[UKPSC] Uttarakhand Sahayak Lekhakar 2019 (Assistant Accountant) Solved Question Paper

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[UKPSC] Uttarakhand Sahayak Lekhakar (Assistant Accountant)

Solved Question Paper 2019

Question Booklet Code: 02

Question Booklet Series: A

Max. Marks: 100

Time: 2 Hours

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UTTARAKHAND SAHAYAK LEKHAKAR 2019 SOLVED QUESTION PAPER

1. If net profits are Rs. 40,000 and non-cash expenses are Rs. 5,000, the funds from operations will be:

(A) Rs. 40,000.

(B) Rs. 35,000.

(C) Rs. 45,000.

(D) Rs. 50,000.

Ans: (C) Rs. 45,000.

2. Methods of valuation of goodwill is / are:

(A) Average profit method.

(B) Super profit method.

(C) Capitalisation method.

(D) All of the above.

Ans: (C) Rs. 45,000.

3. According to Walter, firm should pay 100% dividend if:

(A) r > k.

(B) r = k.

(C) r < K.

(D) None of the above.

Ans: (C) r < K.

4. Meaning of net assets is:

(A) Total assets – Total liabilities.

(B) Fixed assets + Current assets.

(C) Total assets – Current liabilities.

(D) Total assets – outside liabilities.

Ans: (A) Total assets – Total liabilities.

5. Favourable balance of cash book means:

(A) Debit balance as per cash book.

(B) Debit balance as per passbook.

(C) Credit balance as per cash book.

(D) None of the above.

Ans: (A) Debit balance as per cash book.

[Hint: Unfavourable balance means overdraft.

Debit balance as per cash book and credit balance as per pass book means favourble balance. 

Credit balance as per cash book and debit balance as per pass book means unfavourable balance.]

6. The cost of asset is Rs. 60,000. The scrap value will be 25% at the end of 10 years. If straight line method of depreciation is followed, the rate of depreciation is:

(A) 7.5%.

(B) 9%.

(C) 10%.

(D) 15%.

Ans: (A) 7.5%.

[Depreciation = (Cost of asset – Scrap value)/ Life of asset = (60,000 – 15,000)/10 = 4,500; Rate of depreciation = 4,500/60,000 = 7.5%]

7. Dissolution expenses are recorded in realisation account in the:

(A) Debit side.

(B) Credit side.

(C) Not recorded in realisation account.

(D) None of the above.

Ans: (A) Debit side.

8. The intrinsic value of shares is determined:

(A) On the basis of net assets.

(B) On the basis of profit.

(C) On the basis of market value.

(D) On value decided by speculators.

Ans: (A) On the basis of net assets.

[Hint: Intrinsic value of shares = Net assets / No. of shares]

9. When of the following transactions will change current ratio?

(A) Purchase of goods for cash.

(B) Payments to trade creditor.

(C) Accepting bill drawn by trade creditors.

(D) Dishonouring of bills receivable.

Ans: (B) Payments to trade creditor.

10. Which of the following is not a quick asset?

(A) Stock.

(B) Sundry debtors.

(C) Bills receivables.

(D) Cash in hand.

Ans: (A) Stock.

[Hint: Inventory and prepaid expenses are not quick asset]

11. Debit note is prepared for which transaction?

(A) For purchase of goods.

(B) For cash sales of goods.

(C) For purchase return.

(D) For sales return.

Ans: (C) For purchase return.

12. Under cost control accounting, normal wastage of material is debited to:

(A) Costing profit & loss account.

(B) Stores ledger control account.

(C) Financial goods ledger control account.

(D) Factory overhead control account.

Ans: (D) Factory overhead control account.

13. Under which Act, audit is compulsory?

(A) Partnership Act, 1932.

(B) Indian Companies Act, 2013.

(C) Both (A) and (B).

(D) None of the above.

Ans: (B) Indian Companies Act, 2013.

14. The two basic measures of liquidity are:

(A) Stock and debtor’s turnover ratio.

(B) Current ratio and operating ratio.

(C) Current ratio and liquid ratio.

(D) Gross profit and net profit ratio.

Ans: (C) Current ratio and liquid ratio.

15. Which of the following is an application of funds?

(A) Payment of salaries.

