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Roll No. 17280400231

Participant Name RAMANDEEP KUMAR
Test Center Name Rayat Bahra Polytechnic & Skill Development Center
Test Date 19/12/2019
Test Time 2:30 PM - 4:30 PM
Subject Revenue Accountant (RA)
Section : Discipline

Q.1 A contract under which goods are delivered by one person to another for
some purpose, with an agreement that the goods will be returned or
disposed of as directed after the purpose is accomplished is known as:

Ans
1. agreement to sell

2. hire purchase

3. bailment

4. sale of goods

Q.2 Mr Sharma endorses a bill of exchange in the following manner – ‘Pay Mr

Varun Mehta or order on his marrying Ms Neeta Verma’. This is an
example of:

Ans
1. qualified endorsement

2. special endorsement

3. partial endorsement

4. restrictive endorsement

Q.3 Which of the following statements is true in the context of the Income Tax
Act, 1961?

Ans
1. Loss from business or profession can set off against salary income

2. Loss under house property can be set off against income from a
speculative business

3. Long-term capital loss can be set off against income from house
property
 4. Short-term capital loss can be set off against winnings from lotteries

Q.4 Which of the following statements is true in the context of a One Person
Company under the Companies Act, 2013?

Ans
1. It can have beneficial shareholders who are minors.

2. It can function as a Non-Banking Finance Company.

3. It need not hold the Annual General Meeting.

4. It can be converted into a company under Section 8 of the Act.

Q.5 Mr. Ajay has the following receipts from his employer:

1. Basic pay Rs. 35,000 per month

2. Dearness allowance (DA) Rs. 5,000 per month
3. House rent allowance Rs. 9,000 per month

Assuming that he paid a rent of Rs. 10,000 per month for his
accommodation at Mumbai and DA forms part of his salary for retirement
benefits, exemption to Ajay in respect of HRA is:

Ans
1. Rs. 6,500

2. Rs. 9,000

3. Rs. 20,000

4. Rs. 6,000

Q.6 XYZ Ltd has sales of Rs. 6 lakhs and a gross profit margin of 20 percent. If
opening and closing stock for the year was Rs. 45,000 and Rs. 75,000
respectively, then the inventory turnover ratio is:

Ans
1. 9 times

2. 4 times

3. 10 times

4. 8 times
Q.7 XYZ Ltd has a capital turnover ratio of 2 times and its operating profit
before tax is Rs. 6,30,000. If its Return on Capital Employed is 30%, then
the sales of XYZ Ltd are:

Ans
1. Rs. 42,00,000

2. Rs. 36,00,000

3. Rs. 38,00,000

4. Rs. 21,00,000

Q.8 Which of the following terms means that the principle of law which has
become settled by a series of earlier decisions is binding on the courts and
should NOT be disturbed?

Ans
1. Obiter Dicta

2. Doctrine of Stare Decisis

3. Doctrine of Ultra Vires

4. Principle of Ratio Decidendi

Q.9 “One Nation, One tax” is the benefit of which of the following taxes?

Ans
1. Sales Tax

2. Income Tax

3. Service tax

4. Goods and Services Tax

Q.10 Mr. Anil and Ms. Asha travel on the same train daily but are otherwise not
related. If Mr. Anil tries to obtain an insurance policy on the life of Ms.
Asha, it will NOT be allowed by the insurance company because:

Ans
1. Mr. Anil has not disclosed material facts to the insurer
 2. Mr. Anil cannot make a profit by insuring his risk

3. Mr. Anil has no insurable interest.

4. Ms. Asha may die before Mr. Anil does

Q.11 Under the Companies Act, 2013 the number of members for a private
company is limited to:

Ans
1. 100

2. 200

3. 50

4. 2

Q.12 Which of the following is applicable when the service receiver is located in
Rajasthan but the service is provided in Maharashtra?

Ans
1. SGST

2. CGST

3. IGST

4. CGST+SGST

Q.13 Which of the following is a cause of labour efficiency variance?

Ans
1. Abnormal wastage of material through pilferage

2. Change in the basic wage structure

3. Poor working conditions

4. Uneconomical size of the purchase order

Q.14 A ‘Red Herring’ prospectus is:

Ans
1. one which does not include complete particulars of the quantum or
 price of securities to be issued

2. one which allows securities to be issued in one or more installments

over a certain period without issuing a further prospectus

3. one which is circulated to only exiting members of the company

4. one which contains only salient features of a prospectus as required by

SEBI

Q.15 Plant utilisation budget is an example of:

Ans
1. Master Budget

2. Flexible Budget

3. Functional Budget

4. Current Budget

Q.16 A general meeting of which type of company requires a clear notice of 14

days instead of 21 days?

