

Qualification and disqualification of company auditors are mentioned ________ section of companies 2013

29

Which of the following statement is/are correct (i) A form having higher debt content in its capital structure is considered to be more riskier than the form having lower debt content in its capital structure (ii) Inflation risk arises when the change in price index for a given period is more than the change in return earned in investment (iii) The systematic risk cannot be eliminated through diversification as they are uncontrollable by the company (iv) Variability in the actual earnings of a firm from its expected earnings is business risk

30

Statement I : Maintaining adequate working capital is not just important in the short term. Sufficient liquidity must be maintained in order to ensure the survival of the business in the long term as well Statement II: The amount of hard core working capital is determined by taking into consideration the sales or production policies Select the correct answer from the options given below

31

Which of the following is not an advisable financial strategy that may be followed by a finance manager of an organization when interest rates are low

32

Indicate the financial analysis method in which total present value of future cash inflow is equal to initial investment

33

A person who is considered as an assessee for some other person is called

34

Which of the following allowances are deductible to the extent of the amount actually spent

35

If an individual owns two self-occupied houses, the annual value

36

The following expenses are disallowed while computing income from business (i) Income tax, bad debts written off, wealth tax (ii) Provision for gratuity, Interest on borrowed capital, Life insurance premium (iii) Life insurance premium, Income tax, Interest on capital (iv) donations, charity and presents wealth tax contribution to political parties

37

Which of the following statements are correct? (i) Undervaluation of closing stock and overvaluation of opening stock increases the profit of the business (ii) Overvaluation of closing stock and undervaluation of opening stock increases the profit of the business (iii) Undervaluation of closing stock and overvaluation of opening stock decreases the profit of the business (iv) overvaluation of closing stock and undervaluation of opening stock decreases the profit of the business

38

The rate of depreciation charged in patent right is

39

Section 54 deals with

40

Which of the following is taxable under the head income from other sources? (i) Royalty and Dividend (ii) Agricultural income in India (iii) Directors fees and perquisites (iv) Agricultural income outside India

41

Donations to the Government or local authority, institutions or associations for the purpose of family planning comes under

42

Under "PAYE" scheme __________ is payable by the assessee

43

Benefits of GST are (i) Diversified prices throughout the country (ii) Complex tax system (iii) Increased prices of goods (iv) Increased tax burden

44

A credit note is issued when (i) The taxable value shown in the invoice is lesser than the taxable value of supply (ii) The tax charged in the invoice exceeds the tax payable in the supply (iii) The goods supplied are returned by the recipient (iv) The taxable value shown in the invoice exceeds the taxable value of supply (v) The tax charged in the invoice is less than the tax payable on the suppky

45

According to ________ of the constitution of India tax of any nature can be levied or collected by Central or State Governments only by authority of law

46

Concurrent list contains the matters in respect of which ___________ have the power to make laws (i) Central Government (ii) State Government (iii) Local government (iv) Union territory

47

Mr.Raj is a chartered Accountant in Chennai. he provides the following information (i) Date of supply of services : 11.06.2023 (ii) Date of issue of invoice (within 30 days of service): 18.06.2023 (iii) Date of entering payment in the books of accounts : 28.06.2023 (iv) Date of credit of payment in the bank account : 29.06.2023 Determine the time of supply

48

Related person in GST means (i) Employer and employee (ii) Members of the same family (iii) Legally recognized partners in the business (iv) One of them directly or indirectly controls the other

49

Under the GST law which of the following persons are not eligible for composition scheme (i) A casual taxable person (ii) A person making inter-state supplies (iii) Manufacturers of ice cream, pan masala or tobacco (iv) Supply of goods through e-commerce operator

50

A casual taxable person shall apply for registration at least _________ prior to the commencement of his business

51

Bill of supply includes the following (i) Date of receipt of bill of supply (ii) A consecutive serial number (iii) Name, Address and GST identification number of the supplier (iv) Harmonized system of nomenclature code for goods or services or both (v) Description of goods or services or both

52

GSTR-10 is used for furnishing

53

If capital at the end of the year is Rs. 70000, capital introduced during the year is Rs. 50000, drawings during the year are Rs. 80000 and loss incurred during the year is Rs. 10000, then capital at the beginning would be equal to

