SLET NE Commerce Solved Paper 2013 [Paper II] (Based on Memory)

SLET NE Commerce Solved Paper 2013 (Paper II)

Assam SLET Solved Question Paper Commerce

Based on Memory and Adjusted As per New Syllabus

[Time: 2 hours; Maximum Marks: 200]

Note: This paper contains Hundred (100) objective type questions, each question carrying two (02) marks. All the questions are compulsory.

In this post you will get SLET NE Commerce Solved Paper 2013 with Proper Explanation. SLET NE General Paper 1 Solutions will also be available very soon on our website.

Questions in this post are based on memory which is submitted by various online readers. Reference of Assam SLET Exam books are also taken which compiling this solutions. This Solved Paper is Adjusted as per Assam SLET Commerce syllabus for 2023 exam.

SLET NE Commerce Solved Paper 2013

 

Also Read: Assam SLET (SLET NE) Solved Question Paper 2012 to 2023 [Commerce]

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Assam SLET (SLET NE) Commerce Solved Question Paper 2013

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Assam SLET (SLET NE) Commerce Solved Question Paper 2022

Assam SLET (SLET NE) Commerce Solved Question Paper 2023

1. A systematic assessment of an activity on some meaningful, definable domain of companies activities that have social impact is:

a) Environmental Audit.

b) Green Audit.

c) Social Audit.

d) Public Audit.

Ans: c) Social Audit.

2. Which one of the following is not an argument in favour of free trade?

a) Economic utilization of world productive resources.

b) Division of labour on an international scale.

c) Breaks the domestic monopolies.

d) Conservation of foreign exchange of the country.

Ans: d) Conservation of foreign exchange of the country.

3. UNCTAD is established by the United Nations General Assembly in ________ and it has its headquarters at ________.

a) 1964—Geneva.

b) 1965—New York.

c) 1964—Paris.

d) 1965—Geneva.

Ans: a) 1964—Geneva.

4. The International Monetary Fund in its world economic outlook published in Jan. 2019 has projected world output to grow at ________ percent.

a) 3.8.

b) 3.7.

c) 3.5.

d) 4.1.

Ans: c) 3.5.

5. X: Mexico is a member of NAFTA.

Y: NAFTA started functioning from 1st Jan. 1994.

a) Only X is true.

b) Only Y is true.

c) Both X and Y are true.

d) Both X and Y are false.

Ans: c) Both X and Y are true.

6. X: Balance of trade records export and import of only visible goods.

Y: It comprises of balance of trade.

a) Only X is correct.

b) Only Y is correct.

c) Both X and Y are incorrect.

d) Both X and Y are correct.

Ans: d) Both X and Y are correct.

7. Which of these is not an objective of protectionist trade strategy?

a) Protection of domestic industries.

b) Promoting indigenous research and development.

c) Protecting rights of nationals.

d) Conservation of foreign exchange reserves.

Ans: c) Protecting rights of nationals.

8. Match the columns:

Group A (Institutions/Events)

Group B (Years)

(1) GATT.

(2) Bretton Woods Conference.

(3) International Monetary Fund.

(4) European Community.

(a) 1947.

(b) 1957.

(c) 1944.

(d) 1945.

 Code:

a) (1) – (a), (2) – (c), (3) – (d), (4) – (b).

b) (1) – (a), (2) – (b), (3) – (d), (4) – (c).

c) (1) – (a), (2) – (c), (3) – (b), (4) – (d).

d) (1) – (a), (2) – (b), (3) – (c), (4) – (d).

Ans: a) (1) – (a), (2) – (c), (3) – (d), (4) – (b).

9. Which of the following is not a method under foreign direct investment?

a) Wholly owned subsidiary.

b) Joint venture.

c) Global depository receipts.

d) Acquisition.

Ans: c) Global depository receipts.

10. As per the recent FDI policy, 100 per cent investment through automatic route is not allowed in ________.

a) Petroleum refining by the PSUs.

b) Oil and natural gas exploration.

c) Mining and minerals.

d) Plantation.

Ans: a) Petroleum refining by the PSUs.

11. Face value of debentures of subsidiary company held by holding company is deducted from

a) debentures.

b) cost of control.

c) minority interest.

d) debentures in consolidated balance sheet.

Ans: b) cost of control.

12. Operating activities include:

(1) Principal revenue generating activities of an entity.

