SLET NE Commerce Solved Paper 2017 (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 2017 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.
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Assam SLET (SLET NE) Commerce Solved Question Paper 2023
1. Which of the following is not matched against its name?
a) ASEAN: Economic cooperation amongst all Asian Countries.
b) IMF: To remove unfavourable balance of payment and to provide financial assistance.
c) WTO: Does not allow quantitative restrictions on trade.
d) SAARC: Encourages trade between South Asian Countries.
Ans: c) WTO: Does not allow quantitative restrictions on trade.
2. Which of the following is not an element of the micro environment of business?
a) Suppliers.
b) Competitors.
c) Trade Policy.
d) Publics.
Ans: c) Trade Policy.
3. Which of the following is not part of the Economic Environment of Business?
a) Competitive Environment.
b) Economic System.
c) Changes in Patent Laws.
d) None of the above.
Ans: d) None of the above.
4. Match the following –
|
List – I |
List – II |
|
(a) IBRD. (b) WTO. (c) ADB. (d) IDA. |
(1) Uruguay Round. (2) ECAFE. (3) Bretton Wood. (4) Established by World Bank. |
Codes:
a) (a)-(3), (b)-(1), (c)-(2), (d)-(4).
b) (a)-(3), (b)-(1), (c)-(4), (d)-(2).
c) (a)-(1), (b)-(3), (c)-(2), (d)-(4).
d) (a)-(1), (b)-(2), (c)-(3), (d)-(4).
Ans: a) (a)-(3), (b)-(1), (c)-(2), (d)-(4).
5. Globalization is a term used to describe the process of removal of restrictions on which of the following?
a) Foreign Trade.
b) Investment.
c) (a) and (b) above.
d) None of the above.
Ans: c) (a) and (b) above.
6. What is Euro – III?
a) European Currency.
b) Group of European Countries.
c) European Film Festival.
d) Pollution Control Scale.
Ans: d) Pollution Control Scale.
7. The Comparative Cost Theory of International Trade was developed by –
a) David Ricardo.
b) Haberlar.
c) Adam Smith.
d) Alfred Marshal.
Ans: a) David Ricardo.
8. Which institution is known as the ‘Soft Loan Window’ of the World Bank?
a) IMF.
b) IFC.
c) IDA.
d) None of these.
Ans: c) IDA.
9. The 21st member to join the G – 20 is –
a) Sri Lanka.
b) Uzbekistan.
c) Myanmar.
d) Uruguay.
Ans: a) Sri Lanka.
10. Which conference had given birth of International Monetary Fund?
a) Uruguay Round Conference.
b) Round Table Conference.
c) Bretton woods conference. (IMF set up in 1945, Headquarter: Washington)
d) Shimla Conference.
Ans: c) Bretton woods conference. (IMF set up in 1945, Headquarter: Washington)
11. Read the following statements –
1) Financial statements are only interim reports.
2) Financial statements are prepared on the basis of realizable values.
3) The preparation of financial statements is not an ultimate aim.
4) Certain assumptions are necessary to prepare financial statements.
Which of the following combinations consists of all true statements?
a) 1, 2, and 3.
b) 2, 3, and 4.
c) 1, 3, and 4.
d) 1, 2, and 4.
Ans: d) 1, 2, and 4.
12. Which of the following is not a subsidiary book?
a) Purchase Book.
b) Sales Book.
c) Bills Receivable Book.
d) Assets Book.
Ans: d) Assets Book.
13. Which of the following are the applications of funds?
1) Redemption of Preference share capital
2) Payment of Dividend
3) Increase in Working capital.
a) Only 1 and 3.
b) Only 2 and 3.
c) Only 1 and 3.
d) 1, 2, and 3.
Ans: d) 1, 2, and 3.
14. Accounting concepts are based on –
a) Certain assumptions.
b) Certain facts and figures.
c) Certain accounting records.
d) Government guidelines.
Ans: a) Certain assumptions.
15. The main purpose of Cost Accounting is to –
a) Assist management in decision making.
b) Maximise profits and minimize losses.
c) Comply norms issued by the Government of India from time to time.
d) Prepare cost accounts in line with the accounting standards.
Ans: a) Assist management in decision making.
16. A list of assets, liabilities and owner’s equity of a business enterprises as of a specific date is –
a) Income Statement.
b) Cash Flow Statement.
c) Balance-Sheet.
d) Profit & Loss Account.