54

Which of the following statements/s is/are correct about Accounting concepts (i) Accounting concepts are based on Accounting conventions (ii) Accounting concepts are methods accepted by general agreement (iii) Personal judgments has no role in the adoption of accounting concepts

55

A and B are in partnership sharing proﬁt and losses in the ratio of 3:1. They have agreed to admit C into partnership ﬁrm. C is given 1/4 share of future proﬁt which he acquires in the ratio of 2:1. The new proﬁt sharing ration would be

56

A,B and C are sharing proﬁt and losses equally. A dies on 30th September 2022 and the proﬁt for the year ending 31st march 2023 was Rs. 30000. calculate A's share of proﬁt

57

Statement (a) : Dissolution of a partnership does not necessarily means dissolution of ﬁrm whereas dissolution of ﬁrm necessarily implies dissolution of partnership Statement (b) : In dissolution of partnership the partnership dissolves but the business of the ﬁrm continues

58

Match the following (a) Issue of share at discount (i) Section 52 of companies act 2013 (b) Issue shares at premium (ii) Section 53 of companies act 2013 (c) Employees stock option plan (iii) Section 54 of companies act 2013 (d) Right issue (iv) Section 62 of companies act 2013

59

As per table F the maximum rate of interest allowable on calls in advance is

60

A limited forfeited 200 shares of Rs. 10 each, Rs. 8 called up for non payment of ﬁrst call Rs. 2 per share. These shares were subsequently reissued at Rs. 8 per share as fully paid up. What is the amount transferred to capital Reserve

61

Match the following (a) Ind AS 2 (i) Inventories (b) Ind AS 7 (ii) Separate Financial Statements (c) Ind AS 16 (iii) Cash ﬂow statement (d) Ind AS 27 (iv) Property, plant Equipment

62

Arrange the following concepts of Data Hierarchy in ascending order (a) Bit (b) Byte (c) Field (d) Record (e) File

63

In email transmission SMTP means

64

__________ is the core banking solution platform of Reserve Bank of India

65

Arrange the following in ascending order on the basis of evolution (a) Inventory control packagers (b) Material requirements planning (c) Manufacturing Resource planning (d) Enterprise Resource planning

66

Which of the following is not a CRM system?

67

____________ is management of ﬂow of goods , data and ﬁnance from procurement of raw material to the delivery of product at its destination

68

Statement (a) : Human Resource Management system is a software used to store employee information and support various human resource functions Statement (b) Human Resource Management system used interchangeably with Human resource information system

69

Statement (a) : The first ATM in India was setup in 1987 by HSBC in Mumbai Statement (b) State Bank of India introduced first credit card in India

70

____________ is a transaction processing system in which all transactions are collected into a group and processed together

71

Wi-Fi stands for

72

In auditing verification of Assets is done to ascertain (a) Ownership of Assets (b) Existence of Assets (c) Possession of Assets

73

Which of the following statements is/are true? (a) Carbon copies of sales invoice is a persuasive audit evidence for an auditor (b) GAAP stands for Globally Accepted Accounting principles (c) The nature, time and extent of audit procedures are covered under Audit working papers

74

Match the following (a) Clean Audit report (i) Unable to express Auditor's opinion (b) Qualified Audi report (ii) Unqualified report (c) Disclaimer audit report (iii) Need Some improvements (d) Adverse report (iv) Not at all satisfied

75

As per companies act 2013, if auditor is appointed at Annual general Body meeting of a public limited company, the auditor shall be appointed by

76

Which of the following statement/s is/are true about Audit programme? (a) An audit programme is a set of instructions which are to be followed for proper execution of audit (b) Audit programme is prepared by auditor for carrying out an audit (c) There is standard audit programme applicable to all companies

77

Which of the following circumstances demands the necessity of continuous Audit (a) Internal control are inadequate (b) The transactions run in large numbers (c) The management is interested in getting statements of accounts audited periodically

78

auditing is referred to as _____ purpose examination and investigation involves _________ purpose examination

79

Match the following (a) Articles of incorporation (i) Permanent Audit file (b) Lease Agreements (ii) Current Audit file (c) Financial statement (iii) permanent Audit file (d) Audit programmes (iv) Current Audit file

