Quizzes & Surveys

Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

The concept that requires recognition of expenses in the same period as related revenues is:

Conservatism

Matching

Realization

Consistency

None

The term "Going Concern" refers to:

A business being closed in the near future

A business operating indefinitely

A business operating on a cash basis

A business being a legal entity

None

Which of the following transactions increases both assets and liabilities?

Purchase of inventory for cash

Purchase of machinery on credit

Payment of outstanding expenses

Issuance of shares for cash

None

A debit balance in the bank account of the trial balance indicates:

Overdraft

Cash deposited in the bank

Closing cash balance

None of the above

None

Depreciation is charged because of which accounting principle?

Conservatism

Matching

Cost

Realization

None

Under the written-down value (WDV) method of depreciation:

Depreciation remains constant every year

Depreciation increases every year

Depreciation decreases every year

None of the above

None

Prepaid expenses appear in the financial statements as:

A liability

An asset

Revenue

Expense

None

The net profit of a firm is transferred to:

Capital account

Drawings account

Profit and loss appropriation account

Cash account

None

Which accounting standard deals with "Cash Flow Statements"?

AS 1

AS 3

AS 9

AS 10

None

10.

Revenue from the sale of goods is generally recognized when:

The cash is collected

The goods are dispatched

The goods are delivered, and ownership is transferred

The invoice is raised

None

11.

Inventory is valued at:

Cost price

Net realizable value

Lower of cost and net realizable value

Higher of cost and net realizable value

None

12.

The method where the oldest inventory is issued first is:

LIFO

FIFO

Weighted average

Specific identification

None

13.

Omission of purchase from books of accounts is:

An error of principle

An error of omission

A compensating error

A clerical error

None

14.

Errors that do not affect the trial balance are:

Errors of omission

Errors of principle

Both A and B

None of the above

None

15.

Interest on capital is credited to:

Capital Account

Cash Account

Drawings Account

Profit and Loss Account

None

16.

The dissolution of a partnership firm leads to:

Revaluation of assets

Reorganization of partners

Termination of the partnership business

None of the above

None

17.

Equity shareholders are entitled to:

Fixed dividend

Preference in repayment of capital

Dividend after preference shareholders

No dividend

None

18.

The minimum subscription of shares refers to:

Maximum shares a company can issue

Minimum shares a company must subscribe before allotment

Total shares in a company

None of the above

None

19.

Goodwill is an example of:

Fixed tangible asset

Fixed intangible asset

Current asset

Current liability

None

20.

The purchase of goods on credit is recorded in:

Purchase book

Journal proper

Cash book

Sales book

None

21.

In consignment accounts, the consignee is entitled to

Profit of the business

Commission

Fixed salary

None of the above

None

22.

Goods sent on consignment are treated as:

Sales

Purchase

Inventory

Expense

None

23.

The drawee in a bill of exchange is:

The person who writes the bill

The person who accepts the bill

The person in whose favor the bill is drawn

None of the above

None

24.

Noting charges are paid when:

The bill is dishonored

The bill is renewed

The bill is retired

The bill is endorsed

None

25.

Subscriptions received in advance are shown in the balance sheet as:

An asset

A liability

Revenue

Expense

None

26.

Life membership fees received by an NPO are:

Revenue income

Capital receipt

Deferred income

Current liability

None

27.

Under the hire purchase system, ownership of goods is transferred:

At the time of signing the agreement

At the time of final payment

At the time of delivery

None of the above

None

28.

Interest in a hire purchase transaction is calculated on:

Cash price o

Outstanding balance

Down payment

None of the above

None

29.

A check issued but not yet presented for payment will:

Increase the balance as per the bank statement

Decrease the balance as per the cash book

Increase the balance as per the cash book

Decrease the balance as per the bank statement

None

30.

Direct deposits made by customers into the bank account are:

Added to the cash book balance

Subtracted from the cash book balance

Ignored in the reconciliation statement

Recorded in the passbook only

None

31.

Depreciation under the sum-of-the-years'-digits method is:

Higher in the earlier years

Lower in the earlier years

Constant every year

None of the above

None

32.

The residual value of an asset is:

The original cost of the asset

The book value at the end of its useful life

The scrap value at the time of sale

None of the above

None

33.

When a partner withdraws money from the firm regularly, the account affected is:

Profit and loss account

Capital account

Drawings account

Current account

None

34.

Sacrificing ratio is used in partnership accounts for:

Division of goodwill among old partners

Allocation of revaluation profit

Sharing of new partner's profit

None of the above

None

35.

The amount received over and above the face value of shares is called:

Discount on issue

Premium on issue

Capital reserve

None of the above

None

36.

The forfeited amount on shares is transferred to:

Profit and loss account

Share capital account

Forfeited shares account

General reserve account

None

37.

Cash flows from operating activities include:

Purchase of fixed assets

Issuance of shares

Interest received

Proceeds from the sale of investment

None

38.

Payment of dividends is classified under:

Operating activities

Investing activities

Financing activities

None of the above

None

39.

Trade receivables are classified as:

Current liabilities

Current assets

Non-current assets

Non-current liabilities

None

40.

A trial balance is prepared to:

Check arithmetic accuracy of accounts

Prepare the final accounts

Identify errors of principle

Record transactions

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

The principle that revenue is recognized when earned, regardless of when received, is:

Matching principle

Accrual principle

Consistency principle

Realization principle

None

The dual aspect concept states:

Assets = Liabilities

Assets + Liabilities = Capital

Assets = Liabilities + Capital

None of the above

None

Which accounting standard deals with "Disclosure of Accounting Policies"?

AS 1

AS 2

AS 3

AS 10

None

Valuation of inventory should be done based on:

Cost price

Market price

Cost or net realizable value, whichever is lower

None of the above

None

The journal entry for the purchase of goods on credit is:

Purchases A/c Dr. To Cash A/c

Cash A/c Dr. To Purchases A/c

Purchases A/c Dr. To Creditor's A/c

Creditor's A/c Dr. To Purchases A/c

None

What is the entry to record the payment of wages?

Wages A/c Dr. To Cash A/c

Cash A/c Dr. To Wages A/c

Wages A/c Dr. To Bank A/c

None of the above

None

Depreciation is charged because of:

Fluctuations in market value

Physical wear and tear

Permanent appreciation in the value of an asset

Both b and c

None

Under which method does depreciation decrease year by year?

Straight Line Method

Written Down Value Method

Sum of the Years’ Digits Method

Units of Production Method

None

The balance sheet shows:

Financial position of a business

Profitability of a business

Cash flow of a business

None of the above

None

10.

Prepaid expenses appear on the balance sheet under

Current liabilities

Current assets

Fixed assets

Long-term liabilities

None

11.

An error of omission affects:

The trial balance

The profit and loss account

Both a and b

None of the above

None

12.

If wages are debited to the machinery account, it is an error of:

Principle

Commission

Omission

None of the above

None

13.

Goodwill is valued at:

Average profits method

Super profit method

Capitalization method

Any of the above

None

14.

The profit-sharing ratio in a partnership is determined by:

Partnership deed

Decision of partners

Equal sharing in the absence of an agreement

All of the above

None

15.

Which of the following is not a feature of preference shares?

Fixed dividend

Voting rights

Preference in payment of dividend

Redeemable

None

16.

Which account is credited when shares are issued at a premium?

Share Capital A/c

Securities Premium A/c

Bank A/c

None of the above

None

17.

Cash Flow Statement is prepared as per:

AS 3

AS 7

AS 10

AS 1

None

18.

Cash receipts from the sale of goods are classified under:

Operating activities

Investing activities

Financing activities

None of the above

None

19.

Which of the following is a nominal account?

Cash Account

Sales Account

Machinery Account

Debtors Account

None

20.