Ans: c) Balance-Sheet.
17. The balance-sheet is related to the income statement in the same way that –
a) A point in time is related to period of time.
b) A period of time is related to a point in time.
c) A point in time is related to another point in time.
d) A period of time is related to another period of time.
Ans: b) A period of time is related to a point in time.
18. The properties own by a business enterprises are called –
a) Assets.
b) Liabilities.
c) Capital.
d) Owner’s Equity.
Ans: a) Assets.
19. Which of the following is an important reason for studying accounting?
a) The information provided by accounting is useful in making many economic decisions.
b) Accounting plays an important role in society.
c) The study of accounting could lead to challenging career.
d) All of the above.
Ans: a) The information provided by accounting is useful in making many economic decisions.
20. Statement of changes in financial position shows –
a) Sources and uses of funds.
b) Assets and Liabilities.
c) Income and Expenses.
d) Losses and Gains.
Ans: a) Sources and uses of funds.
21. What is the “Fundamental Premise of Economics”?
a) Individuals are capable of establishing goals and acting in a manner consistent with achievement of those goals.
b) Natural resources will always be scare which then believe the net gains to be the greatest.
c) Individuals choose the alternative for which they believe the net gains to be the greatest.
d) No matter what the circumstances, individual’s choice always involves a tradeoff.
Ans: c) Individuals choose the alternative for which they believe the net gains to be the greatest.
22. The consumer is in equilibrium at a point where the budget lines:
a) Is below an indifference curve.
b) Is above an indifference curve.
c) Is tangent to an indifference curve.
d) Cuts an indifference curve.
Ans: c) Is tangent to an indifference curve.
23. Which of the following statements is correct concerning the relationship among the firm’s functions?
a) TC = TFC – TVC.
b) TVC = TFC – TC.
c) TFC = TC – TVC.
d) TC = TVC – TFC.
Ans: c) TFC = TC – TVC.
24. In perfect competition in the long run there will be no:
a) Normal profits.
b) Supernormal profits.
c) Production.
d) Costs.
Ans: b) Supernormal profits.
25. An indifference curve slopes down towards right since more of one commodity and less of another result in:
a) Same satisfaction.
b) Greater satisfaction.
c) Maximum satisfaction.
d) Decreasing expenditure.
Ans: a) Same satisfaction.
26. The elasticity of demand for luxury goods is:
a) Infinite.
b) More than one.
c) Less than one.
d) Equal to one.
Ans: b) More than one.
27. Profits are maximised at a point where:
a) MR = MC.
b) MR < MC.
c) MR > MC.
d) AC > MC.
Ans: c) MR > MC.
28. The concept of ‘Consumer surplus’ was introduced and developed by:
a) E.A.G. Robinson.
b) J.M. Keynes.
c) Lionel Robbins.
d) Alfred Marshall.
Ans: b) J.M. Keynes.
29. In Law of Variable Proportions, initially when MP rise:
a) TP rises at a decreasing rate.
b) TP rises at an increasing rate.
c) AP rises less than proportionately.
d) AP rises more than proportionately.
Ans: c) AP rises less than proportionately.
30. Which one of the following statements is correct?
a) Monopolist charges the maximum possible price.
b) Monopolist always makes (economic) profit.
c) Monopolist operates on an inelastic demand curve.
d) None of the above.
Ans: b) Monopolist always makes (economic) profit.
31. Use of fixed interest securities in the capital structure is called –
a) Operating leverage.
b) Financial leverage.
c) Overall leverage.
d) None of the above.
Ans: b) Financial leverage.
32. If NPV is positive, the IRR will be –
a) Positive.
b) K = K.
c) K < R.
d) None of these.
Ans: c) K < R.
33. According to Walter, firm should pay 100% dividend if –
a) r > k.
b) r = k.
c) r < k.
d) None of these.
Ans: a) r > k.
34. Sensitivity analysis is performed to –
a) Ascertain risk.
b) Determine profitability.
c) Build scenario for risk profile.
d) None of the above.
Ans: c) Build scenario for risk profile.
35. Right shares enjoy preferential rights with regard to –
a) Payment of dividend.
b) Payment of retained earnings.
c) Repayment of capital.
d) None of the above.
Ans: b) Payment of retained earnings.