(B) Writing of depreciation.

(C) Sales of fixed assets.

(D) Payment of dividend.

Ans: (D) Payment of dividend.

16. Operating ratio is:

(A) Profitability ratio.

(B) Activity ratio.

(C) Solvency ratio.

(D) None of the above.

Ans: (A) Profitability ratio.

17. If sales are Rs. 3,00,000, gross profit is 1/3 on cost, purchases are Rs. 2,50,000 and the closing stock is Rs. 50,000, the opening stock will be:

(A) Rs. 25,000.

(B) Rs. 75,000.

(C) Rs. 50,000.

(D) NIL.

Ans: (A) Rs. 25,000.

18. Audit of partnership firm is:

(A) Compulsory.

(B) Voluntary.

(C) Optional.

(D) Periodical.

Ans: (C) Optional.

[Hint: Audit of partnership firm is compulsory when Gross turnover exceeds Rs. 1 Crore in case of business and Rs. 25 lakhs in case of profession.]

19. Which one explain the accounting of amalgamation?

(A) Accounting Standard – 6.

(B) Accounting Standard – 8.

(C) Accounting Standard – 10.

(D) Accounting Standard – 14.

Ans: (D) Accounting Standard – 14.

20. According to Companies (Share Capital and Debentures) rules, 2014 by which percent of a company will have to create debenture redemption reserve of the amount of the debentures to be redeemed?

(A) 50%.

(B) 25%.

(C) 70%.

(D) 100%.

Ans: (A) 50%.

21. Valuation of shares is necessary:

(A) On reconstruction of company.

(B) On amalgamation.

(C) On absorption.

(D) All of the above.

Ans: (D) All of the above.

22. If current ratio is 2.5 and working capital is Rs. 60,000. Then amount of current assets will be:

(A) Rs. 3,00,000.

(B) Rs. 5,00,000.

(C) Rs. 4,00,000.

(D) Rs. 1,00,000.

Ans: (D) Rs. 1,00,000.

23. Super profit means:

(A) Total profit / Number of years.

(B) Average profit – Normal profit.

(C) Weighted profit / Number of weights.

(D) None of the above.

Ans: (B) Average profit – Normal profit.

24. A and B are partners sharing profit and losses in the ratio of 3 : 2. They admit C for 1/4th share. The new profit sharing ratio will be:

(A) 3 : 2 : 1.

(B) 6 : 4 : 3.

(C) 9 : 5 : 6.

(D) 9 : 6 : 5.

Ans: (D) 9 : 6 : 5.

25. Garner versus Murray case was held in:

(A) India.

(B) England.

(C) Nepal.

(D) China.

Ans: (B) England. [1905]

26. Premium on redemption of debentures is:

(A) Personal A/c.

(B) Real A/c.

(C) Nominal A/c.

(D) None of the above.

Ans: (A) Personal A/c.

[Hint: It is shown as liability in the balance sheet. So it is a personal account.]

27. On the insolvency of a partner, the deficiency of his capital account is borne by the solvent partners according to the decision of Garner versus Murray:

(A) In equal ratio.

(B) In profit sharing ratio.

(C) In capital ratio.

(D) None of the above.

Ans: (C) In capital ratio.

28. Capital expenditure provides:

(A) Short term benefit.

(B) Long term benefit.

(C) Very short term benefit.

(D) None of the above.

Ans: (B) Long term benefit.

29. A company issued 10,000 shares out of 14,000 applied. Mr. ‘X’ got 300 shares on pro-ratio basis. How many share he would have applied?

(A) 302 shares.

(B) 213 shares.

(C) 300 shares.

(D) 420 shares.

Ans: (D) 420 shares.

[Hint: Formula to find number of shares applied = (Number of shares allotted * Total number of shares applied)/Total number of shares issued]

30. Investigation begins when:

(A) Book-keeping ends.

(B) Accountancy ends.

(C) Auditing ends.

(D) None of the above.

Ans: (C) Auditing ends.

31. Balance of shares forfeiture account after re-issue of forfeited shares is transferred to:

(A) Profit and Loss A/c.

(B) Capital Reserve A/c.

(C) General Reserve A/c.

(D) None of the above.