(2) Other activities that are not investing or financing activities.

a) (1) only.

b) (2) only.

c) (1) and (2).

d) either (1) or (2).

Ans: c) (1) and (2).

13. Goodwill arising on amalgamation is to be

a) amortised on a systematic basis, normally over five years.

b) adjusted against reserves or profit and loss account balance.

c) retained in the books of the transferee company.

d) retained in the books of the transferor company.

Ans: a) amortised on a systematic basis, normally over five years.

14. Debentures are Rs. 2,50,000 and Rs. 3,50,000 in the balance sheets for 2018 and 2019 respectively. 1,000 of the debentures of Rs. 100 each were issued at par in 2019, of which 400 debentures were issued to a supplier for the purchase of a machine. Determine the amount of issue of debentures for the purpose of Fund Flow Statement.

a) Rs. 60,000.

b) Rs. 40,000.

c) Rs. 10,000.

d) Rs. 20,000.

Ans: a) Rs. 60,000.

15. At the time of dissolution of a partnership firm

a) all the assets are transferred to Realisation A/c.

b) only current assets are transferred to Realisation A/c.

c) non-cash assets are transferred to Realisation A/c.

d) only liquid assets are transferred to Realisation A/c.

Ans: c) non-cash assets are transferred to Realisation A/c.

16. A company can improve (lower) its Debt to Total Assets ratio by doing which of the following?

a) Selling common stock.

b) Shifting long-term to short-term debt.

c) Shifting short-term to long-term debt.

d) Borrowing more.

Ans: a) Selling common stock.

17. Different management accounting techniques can be used to account for environmental costs. One of these techniques involves analysing cost under three distinct categories: material, system and delivery & disposal. What is this technique known as?

a) Activity-based costing.

b) Life-cycle costing.

c) Input-output analysis.

d) Flow cost accounting.

Ans: d) Flow cost accounting.

18. Under conditions of unchanged cost structure and selling price over the consecutive two years, the sales and profits of an enterprise were as follows:

Sales (Rs.)

Profits (Rs.)

2018

2019

1,20,000

1,40,000

9,000

13,000

The Profit/volume ratio of the enterprise was

a) 25%.

b) 30%.

c) 20%.

d) 15%.

Ans: c) 20%.

19. On dissolution of a partnership firm, the Realisation A/c is debited with

a) all the liabilities of the firm.

b) cash received from the sale of the assets.

c) any assets taken over by one of the partners.

d) all assets to be realised.

Ans: d) all assets to be realised.

20. The rate of discount on issue of shares cannot exceed _______ per cent of the nominal value of the shares.

a) 10.

b) 20.

c) 15.

d) 5

Ans: a) 10.

21. Usually, the demand for necessities is ________.

a) Highly elastic.

b) Infinitely elastic.

c) Highly inelastic.

d) Unitary elastic.

Ans: c) Highly inelastic.

22. The price elasticity of demand for addictive products like cigarettes and alcohol would be ________.

a) Greater than 1.

b) Less than 1.

c) Infinity.

d) One.

Ans: b) Less than 1.

23. Which one of the following products has highly inelastic demand?

a) Jewellery.

b) Television set.

c) Salt.

d) Sports car.

Ans: c) Salt.

24. Which of the following is not a method of measuring price elasticity of demand?

a) Ratio method.

b) Outlay method.

c) Psychological method.

d) Geometrical method.

Ans: c) Psychological method.

25. Usually, isoquant are ________.

a) Concave to the origin.

b) Convex to the origin.

c) Parallel to the origin.

d) Perpendicular to the origin.

Ans: b) Convex to the origin.

26. Average cost and Marginal cost curves are U shaped and ________.

a) Average cost curve cuts marginal cost curve from below.

b) Marginal cost curve cuts average cost curve from below.

c) Average cost and marginal cost curves are one and the same.

d) After intersection, average cost exceeds marginal cost.

Ans: b) Marginal cost curve cuts average cost curve from below.

27. Which of the following is not true?

a) Opportunity cost is the cost of alternative opportunity lost.

b) During short-run some factors are fixed.

c) Variable cost is a prime cost.

d) Total cost = Total fixed cost + Average variable cost.

Ans: d) Total cost = Total fixed cost + Average variable cost.

28. Additional cost incurred on producing one more unit is known as ________.

a) Average cost.

b) Marginal cost.

c) Implicit cost.

d) Accounting cost.

Ans: b) Marginal cost.