Ans
1. Government company

2. One person company

3. Company registered for charitable or non-profit purposes

4. Private company

Q.17 XYZ Ltd has sales of Rs. 16 lakhs currently with a P/V ratio of 25 percent.
Current profit is Rs. 2 lakhs. By how much should the company increase its
sales in order to triple its profit?

Ans
1. Rs. 32 lakhs

2. Rs. 24 lakhs

3. Rs. 16 lakhs

4. Rs. 12 lakhs

Q.18 An intelligent and critical examination of the books of account by an

independent qualified person is known as:
Ans
1. scrutiny

2. investigation

3. audit

4. inspection

Q.19 Which of the following is NOT a part of Tier-I capital for a bank?

Ans
1. Paid-up capital

2. Revaluation reserve

3. Capital reserve

4. Statutory reserve

Q.20 Which of the following assets is NOT accepted for the maintenance of
Statutory Liquidity Ratio (SLR) by a bank?

Ans
1. Treasury Bills

2. Gold

3. State Development Loans

4. Bank Guarantee

Q.21 Under _______, the liability to pay GST is on the recipient of goods or
services and NOT on the supplier.

Ans
1. Recipient Charge Mechanism

2. Reverse Charge Mechanism

3. Receiver Charge Mechanism

4. Dual Charge Mechanism

Q.22 At a general meeting of a company, a matter was to be decided by a special

resolution. Out of 40 members present, 10 members abstained from voting
and 6 votes were found to be invalid. The minimum number of votes
required for passing of the special resolution is:
Ans
1. 12

2. 18

3. 19

4. 10

Q.23 The Doctrine of Ultra Vires pertains to which of the following clauses in a
company’s Memorandum of Association?

Ans
1. Subscription clause

2. Situation clause

3. Objects clause

4. Name clause

Q.24 Which of the following is added to net profit before tax for calculating cash
flow from operating activities under the Indirect Method?

Ans
1. Amortisation of preliminary expenses

2. Decreases in current liabilities

3. Increases in current assets

4. Income tax paid

Q.25 Cross price elasticity of demand is infinite only if:

Ans
1. Product X and product Y are complementary to each other

2. Product X and product Y are not related to each other

3. Product X and product Y are perfect substitutes

4. Product X and product Y are substitutes

Q.26 ABC Ltd has total sales of Rs. 20 lakhs in a year with a P/V ratio of 40%. If
the fixed cost is Rs. 5 lakhs, the margin of safety is:

Ans
1. Rs. 2,50,000
 2. Rs. 10,00,000

3. Rs. 7,50,000

4. Rs. 5,00,000

Q.27 Which of the following items represents agricultural income under the
Income Tax Act, 1961?

Ans
1. Income from the sale of saplings grown in a nursery

2. Income from dairy farming

3. Income from the supply of water for irrigation

4. Dividend from a company engaged in the production of sugarcane

Q.28 Complete the Marginal Cost equation:

Sales minus Fixed Cost = _____ plus Profit.

Ans
1. Sunk Cost

2. Variable Cost

3. Standard Cost

4. Contribution

Q.29 A firm will find it profitable to buy a product from outside instead of
making it in-house only if the supplier’s selling price is lower than the
firm’s:

Ans
1. total cost

2. works cost

3. variable cost

4. fixed cost

Q.30 Under Section 121 of the Companies Act, 2013, every ______ company is
 required to prepare a report on each annual general meeting.

Ans
1. public company

2. private company

3. government company

4. listed public company

Q.31 Under the Companies Act, 2013, the gap between two Annual General
Meetings should not exceed:

Ans
1. 9 months

2. 12 months

3. 6 months

4. 15 months

Q.32 Which of the following would be part of the auditor’s permanent file?