36. Match the following –
|
List – I |
List – II |
|
(a) The presence of fixed cost in the cost structure of a firm (b) The presence of fixed return funds in the capital structure of a firm (c) Impact of changes in sales on the earnings available to shareholders |
(1) Super leverage. (2) Operating leverage. (3) Financial leverage. |
Codes:
a) (a)-(1), (b)-(2), (c)-(3).
b) (a)-(2), (b)-(3), (c)-(1).
c) (a)-(3), (b)-(2), (c)-(1).
d) (a)-(1), (b)-(3), (c)-(2).
Ans: a) (a)-(1), (b)-(2), (c)-(3).
37. Which one of the following is not used to estimate cost of equity capital?
a) External yield criterion.
b) Dividend plus growth rate.
c) Equity capitalisation approach.
d) Capital assets pricing model.
Ans: a) External yield criterion.
38. The rate of discount at which NPV of a project becomes zero is also known as:
a) Average Rate of Return.
b) Internal Rate of Return.
c) Alternative Rate of Return.
d) None of the above.
Ans: b) Internal Rate of Return.
39. The dividend irrelevance theorem to share valuation was propounded by –
a) James E. Walter.
b) Myron Gordon.
c) Modigliani and Miller.
d) None of the above.
Ans: c) Modigliani and Miller.
40. Assertion (A): Management of working capital refers to the management of current assets and current liabilities.
Reason (R): But the major thrust of course, is on the management of current assets; because current liabilities arise in the context of current assets.
Codes:
a) Both (A) and (R) are incorrect.
b) (A) is correct and (R) is incorrect.
c) Both (A) and (R) are correct.
d) (A) is incorrect, but (R) is correct.
Ans: c) Both (A) and (R) are correct.
41. Multistage stratified random sampling is –
a) Probability Sampling.
b) Selective Sampling.
c) Non-Probability Sampling.
d) None of the above.
Ans: c) Non-Probability Sampling.
42. F-test is a:
a) Probability test.
b) Variance test.
c) Factor analysis.
d) None of these.
Ans: b) Variance test.
43. Regression analysis is a measure of:
a) Degree and direction of relationship.
b) Degree of association.
c) Cause and effect relationship.
d) None of the above.
Ans: c) Cause and effect relationship.
44. Schedules help us in collecting:
a) Secondary date.
b) Qualitative Date.
c) Primary Date.
d) None of the above.
Ans: d) None of the above.
45. Match the items from List –I with the items List – II –
|
List – I |
List – II |
|
(a) Random sampling. (b) Hypothesis testing. (c) Questionnaire. (d) T-test. |
(1) Structured. (2) Parametric test. (3) Probability sampling. (4) β-error. |
Codes:
a) (a)-(4), (b)-(3), (c)-(1), (d)-(2).
b) (a)-(3), (b)-(4), (c)-(2), (d)-(1).
c) (a)-(3), (b)-(1), (c)-(4), (d)-(2).
d) (a)-(3), (b)-(4), (c)-(1), (d)-(2).
Ans: d) (a)-(3), (b)-(4), (c)-(1), (d)-(2).
46. Karl Pearson’s coefficient of correlation between two variables X and Y is equal to:
a) The co-variance between two variables.
b) The product of their standard deviations.
c) The square root of product of two regression coefficients.
d) None of the above.
Ans: a) The co-variance between two variables.
47. ‘Parameter’ refers to the characteristic of the:
a) Population.
b) Sample.
c) Both (A) and (B).
d) None of these.
Ans: b) Sample.
48. If the probability of inclusion of every unit of the population in the sample is equal, it is called –
a) Simple Random Sampling.
b) Stratified Random Sampling.
c) Systematic Sampling.
d) None of the above.
Ans: c) Systematic Sampling.
49. For 3 x 2 contingency table, the degrees of freedom for testing the hypothesis is –
a) 6.
b) 2.
c) 3.
d) 4.
Ans: a) 6.
50. The hypothesis testing consists of the following steps –
1) Establish a level of significance, prior to sampling.
2) Defining the rejection or critical regions.
3) State the hypothesis.
4) Determination of a suitable test statistic.
Which of the sequence is correct?
a) 2, 3, 4, 1.
b) 3, 1, 4, 2.
c) 3, 2, 4, 1.
d) 4, 3, 2, 1.
Ans: b) 3, 1, 4, 2.
51. Which one of the following was not main contribution of F.W. Taylor?
a) Scientific management.
b) Time and motion studies.
c) Differential wage plan.
d) Modern management.