29. The imposition of a lump sum tax will result in ________ of both the Average Fixed Cost (AFC) and the Average Total Cost (ATC) curves.

a) Upward shift.

b) Downward shift.

c) Leftward shift.

d) Rightward shift.

Ans: a) Upward shift.

30. The demand curve for a perfectly competitive firm is ________.

a) Horizontal straight line.

b) Vertical straight line.

c) Upward sloping curve.

d) Downward sloping curve.

Ans: a) Horizontal straight line.

31. In capital budgeting the term capital rationing implies that

a) no retained earnings available.

b) limited funds are available for investment.

c) no external funds can be raised.

d) no fresh investment is required in the current year.

Ans: b) limited funds are available for investment.

32. The concept of cost of capital can also be explained in terms of _______ cost. Which one of the following can be used to fill in the blank?

a) opportunity.

b) variable.

c) fixed.

d) sunk.

Ans: a) opportunity.

33. The currency crisis of September 1992 was originated due to breaking down of

a) International Monetary System.

b) European Monetary System.

c) Bretton Woods System.

d) Floating Rate System.

Ans: b) European Monetary System.

34. Match the items of List-I with those of List-II and indicate the correct code:

List-I

List-II

(a) ABC Analysis.

(b) Walter Model.

(c) Capital Rationing.

(d) Net Operating Income Approach.

(1) Dividend Decision.

(2) Capital Budgeting Decision.

(3) Capital Structure Decision.

(4) Working Capital Management Decision.

 Code:

a) (a)-(1) (b)-(3) (c)-(2) (d)-(4).

b) (a)-(2) (b)-(1) (c)-(3) (d)-(4).

c) (a)-(4) (b)-(1) (c)-(2) (d)-(3).

d) (a)-(3) (b)-(1) (c)-(2) (d)-(4).

Ans: c) (a)-(4) (b)-(1) (c)-(2) (d)-(3).

35. Profit Before Tax (PBT) of a firm has increased by 40% as a result of 10% increase in sales. Operating leverage of the firm is 2. What will be the financial leverage of the firm?

a) 4.

b) 20.

c) 2.

d) 1.

Ans: c) 2.

36. In the foreign exchange market hedging activity means

a) earning riskless profit.

b) earning risky profit.

c) protection against risk.

d) bearing foreign exchange risk.

Ans: c) protection against risk.

37. If a company sells its account receivable to another party to raise funds, it is known as

a) Securitization.

b) Factoring.

c) Pledging.

d) Hedging.

Ans: b) Factoring.

38. If the expected return on market portfolio is 20%, beta of portfolio is 1.2 and the risk free rate is 10%, the expected return on the above portfolio is equal to

a) 22%.

b) 12%.

c) 20%.

d) 32%.

Ans: a) 22%.

39. Dividends are the _______ of a company distributed amongst members in proportion to their shares. Which one of the following is appropriate to fill in the blank?

a) divisible profits.

b) capital reserve.

c) assets with cash and bank.

d) stock split.

Ans: a) divisible profits.

40. Which one involves increasing the par value and decreasing the number of outstanding shares proportionately?

a) Reverse stock split.

b) Stock split.

c) Bonus issue.

d) ESOP.

Ans: a) Reverse stock split.

41. Arithmetic mean of salary of 100 males in a company is Rs. 20,000 per month and that of 50 females is Rs. 17,000 per month. The arithmetic mean of salary of the combined group of males and females in the company is ________ per month.

a) Rs. 20,000.

b) Rs. 19,000.

c) Rs. 18,000.

d) Rs. 17,000.

Ans: b) Rs. 19,000.

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Untitled 2

44. Given that:

Rank of X

1

2

3

4

5

Rank of Y

5

4

3

2

1

The Spearman’s rank correlation is ________.

a) 1.

b) 0.

c) – 1.

d) 1/2.

Ans: c) – 1.

45. Which of the following statements is always true for Poisson distribution?

a) mean > variance.

b) mean = variance.

c) mean < variance.

d) mean = standard deviation.

Ans: b) mean = variance.

46. For testing equality of two population proportions we use ________ test.

a) F.

b) Chi-square.

c) t.

d) z.

Ans: d) z.

47. In one-way analysis of variance suppose there are k treatments and n is the total number of observations then the degree of freedom for error sum of squares will be ________.

a) n – 1.

b) k – 1.

c) nk– 1.

d) n k.

Ans: d) n k.