Accounting equation ensures:

Income = Expenses

Assets = Liabilities

Assets = Liabilities + Equity

Cash = Capital

None

21.

A ledger is known as:

Principal book of accounts

Subsidiary book

Memorandum book

None of the above

None

22.

Trial Balance is prepared to check:

The arithmetical accuracy of accounts

The financial position of the business

Profit or loss of the business

None of the above

None

23.

Bank overdraft as per cash book is:

An asset

A liability

An expense

A revenue

None

24.

The main purpose of preparing a Bank Reconciliation Statement is to:

Compare cash book and passbook balances

Find errors in cash book entries

Rectify passbook errors

All of the above

None

25.

Which of the following is a capital expenditure?

Purchase of machinery

Repairs of machinery

Wages paid for daily labor

Office supplies purchase

None

26.

Revenue receipts are recorded in:

Balance sheet

Profit and loss account

Cash flow statement

Appropriation account

None

27.

Interest on investment is classified under:

Operating activities

Investing activities

Financing activities

None of the above

None

28.

If market value exceeds cost, investments are shown in financial statements at:

Market value

Cost price

Higher of cost or market value

None of the above

None

29.

The periodic inventory system records inventory:

At the end of the accounting period

Continuously

Only during purchase transaction

None of the above

None

30.

Inventory valuation is governed by:

AS 2

AS 1

AS 3

AS 9

None

31.

The method of depreciation where an equal amount is charged every year is called:

Written Down Value Method

Straight Line Method

Sum of the Digits Method

Double Declining Balance Method

None

32.

A machine purchased for ₹1,00,000 is expected to have a salvage value of ₹10,000 after 10 years. Depreciation under the straight-line method per year is:

₹9,000

₹10,000

₹11,000

₹12,000

None

33.

Sacrificing ratio in partnership is calculated at the time of:

Admission of a new partner

Retirement of a partner

Dissolution of partnership

None of the above

None

34.

Revaluation account is prepared to:

Revalue assets and liabilities

Calculate goodwill

Compute profit-sharing ratio

None of the above

None

35.

Subscription received in advance is shown in the balance sheet as:

Current liability

Current asset

Revenue income

None of the above

None

36.

Income and Expenditure Account is prepared:

On accrual basis

On cash basis

On mixed basis

None of the above

None

37.

The net profit as per Profit and Loss Account is transferred to:

Trading Account

Capital Account

Balance Sheet

None of the above

None

38.

Closing stock is shown in:

Trading Account

Profit and Loss Account

Balance Sheet

Both a and c

None

39.

Drawings by the owner should be:

Debited to capital account

Credited to capital account

Debited to drawings account

Credited to drawings account

None

40.

Provision for bad debts is:

A liability

An asset

A reserve

A charge against profits

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Which of the following is the fundamental accounting equation?

Assets = Liabilities - Owner’s Equity

Assets = Liabilities + Owner’s Equity

Liabilities = Assets + Owner’s Equity

Assets = Liabilities + Revenue

None

The main objective of financial accounting is to:

Determine profits

Prepare financial statements

Help in tax filing

Assist in managerial decision-making

None

Which accounting concept dictates that revenues and expenses should be matched in the same period?

Consistency concept

Accrual concept

Matching concept

Prudence concept

None

In double-entry bookkeeping, every transaction affects at least:

One account

Two accounts

Three accounts

Four accounts

None

Which of the following is a non-current liability?

Accounts payable

Bank overdraft

Long-term loan

Short-term borrowings

None

he term “owner’s equity” refers to:

The value of assets owned by the business

The claims of the creditors

The net worth of the business

The profits of the business

None

Which of the following financial statements is prepared to assess the financial position of a business?

Income statement

Balance sheet

Cash flow statement

Statement of retained earnings

None

The "accrual" basis of accounting recognizes revenue when:

Cash is received

Goods are sold or services are provided

Payment is due

Profit is earned

None

Which of the following is not an example of a current liability?

Bank loan due within 6 months

Accounts payable

Wages payable

Mortgage payable after 5 years

None

10.

Which of the following is an example of an intangible asset?

Cash

Land

Goodwill

Machinery

None

11.

Which of the following is debited when goods are sold on credit?

Accounts receivable

Sales

Inventory

Bank

None

12.

When a company issues shares at a premium, the entry to record the transaction will be:

Debit Bank, Credit Share Capital

Debit Share Capital, Credit Bank

Debit Bank, Credit Share Capital and Securities Premium

Debit Share Capital and Securities Premium, Credit Bank

None

13.

What is the treatment of bad debts in accounting?

Debit bad debts to income statement

Debit bad debts to accounts payable

Credit bad debts to income statement

Credit bad debts to accounts receivable

None

14.

A business pays ₹5,000 as rent for office space. The journal entry would be:

Debit Rent Expense ₹5,000, Credit Cash ₹5,000

Debit Cash ₹5,000, Credit Rent Expense ₹5,000

Debit Rent Expense ₹5,000, Credit Accounts Payable ₹5,000

Debit Accounts Payable ₹5,000, Credit Cash ₹5,000

None

15.

If a company buys machinery for ₹100,000 on credit, the correct journal entry is:

Debit Machinery ₹100,000, Credit Accounts Payable ₹100,000

Debit Machinery ₹100,000, Credit Cash ₹100,000

Debit Accounts Receivable ₹100,000, Credit Machinery ₹100,000

Debit Cash ₹100,000, Credit Machinery ₹100,000

None

16.

A sale of ₹10,000 was made on credit. The entry for this transaction would be:

Debit Sales ₹10,000, Credit Accounts Receivable ₹10,000

Debit Accounts Receivable ₹10,000, Credit Sales ₹10,000

Debit Accounts Payable ₹10,000, Credit Sales ₹10,000

Debit Bank ₹10,000, Credit Sales ₹10,000

None

17.

If a business borrows ₹50,000 from a bank, the journal entry would be:

Debit Cash ₹50,000, Credit Bank Loan ₹50,000

Debit Bank Loan ₹50,000, Credit Cash ₹50,000

Debit Bank Loan ₹50,000, Credit Capital ₹50,000

None

18.

Which of the following is an example of a non-operating income item?

Sales Revenue

Interest Income

Cost of Goods Sold

Advertising Expenses

None

19.

Which of the following transactions will affect the cash flow from financing activities?

Sale of machinery

Issuance of shares

Payment of wages

Purchase of inventory

None

20.

Which of the following is NOT an accounting journal entry?

Debit Sales, Credit Cash

Debit Rent Expense, Credit Cash

Debit Machinery, Credit Accounts Payable

Debit Income, Credit Dividends

None

21.

Which method of depreciation assumes that the asset will lose value evenly over its useful life?

Declining balance method

Sum-of-the-years'-digits method

Straight-line method

Unit of production method

None

22.

Which of the following is NOT a reason for creating provisions in accounting?

To account for future liabilities

To prepare for uncertain future expenses

To reduce taxable income

To maintain liquidity

None

23.

Which of the following is true regarding accumulated depreciation?

It is shown as a liability on the balance sheet

It is deducted from the value of assets on the balance sheet

It is added to the asset value

It is an operating expense on the income statement

None

24.

A company creates a reserve for bad debts. What effect does it have on the financial statements?

Increases net income

Reduces total liabilities

Increases total assets

Reduces net income and total assets

None

25.

The provision for depreciation on assets is made to:

Accumulate cash for future replacement of assets

Reflect the actual market value of assets

Account for the gradual loss of value of assets

Avoid income tax

None

26.

Which of the following is an example of a current liability?

Long-term loans

Accrued expenses

Share capital

Goodwil

None

27.

Which of the following is NOT an example of a reserve?

General reserve

Investment reserve

Contingency reserve

Capital reserve

None

28.

