McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Cost Accounting .
| 51. |
According to Sec 2(n) “Occupier” of a factory means ___________________ |
| A. | The person who has established the factory |
| B. | The person who has highest profit share in the factory |
| C. | The person who has ultimate control over the affairs of the factory |
| D. | The person who has ultimate control over the employees of the factory |
| Answer» C. The person who has ultimate control over the affairs of the factory | |
| 52. |
A factory employs 250 workers. All the workers including workers above 60 years of age and below 15 years of age went on strike. The employer |
| A. | can deduct fine from all the workers |
| B. | cannot deduct fine from workers who are under the age of 15 |
| C. | no fine can be imposed from workers who are 60 years and above |
| D. | cannot deduct any fine from any worker. |
| Answer» B. cannot deduct fine from workers who are under the age of 15 | |
| 53. |
Permanent disablement benefit is paid at the rate of ______________ of wages. |
| A. | 120% |
| B. | 100% |
| C. | 79% |
| D. | 90% |
| Answer» D. 90% | |
| 54. |
Workers will be entitled to overtime wages if they have worked for more than ____________. |
| A. | Forty-eight hours in any four week |
| B. | Forty-eight hours in any three week |
| C. | Forty-eight hours in any two week |
| D. | Forty-eight hours in any week |
| Answer» D. Forty-eight hours in any week | |
| 55. |
Appropriate Government reviews the rates of minimum wages within: |
| A. | 2 years |
| B. | 4 years |
| C. | 5 years |
| D. | 6 years |
| Answer» C. 5 years | |
| 56. |
Anchal purchased a motor car from Kamal who had no title to it. Anchal used the motor car for several months. True owner spotted the motor car and demanded it from Anchal. In such case |
| A. | Anchal is bound to hand-over the motor car to true owner. |
| B. | Anchal is not bound to return the motor car to true owner as she has paid in full settlement to Kamal. |
| C. | Anchal shall advise true owner to approach Kamal. |
| D. | True owner has no right to claim either from Anchal or from Kamal. |
| Answer» A. Anchal is bound to hand-over the motor car to true owner. | |
| 57. |
Which of the following agreement is wagering agreement under the Indian Contract Act, 1872? |
| A. | Crossword competition involving application of skill and knowledge. |
| B. | Contract of Insurance. |
| C. | A promise to pay B ` 1,000 if it rains on Monday. |
| D. | A agrees to pay B `1,000 if he marries C. |
| Answer» C. A promise to pay B ` 1,000 if it rains on Monday. | |
| 58. |
Under Sale of Goods Act, which of the delivery of goods is called as delivery by attornment? |
| A. | Actual |
| B. | Symbolic |
| C. | Constructive |
| D. | Physical |
| Answer» C. Constructive | |
| 59. |
Where the price of the goods under a contract of sale is to be fixed by the valuation of a third party who fails to fix the valuation, but goods are supplied to the buyer, under section 10 of the Sale of Goods Act, 1930, the buyer is |
| A. | liable to pay the reasonable price of the goods. |
| B. | liable to pay the minimum price of the goods. |
| C. | not liable to pay any price until fixed by the valuer. |
| D. | liable to pay the maximum retail price. |
| Answer» A. liable to pay the reasonable price of the goods. | |
| 60. |
Under Factories Act, 1948, where work of the same kind is carried out by two or more sets of workers during different period of the day, each of such period is called a |
| A. | Relay |
| B. | Shift |
| C. | Recess |
| D. | Overtime |
| Answer» B. Shift | |
| 61. |
Under Payment of Wages Act, 1936, deduction on account of payment to cooperative societies shall not be more than |
| A. | 50% of wages |
| B. | 75% of wages |
| C. | 90% of wages |
| D. | 60% of wages |
| Answer» B. 75% of wages | |
| 62. |
Under Employee‘s State Insurance Act, in order to qualify for sickness benefit, the insured worker is required to contribute for |
