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You Are On Question Answer Bank SET 427

21351. Bonds issued without any rate of interest is called:

Answer: Zero Coupon bond.

21352. When the same transaction is recorded twice in the books of accounts, the error is called:

Answer: Error of duplication.

21353. Carriage outward is an item of …………overhead.

Answer: Distribution.

21354. …………refers to excess of absorbed overhead over the actual overhead.

Answer: Over absorption.

21355. Operating cycle is :

Answer: Inventory conversion period plus debtors conversion period.

21356. If the debentures carry interest @ 10% per annum and corporate tax rate is @ 30%, cost of debt is :

Answer: 7%.

21357. The essentials of a valid contract is provided under,………..of the Indian Contract Act:

Answer: Section 10.

21358. A contract without consideration is :

Answer: Void.

21359. A minor’s contract was held to be void in the case:

Answer: Mohoribibi V Dharmodas Ghosh.

21360. Section 13(f) of the Indian Partnership Act provides for :

Answer: Indemnity in favour of the firm against a partner.

21361. When goods are displayed in a shop window with price tags attached to them, it amounts to :

Answer: Invitation to an offer.

21362. The damages under Section 73 of the Indian Contract Act are:

Answer: Compensatory.

21363. A partner has no implied authority:

Answer: To enter into partnership with other person in other business.

21364. Where one of the parties under a mistake as to matter of fact, the contract is?

Answer: Void.

21365. A property belonging to a partner on entering into a partnership and used for the purpose of partnership:

Answer: Remain the property of the partner.

21366. Section40 of Indian Partnership Act provides for:

Answer: Dissolution by agreement.

21367. The liability of a partner:

Answer: Joint and several.

21368. Section……. of sale of Goods Act, 1930, enumerates the doctrine of ‘Nemo dat quod non habet’.

Answer: Section 27.

21369. A contract of sale under Section 4 of the sale of goods may be:

Answer: Either absolute or conditional.

21370. The unpaid seller of goods can waive his right to lien:

Answer: Expressly or impliedly.

21371. Conditions and warranties are defined in Section………… of the sale of Goods Act.

Answer: Section 12.

21372. The principle of caveat emptor is enunciated under section …………of the sale of Goods Act:

Answer: Section 16.

21373. The turnover on which a dealer shall be liable to pay tax after making the deductions from his total turnover is called:

Answer: Taxable turnover.

21374. Every dealer whose total turnover in any year is not less than ………………should get compulsory registration.

Answer: Five lakh rupees.

21375. “No tax shall be levied or collected except by authority of law”. This is provided under:

Answer: Article 265.

21376. The term goods under Section 2(d) of the Central Sales Tax Act 1956 includes:

Answer: All movable properties.

21377. An Indian company is always:

Answer: Resident in India.

21378. In R.C.Cooper V. Union of India, the Supreme Court declared as unconstitutional one of the following Constitution (Amendment) Acts, which is :

Answer: Fourth Amendment Act.

21379. What is the maximum age fixed by the Food Security Act for providing nutritional entitlements to children of school-going age?

Answer: 14

21380. The maximum number of Judicial Members excluding the Chairperson Green Tribunal is :

Answer: Twenty.

21381. Any man who follows a woman and contacts repeatedly despite a clear indication of disinterest by such woman is punishable under Section 354D of the Indian Penal Code for the offence of :

Answer: Stalking.

21382. Disbursement of wages of a worker under the National Rural Employment Guarantee Act has to be made on:

Answer: Weekly or fortnightly basis.

21383. The Wild Life Protection Act was enacted in the year:

Answer: 1972

21384. The concept of basic structure was adopted from the constitution of :

Answer: Germany.

21385. Two provisions in the Indian Constitution that are connected to the right to education are:

Answer: Art.21 and 51A.

21386. The most important event related to Malabar Rebellion is :

Answer: Wagon Tragedy.

21387. The fourth all Kerala political conference held at Payyannur presided over by :

Answer: Jawaharlal Nehru.

21388. Which among the following is “World Cancer Day”?

Answer: February 4.

21389. “Vishakanyaka” is the work of :

Answer: S.K.Pottakkad.

21390. The credit for taking the first tangible step towards the introduction and diffusion of Western Education goes to :

Answer: Christian missionaries.

21391. Sree Narayana Guru conducted an uncompromising crusade against:

Answer: Caste System.

21392. Which among the following Gandhiji called “ a miracle of modern times”?

Answer: Temple entry proclamation.

21393. The leader of “Narmada Bachao Andolan” agitation is :

Answer: Medha Padkar.

21394. The head quarters of International Court of Justice is at:

Answer: Hague.

21395. GSAT -14 successfully launched form Sriharikotta on :

Answer: 5 January 2014.

21396. Valuation and presentation of inventories is :

Answer: IAS 2.

21397. Accounting principles are based on :

Answer: Practicability.

21398. A credit sale of Rs.5, 000 to Sugunan has been wrongly passed through the purchase book. To rectify the error, Sugunan’s account is debited with:

Answer: Rs.10,000/-

21399. What is the total earnings of a worker from the following data? Standard time for completing the job 50 hours. Actual time taken for completing the job 45 hours. Time rate is Rs.20 per hour, premium bonus is 60% of time saved.

Answer: Rs.960.

21400. If cost of an asset is Rs.60,000 and life period is 4 years. The rate of depreciation is ……

Answer: 25%.
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