48. As sample size increases sampling errors ________.

a) Increase.

b) Decrease.

c) Do not change.

d) May increase or decrease.

Ans: b) Decrease.

49. ‘‘________’’ means the practice of taking someone else’s work or idea and passing them as one’s own.

a) Plagiarism.

b) Source.

c) Script.

d) Integrity.

Ans: a) Plagiarism.

50. The advantages of ________ is that it avoids reinventing the wheel of research work.

a) Sampling.

b) Review of literature.

c) Objectives of the study.

d) Hypothesis of the study.

Ans: b) Review of literature.

51. Which of the following is not a stage in ‘Maslow’s Hierarchy of Needs’ theory?

a) Psychological.

b) Security.

c) Social.

d) Self actualisation.

Ans: a) Psychological.

52. Which of the following is not a control technique in management?

a) Break-even Analysis.

b) Environmental Analysis.

c) Budgetary Control.

d) Responsibility Accounting.

Ans: b) Environmental Analysis.

53. According to Vroom’s Expectancy Theory, Motivation = Valence clip image028 Expectancy clip image028_______.

Which of the following terms would be most appropriate in the blank?

a) Effort.

b) Drive.

c) Instrumentality.

d) Risk.

Ans: c) Instrumentality.

54. According to the Managerial Grid framework conceived by Blake and Mouton, wherein ‘concern for production/task’ is measured on the X-Axis and ‘concern for people’ is measured on the Y-Axis. Which leadership style do the coordinates (1, 9) represent, given that on each axis 1 represents least concern and 9 represents greatest concern?

a) Team.

b) Task.

c) Middle of the road.

d) Country club.

Ans: d) Country club.

55. Match the following:

Contributor

Organisation theory

(a) F.W. Taylor.

(b) Max Weber.

(c) Chester Bernard.

(d) Hugo Munsterberg.

(1) Application of psychology to industry and management.

(2) System approach to Management.

(3) Emphasis in rules and regulation.

(4) Increased productivity through efficiency in production.

a) (a)-(4) (b)-(3) (c)-(2) (d)-(1).

b) (a)-(3) (b)-(4) (c)-(2) (d)-(1).

c) (a)-(4) (b)-(3) (c)-(1) (d)-(2).

d) (a)-(2) (b)-(3) (c)-(4) (d)-(1).

Ans: a) (a)-(4) (b)-(3) (c)-(2) (d)-(1).

56. A systematic comparison between jobs done in order to determine their relative worth is known as

a) Job Analysis.

b) Job Evaluation.

c) Job Enrichment.

d) Job Design.

Ans: b) Job Evaluation.

57. Which of the following is not an operative function of human resource management?

a) Control.

b) Development.

c) Maintenance.

d) Procurement.

Ans: a) Control.

58. ‘One method of resolving conflict is to ensure shared goal attainment between the conflicting parties.’ This method is called

a) Problem solving.

b) Super ordinate path.

c) Smoothing.

d) Compromise.

Ans: b) Super ordinate path.

59. Which one of the following is not among the ‘Big Five’ personality traits?

a) Agreeableness.

b) Neuroticism.

c) Extroversion.

d) Cautious.

Ans: d) Cautious.

60. The practice of inducing employees from competing organisation to join for better pay packages to your own is known as

a) Talk-in interview.

b) Leap frogging.

c) Head hunting.

d) Poaching.

Ans: d) Poaching.

61. Rolling Settlement occurs in case of

a) Equity Shares.

b) Government Securities.

c) De-Mat Securities.

d) Re-Mat Securities.

Ans: c) De-Mat Securities.

62. Credit Rating is mandatory for public or right issue of debt instruments:

a) Irrespective of their maturity period.

b) Having maturity period of more than 12 months.

c) Having maturity period of more than 24 months.

d) Having maturity period of more than 36 months.

Ans: a) Irrespective of their maturity period.

63. For the following statements of Assertion (A) and Reason (R) indicates the correct code:

Assertion (A): Schedule Banks are required to maintain a certain minimum balance in their accounts with RBI.

Reason (R): The Schedule Banks are entitled to borrowing and rediscounting facilities from RBI.

Codes:

a) Both (A) and (R) are true and (R) is the correct explanation of (A).

b) Both (A) and (R) are true but (R) is not the correct explanation of (A).

c) (A) is true but (R) is false. 

d) (A) is false but (R) is true.

Ans: b) Both (A) and (R) are true but (R) is not the correct explanation of (A).

