PSU Test 4 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Total Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Human resources will not appear in the balance sheet according to Accrual Going concern Money measurement concept None None 2. The ______ concept means that similar items in a set of accounts should be given similar accounting treatment and it should be applied from one period to another. Going Concern Prudence Consistency Materiality None 3.‘A Limited’ purchased goods of ₹ 10,00,000, and sold 90% of goods and remaining goods market value is ₹ 90,000, and closing stock is 10%, but he recorded ₹ 90,000 and not ₹ 1,00,000. Which concept does he follows: Materiality concept Cost concept Entity concept Conservatism concept None 4. Omission of Paise and showing the round figures in financial statements is based on: Conservatism Concept Consistency Concept Materiality Concept Realization Concept. None 5. Assets are held in the business for the purpose of: Re-sale Conversion into cash Earning reverse None of the above None 6. It is essential to standardize the accounting principles and policies in order to insure: Transparency Consistency Comparability All of the above. None 7. In the financial, statement, contingent liability is: Recognized Not Recognized Adjusted None of the above None 8. Rohan purchased goods for ₹ 25,00,000 and sold 4/5 lh of the goods amounting ₹ 18,00,000 and met expenses amounting ₹ 2,50,000 during the year, 2013. He counted net profit as ₹ 3,50,000 which accounting concept was followed by him? Entity Periodicity Matching Conservation None 9. The determination of expenses for an accounting period is based on the principle of: Objectivity Materiality Matching Periodicity None 10. The concepts of Conservation in balance sheet results in: Increase in Cash Decrease in Cash Decrease in assets No change in assets None 11. Prime Cost may be correctly termed as The sum of direct material and labour cost with all other costs excluded The total of all cost items which can be directly charged to product units. The total costs incurred in producing a finished unit The sum of the large cost there in a product cost None 12. Indirect material cost is a part of Prime Cost Factory Overhead Chargeable Expenses None of the above None 13. The Works Cost plus Administration Expenses is known as Total Cost Cost of Production Cost of Sales Factory Cost None 14. Cost of sales is: Total costs incurred in production, administration and marketing functions Works cost put administration overheads Aggregate of works, administration and marketing overheads Prime cost plus marketing overheads None 15. If Direct material = 12,000, Direct Labour = 8,000 and other Direct cost = 2,000 then what will be the prime cost? 12,000 14,000 20,000 22,000 None 16. Which of the following cost is used in the calculation of cost per unit? Total production cost Cost of goods available for sales Cost of goods manufactured Cost of goods sold None 17. Prime cost + Factory overhead cost is: Conversion cost Production cost Total cost None of given option None 18. Direct labour is an element of: Prime cost Conversion cost Total production cost All of the given options None 19. If the Direct Material = 12,000; Direct labour = 8,000 and other Direct Cost = 2,000 then what will be the prime cost? 12,000 14,000 20,000 22,000 None 20. Net sales = Sales less: Sales returns Sales discounts Sales returns & allowances Sales returns & allowances and sales discounts None 21. ………… precedents creates law for the whole country. Declaratory Pervasive Absolutely Authoritative Original None 22. Legislation can be: Supreme Subordinate Both (a) and (b) None None 23. Shruti includes ………… number of Vedas. 1 2 3 4 None 24. Hindu and Muhammedan law is ………… Personal Law Principle Law Historical Law Customary Law None 25. A declaratory precedent is one which is merely the application of already existing rule of law.” This was said by: Ulpine Cicero Salmond None None 26. ________ is the last stage of law making and therefore, the lawyer or the jurist is most important than legislature. Custom Social control Legislation None of these None 27. ________ refers to some pattern set for guiding the future conduct Doctrine of Stare Decisis Precedent Judicial Precedent Both (a) and (b) None 28. Law administrated by chancellor is known as Statued law Equity Equity courts All of these None 29. These customs which are non-obligatory and are observed due to the pressure of public opinion is known as Custom having sanction Positive Morality Both (a) and (b) None of these None 30. Customs that are enforced by state are known as Customs having sanction Local customs General customs All of these None 31. This is an essential condition for making a valid custom:- Compulsory observations Peaceable enjoyment Certainty All of these None 32. The term precedent means Observation Set pattern for guiding the future conduc Both (a) and (b) None of these None 33. ________ Article makes clear that the law declared by the government shall be binding on all the courts within the territory of India. Article 171 of the constitution Article 141 of the constitution Article 187 of the constitution All of these None 34. Which proceeds from the sovereign power in the state or which derives the power directly from the constitution. Supreme Legislation (b) Obiter Dicta (c) Judiciary (d) All of these Obiter Dicta Judiciary All of these None 35. Which of the following is not the branch of law Civil Law Administrative Law Commercial Law None of these None 36. Which of the following statement is not correct in context to the Supreme Court? It is bound by its own decisions It’s decisions are binding on all courts in India It is not bound by the decision of Federal Court None of the above None 37. Which of the following is NOT correct in context to the High Court in India? It is the court of Co-ordinate Jurisdiction Privity council decisions are not Its decisions are binding on all tribunals within its jurisdiction All of the above None 38. A Bench of three Judges in a High Court is called as Smallest Bench Division Bench Triangular Bench Full Bench None 39. The Smallest Bench in a High Court consists of how many Judges? Five Two One None of the above None 40. A Bench of two judges in High Court is called as Smallest Bench Division Bench Full Bench None of the above None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test.Look out for results and future opportunities.Stay Connected !! Time's upTime is Up!