Ans: b) Time and motion studies.
52. Match the items of List – I with items of List – II.
|
List – I |
List – II |
|
(a) Hygiene theory. (b) Theory of ‘X’ and ‘Y’. (c) Expectancy theory. |
(1) Abraham H. Maslow. (2) Victor Vroom. (3) Fredric Herzberg. (4) Doughlas McGregor. |
Codes:
a) (a)-(3), (b)-(4), (c)-(2).
b) (a)-(1), (b)-(4), (c)-(2).
c) (a)-(3), (b)-(2), (c)-(4).
d) (a)-(1), (b)-(2), (c)-(4).
Ans: a) (a)-(3), (b)-(4), (c)-(2).
53. Which of the following combinations consists of correct statements?
I. Control and planning are interlinked.
II. Control is not meant for men, but for activities.
III. Control is a circular movement
a) I and II.
b) I and III.
c) II and III.
d) I, II and III.
Ans: b) I and III.
54. Staffing includes:
1) Training.
2) Appraisal.
3) Placement.
4) Directing.
Which of the following is correct?
a) 1 and 3.
b) 1, 2, and 3.
c) 2 and 3.
d) 1, 2, 3, and 4.
Ans: d) 1, 2, 3, and 4.
55. Assertion (A): Management is a continuous process involving the integration of all functions.
Reason (R): Managers first plan, then organise and finally perform the function of controlling.
Read the above statements and select the correct answer from the code below –
Codes:
a) Both (A) and (R) are correct and (R) is correct explanation of (A).
b) Both (A) and (R) are correct, but (R) is not a correct explanation of (A).
c) (A) is correct, but (R) is incorrect.
d) (A) is incorrect, but (R) is correct.
Ans: a) Both (A) and (R) are correct and (R) is correct explanation of (A).
56. Statements:
1) Employee development is more future oriented and more concerned with education than employee training.
2) Apprenticeship programme is one which is widely used off the job training.
a) Both correct.
b) Both incorrect.
c) 1 correct, 2 incorrect.
d) 1 incorrect, 2 correct.
Ans: d) 1 incorrect, 2 correct.
57. Attrition is related to:
a) Job description.
b) Resignation/Termination.
c) Job Evaluation.
d) Merit rating.
Ans: b) Resignation/Termination.
58. The process of integrating the employees needs and aspirations with organisational needs is called –
a) Organisational Planning.
b) Human Resource Planning.
c) Career Planning.
d) Succession Planning.
Ans: b) Human Resource Planning.
59. Productivity means:
a) An act of increasing the knowledge and skills of an employee for doing a particular job.
b) Using the minimum amount of resources needed to produce goods and services.
c) One’s skills, abilities in meeting the needs of the job which one is holding currently.
d) The ratio of an organisation’s output to its inputs.
Ans: c) One’s skills, abilities in meeting the needs of the job which one is holding currently.
60. Human Resources Department is:
a) Line Department.
b) Functional Department.
c) Authority Department.
d) Service Department.
Ans: d) Service Department.
61. ‘Repo Rate’ refers to the rate at which:
a) RBI borrows short term money from the market.
b) Banks keeps the money with RBI.
c) Bills are discounted by RBI.
d) Forex is purchased by RBI.
Ans: c) Bills are discounted by RBI.
62. ‘Retail Banking’ means:
a) Credit facilities extended to retail traders.
b) Providing personal banking services directly to the consumers.
c) Collection of large number of dividend/interest warrants.
d) Providing services to the employees of large organisations.
Ans: b) Providing personal banking services directly to the consumers.
63. NOSTRO account:
a) Refers to current account denominated in a foreign currency maintained by a bank in the currency of home country.
b) Carriers no interest.
c) Provides for nominal interest on overnight investments.
d) All of the above.
Ans: a) Refers to current account denominated in a foreign currency maintained by a bank in the currency of home country.
64. Banking ombudsman may reject the complaint:
a) Immediately after receipt.
b) After hearing both parties.
c) At any stage.
d) None of the above.
Ans: b) After hearing both parties.
65. Which of the following entities provide ‘Take out Finance’ to banks engaged in financing of infrastructure projects?
a) ICICI.
b) SIDBI.
c) IDFC.
d) RBI.
Ans: c) IDFC.