64. For the following statements of Assertion (A) and Reason (R) select the correct answer using the codes given below:

Assertion (A): Capital to Risk Weighted Assets Ratio (CRAR) was introduced in 1992.

Reason (R): Capital Adequacy Ratio (CAR) is also known as Capital to Risk Weighted Assets Ratio (CRAR).

Codes:

a) Both (A) and (R) are true and (R) is the correct explanation of (A).

b) Both (A) and (R) are true but (R) is not the correct explanation of (A).

c) (A) is true but (R) is false.

d) (A) is false but (R) is true.

Ans: b) Both (A) and (R) are true but (R) is not the correct explanation of (A).

65. Match between List-I and List-II to select the correct combination using the codes given below:

List-I

List-II

(a) Bull.

(b) Bear.

(c) Lame duck.

(d) Stag.

(1) Agrees to sell on a fixed date but finds it different to meet his commitment.

(2) Buys the shares to sell them in future expecting a price rise.

(3) Neither buys nor sells but merely applied for shares to sell at a premium.

(4) Agrees to sell on a fixed date expecting a fall in the price.

Codes:

a) (a)-(2) (b)-(1) (c)-(3) (d)-(4).

b) (a)-(1) (b)-(3) (c)-(2) (d)-(4).

c) (a)-(4) (b)-(1) (c)-(3) (d)-(2).

d) (a)-(2) (b)-(4) (c)-(1) (d)-(3).

Ans: d) (a)-(2) (b)-(4) (c)-(1) (d)-(3).

66. Match between List-I and List-II with regard to the BASEL III’s 3-Pillar Framework and select the correct answer using the codes given below this lists:

List-I

List-II

(a) Pillar-1.

(b) Pillar-2.

(c) Pillar-3.

(1) Supervisory review process.

(2) Market discipline.

(3) Minimum regulatory capital requirement based on Risk Weighted Assets (RWA’s)

Codes:

a) (a)-(1) (b)-(2) (c)-(3).

b) (a)-(1) (b)-(3) (c)-(2).

c) (a)-(3) (b)-(2) (c)-(1).

d) (a)-(3) (b)-(1) (c)-(2).

Ans: d) (a)-(3) (b)-(1) (c)-(2).

67. A ‘Bear’ cannot always keep his commitment because the price does not move the way he wants the shares to move and he is , therefore, said to be struggling like a

a) Lame Bear.

b) Lame Stag.

c) Lame Bull.

d) Lame Duck.

Ans: d) Lame Duck.

68. Match between the List-I and List-II and select the correct match using the codes given below the lists:

List-I

List-II

(a) Reserve Bank of India.

(b) Nationalisation of 14 major Commercial Banks.

(c) Nationalisation of Six Commercial Banks.

(d) Regional Rural Banks.

(1) 1975.

(2) 1935.

(3) 1969.

(4) 1980.

Codes:

a) (a)-(2) (b)-(3) (c)-(1) (d)-(4).

b) (a)-(2) (b)-(3) (c)-(4) (d)-(1).

c) (a)-(3) (b)-(1) (c)-(2) (d)-(4).

d) (a)-(1) (b)-(2) (c)-(3) (d)-(4).

Ans: b) (a)-(2) (b)-(3) (c)-(4) (d)-(1).

69. Crawling Peg System means

a) Fixed Exchange Rate System.

b) Floating Exchange Rate System.

c) Hybrid of Fixed and Floating Exchange System.

d) Pound-Sterling System.

Ans: c) Hybrid of Fixed and Floating Exchange System.

70. Match between the items of List-I and items of List-II and select the correct match using the codes given below:

List-I

List-II

(a) Interbank call market.

(b) Commercial Bills.

(c) Commercial Paper Market.

(d) Treasury Bill.

(1) Money market.

(2) Promissory Note.

(3) Short-term maturity.

(4) Government papers.

Codes:

a) (a)-(1) (b)-(2) (c)-(3) (d)-(4).

b) (a)-(1) (b)-(3) (c)-(4) (d)-(2).

c) (a)-(3) (b)-(1) (c)-(2) (d)-(4).

d) (a)-(3) (b)-(1) (c)-(4) (d)-(2).

Ans: c) (a)-(3) (b)-(1) (c)-(2) (d)-(4).

71. Market penetration pricing strategy is suitable when

a) lower price encourages actual competition.

b) the demand of product is inelastic.

c) the production and distribution costs fall with increasing production.

d) a high price discourages competitors from entering the market.