Depreciation on revalued assets is charged:

To the profit and loss account

To the revaluation surplus

To accumulated depreciation

To the capital account

None

29.

Under which accounting method is depreciation calculated based on the asset’s usage?

Straight-line method

Declining balance method

Sum-of-the-years'-digits method

Unit of production method

None

30.

Which of the following is true about the ‘matching principle’ in accounting?

Revenues are recorded when earned, irrespective of cash flow

Expenses are matched with the revenue they help generate

Income tax is matched with the profit for the year

Revenues are recorded when cash is received

None

31.

In a partnership, profits and losses are shared according to:

The partnership agreement

The capital ratio

The salary and interest ratio

The number of partners

None

32.

When a company issues shares at a premium, the premium is credited to:

Share capital o

Profit and loss account

Securities premium account

Reserves and surplus

None

33.

Which of the following is NOT a characteristic of a joint stock company?

Separate legal entity

Limited liability

Unlimited life

Easy transferability of shares

None

34.

Which of the following is correct regarding the distribution of profits in a partnership?

Profits are always shared equally

Profits are shared based on capital contribution

Profits are shared based on the partnership agreement

Profits are shared based on workload

None

35.

The issue of bonus shares by a company will:

Increase the capital of the company

Increase the retained earnings of the company

Increase the number of outstanding shares without affecting the total equity

Decrease the number of shares

None

36.

In a partnership, if there is no partnership deed, profits are shared:

Equally between all partners

Based on the capital contribution of each partner

Based on the work contributed by each partner

Based on the seniority of each partner

None

37.

A company’s authorized share capital is:

The total capital raised from shareholders

The amount the company is legally allowed to issue

The amount paid by shareholders

The company’s net worth

None

38.

In case of the liquidation of a partnership firm, who gets paid first?

Partners

Creditors

Government taxes

Shareholders

None

39.

Which of the following is a feature of a company’s capital?

Shareholders are responsible for paying off the company's debts

Capital is raised through the sale of shares

Capital can be withdrawn by shareholders at any time

Shareholders' liability is unlimited

None

40.

A partnership firm’s capital is contributed in the form of:

Cash only

Assets only

Both cash and assets

Cash, assets, and goodwill

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Fundamentals of Business Mathematics and Statistics

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Which of the following is the future value of an amount of ₹ 5,000 invested at an interest rate of 10% p.a. compounded annually for 2 years?

₹ 6,050

₹ 6,100

₹ 6,150

₹ 6,200

None

The present value of ₹ 10,000 due after 3 years at 12% p.a. compounded annually is:

₹ 7,100.75

₹ 7,200.75

₹ 7,350.25

₹ 7,500.25

None

The formula for calculating Compound Interest is:

A=P(1+r100)tA = P(1 + \frac{r}{100})^tA=P(1+100r)t

A=P(1+r)tA = P(1 + r)^tA=P(1+r)t

A=P(1−r100)tA = P(1 - \frac{r}{100})^tA=P(1−100r)t

A=P(1−r)tA = P(1 - r)^tA=P(1−r)t

None

Which of the following is the correct formula for the effective annual rate (EAR) when the nominal interest rate is compounded monthly?

(1+r100)12−1(1 + \frac{r}{100})^{12} - 1(1+100r)12−1

(1+r12)12−1(1 + \frac{r}{12})^{12} - 1(1+12r)12−1

(1+r100)12(1 + \frac{r}{100})^{12}(1+100r)12

r12\frac{r}{12}12r

None

The simple interest on ₹ 5,000 at the rate of 8% p.a. for 2 years is:

₹ 800

₹ 1,000

₹ 900

₹ 1,200

None

What is the monthly EMI for a loan of ₹ 1,00,000 at 12% annual interest rate for 5 years?

₹ 2,222

₹ 2,200

₹ 2,500

₹ 2,400

None

What is the internal rate of return (IRR) of an investment with the following cash flows: Initial outlay of ₹ 10,000 and cash inflows of ₹ 3,000 annually for 5 years?

10%

12%

15%

20%

None

The formula for calculating the break-even point in units is:

Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)

Total Costs / Variable Cost per Unit

Fixed Costs / Contribution per Unit

Total Revenue / Selling Price per Unit

None

A company's profit is ₹ 50,000, its sales are ₹ 5,00,000, and its variable cost ratio is 60%. What is the contribution margin?

₹ 2,00,000

₹ 1,00,000

₹ 1,50,000

₹ 2,50,000

None

10.

If the cost of a product is ₹ 300 and the selling price is ₹ 500, what is the profit margin?

25%

30%

40%

50%

None

11.

What is the formula for calculating the Net Present Value (NPV)?

∑Ct(1−r)t\sum \frac{C_t}{(1 - r)^t}∑(1−r)tCt

∑Ct(1+r)t\sum \frac{C_t}{(1 + r)^t}∑(1+r)tCt

t(1+r)t\frac{C_t}{(1 + r)^t}(1+r)tCt

Ct(1+r)tC_t(1 + r)^tCt(1+r)t

None

12.

The sum of an arithmetic series with first term 10, common difference 2, and 20 terms is:

₹ 210

₹ 220

₹ 240

₹ 250

None

13.

If the selling price of an item is ₹ 120 and the cost price is ₹ 100, the percentage profit is:

20%

25%

30%

40%

None

14.

The weighted average cost of capital (WACC) is the:

Average cost of debt and equity

Average cost of all the sources of capital

Cost of equity only

Cost of debt only

None

15.

A company plans to invest ₹ 50,000 in a project with an expected return of 12% per annum. The payback period for the project is 4 years. What is the Net Present Value (NPV) of this project at 12% discount rate?

₹ 10,000

₹ 2,000

₹ 5,000

₹ 0

None

16.

If the simple interest on ₹ 1,000 for 5 years at 6% p.a. is ₹ 300, what is the rate of interest?

None

17.

The future value of ₹ 1,000 invested for 2 years at 10% compounded quarterly is:

₹ 1,210.25

₹ 1,220.10

₹ 1,210.00

₹ 1,300.00

None

18.

The break-even sales volume can be found by dividing:

Total fixed costs by the contribution per unit

Total costs by selling price

Variable costs by the contribution per unit

Fixed costs by the total sales volume

None

19.

The formula for calculating the present value of an annuity is:

PV=P×1−(1+r)−nrPV = P \times \frac{1 - (1 + r)^{-n}}{r}PV=P×r1−(1+r)−n

PV=P×1+(1+r)−nrPV = P \times \frac{1 + (1 + r)^{-n}}{r}PV=P×r1+(1+r)−n

PV=P×r1+(1+r)−nPV = P \times \frac{r}{1 + (1 + r)^{-n}}PV=P×1+(1+r)−nr

PV=P×(1+r)nPV = P \times (1 + r)^nPV=P×(1+r)n

None

20.

The value of a perpetuity with annual payments of ₹ 10,000 and a discount rate of 8% is:

₹ 1,25,000

₹ 1,50,000

₹ 1,20,000

₹ 2,00,000

None

21.

The mean of the numbers 5, 8, 10, 12, and 15 is:

None

22.

The mode of the data set 2, 4, 4, 7, 8, 9, 9, 9, 10 is:

None

23.

What is the median of the data set: 1, 4, 5, 7, 9, 11?

None

24.

The variance of the numbers 2, 4, 6, 8 is:

None

25.

The standard deviation is:

Square of variance

Square root of variance

Average of the data points

None of the above

None

26.

In a normal distribution, what percentage of data lies within 1 standard deviation of the mean?

68%

95%

99%

50%

None

27.

If the correlation coefficient between two variables is +0.8, what does it imply?

Perfect positive correlation

High positive correlation

No correlation

High negative correlation

None

28.