66. Currency chest balance will be periodically verified by –
a) Bank’s own officials.
b) RBI officials.
c) Both (A) and (B).
d) Officials of AG’s office.
Ans: a) Bank’s own officials.
67. SEBI is:
a) Regulatory Authority.
b) Statutory Authority.
c) Both (A) and (B).
d) None of the above.
Ans: c) Both (A) and (B).
68. Match the following with the years of establishment/nationalisation –
|
List – I |
List – II |
|
(a) Reserve Bank of India. (b) Nationalisation of 14 major Commercial Banks. (c) Nationalisation of 6 Commercial Banks. (d) Regional Rural Banks. |
(1) 1975. (2) 1935. (3) 1969. (4) 1980. |
Codes:
a) (a)-(1), (b)-(3), (c)-(2), (d)-(4).
b) (a)-(3), (b)-(2), (c)-(4), (d)-(1).
c) (a)-(4), (b)-(3), (c)-(1), (d)-(2).
d) (a)-(2), (b)-(3), (c)-(4), (d)-(1).
Ans: d) (a)-(2), (b)-(3), (c)-(4), (d)-(1).
69. Capital adequacy norm helps to Banks –
I. For strengthening capital base of Banks.
II. For sanctioning more loans.
a) Both (I) and (II) are correct.
b) Both (I) and (II) are incorrect.
c) (I) is correct, but (II) is incorrect.
d) (I) is incorrect, but (II) is correct.
Ans: c) (I) is correct, but (II) is incorrect.
70. Which one of the following is the main objective of Unit Trust of India?
a) To mobilize the savings of high income groups.
b) To mobilize the savings of low and high income groups.
c) To mobilize the savings of corporate.
d) To mobilize the savings of low and middle income groups.
Ans: d) To mobilize the savings of low and middle income groups.
71. Market gridding means:
a) Establishing and running a web marketing facility.
b) A method of survey of expert’s opinion.
c) Managing brands and developing brand equity.
d) An analytical technique which facilitates dividing a market into segments.
Ans: d) An analytical technique which facilitates dividing a market into segments.
72. Trade Mark is:
a) A name, term symbol or design which is intended to identify the goods and service of a seller.
b) A brand that has been given legal protection.
c) Giving protection to the product and adding to its aesthetics and sales appeal.
d) Providing written information about the product.
Ans: a) A name, term symbol or design which is intended to identify the goods and service of a seller.
73. Match the following:
|
List – I |
List – II |
|
(a) Supply chain management. (b) Product positioning. (c) Marketing environment analysis. (d) Dealer training. |
(1) Putting the product in the mind of the prospective buyer. (2) The process of gathering, filtering and analysing information relating to the marketing environment (3) Improving the performance of dealers through sharpening of their sales skills and product knowledge (4) Larger in scope that both physical and marketing logistics |
Codes:
a) (a)-(1), (b)-(2), (c)-(3), (d)-(4).
b) (a)-(4), (b)-(1), (c)-(2), (d)-(3).
c) (a)-(2), (b)-(4), (c)-(3), (d)-(1).
d) (a)-(3), (b)-(4), (c)-(1), (d)-(2).
Ans: b) (a)-(4), (b)-(1), (c)-(2), (d)-(3).
74. Branding decisions are based on:
a) Market Research.
b) Assessment of customer needs.
c) Cost of product.
d) (a) and (b) above.
Ans: d) (a) and (b) above.
75. Which element of the promotion mix does whole sellers primarily relies on to achieve their promotional objectives?
a) Advertising.
b) Trade Promotion.
c) Personal Selling.
d) Direct Marketing.
Ans: b) Trade Promotion.
76. The customer orientation implies _______.
a) Selling goods/services at moderate price to customer.
b) Giving priority to profit vis-avis the customer needs.
c) Applying cafeteria approach for production.
d) Ability to think like and act like Customer.
Ans: d) Ability to think like and act like Customer.
77. Skimming Price Strategy is appropriate when _______.
a) Product is differentiated and competition is normal.
b) Customers are sensitive to price.
c) Customers are price insensitive to a given value and they wish to buy.
d) Product is new and innovative.
Ans: d) Product is new and innovative.
78. Distribution logistics refers to _______.
a) All activities that accomplish delivery of the end product to the channels as well as the consumer.
b) Physical flow of the product from product development to production.
c) Transportation, warehousing and inventory management.
d) Attempt to create value to product.