Ans: a) lower price encourages actual competition.

72. At which stage of new product development process, the launching of the new product will take place?

a) Business Analysis.

b) Test Marketing.

c) Commercialisation.

d) Marketing Strategy Development.

Ans: c) Commercialisation.

73. Which communication component is not a paid form of communication?

a) Advertising.

b) Sales promotion.

c) Personal selling.

d) Publicity.

Ans: d) Publicity.

74. Which of the following is not a function of distribution?

a) Manufacturing.

b) Warehousing.

c) Inventorying.

d) Transportation.

Ans: a) Manufacturing.

75. Pricing is one of the essential component of

a) Promotion Mix.

b) Marketing Mix.

c) Product Mix.

d) Place Mix.

Ans: b) Marketing Mix.

76. The Branding Strategy which uses a different brand name for each product is known as

a) Family Branding.

b) Multiple Branding.

c) Individual Branding.

d) Brand Extension.

Ans: c) Individual Branding.

77. Statement I: All trademarks are brands.

Statement 2: All brands are not trademarks.

a) Statement 1 is true and Statement 2 is false.

b) Statement 1 is true and Statement 2 is true.

c) Statement 1 is false and Statement 2 is false.

d) Statement 1 is false and Statement 2 is true.

Ans: b) Statement 1 is true and Statement 2 is true.

78. Cognitive dissonance is associated with which stage of consumer buying decision process?

a) Need recognition.

b) Information search.

c) Evaluation of alternative.

d) Post purchase behaviour.

Ans: d) Post purchase behaviour.

79. Marketing Myopia concept was developed by

a) Philip Kotler.

b) Peter Drucker.

c) Theodore Levitt.

d) C.K. Prahlad.

Ans: c) Theodore Levitt.

80. The number of product lines a company carries is called

a) Product variation.

b) Product mix width.

c) Product mix depth.

d) Product mix length.

Ans: b) Product mix width.

81. The time for revocation of offer and acceptance is defined u/s ________ of the Indian Contract Act, 1872.

a) 5.

b) 4.

c) 3.

d) 25.

Ans: a) 5.

82. What does ‘I’ stands for in IGST?

a) International.

b) Internal.

c) Integrated.

d) Intra.

Ans: c) Integrated.

83. What is the fee for getting information under RTI Act 2005?

a) Rs. 20.

b) Rs. 50.

c) Rs. 100.

d) Rs. 10.

Ans: d) Rs. 10.

84. As per Section ________ of the Patent Act, patent is not be granted in respect of an invention relating to atomic energy.

a) 4.

b) 1.

c) 2.

d) 3.

Ans: a) 4.

85. Which of the following forms are used for GST registration?

a) GSTR-1.

b) GSTAPL-01.

c) GST REG-01.

d) GST RED-01.

Ans: c) GST REG-01.

86. Match the following groups:

Group – I

Group – II

(1) Lalman Shukla Vs. Gauri Datt (1913).

(2) Thomas Vs. Thomas (1842).

(3) Burnard Vs. Haggis (1863).

(4) Peek Vs. Gurney (1873).

(a) Acceptance.

(b) Consideration.

(c) Capacity to contract.

(d) Misrepresentation.

Codes:

a) (1) – (a), (2) – (b), (3) – (c), (4) – (d).

b) (1) – (d), (2) – (c), (3) – (b), (4) – (a).

c) (1) – (b), (2) – (a), (3) – (d), (4) – (c).

d) (1) – (c), (2) – (d), (3) – (a), (4) – (b). 

Ans: a) (1) – (a), (2) – (b), (3) – (c), (4) – (d).

87. Match the following groups with reference to Information Technology Act 2000:

Group – I

Group – II

(1) Access.

(2) Computer. 

(3) Data. 

(4) Digital Signature.

(a) Sec. 2(1)(a).

(b) Sec. 2(1)(i).

(c) Sec. 2(1)(o).

(d) Sec. 2(1)(p).

Codes:

a) (1) – (a), (2) – (b), (3) – (c), (4) – (d).

b) (1) – (b), (2) – (c), (3) – (d), (4) – (a).

c) (1) – (b), (2) – (a), (3) – (d), (4) – (c).

d) (1) – (b), (2) – (d), (3) – (c), (4) – (a).

Ans: a) (1) – (a), (2) – (b), (3) – (c), (4) – (d).