A random variable has a mean of 50 and a standard deviation of 5. The z-score for a value of 60 is:

-2

None

29.

The probability of an event occurring is:

Always between 0 and 1

Always greater than 1

Can be any number

None of the above

None

30.

In a hypothesis test, the p-value is used to:

Accept the null hypothesis

Reject the null hypothesis

Find the sample mean

None of the above

None

31.

A sample of size 25 has a mean of 50 and a standard deviation of 5. The standard error of the mean is:

0.5

None

32.

The central limit theorem states that as the sample size increases, the sampling distribution of the sample mean will:

Approach a normal distribution

Become more spread out

Be uniformly distributed

None of the above

None

33.

The probability of getting at least one head in two tosses of a fair coin is:

0.25

0.5

0.75

None

34.

In regression analysis, the dependent variable is:

The predictor variable

The response variable

The error term

None of the above

None

35.

Which of the following is the best measure of central tendency for skewed data?

Mean

Median

Mode

Variance

None

36.

A confidence interval is used to:

Estimate a population parameter

Calculate the variance

Find the mode

None of the above

None

37.

In a regression equation Y = 5 + 3X, the slope of the line is:

None

38.

If two events are mutually exclusive, the probability of both events occurring is:

The sum of their probabilities

The product of their probabilities

None

39.

The Chi-square test is used for:

Testing the mean of a population

Testing the variance of a population

Testing the goodness of fit

Testing correlation

None

40.

The range of a data set is:

The difference between the maximum and minimum values

The average of the values

The square root of the variance

The total number of values

None

1 out of 4

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Fundamentals of Business Mathematics and Statistics

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

What is the future value of ₹1,000 invested for 2 years at an interest rate of 5% per annum, compounded annually?

₹1,050

₹1,102.50

₹1,100

₹1,120

None

The present value of ₹5,000 due in 3 years at a discount rate of 8% per annum is:

₹3,850.72

₹3,943.92

₹3,480.50

₹4,000

None

If the simple interest on ₹12,000 for 3 years is ₹1,800, the rate of interest is:

None

The annuity formula for calculating the present value of an annuity is:

PV = P × (1 + r)^n

PV = P × [(1 + r)^n - 1] / r

PV = P × (1 - (1 + r)^-n) / r

PV = P × r × (1 + r)^n

None

A business loan of ₹10,000 is repaid annually for 4 years with equal payments at an interest rate of 10%. What is the annual repayment amount?

₹3,320.58

₹3,771.50

₹4,000

₹3,500

None

The compound interest on ₹2,000 for 2 years at an annual rate of 12% is:

₹480

₹400

₹450

₹460

None

If the cost price of an article is ₹5,000 and the selling price is ₹6,000, the profit percentage is:

20%

18%

25%

12%

None

The total interest earned on ₹10,000 in 2 years at 6% p.a. compound interest is:

₹1,260

₹1,200

₹1,200.60

₹1,350

None

The rate of interest in compound interest is increased by 1% annually. If the initial principal is ₹1,000, the total amount after 3 years will be:

₹1,200

₹1,230.01

₹1,400

₹1,305.01

None

10.

A business invests ₹1,000 for 3 years at 5% interest compounded quarterly. What is the future value of the investment?

₹1,157.63

₹1,150

₹1,125

₹1,200

None

11.

A person took a loan of ₹10,000 at 6% compound interest for 2 years. What is the compound interest at the end of 2 years?

₹1,200

₹1,260

₹1,180

₹1,100

None

12.

The effective annual rate of interest if the nominal rate of interest is 8% compounded quarterly is:

8.16%

8.24%

8.03%

8.00%

None

13.

In a loan amortization schedule, the amount paid in each installment consists of:

Principal repayment only

Interest payment only

Both principal and interest repayment

Only loan amount

None

14.

The total amount for ₹10,000 invested at 10% simple interest for 3 years is:

₹13,000

₹11,000

₹12,000

₹10,300

None

15.

If a sum of ₹12,000 is invested at 8% compound interest for 4 years, the amount after 4 years is:

₹14,400

₹14,128

₹14,299

₹14,700

None

16.

The principal required to amount to ₹5,000 in 2 years at 12% compound interest annually is:

₹4,000

₹3,500

₹4,500

₹4,200

None

17.

The mean of the data set {2, 4, 6, 8, 10} is:

None

18.

In a frequency distribution, the sum of the squared deviations from the mean is called:

Variance

Standard deviation

Mean deviation

Range

None

19.

Which of the following is a measure of central tendency?

Mean

Standard deviation

Range

Variance

None

20.

If the median of a data set is 25, then:

25 is the middle value

25 is the most frequent value

25 is the arithmetic average

None of the above

None

21.

The mode of a data set is:

The sum of all values divided by the number of values

The value that occurs most frequently

The value that divides the data set into two equal parts

None of the above

None

22.

The coefficient of variation is defined as:

The ratio of standard deviation to mean

The ratio of mean to standard deviation

The square root of variance

The square of standard deviation

None

23.

The probability of an event occurring is always between:

-1 and 1

0 and 1

1 and 2

0 and 100%

None

24.

In a normal distribution, the mean, median, and mode are:

Different values

Equal

Variably different

None of the above

None

25.

If the correlation coefficient between two variables is 0.85, it indicates:

Strong positive correlation

No correlation

Weak negative correlation

Strong negative correlation

None

26.

The standard deviation is:

Square of variance

Square root of variance

Average of the data points

None of the above

None

27.

If a data set has a negative skewness, then:

The distribution is left-skewed

The distribution is right-skewed

The distribution is symmetrical

None of the above

None

28.

The sum of deviations from the mean in any data set is:

Equal to the standard deviation

Zero

Equal to the variance

None of the above

None

29.

The range of a data set is:

The difference between the largest and smallest values

The mean of the data set

The median of the data set

The most frequent value

None

30.

Which of the following is the correct formula for calculating the variance for a population?

Σ(x - μ)² / N

Σ(x - x)̄² / N

Σ(x - x)̄² / (N - 1)

Σ(x - μ)² / (N - 1)

None

31.

A right-skewed distribution indicates that:

The mean is greater than the median

The median is greater than the mean

The mode is greater than the mean

The distribution is symmetric

None

32.

The z-score of a data point represents:

The position of the data point relative to the mean

The deviation of the data point from the median

The difference between the mean and mode

The spread of the data

None

33.

The total probability of all possible outcomes in a probability distribution is:

Between 0 and 1

Dependent on the sample size

None

34.

The expected value (mean) of a discrete random variable is calculated as:

Σ xP(x)

Σ P(x) / x

Σ P(x)²

Σ x²P(x)

None

35.

In a normal distribution, about what percentage of data lies within ±1 standard deviation of the mean?

68%

95%

99%

50%

None

36.

A business decides to conduct a survey among 1000 customers. If 700 customers respond, the response rate is:

60%

70%

75%

80%

None

37.

Which of the following statements is true about the standard deviation?

It can never be negative

It can be negative

It is always equal to the variance

It is only used for categorical dat

None

38.

The total area under a probability density function curve for a continuous random variable is:

Infinite

Between 0 and 1

None

39.

The chi-square test is used to:

Test the variance of a population

Test the relationship between two variables

Test the normality of data

Test for goodness of fit or independence

None

40.

The probability of drawing a red card from a deck of 52 cards is:

1/2

1/4

26/52

1/26

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Fundamentals of Business Mathematics and Statistics

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

What is the solution to the linear equation 3x + 7 = 19?