Ans
1. Notes regarding significant accounting policies

2. Confirmation responses

3. Working trial balance

4. Audit program

Q.33 Section 44ADA of the Income Tax Act, 1961 refers to presumptive taxation
scheme for small tax payers having income from profession if their total
gross receipts do not exceed:

Ans
1. Rs. 50 lakhs

2. Rs. 1 crore

3. Rs. 5 lakhs

4. Rs. 2 crores

Q.34 MGNREGA aims to provide at least ______ days of wage employment in a

financial year.
Ans
1. 200

2. 100

3. 50

4. 30

Q.35 Which of the following statements about proxies is true? A proxy:

Ans
1. can be counted for the purpose of deciding whether there is a quorum
for the meeting

2. has the right to speak at a meeting

3. can vote on a show of hands

4. can vote on a poll

Q.36 The most suitable basis for apportioning of insurance for machinery is:

Ans
1. value of machines

2. number of workers

3. floor area

4. usage of machines

Q.37 When a company issues new debentures with a ‘pari passu’ clause, it means
that:

Ans
1. there is no difference between the new and existing debentures as
regards security and in the event of bankruptcy, both will be discharged
proportionately

2. the holders of existing debentures will have prior claim in the event of
bankruptcy

3. the new debentures will have a lower coupon than the existing
debentures

4. the new debentures will be unsecured even if the existing debentures

are secured
Q.38 The Planning Commission has been superseded by the:

Ans
1. Centre for Monitoring Indian Economy

2. Central Statistical Organisation

3. NITI Aayog

4. National Statistical Office

Q.39 The concept of ______ addresses the problem of what goods should be
produced by a country.

Ans
1. production possibility frontier

2. production line

3. production frontier

4. production possibility curve

Q.40 Distinction between fixed, variable and semi-variable costs is required for
preparing a:

Ans
1. master budget

2. flexible budget

3. fixed budget

4. short-term budget

Q.41 For the purpose of calculating tax exemption for House Rent Allowance
under Income Tax Act, 1961, salary includes:

Ans
1. basic and dearness allowance plus employer’s contribution to the
Provident Fund of an employee

2. basic and dearness allowance if terms of employment allow

3. basic and dearness allowance plus commission at a specified

percentage of turnover achieved by an employee

4. basic salary only

Q.42 ______ is a compliance audit.

Ans
1. Statutory audit

2. Secretarial audit

3. Management audit

4. Internal audit

Q.43 Standards for material cost per unit of finished products in a factory are as
given: 10 units @ Rs. 6 per unit. 7000 units of finished product were made
during the period and 75000 units of material were used at a cost of Rs. 8
per unit. The Material Price Variance is:

Ans
1. Rs. 1,40,000 (A)

2. Rs. 1,40,000 (F)

3. Rs. 1,50,000 (F)

4. Rs. 1,50,000 (A)

Q.44 Which of the following is NOT true regarding a partnership agreement?

Ans
1. Existence of an agreement between two or more persons is essential.

2. Sharing of profits is a conclusive test of partnership.

3. Each partner is both an agent and principal for himself and others.

4. The purpose of the partnership must be to carry on some business.

Q.45 The principle of ______ distinguishes a contract of insurance from other

ordinary contracts.

Ans
1. Caveat Emptor

2. Uberrimae Fidei

3. Ultra Vires

4. Stare Decisis

Q.46 _______ is one of the biggest taxation reforms in India in recent times.
Ans
1. Goods and Services Tax

2. Luxury Tax

3. Entertainment Tax

4. Value Added Tax

Q.47 Reverse charge mechanism is applicable when ______ supplies goods or

services or both to _______.

Ans
1. a registered person; an unregistered person

2. an unregistered person; a registered person

3. an organised sector; an unorganised sector

4. a supplier in a taxable sector; a recipient in a non-taxable sector

Q.48 The facility of remote e-voting shall remain open for:

Ans
1. at least one week

2. at least one day

3. at least 3 days

4. at least one month

Q.49 When the price of a product X falls by 20 percent, the demand for X rises
by 15 percent. The demand for product X is:

Ans
1. perfectly elastic

2. relatively elastic

3. relatively inelastic

4. perfectly inelastic

Q.50 The first auditor is to be appointed by the ______ within _______ of the
registration of the company.
Ans
1. Board of Directors, 6 months

2. Board of Directors, 30 days

3. Shareholders, 6 months

4. Shareholders, 30 days

Q.51 Setting materiality levels for auditing is done at the stage of:

Ans
1. compilation of working papers

2. drawing up the audit program

3. laying down of audit plan

4. preparation of audit Report

Q.52 Under the Companies Act, 2013, a ‘small company’ is basically a:

Ans
1. private company with a maximum limit on its paid-up capital and
turnover

2. company registered for charitable or not-for-profit purposes

3. subsidiary company

4. public company with a minimum limit on its paid-up capital and

turnover

Q.53 Which of the following is the most reliable audit evidence?

Ans
1. Photocopies of certificates in respect of investments held by the auditee

2. Debtors’ balances confirmed directly by the debtors

3. Creditors’ balances obtained from the auditee’s ledgers

4. Verbal assurance obtained from a store manager regarding correctness

of inventory items
Q.54 Which type of marine insurance policy covers the risk to the ship from
perils on the sea, such as Act of God, enemies, fire etc.?