Ans: (B) Capital Reserve A/c.

32. Which method of cost accounting is used in hospitals?

(A) Operating costing.

(B) Unit costing.

(C) Job costing.

(D) Batch costing.

Ans: (A) Operating costing.

33. Cash flow statement is based upon:

(A) Accrual basis of accounting.

(B) Cash basis of accounting.

(C) Both (A) and (B).

(D) None of the above.

Ans: (B) Cash basis of accounting.

34. Minimum wage is guaranteed in:

(A) Rowan Premium Scheme.

(B) Emerson Efficiency Premium Scheme.

(C) Gantt Task Premium Scheme.

(D) Halsey Premium Scheme.

Ans: (A) Rowan Premium Scheme.

[Hint: Minimum wages is guaranteed under both Rowan Premium Scheme and Halsey Premium Scheme]

35. If the opening capital is Rs. 60,000, drawings Rs. 5,000, additional capital introduced during the year Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be:

(A) Rs. 40,000.

(B) Rs. 50,000.

(C) Rs. 25,000.

(D) Rs. 35,000.

Ans: (C) Rs. 25,000.

[Hint: Closing Capital + Drawings – Opening capital – Additional capital = Net profit for the year]

36. Which of the following would result from a decrease in the provision for bad and doubtful debts?

(A) An increase in net profit.

(B) A reduction in net profit.

(C) An increase in gross profit.

(D) A reduction in gross profit.

Ans: (A) An increase in net profit.

37. Where demand forecasting is difficult, then budget is prepared:

(A) Production.

(B) Sales.

(C) Financial.

(D) Flexible.

Ans: (D) Flexible.

38. The Head Office of ‘The Institute of Cost and Works Accountants of India’ is situated in:

(A) Kolkata.

(B) Mumbai.

(C) Delhi.

(D) None of the above.

Ans: (A) Kolkata.

39. The success of perpetual inventory system depends upon:

(A) Placing order for material at regular intervals.

(B) Exercising control over the issue of material.

(C) Records the receipts and issue of materials immediately after each transaction.

(D) Recording the receipt of materials by store-keeper in the ‘Bin Cards’.

Ans: (C) Records the receipts and issue of materials immediately after each transaction.

40. Agriculture income is exempted from income tax under which of the following Section of Income Tax Act, 1961:

(A) 2 (1A).

(B) 10 (1).

(C) 10 (2).

(D) 10 (4).

Ans: (B) 10 (1).

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41. Valuation of closing stock is to be made:

(A) On cost price.

(B) On market price.

(C) Cost price or market price, whichever is less.

(D) None of the above.

Ans: (C) Cost price or market price, whichever is less.

42. Cost of abnormal idle time is transferred to:

(A) Costing Profit and Loss A/c.

(B) General Profit and Loss A/c.

(C) Profit and Loss Appropriation A/c.

(D) None of the above.

Ans: (A) Costing Profit and Loss A/c.

43. Warehousing cost is a part of:

(A) Production overheads.

(B) Administration overheads.

(C) Selling overheads.

(D) Distribution overheads.

Ans: (D) Distribution overheads.

44. Indian Contract Act was applied on:

(A) 1 September, 1860 A.D.

(B) 1 September, 1872 A.D.

(C) 2 October, 1947 A.D.

(D) 15 August, 1947 A.D.

Ans: (B) 1 September, 1872 A.D.

45. Annual value is determined under which section of Income Tax Act?

(A) Section 21.

(B) Section 27.

(C) Section 25.

(D) Section 23.

Ans: (D) Section 23.

46. Balance sheet discloses:

(A) Cash position of the business.

(B) Financial position of the business.

(C) Income position of the business.

(D) None of the above.

Ans: (B) Financial position of the business.

[Hint: Income statemnet discloses operating efficiency.]

47. Which of the following changes will decrease the cash from operations?

(A) Increase in the value of stock.

(B) Decrease in the amount of temporary investments.

(C) Increase in the amount of creditors.

(D) None of the above.

Ans: (A) Increase in the value of stock.

48. Responsibility accounting is part of:

(A) Financial accounting.

(B) Cost accounting.

(C) Management accounting.

(D) None of the above.

Ans: (C) Management accounting.