None

If the sum of the first n terms of an arithmetic progression is Sn=2n2+3nS_n = 2n^2 + 3nSn=2n2+3n, then the nth term is:

4n+34n + 34n+3

4n+24n + 24n+2

4n+14n + 14n+1

4n−24n - 24n−2

None

A matrix is said to be a square matrix if

It has more rows than columns

It has equal number of rows and columns

It has more columns than rows

It has only one row

None

The simple interest for Rs. 500 at 10% per annum for 2 years is:

Rs. 100

Rs. 50

Rs. 200

Rs. 150

None

If a partnership earns a profit of Rs. 100,000 and the partners have invested in the ratio 2:3, what will be the share of the first partner?

Rs. 40,000

Rs. 60,000

Rs. 80,000

Rs. 50,000

None

The range of the data set 4, 7, 12, 19, 20 is:

None

What is the mean of the following numbers: 5, 8, 11, 14?

9.5

None

The total cost function of a firm is given by C(x) = 5x + 30. What is the marginal cost at x = 10?

None

If the cost price of an item is Rs. 400 and the selling price is Rs. 500, the profit percentage is:

25%

20%

15%

10%

None

10.

What is the derivative of the function f(x)=2x3+3x2+4xf(x) = 2x^3 + 3x^2 + 4xf(x)=2x3+3x2+4x?

6x2+6x+46x^2 + 6x + 46x2+6x+4

6x2+6x+4x6x^2 + 6x + 4x6x2+6x+4x

6x2+6x+46x^2 + 6x + 46x2+6x+4

6x2+6x6x^2 + 6x6x2+6x

None

11.

If a person invests Rs. 5,000 at 8% compound interest annually for 2 years, the compound interest will be:

832

820

850

900

None

12.

Which of the following is NOT a property of a normal distribution?

Symmetry about the mean

Mean equals median

The distribution is skewed

The area under the curve equals 1

None

13.

In statistics, the term "mode" refers to

The middle value

The most frequent value

The arithmetic mean

The largest value

None

14.

What is the probability of drawing a red card from a standard deck of 52 playing cards?

1/2

1/4

1/3

1/52

None

15.

If the covariance between X and Y is zero, then:

X and Y are independent

X and Y are perfectly correlated

X and Y are uncorrelated

X and Y have a perfect negative correlation

None

16.

What is the present value of Rs. 1,000 to be received in 3 years at an interest rate of 10% compounded annually?

Rs. 751

Rs. 820

Rs. 600

Rs. 720

None

17.

Which of the following is NOT an example of a discrete random variable?

Number of people in a classroom

Number of goals scored in a football match

Height of a student

Number of cars sold in a month

None

18.

The equation x2+6x+9=0x^2 + 6x + 9 = 0x2+6x+9=0 represents:

Two real roots

One real root

No real roots

Complex roots

None

19.

A company has 5 machines, and the probability of any machine working properly is 0.9. What is the probability that exactly 4 machines are working properly?

0.9

0.5

0.3

0.4

None

20.

If the price of a commodity increases from Rs. 10 to Rs. 12, the percentage increase in price is:

10%

15%

20%

30%

None

21.

The first difference of the sequence 5, 9, 13, 17 is:

None

22.

Which of the following is an example of a continuous random variable?

Number of children in a family

Number of cars in a parking lot

Height of a person

Number of accidents on a highway

None

23.

The standard deviation of the data 2, 4, 6, 8 is:

None

24.

What is the formula for calculating compound interest?

A=P(1+r100)tA = P(1 + \frac{r}{100})^tA=P(1+100r)t

A=P(1+rt)A = P(1 + rt)A=P(1+rt

A=P+rtA = P + rtA=P+rt

A=P(1−r100)tA = P(1 - \frac{r}{100})^tA=P(1−100r)t

None

25.

Which of the following graphs represents a normal distribution?

A U-shaped curve

A bell-shaped curve

A straight line

A skewed curve

None

26.

The variance of the data set 2, 4, 6, 8 is:

None

27.

Which of the following is an example of a linear equation?

y=x2+3xy = x^2 + 3xy=x2+3x

y=5x+2y = 5x + 2y=5x+2

y=3x3y = 3x^3y=3x3

y=2/xy = 2/xy=2/x

None

28.

The sum of the first 10 terms of an arithmetic progression is 500. If the first term is 10, what is the common difference?

None

29.

What is the coefficient of x2x^2x2 in the expansion of (2x+3)4(2x + 3)^4(2x+3)4?

None

30.

If the probability of event A occurring is 0.2 and event B occurring is 0.5, what is the probability that neither A nor B occurs (assuming independence)?

0.4

0.3

0.1

0.7

None

31.

The compound interest formula with annual compounding is given by A=P(1+r100)tA = P(1 + \frac{r}{100})^tA=P(1+100r )t. What does 't' represent?

Principal

Rate of interest

Number of years

Amount at the end of t years

None

32.

The equation y=3x+5y = 3x + 5y=3x+5 represents:

A parabola

A straight line

An exponential function

A circle

None

33.

What is the mode of the following set of numbers: 1, 2, 2, 3, 4, 5, 5, 5, 6, 7?

None

34.

In a survey, the mean income of 10 individuals is Rs. 25,000. If one more individual with an income of Rs. 30,000 is added to the group, what will be the new mean income?

Rs. 25,500

Rs. 26,000

Rs. 27,000

Rs. 28,000

None

35.

The total cost function of a company is given by C(x)=50x+1000C(x) = 50x + 1000C(x)=50x+1000. What is the average cost per unit when 20 units are produced?

None

36.

The value of ∫13(2x2+3x) dx\int_1^3 (2x^2 + 3x) \, dx∫13(2x2+3x)dx is:

None

37.

The formula to compute the compound interest for monthly compounding is:

A=P(1+r12)12tA = P(1 + \frac{r}{12})^{12t}A=P(1+12r)12t

A=P(1+r100)tA = P(1 + \frac{r}{100})^tA=P(1+100r)t

A=P(1+r100)12tA = P(1 + \frac{r}{100})^{12t}A=P(1+100r)12t

None

38.

In a probability distribution, the sum of all probabilities must equal:

100

-1

None

39.

The probability of drawing a face card (Jack, Queen, King) from a deck of 52 cards is:

1/13

3/13

1/4

1/17

None

40.

The total of a data set is 300, and there are 10 values. What is the mean of the data set?

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

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Name

Phone No

State

Which of the following accounting concepts ensures that transactions are recorded in the period in which they occur, regardless of when cash is received or paid?

Accrual concept

Matching concept

Conservatism concept

Consistency concept

None

The primary objective of financial accounting is to:

Assist in decision-making

Provide information to stakeholders

Assess financial performance and position

Record daily transactions

None

The principle of "prudence" in accounting means:

Recognition of income when earned

Recognizing potential losses, but not potential gains

The need to balance assets and liabilities

Avoiding overstatement of profits

None

Which of the following is an example of a non-current asset?

Accounts receivable

Inventory

Property, plant, and equipment

Bank overdraft

None

Which of the following is NOT an example of a liability?

Accounts payable

Bank loan

Retained earnings

Accrued expenses

None

Which of the following financial statements is prepared to determine the profit or loss of a business?

Balance Sheet

Profit and Loss Account

Cash Flow Statement

Statement of Changes in Equity

None

The accounting equation is represented as:

Assets = Liabilities + Equity

Assets = Revenues - Expenses

Liabilities = Assets + Equity

Equity = Assets + Liabilities

None

A partnership firm has a capital balance of ₹100,000 and has earned a profit of ₹30,000. The profit-sharing ratio between two partners is 3:2. What is the share of profit for the first partner?

₹12,000

₹18,000

₹15,000

₹30,000

None

In a balance sheet, "retained earnings" are classified as:

Current liabilities

Non-current liabilities

Current assets

Shareholders' equity

None

10.

Which of the following accounts is increased by a credit entry?

Asset account

Liability account

Expense account

Drawing account

None

11.