| A. | 70 days in a contribution period of 6 months. |
| B. | 78 days in a contribution period of 3 months. |
| C. | 91 days in a contribution period of 3 months. |
| D. | 78 days in a contribution period of 6 months. |
| Answer» D. 78 days in a contribution period of 6 months. | |
| 63. |
Ankit purchased goods worth ` 20,000 from Anuj. In lieu of cash payment, Ankit accepted a bill of exchange of ` 20,000 to be payable after three months. This is an example of |
| A. | Accommodation Bill |
| B. | Fictitious Bill |
| C. | Genuine Bill |
| D. | Documentary Bill |
| Answer» C. Genuine Bill | |
| 64. |
Under the Negotiable Instruments Act, 1881, whether acceptance of a bill of exchange in the following situation shall be treated as qualified acceptance where the acceptor |
| A. | undertakes to pay only `10,000 for a bill drawn for `15,000. |
| B. | declares the payment to be independent of any other event. |
| C. | writes, ‘Accepted, payable at ABC Bank’. |
| D. | writes, ‘Accepted, payable at Delhi’. |
| Answer» A. undertakes to pay only `10,000 for a bill drawn for `15,000. | |
| 65. |
When a partnership firm is continued even after the expiry of fixed term is called |
| A. | Perpetual partnership |
| B. | Fixed partnership |
| C. | Contract partnership |
| D. | Partnership at will |
| Answer» D. Partnership at will | |
| 66. |
A person who is not a partner of a Partnership Firm, but he may liable for firm’s debt as if he was a Partner. Such a person is called |
| A. | Nominal Partner |
| B. | Sleeping Partner |
| C. | Partner by estoppels |
| D. | Partner for profit only |
| Answer» C. Partner by estoppels | |
| 67. |
Under Companies (Registration Offices and Fees) Rules, 2014, every foreign company shall file with the Registrar of Companies along with the financial statement in form — ————— which belong to the list of all the places of business established by the foreign company in India. |
| A. | FC 4 |
| B. | FC 2 |
| C. | FC 1 |
| D. | FC 3 |
| Answer» D. FC 3 | |
| 68. |
Business ethics are needed to create a faith about the quality, quantity, price etc. of products. The customers have more trust and faith in the businessmen who follow ethical rules. They feel that such businessmen would not cheat them. Which one of the following is appropriate for it? |
| A. | Safeguarding consumers right |
| B. | Improve customers confidence |
| C. | Survival of business |
| D. | Consumer movement |
| Answer» B. Improve customers confidence | |
| 69. |
Holders of public office should not place themselves under any financial or other obligation to outside individuals or organizations that might influence them in the performance or their official duties. This principle of public life is called |
| A. | Selflessness |
| B. | Honesty |
| C. | Objectivity |
| D. | Integrity |
| Answer» D. Integrity | |
| 70. |
There are many types of ethical conflicts in the |
| A. | Business place |
| B. | Office place |
| C. | Work place |
| D. | Public place |
| Answer» C. Work place | |
| 71. |
Which one of the following is said to be ―unethical behavior? |
| A. | Encouraging communication |
| B. | Adulteration |
| C. | Employees awareness |
| D. | Objectivity |
| Answer» B. Adulteration | |
| 72. |
A contract creates |
| A. | jus in personam. |
| B. | jus in rem. |
| C. | only rights and no obligations. |
| D. | only obligations and no rights. |
| Answer» A. jus in personam. | |
| 73. |
Provisions of EPF &Misc Provisions Act 1952 are applicable to Cinema/Theatre employing |
| A. | 10 or more persons. |
| B. | 20 or more persons. |
| C. | 5 or more persons. |
| D. | 15 or more persons. |
| Answer» C. 5 or more persons. | |
| 74. |
In the absence of Partnership agreement, the Partner has |
| A. | right to avail interest on advances paid to partnership firm. |
| B. | right to avail interest on advances paid to partnership firm provided there is profit. |
| C. | no right to avail interest on advances. |