49. Input is a process is 2,000 units and normal loss is 10%. If finished output in process is 1,900 units, there is a / an:

(A) Abnormal loss of 100 units.

(B) Normal gain of 100 units.

(C) Normal loss of 100 units.

(D) Abnormal gain of 100 units.

Ans: (D) Abnormal gain of 100 units.

[Hint: Normal output = Input – Normal loss = 2,000 – 200 = 1,800 units

Actual output above normal output means abnormal gain and actual output below normal output is abnormal loss.]

50. Which of the following is not an accounting concept?

(A) Matching concept.

(B) Dual aspect concept.

(C) True and Fair concept.

(D) Going concern concept.

Ans: (C) True and Fair concept.

51. Which of the following is not included in owned funds?

(A) Equity shares.

(B) Preference shares.

(C) Ploughing back of profits.

(D) Financing through public deposits.

Ans: (D) Financing through public deposits.

[Hint: Owned fund is also known as shareholder’s fund which include Equity shares, Preference shares and reserves and surplus]

52. Which of the following centres does not exist in responsibility accounting?

(A) Investment centre.

(B) Profit centre.

(C) Expenditure centre.

(D) Sales centre.

Ans: (D) Sales centre.

[Hint: There are three types of responsibility centers—expense (or cost) centers, profit centers, and investment centers.]

53. When was Banking Companies Regulation Act implemented in India?

(A) In 1947 A.D.

(B) In 1949 A.D.

(C) In 1950 A.D.

(D) In 1956 A.D.

Ans: (B) In 1949 A.D.

54. If the inventory turnover is divided by 365, it becomes a measure of:

(A) Average collection period.

(B) Average stock.

(C) The average age of inventory.

(D) Sales efficiency.

Ans: (C) The average age of inventory.

55. Which of the following is not the benefit of budgetary control?

(A) Aid in co-ordination.

(B) Aid in market segmentation.

(C) Improvement in planning.

(D) None of the above.

Ans: (B) Aid in market segmentation.

56. Equity shareholders are:

(A) Customers of the company.

(B) Owners.

(C) Creditors.

(D) None of the above.

Ans: (B) Owners.

57. The settlement cycle in National Stock Exchange (NSE) is:

(A) T + 5.

(B) T + 3.

(C) T + 2.

(D) T + 1.

Ans: (C) T + 2.

[Hint: At present, all equity trades are settled on a T+2 basis where investors receive the shares two days after purchase. SEBI, the market regulator, has recently introduced T+1 settlement cycle.]

58. A purchase of office equipment as credit requires a credit to:

(A) Accounts payable.

(B) Cash.

(C) Office expenses.

(D) Equipment expenses.

Ans: (A) Accounts payable.

59. For calculating the value of an equity share by dividend method, it is necessary to know:

(A) Net assets.

(B) Face value of shares.

(C) Total capital of the company.

(D) Normal rate of dividend.

Ans: (D) Normal rate of dividend.

60. A and B are partners sharing profits in the ratio of 2 : 1, C is admitted as a new partner for 1/4 share in profits. What is the sacrificing ratio?

(A) 1 : 1.

(B) 1 : 2.

(C) 2 : 1.

(D) 3 : 2.

Ans: (C) 2 : 1.

61. A transaction recorded in the credit side of cash book is transferred to the ledger:

(A) On debit side of the account.

(B) On credit side of the account.

(C) Is not posted anywhere.

(D) None of the above.

Ans: (A) On debit side of the account.

62. Credit balance of nominal accounts indicate:

(A) Trade expenses.

(B) Losses of trade.

(C) Income and receipts of trade.

(D) Assets of trade.

Ans: (C) Income and receipts of trade.

63. Cash sales of Rs. 3,000 was posted as Rs. 2,000. The rectifying entry will be:

(A) Cash A/c Dr. Rs. 1,000 to Sales A/c Rs. 1,000.

(B) Suspense A/c Dr. Rs. 1,000 to Sales A/c Rs. 1,000.

(C) Cash A/c Dr. Rs. 1,000 to Suspense A/c Rs. 1,000.

(D) None of the above.

Ans: (B) Suspense A/c Dr. Rs. 1,000 to Sales A/c Rs. 1,000.