The balance sheet of a company shows:

Profit and loss

Assets, liabilities, and shareholder's equity

Cash inflows and outflows

Revenue and expenses

None

12.

In a profit and loss account, which of the following represents the first step in determining the profit or loss of a business?

Subtracting cost of goods sold from revenue

Subtracting expenses from income

Subtracting interest expense from net income

Subtracting taxes from gross profit

None

13.

Which of the following is classified as a current asset?

Building

Patents

Cash

Long-term investments

None

14.

In the statement of cash flows, "cash from operating activities" includes:

Cash received from the sale of fixed assets

Cash paid to employees and suppliers

Cash received from issuing shares

Cash received from long-term borrowing

None

15.

Which of the following items would NOT be included in the balance sheet of a company?

Cash

Accounts payable

Dividend paid

Retained earnings

None

16.

A company reports a net profit of ₹50,000 for the year. The company’s retained earnings at the beginning of the year were ₹100,000. What is the retained earnings at the end of the year?

₹150,000

₹100,000

₹200,000

None

17.

The "matching concept" in accounting refers to:

Matching assets with liabilities

Matching revenue with expenses in the same period

Matching cash receipts with cash payments

Matching income tax with the revenue earned

None

18.

Which of the following is NOT included in a company’s equity?

Share capital

Retained earnings

Revenue

Reserves

None

19.

The income statement measures the:

Financial position of the business at a specific point in time

Changes in equity during a period

Profitability of the business during a period

Cash flow during a period

None

20.

What is the accounting treatment for a dividend declared but not paid by a company?

Debit Dividend Payable, Credit Retained Earnings

Debit Retained Earnings, Credit Dividend Payable

Debit Cash, Credit Dividend Payabl

No entry until paid

None

21.

Which of the following is considered a capital expenditure?

Purchase of machinery

Payment of wages

Payment of interest on loans

Rent expense

None

22.

The treatment for "bad debts" in the accounting records is:

Debit to Cash, Credit to Accounts Receivable

Debit to Bad Debts Expense, Credit to Accounts Receivable

Debit to Accounts Receivable, Credit to Cash

Debit to Accounts Receivable, Credit to Bad Debts Expense

None

23.

Which of the following is the correct treatment for "prepaid expenses" in the financial statements?

They are initially recorded as liabilities and then transferred to expenses

They are recorded directly as expenses

They are recorded as long-term liabilities

None

24.

The journal entry to record the purchase of goods on credit would be:

Debit Inventory, Credit Accounts Payable

Debit Accounts Payable, Credit Inventory

Debit Cash, Credit Accounts Payable

Debit Goods, Credit Cash

None

25.

When an asset is sold for a profit, the accounting entry would include:

Debit Cash, Credit Revenue

Debit Cash, Credit Profit on Sale of Asset

Debit Revenue, Credit Asset

Debit Asset, Credit Cash

None

26.

Which of the following is the accounting treatment for “depreciation”?

Debit Depreciation Expense, Credit Accumulated Depreciation

Debit Accumulated Depreciation, Credit Depreciation Expense

Debit Asset Account, Credit Depreciation Expense

Debit Depreciation Expense, Credit Asset Account

None

27.

A business receives a bank loan of ₹100,000. The journal entry to record this would be:

Debit Cash ₹100,000, Credit Bank Loan ₹100,00

Debit Bank Loan ₹100,000, Credit Cash ₹100,000

Debit Cash ₹100,000, Credit Income ₹100,000

Debit Bank Loan ₹100,000, Credit Revenue ₹100,000

None

28.

The profit-sharing ratio in a partnership is based on:

The capital ratio

The agreement between the partners

The work contribution of the partners

The duration of the partnership

None

29.

Which of the following is an example of a non-cash transaction?

Issue of shares

Purchase of machinery

Repayment of loan

Payment of wages

None

30.

Which of the following statements about “deferred revenue” is correct?

It is a liability

It is an asset

It represents a future income

It is recorded as revenue

None

31.

Which of the following is NOT a feature of a partnership?

Mutual agency

Unlimited liability

Limited life

Separate legal entit

None

32.

In a partnership, the capital accounts of partners:

Are not affected by profits or losses

Are affected by profits, losses, and withdrawals

Are adjusted only for withdrawals

Are only affected by contributions

None

33.

Which of the following is a feature of a joint stock company?

No separate legal entity

Unlimited liability

Shares are transferable

The company dissolves automatically after a set period

None

34.

A company issues 10,000 shares of ₹10 each at a premium of ₹5 per share. The total capital raised will be:

₹100,000

₹150,000

₹200,000

₹250,000

None

35.

Which of the following is included in the equity of a company?

Bank loan

Debentures

Share capital

Accounts payable

None

36.

In the case of liquidation of a partnership, creditors are paid from:

Capital accounts of partners

Assets of the partnership

Income generated during liquidation

Profits from future activities

None

37.

In a partnership, the "goodwill" of the firm is calculated based on:

Net asset value

Profit-sharing ratio

Average annual profits

Partnership agreement

None

38.

Which of the following is NOT a financial statement required for a company?

Profit and Loss Account

Balance Sheet

Statement of Cash Flows

Management Report

None

39.

In the case of a public limited company, the share capital is:

Divided equally among all members

Issued to the public for subscription

Not transferable

Paid only by the director

None

40.

A company reports a loss of ₹50,000 for the year. The treatment of the loss will be:

Deducted from the retained earnings

Added to the retained earnings

Recorded as an asset

Distributed among shareholders as dividend

None

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Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

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State

Which of the following is the primary objective of financial accounting?

To prepare financial statements

To determine the cost of production

To calculate tax liabilities

To provide information for decision-making

None

According to the accrual basis of accounting, revenues are recognized when:

Cash is received

Goods are sold or services are rendered

Payment is made

Payment is due

None

The fundamental accounting equation is:

Assets = Liabilities + Shareholders’ Equity

Assets = Liabilities - Shareholders’ Equity

Revenues = Expenses + Profit

Liabilities = Assets - Shareholders’ Equity

None

Which of the following is NOT a feature of the double-entry system of accounting?

Every transaction affects two accounts

Every debit has a corresponding credit

Only cash transactions are recorded

The sum of debits equals the sum of credits

None

The income statement reports:

Assets and liabilities

Revenue and expenses

Cash inflows and outflows

Capital expenditures

None

Which of the following accounting standards is related to the treatment of fixed assets?

AS 9

AS 10

AS 1

AS 15

None

Which of the following is considered a current liability?

Bank loan due after 3 years

Salaries payable within 3 months

Building loan payable in 5 years

Long-term bonds

None

Which of the following is true about the historical cost concept in accounting?

Assets should be recorded at their current market value

Assets should be recorded at the price paid at the time of purchase

Liabilities are recorded at market prices

Depreciation is not considered in asset valuation

None

Which of the following statements is true about an asset?

It is a resource owned by the business to generate future economic benefits

It is a claim against the business’s future revenue

It is only a tangible property

It is always non-current

None

10.

Which accounting standard covers the treatment of revenue recognition in financial accounting?

AS 10

AS 9

AS 18

AS 12

None

11.

The balance sheet presents:

Income and expenditure

Revenues and expenses

The financial position of the business

Cash inflows and outflows

None

12.

Which of the following is NOT an example of an intangible asset?

Patent

Goodwill

Machinery

Trademark

None

13.

The profit and loss account shows:

Assets and liabilities

Cash flow information

Revenues and expenses

Long-term liabilities

None

14.

A company reports a net profit of ₹50,000 for the year. The company’s retained earnings at the beginning of the year were ₹100,000. What is the retained earnings at the end of the year?

₹150,000

₹50,000

₹100,000

₹200,000

None

15.

Which of the following items is reported under shareholders' equity?

Accounts payable

Long-term debt

Retained earnings

Accounts receivable

None

16.