80

As per companies Act 2013, casual vacancy due to resignation of a company auditor should be ﬁlled within __________ month/s of Board recommendation

81

Which of the following are the sources of business ethics?\n(i) Religion\n(ii) Legal System\n(iii) Culture\n(iv) Ministry of Corporate Aﬀairs

82

Which of the following statement is/are not correct?\n(i) Ethics refers to set of moral principles - right or wrong, good or bad and fair and unfair\n(ii) Whistle blowing refers to disclosure by former or current employees of any illegal, immoral or unlawful activities indulged in by the employees\n(iii) Iron law of responsibility state that in the long run, those who do not use power for betterment of society, tend to lose it

83

What are the factors inﬂuencing ethical behaviour at work? \n(i) Individual standards and values\n(ii) Inﬂuence of managers and co-workers\n(iii) Opportunity to break the regulations

84

If the customer is attracted by the advertisement of 'up to 70% oﬀ' and exposed to goods with lower or no discount, it is called

85

_________ is making false or misleading statements about the environmental beneﬁts of a products or practice

86

State whether statements are true or false\n(i) Sheron Watkins was whistle-blower for WorldCom\n(ii) Creative accounting refers to the accounting practices complying with required laws and regulations but falsely portray a better ﬁnancial image of a company

87

Match the following\n Regulations Year\n(a) Consumer Protection Act (i) 1872\n(b) Competition Act (ii) 1955\n(c) Indian Contract Act (iii) 2019\n(d) Essential Commodities Act (iv) 2002

88

State whether statements are true or false\n(i) The four P's of Corporate Governance are people, purpose, process and protection\n(ii) The main principles of corporate governance are accountability, transparency responsibility and fairness

89

Which of the following statements are correct about corporate social Responsibility?\n(i) Section 135 of companies Act 2013 deals with CSR\n(ii) CSR provisions are applicable to companies with annual turnover of Rs. 1000 crore or more or a net worth of Rs. 500 Crore or more, or a net proﬁt of Rs. 5 Crore or more\n(iii) Qualifying companies are required to spend a minimum of 2% of their net proﬁt over the preceding three years as CSR\n(iv) CSR activities are speciﬁed in schedule VI of the companies Act 2013

90

Which of the following statements are correct about ESG Framework?\n(i) ESG farmework is used to assess an organization's business practices and performance on various sustainability and ethical issues\n(ii) ESG framework helps to understand how an organization manages risks and opportunities around sustainability issues\n(iii) SEBI has introduced a regulatory framework for ESG disclosures by top listed companies

91

Match the following categories of grapevine\n(a) Single strand (i) One tells all\n(b) Gossip chain (ii) Each random tells all\n(c) Probability chain (iii) Some tell selected others\n(d) Cluster chain (iv) Each one tells another

92

Match the following\n(a) Kinesics (i) Pitch, tone, modulation etc\n(b) Occulesics (ii) Handshake,pat,slap etc\n(c) Paralanguage (iii) postures, gestures, head, nods etc\n(d) Haptics (iv) Study of movement of eyes

93

State whether statements are true or false\n(i) Active listening occurs when message is understood as intended by the sender\n(ii) Critical thinking involves use of information, experience, observation and reasoning, to guide one's decisions, actions and beliefs and act of questioning every step of the thinking process

94

The acronym WIFM means

95

Which of the following is not one of the "Big Five personality traits"?

96

What are ethical dilemmas faced while communicating

97

What is the primary goal of negotiation?

98

Match the following leadership\n(a) Autocratic (i) Encourages participation and expression of opinion\n(b) Democratic (ii) Gives complete freedom\n(c) Free-reign (iii) Agents of change\n(d) Transformational (iv) Authority is centralised

99

Which of the following statement is/are correct?\n(i) Daniel Goleman's components of EQ includes Self-Awareness, Self-regulation, motivation, Empathy and Social Skills\n(ii) Emotional Quotient measure the ability to understand and manage emotions\n(iii) Emotional intelligence is a ﬁxed trait and cannot be developed

100

___________ is oﬃcial record of the proceedings of a meeting

KPSC Mock Test: Assistant Accounts Officer - erala Livestock Development Board Ltd

KPSC Mock Test: Assistant Accounts Officer - erala Livestock Development Board Ltd