Ans: a) All activities that accomplish delivery of the end product to the channels as well as the consumer.
79. The maturity stage of PLC is characterised by _______.
a) Growth in absolute sales and sales growth rate starts declining.
b) The number of sales declined, growth rate turns negative.
c) Growth in absolute sales and sales growth rate remaining constant.
d) Growth in absolute sales and sales growth rate increasing at an increasing rate.
Ans: b) The number of sales declined, growth rate turns negative.
80. Arrangement for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumer is known as _______.
a) Marketing mix.
b) Marketing planning and strategy.
c) Marketing process.
d) Market positioning.
Ans: d) Market positioning.
81. According to Section 3 of the _______ a minor is a person who has not completed eighteen years of age.
a) Indian Majority Act, 1875.
b) Indian Contract Act, 1872.
c) Indian Companies Act, 2013.
d) Indian Juvenile Justice Act, 1986.
Ans: a) Indian Majority Act, 1875.
82. Section 2 (y) of the _______, explains turnover as, ‘‘It includes value of sale of goods or services’’.
a) The Competition Act, 2002.
b) The Factories Act, 1948.
c) The Trade Union Act, 1926.
d) Maharashtra Goods and Services Tax Act, 2017.
Ans: a) The Competition Act, 2002.
83. In the Factories Act no. workers is permitted to work for more than ________ hours in a day.
a) 10.
b) 8.
c) 24.
d) 9.
Ans: d) 9.
84. Provisions relating to strike and lock-out in industrial organisations are there in the:
a) Payment of Wages Act.
b) Industrial Disputes Act.
c) Minimum Wages Act.
d) Factories Act.
Ans: b) Industrial Disputes Act.
85. Section ________ of Indian Contract Act, 1872 defines contract as an agreement enforceable by law.
a) 2(h).
b) 2(b).
c) 2(e).
d) 2(d).
Ans: a) 2(h).
86. According to Section 3 of the _______ a minor is a person who has not completed eighteen years of age.
a) Indian Majority Act, 1875.
b) Indian Contract Act, 1872.
c) Indian Companies Act, 2013.
d) Indian Juvenile Justice Act, 1986.
Ans: a) Indian Majority Act, 1875.
87. Section 2 (y) of the _______, explains turnover as, ‘‘It includes value of sale of goods or services’’.
a) The Competition Act, 2002.
b) The Factories Act, 1948.
c) The Trade Union Act, 1926.
d) Maharashtra Goods and Services Tax Act, 2017.
Ans: a) The Competition Act, 2002.
88. Which of the following is not an example of termination of agency by operation of law?
a) Agreement.
b) Expiry of time.
c) Death of either party.
d) Dissolution of company.
Ans: a) Agreement.
89. As per the Right to Information Act, 2005 first appeal shall be disposed off by the first appellate authority within ________ days from the date of its receipt.
a) 40 Days.
b) 30 Days.
c) 60 Days.
d) 50 Days.
Ans: b) 30 Days.
90. A limited liability partnership is to have at least two members as per section ________ of LLP Act, 2008.
a) 14.
b) 13.
c) 16.
d) 6.
Ans: d) 6.
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. 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.
93. 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.
94. 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.
95. _______ is a section related to clubbing of income under Income Tax Act, 1961.
a) Section 60-63.
b) Section 60-69.
c) Section 60-64.
d) Section 60-61.
Ans: c) Section 60-64.
96. Income from Farmhouse is:
a) Agricultural income.
b) Income from house property.
c) Exempted capital gain.
d) Income from other sources.
Ans: a) Agricultural income.
97. Apex Ltd, a manufacturing company has installed a machinery costing Rs. 100,00,000 in a factory for research and development and charged as an expense under section 35 of Income Tax Act, 1961 but used that machinery for manufacturing of regular products. Then it will be considered as:
a) Tax management.
b) Tax planning.
c) Tax avoidance.
d) Tax evasion.
Ans: c) Tax avoidance.
98. A non-corporate assessee is required to pay advance tax at _______ of estimated taxable income, on or before 15th December.
a) 45%.
b) 30%.
c) 15%.
d) 75%.
Ans: d) 75%.
99. What is the validity of the GST registration certificate?
a) One year.
b) Ten years.
c) Validity till it is cancelled.
d) Five years.
Ans: c) Validity till it is cancelled.
100. 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.