64. Profit of last three years were Rs. 6,000, Rs. 13,000 and Rs. 8,000. The value of goodwill at 2 years purchased of average profit will be:

(A) Rs. 27,000.

(B) Rs. 9,000.

(C) Rs. 18,000.

(D) Rs. 81,000.

Ans: (C) Rs. 18,000.

65. Company’s dividend policy is irrelevant and it does not affect the shareholder’s wealth. Whose theory is based on this assumption?

(A) Walter.

(B) Modigliani and Miller.

(C) Soloman Izra.

(D) None of the above.

Ans: (B) Modigliani and Miller.

66. A list of assets, liabilities and owner’s equity of a business enterprise as on a specific date is called:

(A) Balance Sheet.

(B) Income Statement.

(C) Cash Flow Statement.

(D) None of the above.

Ans: (A) Balance Sheet.

67. Working capital is:

(A) Proprietor’s own capital.

(B) Borrower capital.

(C) Amount of sale.

(D) Current assets – current liabilities.

Ans: (D) Current assets – current liabilities.

68. According the straight line method, depreciation is calculation on:

(A) Opening balance.

(B) Closing balance.

(C) Original Cost.

(D) Market value.

Ans: (C) Original Cost.

69. For claiming exemption U/S-54 of Income Tax, the assessee should purchase residential property:

(A) 2 years after the date of transfer.

(B) 3 years after the date of transfer.

(C) 1 year before or 2 years after the date of transfer.

(D) 1 year before or 3 years after the date of transfer.

Ans: (C) 1 year before or 2 years after the date of transfer.

70. Horizontal analysis is known as:

(A) Dynamic analysis.

(B) Structural analysis.

(C) Static analysis.

(D) None of the above.

Ans: (A) Dynamic analysis.

[Hint: Vertical Analysis is known as static analysis.]

71. Depreciation is charged on:

(A) Current assets.

(B) Wasting assets.

(C) Working assets.

(D) Fixed assets.

Ans: (D) Fixed assets.

72. The term ‘capital structure’ implies:

(A) Share capital + Reserves + Long-term Debts.

(B) Share capital + Long and Short Term Debts.

(C) Share capital + Long-term Debits.

(D) Equity and preference share capital.

Ans: (A) Share capital + Reserves + Long-term Debts.

73. A.D.R. are issued in:

(A) China.

(B) Canada.

(C) India.

(D) USA.

Ans: (D) USA.

[Hint: ADR = American Depository Receipt]

74. Who invented the double entry system of Book-Keeping?

(A) Pickles.

(B) Lucas Pacioli.

(C) Batliboi.

(D) None of the above.

Ans: (B) Lucas Pacioli.

75. Balance of forfeited shares account after re-issue of forfeited shares is transferred to:

(A) Profit & Loss A/c.

(B) Capital Reserve A/c.

(C) General Reserve A/c.

(D) None of the above.

Ans: (B) Capital Reserve A/c.

76. The highest level need in the need hierarchy of Abraham Maslow is:

(A) Safety need.

(B) Belongingness need.

(C) Self-actualisation need.

(D) Prestige need.

Ans: (C) Self-actualisation need.

77. The discount a/c in triple column cash book records:

(A) Trade discount.

(B) Cash discount.

(C) Seasonal discount.

(D) None of the above.

Ans: (B) Cash discount.

78. Hire Purchase Act is:

(A) 1932.

(B) 1956.

(C) 1972.

(D) 1872.

Ans: (C) 1972.

79. Average profit of Rs. 20,000, normal profit Rs. 5,000. The value of goodwill on the basis of 3 years’ purchase of super profit will be:

(A) Rs. 45,000.

(B) Rs. 40,000.

(C) Rs. 60,000.

(D) None of the above.

Ans: (A) Rs. 45,000.

80. The maturity period of a commercial paper usually ranges:

(A) 20 to 40 days.

(B) 60 to 90 days.

(C) 120 to 365 days.

(D) 90 to 364 days.

Ans: (D) 90 to 364 days.

81. On the basis of residence, the assessees are divided into how many categories?

(A) Two.

(B) Three.

(C) Four.

(D) Five.

Ans: (B) Three.