88. ________ is defined in chapter XI from section 65 to 78 of the Information Technology Act 2000.

a) Offences.

b) Penalties.

c) Cyber Appellate Tribunal.

d) Electronic Governance.

Ans: b) Penalties.

89. The Central Chief Information Commissioner (CIC) is appointed by ________.

a) President.

b) Vice-President.

c) Prime Minister.

d) Home Minister.

Ans: a) President.

90. Every LLP has to file an annual return duly authenticated with the Registrar within ________ days of closure of its financial year.

a) 45.

b) 120.

c) 60.

d) 90.

Ans: c) 60.

91. Which of the following is not an ‘Agricultural Income’ under Income Tax Act, 1961?

a) Sale of replanted trees.

b) Income from growing flowers and creepers.

c) Salary of partner from a firm engaged in agricultural operations.

d) Income from supply of water from a tank in agricultural land.

Ans: d) Income from supply of water from a tank in agricultural land.

92. Mr. Rajesh is Indian citizen, went to Canada for the first time for the purpose of employment on 10th May, 2018. He came back to India on 19th Nov., 2018. His residential status for the assessment year 2019-20 will be:

a) Resident.

b) Non-resident.

c) Resident but not ordinarily resident.

d) Foreign citizen.

Ans: b) Non-resident.

93. Which of the following allowances is not taxable in the hands of employee?

a) City compensatory allowance.

b) Tiffin allowance.

c) Dearness allowance.

d) Allowance from UNO in India.

Ans: d) Allowance from UNO in India.

94. Which of the following income will be taxable as income from house property?

a) Letting of farm house.

b) Letting of an office building.

c) Letting of open plot for running petrol pump.

d) Sub-letting of house.

Ans: b) Letting of an office building.

95. Mr. Anil is carrying on manufacturing business of engineering goods. His data regarding machinery used for business is as follows:

Date

Particulars

Amount

1-4-18

30-9-18

10-11-18

Opening W.D.V.

Machinery sold at (Book value Rs. 2,50,000)

New Machinery purchased

15,00,000

3,00,000

6,00,000

Depreciation u/s 32 of Income Tax Act, 1961 will be:

a) Rs. 2,85,000.

b) Rs. 2,25,000.

c) Rs. 2,33,500.

d) Rs. 4,27,000.

Ans: a) Rs. 2,85,000.

96. Which of the following is not an ‘unpaid statutory liability’ at the end of previous year u/s 43-B of the Income Tax Act, 1961?

a) G.S.T.

b) Interest on term loan from scheduled bank.

c) Provision for gratuity.

d) Interest on cash credit from a small cooperative bank.

Ans: d) Interest on cash credit from a small cooperative bank.

97. Profit on transfer of whole undertaking as a going concern as a slum sale after five years of setting up of a business is taxable as:

a) Short-term capital gain.

b) Long-term capital gain.

c) Income from business.

d) Income from other sources.

Ans: b) Long-term capital gain.

98. Mr. Kumar sold his residential house property at Pune Rs. 18,00,000 on 23rd April, 2017, which was purchased by him on 11th April, 2014 for Rs. 9,70,000. Value opted for stamp duty purpose was Rs. 26,40,000. On June 16, 2017, he purchased a house at Kolhapur for Rs. 10,00,000 for the purpose of residence of his daughter. What will be the capital gain taxable in his hand for the assessment year 2018-19. C.I. for F.Y. 2017-18 was 272:

a) Rs. 3,05,133.

b) Rs. 8,30,000.

c) NIL.

d) Rs. 16,70,000.

Ans: c) NIL.

99. Maximum deduction for medical expenditure on the health of senior citizen person, if Mediclaim insurance is not paid on his health, for A.Y. 2019-20 is:

a) Rs. 25,000.

b) Rs. 30,000.

c) Rs. 50,000.

d) Actual expenditure incurred.

Ans: c) Rs. 50,000.

100. Techno India (Pvt.) Ltd. an Indian company purchased goods from Jems Ltd. U.K. an associated enterprise at Rs. 3,000 per piece. The following arm’s length prices have been determined by the most appropriate method:

Situation

Price

1

2

3

4

2,890

3,050

2,700

2,940

The arm length price assuming international transaction is not in respect of wholesale trading will be:

a) Rs. 3,000.

b) Rs. 2,895.

c) Rs. 3,050.

d) Rs. 2,940.

Ans: b) Rs. 2,895.

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