| D. | right to avail interest on advances even after dissolution of the firm. |
| Answer» A. right to avail interest on advances paid to partnership firm. | |
| 75. |
A person who is employed by the seller to raise the price by fictitious bids. Such person is known as |
| A. | Puffer |
| B. | By bidder |
| C. | Decoy Ducks |
| D. | All of the above |
| Answer» D. All of the above | |
| 76. |
In case of banker's refusal to honour the cheque inspite of sufficient funds in customer's account, the banker is |
| A. | liable to compensate the drawer. |
| B. | not liable to compensate the drawer . |
| C. | criminally liable under section 138. |
| D. | liable to be delisted. |
| Answer» A. liable to compensate the drawer. | |
| 77. |
Dependants benefit is paid at the rate of |
| A. | 60% of wages in the form of monthly payment. |
| B. | 75% of wages in the form of monthly payment. |
| C. | 80% of wages in the form of monthly payment. |
| D. | 90% of wages in the form of monthly payment. |
| Answer» D. 90% of wages in the form of monthly payment. | |
| 78. |
Board of Directors of every listed Company shall constitute an Audit Committee which shall consists of a minimum of |
| A. | 2 Directors |
| B. | 3 Directors |
| C. | 4 Directors |
| D. | 5 Directors |
| Answer» B. 3 Directors | |
| 79. |
The maximum limit of bonus payable to an employee is fixed by way of percentage of salary or wages earned by the employee during the accounting year, the percentage is: |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 25% |
| Answer» C. 20% | |
| 80. |
Business Ethics also called as Corporate Ethics is a form of |
| A. | Positive Ethics |
| B. | Applied Ethics |
| C. | Physical Ethics |
| D. | Practical Ethics |
| Answer» B. Applied Ethics | |
| 81. |
An agreement which is enforceable at the option of one or more parties thereto but not at the option of other or others is called |
| A. | Void contract. |
| B. | Voidable contract. |
| C. | Void agreement. |
| D. | Unenforceable contract. |
| Answer» B. Voidable contract. | |
| 82. |
Which of the following agency is irrevocable under The Indian Contract Act, 1872? |
| A. | Agency for fixed period |
| B. | Agency for single transaction |
| C. | Agency coupled with interest |
| D. | Continuing agency |
| Answer» C. Agency coupled with interest | |
| 83. |
A sort of tacit understanding/agreement among the intending bidders to stifle competition by not bidding against each other in an auction sale is called as |
| A. | Damping |
| B. | Knock-out agreement |
| C. | Puffers |
| D. | By-bidders |
| Answer» B. Knock-out agreement | |
| 84. |
When an instrument is drawn conditionally or for a special purpose as a collateral security and not for the purpose of transferring property therein, it is called |
| A. | Ambiguous |
| B. | Inchoate |
| C. | Escrow |
| D. | Inland |
| Answer» C. Escrow | |
| 85. |
Which Committee is constituted by the occupier to promote cooperation between the workers and management in maintaining proper safety and health at workplace? |
| A. | Safety Committee |
| B. | Health Committee |
| C. | Management Workers Consultative Committee |
| D. | Maintenance Committee |
| Answer» A. Safety Committee | |
| 86. |
Under Payment of Bonus Act, 1965, in disputed cases, bonus must be paid |
| A. | Within 8 months from the close of the accounting year. |
| B. | Within 1 month from the date on which the award becomes enforceable. |
| C. | Within 2 months from the date on which the award becomes enforceable. |
| D. | Within 6 months from the date of closing of the accounting year. |
| Answer» B. Within 1 month from the date on which the award becomes enforceable. | |
| 87. |
Businessmen or industrialists take initiative to form new companies. Their main function is to manage the company after its promotion, they are known as |
| A. | Particular Promoters |
| B. | Occasional Promoters |
| C. | Professional Promoters |
| D. | General Promoters |
| Answer» D. General Promoters | |
| 88. |