[Hint: Two main category – Resident in India and Non-Resident in India. Resident in India is further divided into Ordinarily resident and not-ordinarily resident.]

82. Dividend per share is Rs. 15, earning per share is Rs. 50, hence dividend payout ratio is:

(A) 750%.

(B) 333%.

(C) 30%.

(D) 65%.

Ans: (C) 30%.

83. Treasury bills are basically:

(A) An instrument to borrow short term funds.

(B) An instrument to borrow long term funds.

(C) An instrument of capital market.

(D) None of the above.

Ans: (A) An instrument to borrow short term funds.

84. Bank reconciliation statement is prepared by:

(A) Customer of the bank.

(B) Bank.

(C) Tax authorities.

(D) Auditor.

Ans: (A) Customer of the bank.

85. Excess working capital is evidence of:

(A) Advanced credit.

(B) Demand of the product.

(C) Idle funds.

(D) None of the above.

Ans: (C) Idle funds.

86. Variable cost per unit: Rs. 15, fixed expenses: Rs. 1,08,000 selling price at a break even point of 12,000 units would be:

(A) Rs. 20.

(B) Rs. 22.

(C) Rs. 26.

(D) Rs. 24.

Ans: (D) Rs. 24.

87. Margin of safety is the difference between:

(A) Planned sales and planned profit.

(B) Planned sales and actual sales.

(C) Actual sales and break even sales.

(D) None of the above.

Ans: (C) Actual sales and break even sales.

88. Fixed assets purchased on credit are shown in:

(A) Purchase book.

(B) Cash book.

(C) Journal proper.

(D) None of the above.

Ans: (C) Journal proper.

89. Which leverage explains the relationship between contribution and earnings before interest and tax:

(A) Financial leverage.

(B) Operating leverage.

(C) Composite leverage.

(D) None of the above.

Ans: (B) Operating leverage.

90. If profit is 25% on cost, then profit on sales will be:

(A) 20%.

(B) 30%.

(C) 33 and 1/3%

(D) 40%.

Ans: (A) 20%.

91. To which account would be credited goods given in charity?

(A) Sales A/c.

(B) No A/c.

(C) Cash A/c.

(D) Purchase A/c.

Ans: (D) Purchase A/c.

92. Debentures of Rs. 7,50,000 are issued against the purchase of assets of Rs. 7,00,000. In this case Rs. 50,000 will supposed to be:

(A) Goodwill.

(B) Capital reserve.

(C) Profit.

(D) Loss.

Ans: (A) Goodwill.

93. Double-column cash books records:

(A) All transactions.

(B) Cash and bank transactions.

(C) Only cash transactions.

(D) Only credit transactions.

Ans: (B) Cash and bank transactions.

94. If financial leverage is 2.14, by what percentage will taxable income increase if EBIT increases by 6%:

(A) 0.36%.

(B) 12.84%.

(C) 21.4%.

(D) None of the above.

Ans: (B) 12.84%.

95. Cost of goods sold is Rs. 1,20,000 and gross loss is 1/4 of sales, amount of sales is:

(A) Rs. 90,000.

(B) Rs. 1,44,000.

(C) Rs. 1,50,000.

(D) Rs. 96,000.

Ans: (D) Rs. 96,000.

96. Which is not included in quick assets:

(A) Stock.

(B) Debtors.

(C) Cash at bank.

(D) Cash in hand.

Ans: (A) Stock.

97. Fixed cost per unit increases when:

(A) Variable cost per unit increases.

(B) Variable cost per unit decreases.

(C) Production volume increases.

(D) Production volume decreases.

Ans: (D) Production volume decreases.

98. Financial Leverage is measured by:

(A) EBIT/EAT.

(B) EBIT/EBT.

(C) EAIT/EBT.

(D) C/EBIT.

Ans: (B) EBIT/EBT.

99. Share of goodwill bought by new partner called:

(A) Premium.

(B) Capital.

(C) Revaluation.

(D) Private capital.

Ans: (A) Premium.

100. According to which concept, the owner to the business is taken as creditor for the capital invested by him?

(A) Dual aspect concept.

(B) Money measurement concept.

(C) Business entity concept.

(D) Cost concept.

Ans: (C) Business entity concept.

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