Which of the following is included in the Cash Flow Statement?

Depreciation

Share capital issuance

Retained earnings

Operating, investing, and financing activities

None

17.

Which of the following is an example of an operating activity in the Cash Flow Statement?

Issuing shares

Borrowing money

Paying wages

Purchasing equipment

None

18.

Which of the following items would NOT appear in the profit and loss account?

Depreciation on assets

Net profit

Income tax expenses

Bank overdraft

None

19.

Which of the following is true about "retained earnings"?

It is a liability

It represents profits that have been reinvested in the business

It is paid out as dividends

It is an asset of the business

None

20.

The term "gross profit" refers to:

Total revenue

Revenue minus cost of goods sold

Revenue minus operating expenses

Revenue minus interest expenses

None

21.

Which of the following transactions is an example of a financing activity?

Purchase of machinery

Payment of dividends

Sale of inventory

Payment of rent

None

22.

If an entity issues shares for cash, this transaction will be recorded in:

Income statement

Shareholders' equity section of the balance sheet

Cash flow from investing activities

Profit and loss account

None

23.

When inventory is sold, which of the following accounts is credited?

Sales revenue

Cash or Accounts receivable

Cost of goods sold

Retained earnings

None

24.

Which of the following is an example of a non-cash transaction?

Issue of shares o B) o C) o D)

Purchase of machinery on credit

Payment of rent

Sale of goods for cash

None

25.

The accounting treatment for a discount allowed is:

Recorded as an expense

Recorded as revenue

Not recorded in the books

Recorded as a liability

None

26.

Which of the following is an example of capital expenditure?

Purchase of land

Office rent

Wages of employees

Insurance premium

None

27.

The entry to record the depreciation of fixed assets will include a:

Debit to Depreciation Expense

Debit to Accumulated Depreciation

Credit to Depreciation Expense

Credit to Fixed Assets

None

28.

The provision for bad debts is classified as a:

Current asset

Non-current asset

Current liability

Non-current liability

None

29.

Which of the following is an example of a long-term liability?

Bank overdraft

Accounts payable

Bonds payable

Accrued expenses

None

30.

When goods are sold on credit, the accounting entry will be:

Debit Accounts Receivable, Credit Sales

Debit Sales, Credit Accounts Receivable

Debit Cash, Credit Sales

Debit Goods, Credit Accounts Payable

None

31.

In a partnership, the profit or loss is shared according to:

The number of partners

The agreement between the partners

The capital contribution only

The working hours of the partners

None

32.

Which of the following is NOT an advantage of forming a company?

Limited liability

Separate legal entity

Unlimited life

Easy transferability of shares

None

33.

Which of the following is true about a limited liability company?

The liability of the shareholders is unlimited

The company is a separate legal entity from its owners

Shareholders are personally liable for the company’s debts o

Only large companies can be incorporated

None

34.

In a partnership, the capital accounts are:

Debited when profits are earned

Credited when profits are distributed

Increased by drawings

Decreased by partners' investments

None

35.

Which of the following is the primary financial statement for a company?

Balance sheet

Cash flow statement

Profit and loss account

Statement of shareholders' equity

None

36.

In case of liquidation of a partnership firm, who gets paid first?

Partners

Creditors

Shareholders

Government taxes

None

37.

The amount of share capital in a company is determined by:

The board of directors

The shareholders

The Articles of Association

The Memorandum of Association

None

38.

The issue of shares at a premium means:

Shares are sold at a price lower than the nominal value

Shares are sold at a price equal to the nominal value

Shares are sold at a price higher than the nominal value

No money is received from shareholders

None

39.

In the case of a company, dividends are paid out of:

Share capital

Reserves and surplus

Retained earnings

Revenue from sales

None

40.

Which of the following is NOT a feature of a joint stock company?

Limited liability

Separate legal identity

Transferability of shares

Unlimited lifespan

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Cost Audit and Cost Records

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

What is the primary purpose of cost records?

To calculate sales price -

Control production

To ascertain and control costs

To determine tax liabilities

None

Who is responsible for appointing a cost auditor in a company?

Board of Directors

Shareholders

Central Government

CFO

None

What is the primary document guiding cost records and audit?

Income Tax Act

Companies (Cost Records and Audit) Rules, 2014

Companies Act, 1956

SEBI Regulations

None

Which entity issues the cost audit report to the company?

Tax authorities -

Cost Auditor

Internal Auditor

SEBI

None

What is the duration for which cost records must be preserved?

3 years

5 years

8 years

10 years

None

Who reviews and approves the cost audit report?

CFO

Board of Directors

CEO

Shareholders

None

Which of the following is NOT part of a cost audit?

Verifying sales invoices

Checking compliance with cost accounting standards

Evaluating cost control measures

Ensuring accurate recording of costs

None

Which cost is often the primary focus of a cost audit?

Direct materials

Production cost

Marketing expenses

Administrative expense

None

The cost auditor's appointment must be approved by the company's shareholders at the next:

Extraordinary General Meeting

Annual General Meeting

Board Meeting

Audit Committee Meeting

None

10.

The cost auditor submits the cost audit report to the company’s:

Chief Financial Officer

Board of Directors

Internal Auditor

HR Department

None

11.

Which audit report form is used for cost audits?

CRA-2

CRA-3

CRA-4

CRA-5

None

12.

Which authority mandates Cost Audit?

SEBI

Central Government

RBI

State Government

None

13.

Cost records are primarily required for which type of industries?

All industries

Banking

Specified industries

Service industries

None

14.

Cost records must comply with which standards?

IFRS

Cost Accounting Standards (CAS)

GAAP

Ind AS

None

15.

Which form is used for filing the cost audit report with the government?

CRA-2

CRA-3

CRA-4

CRA-5

None

16.

The primary purpose of cost audit is to:

Detect fraud

Monitor profits

Ensure compliance with cost accounting principles

Manage investments

None

17.

Which document does the cost auditor review to understand raw material costs?

Sales invoices

Material requisition slips

Tax returns

Cash flow statements

None

18.

Cost audit assists in determining:

Product profitability

Total revenue

Market share

Fixed assets

None

19.

In which year did cost audit become mandatory for certain industries in India?

1965

1973

2014

2018

None

20.

Which costs are usually excluded from the cost audit scope?

Direct material costs

Financial and investment costs

Production costs

Overheads

None

21.

Which of the following is not typically verified in a cost audit?

Cost ledger

Labor cost records

Financial ledger

Production cost records

None

22.

The responsibility to implement cost records lies with the:

Cost Auditor

Company Management

Shareholders

External Auditor

None

23.

Cost accounting standards in India are issued by:

SEBI -

ICMAI

ICAI

Ministry of Corporate Affairs

None

24.

Cost audit is primarily concerned with:

Verifying sales transactions

Checking shareholder dividends

Evaluating cost control mechanisms

Auditing tax returns

None

25.

Which of the following is a key benefit of conducting a cost audit?

Enhancing tax compliance

Improving cost control and efficiency

Increasing sales revenue

Reducing employee turnover

None

26.

Which form is used for intimation of the appointment of a cost auditor to the Central Government?

CRA-1

CRA-2

CRA-3

CRA-4

None

27.

The cost audit report should be submitted to the Board of Directors within how many days from the closure of the financial year?

30 days

60 days

180 days

120 days

None

28.

Which of the following industries is typically exempt from mandatory cost audit?

Cement

Pharmaceuticals

Information Technology

Steel

None

29.

The primary objective of maintaining cost records is to:

Comply with tax regulations

Determine product pricing

Monitor and control operational efficiency

Prepare financial statements

None

30.

Which document outlines the scope and methodology of a cost audit?

Audit Plan

Cost Audit Report

Engagement Letter

Cost Accounting Policy

None

31.