The study of ethics can be divided into four operational areas namely meta ethics, normative ethics, descriptive ethics and |
| A. | Positive ethics |
| B. | Physical ethics |
| C. | Applied ethics |
| D. | Natural ethics |
| Answer» C. Applied ethics | |
| 89. |
In social agreements usual presumption is |
| A. | that parties do not intend to create social relations. |
| B. | that parties intend to perform them. |
| C. | that parties do not intend to make legal and social relations. |
| D. | that the parties do not intend to create legal relations between them. |
| Answer» D. that the parties do not intend to create legal relations between them. | |
| 90. |
In a sale of goods, the doctrine of caveat emptor will not apply when there is |
| A. | usage of trade |
| B. | consent by fraud |
| C. | buyers’ error of judgment |
| D. | Merchantable Quality |
| Answer» D. Merchantable Quality | |
| 91. |
A bill of exchange, that is drawn accepted or endorsed without consideration is called |
| A. | Accommodation bill |
| B. | Promissory note |
| C. | Trade bill |
| D. | Bearer instrument |
| Answer» A. Accommodation bill | |
| 92. |
Under Industrial Disputes Act, Appropriate Government may require to constitute a workman committee on any day in the preceding 12 months, where an industrial establishment employs |
| A. | 250 or more workers |
| B. | 100 or more workers |
| C. | 500 or more workers |
| D. | 200 or more workers |
| Answer» B. 100 or more workers | |
| 93. |
Employee’s State Insurance Act, 1948 is applicable to all |
| A. | factories including factories belonging to Government and seasonal factories. |
| B. | factories excluding seasonal factories. |
| C. | factories including factories belonging to Government and seasonal but excluding Silk factory. |
| D. | factories including factories belonging to Government but excluding seasonal factories. |
| Answer» D. factories including factories belonging to Government but excluding seasonal factories. | |
| 94. |
A partner must give a public notice of his retirement from the firm in order absolve himself from the liability for the acts of the other partners done after his retirement is known as |
| A. | Dormant partner |
| B. | Ostensible partner |
| C. | Nominal partner |
| D. | Partner by estoppel |
| Answer» B. Ostensible partner | |
| 95. |
A prospectus which does not have complete particulars on the price of securities offered and the quantum of securities offered by the company is known as |
| A. | Statement in lieu of prospectus |
| B. | Red-herring prospectus |
| C. | Deemed prospectus |
| D. | Shelf prospectus |
| Answer» B. Red-herring prospectus | |
| 96. |
The crucial step in understanding business ethics is |
| A. | Establishing codes of ethics |
| B. | Learning to recognize ethical issues |
| C. | Having efficient operations |
| D. | Implementing strategic plan |
| Answer» B. Learning to recognize ethical issues | |
| 97. |
Which of the following reason is applicable for unethical business practices? |
| A. | Workplace Surveillance |
| B. | Profit making by some of the big companies |
| C. | Success of the company |
| D. | Administrative corruption |
| Answer» D. Administrative corruption | |
| 98. |
A party who does not suffer any loss in case of breach of contract is entitled to |
| A. | Statutory damages |
| B. | Liquidated damages |
| C. | Exemplary damages |
| D. | Nominal damages |
| Answer» D. Nominal damages | |
| 99. |
If part of contract is illegal, then the whole contract will be |
| A. | Voidable |
| B. | Void |
| C. | Legal |
| D. | Illegal |
| Answer» B. Void | |
| 100. |
In which of the following cases, the claim of Quantum Meruitarise |
| A. | When there is no breach of contract |
| B. | When a contract is discovered to be valid |
| C. | Where something has been done non gratuitously |
| D. | Where the contract is divisible |
| Answer» D. Where the contract is divisible | |
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