In cost accounting, 'CAS' stands for:

Cost Audit Standards

Cost Accounting Standards

Corporate Accounting Standards

Central Audit Standards

None

32.

Which of the following is not a component of cost records?

Material cost records

Labor cost records

Overhead cost records

Investment portfolio records

None

33.

The term 'cost audit' refers to:

Financial audit of cost statements

Systematic examination of cost records and verification of cost accounts

Internal audit of financial transactions

External audit of tax return

None

34.

Which section of the Companies Act, 2013 deals with the maintenance of cost records?

Section 128

Section 133

Section 148

Section 152

None

35.

The cost auditor's report is submitted in which form?

CRA-1

CRA-2

CRA-3

CRA-4

None

36.

Which body is responsible for issuing Cost Accounting Standards in India?

Institute of Chartered Accountants of India (ICAI)

Institute of Cost Accountants of India (ICAI)

Securities and Exchange Board of India (SEBI)

Ministry of Corporate Affairs (MCA)

None

37.

The primary focus of a cost audit is to:

Verify financial statements

Assess tax liabilities

Evaluate cost control and efficiency

Audit sales transactions

None

38.

Which of the following is a statutory requirement under the Companies Act, 2013?

Financial audit

Internal audit

Cost audit for specified companies

Management audit

None

39.

Cost records are required to be maintained by companies under which section of the Companies Act, 2013?

Section 128

Section 148

Section 139

Section 135

None

40.

Which rules govern the maintenance of cost records in India?

Companies (Cost Records and Audit) Rules, 2014

Companies (Audit and Auditors) Rules, 2014

Companies (Management and Administration) Rules, 2014

Companies (Accounts) Rules, 2014

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Fundamentals of Financial and Cost Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Which of the following is a primary objective of financial accounting?

To determine the cost of production

To provide financial information to external users

To calculate the tax liability

To determine the value of inventories

None

What does a Trial Balance primarily check?

Correctness of the financial statements

Arithmetic accuracy of ledger balances

Calculation of profit and loss

Classification of assets and liabilities

None

Which of the following is NOT included in the Profit and Loss Account?

Revenue from sales

Cost of goods sold

Rent expenses

Capital expendit

None

The accrual basis of accounting recognizes revenue when:

Cash is received

Goods are sold

The order is received

The payment is due

None

Which of the following is a feature of the 'double-entry system of accounting'?

One entry is made for each transaction

The system records only income and expenditure

Every transaction has a dual effect, with two entries

It is not used for preparing financial statements

None

Which of the following is an example of capital expenditure?

Rent of office

Salaries of employees

Purchase of machinery

Advertising expenses

None

What is the formula for calculating Gross Profit?

Sales - Cost of Goods Sold

Sales - Operating Expenses

Sales - Net Income

Sales - Depreciation

None

Which accounting method is used to calculate depreciation where the expense is the same each year?

Declining Balance Method

Sum of the Years' Digits Method

Straight-Line Method

Units of Production Method

None

Which of the following is a method of inventory valuation?

FIFO

LIFO

Weighted Average

All of the above

None

10.

Which of the following statements is true about the Balance Sheet?

It is prepared on the basis of trial balance

It shows the financial position of the company over a period of time

It summarizes the profit and loss of the company

It is prepared for the entire year

None

11.

What is the correct order for preparing financial statements?

Trial Balance → Balance Sheet → Profit and Loss Account

Profit and Loss Account → Balance Sheet → Trial Balance

Trial Balance → Profit and Loss Account → Balance Sheet

Profit and Loss Account → Trial Balance → Balance Sheet

None

12.

What is the accounting treatment for a prepaid expense?

Debit expense, Credit asset

Debit asset, Credit expense

Debit revenue, Credit asset

Debit liability, Credit expens

None

13.

Which of the following is an example of a contingent liability?

A loan payable

A warranty liability

Rent payable

Bank overdraft

None

14.

Which of the following items would NOT be found in the income statement?

Sales revenue

Retained earnings

Cost of goods sold

Interest expense

None

15.

What is the basic assumption in financial accounting?

Going concern

Historical cost

Realization

Accrual

None

16.

In the case of inventory, the 'lower of cost or market' rule applies to which of the following?

Purchase price

Valuation of inventory

Depreciation

Net realizable value

None

17.

Which of the following is NOT a part of current liabilities?

Accounts payable

Short-term loans

Bonds payable

Accrued expenses

None

18.

The matching principle in accounting is associated with:

Matching costs with revenues

Matching expenses with liabilities

Matching assets with liabilities

Matching income with capital

None

19.

Which of the following would NOT be considered an accounting concept?

Going Concern

Historical Cost

Entity Concept

Inflation Accounting

None

20.

What is the treatment for an 'outstanding expense' in financial accounting?

Debit expense, Credit liability

Debit asset, Credit expense

Debit liability, Credit expense

Debit revenue, Credit asset

None

21.

Which of the following is NOT an element of cost?

Direct materials

Direct labor

Cost of capital

Overhead

None

22.

What is the formula for calculating Prime Cost?

Direct materials + Direct labor + Overhead

Direct materials + Direct labor

Direct materials + Overhead

Direct labor + Overhead

None

23.

What is the purpose of a cost sheet?

To determine the gross profit

To summarize costs for pricing decisions

To calculate net income

To prepare a balance sheet

None

24.

Which of the following is an example of fixed cost?

Raw material cost

Commission on sales

Rent of factory building

Direct labor cost

None

25.

The cost of labor that can be traced directly to a product is called:

Indirect labor

Direct labor

Idle labor

Overtime labor

None

26.

What is the basis for allocating overheads in job costing?

Material cost

Labor cost

Machine hours

All of the above

None

27.

Which of the following is an example of a variable cost?

Rent of factory building

Electricity cost based on production

Depreciation on machinery

Salaries of managers

None

28.

Which method is used to calculate overhead absorption?

Direct labor rate method

Machine hour rate method

Percentage of prime cost method

All of the above

None

29.

Which of the following is an objective of cost control?

Reducing costs to maximize profits

To increase production levels

To prepare financial statements

To minimize the selling price

None

30.

The break-even point is the level of sales where:

Total costs equal total revenue

Total revenue exceeds total costs

Fixed costs equal variable costs

Profit is maximized

None

31.

Which of the following would be classified as an indirect cost in a manufacturing company?

Direct material

Factory rent

Direct labor

Sales commissions

None

32.

Which cost is included in 'overhead' costs?

Direct materials

Direct labor

Factory supervisor’s salary

Sales expenses

None

33.

Which costing method is most appropriate for a company that produces a large number of identical units?

Job costing

Process costing

Activity-based costing

Marginal costing

None

34.

What is the cost of producing an additional unit of product under marginal costing?

Total cost per unit

Variable cost per unit

Fixed cost per unit

Both fixed and variable cost

None

35.

Which of the following is a feature of standard costing?

It is based on actual costs

It uses predetermined costs for comparison

It eliminates variances

It applies only to variable costs

None

36.

Which of the following is NOT a purpose of cost accounting?

Price determination

Profit analysis

External reporting of financial position

Cost control and reduction

None

37.

In which costing system are costs accumulated by job orders?

Job order costing

Process costing

Activity-based costing

Standard costing

None

38.

In cost-volume-profit analysis, the contribution margin is:

Sales minus fixed costs

Sales minus variable costs

Sales minus total costs

Sales minus gross profit

None

39.

Which of the following is an assumption made in cost-volume-profit analysis?

Fixed costs change with sales volume

Variable costs do not change with production level

Prices of goods sold change with the sales volume

All costs are fixed

None

40.

Which of the following is NOT part of the cost of production in manufacturing?

Direct labor

Depreciation on equipment

Sales commissions

Direct materials

None

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