Ans
1. Hull insurance

2. Freight insurance

3. Catastrophic insurance

4. Cargo insurance

Q.55 Under the Sale of Goods Act, 1930, the right of an unpaid seller to retain
possession of the goods sold and refuse to deliver the goods to the buyer
until the buyer has paid the price is termed as:

Ans
1. the right of resale

2. the right of estoppel

3. the right of stoppage in transit

4. the right of lien

Q.56 In the insurance business, a contract that provides the holder an income for
a specified number of years or for life is known as:

Ans
1. reinsurance

2. option

3. perpetuity

4. annuity

Q.57 The main objective of ______ is to assist the management in decision-

making.

Ans
1. management accounting

2. financial accounting

3. tax planning

4. cost accounting

Q.58 In a period of falling raw material prices, which of the following methods of
 pricing of material issues will result in highest profit?

Ans
1. FIFO

2. LIFO

3. Simple average

4. Weighted average

Q.59 XYZ Ltd has a factory that works at 75% capacity. Variable costs at this
level are Rs. 2,800, semi-variable costs Rs. 3,240 and fixed costs Rs. 1,920. If
semi-variable costs are expected to rise by 10% between 75% to 95%
capacity utilisation, the budgeted cost for 90% utilisation is:

Ans
1. Rs. 8,520

2. Rs. 8,904

3. Rs. 9,552

4. Rs. 8,844

Q.60 XYZ Ltd has sales of Rs. 9 lakhs with gross margin being 1/6 (one-sixth) of
sales. If opening stock is Rs. 45,000 and inventory turnover ratio is 8 times,
the closing stock for the period is:

Ans
1. Rs. 1,42,500

2. Rs. 2,25,000

3. Rs. 2,12,500

4. Rs. 1,80,000

Q.61 Which of the following items is an expense and debited to the revenue
account for an insurance company?

Ans
1. Premium

2. Reversionary bonus

3. Commission on reinsurance ceded

4. Commission on reinsurance accepted

Q.62 The rule of Caveat Emptor under the Sale of Goods Act, 1930 means that
there is no implied condition or warranty that:

Ans
1. goods supplied under a contract for sale are of good quality or fit for a
particular purpose

2. goods supplied under a contract for sale are free from any charge or
encumbrance in favour of a third party

3. the seller of the goods under a contract of sale has the right to sell the
goods

4. the buyer shall enjoy undisturbed possession of the goods supplied

under a contract of sale

Q.63 Which of the following is NOT recognised as a negotiable instrument under

Section 13 of the Negotiable Instruments Act, 1881?

Ans
1. Bill of Exchange

2. Promissory Note

3. Letter of Credit

4. Cheque

Q.64 Mr. Ajay provides services worth Rs. 30,000 to Mr Bala on 1st November.
The invoice was issued on 20th November and the payment for the same
was received on 1st December. The time of supply for the purpose of GST
is:

Ans
1. 1st December

2. Cannot be stated definitely

3. 1st November

4. 20th November
Q.65 Section 10 (10A) of the Income Tax Act, 1961 deals with exemption relating
to:

Ans
1. death-cum-retirement gratuity

2. retrenchment compensation

3. commutation of pension

4. encashment of earned leave

Q.66 Which of the following is an institutional factor responsible for low

productivity of Indian agriculture?

Ans
1. Poor techniques of production

2. Natural calamities

3. Increasing population pressure

4. Size of land holding

Q.67 A factory employs 20 units of capital and 150 units of labour. When these
numbers increase to 40 and 300 respectively, the production increases from
3000 units to 4500 units. The returns to scale are:

Ans
1. decreasing

2. constant

3. infinite

4. increasing

Q.68 The evidence obtained by an auditor are _______.

Ans
1. complete

2. persuasive

3. conclusive

4. concrete
Q.69 A customer depositing money in a bank has to fill a _____.

Ans
1. docket

2. withdrawal slip

3. pay-in slip

4. cheque

Q.70 Standards for material cost per unit of finished product in a factory are as
given: 10 units @ Rs. 6 per unit. 7000 units of finished product were made
during the period and 75000 units of material were used at a cost of Rs. 8
per unit. The Material Usage Variance is:

Ans
1. Rs. 40,000 (F)

2. Rs. 30,000 (F)

3. Rs. 30,000 (A)

4. Rs. 40,000 (A)

Section : General Knowledge

Q.1 Which pass located in the Himalayan range in the state of Arunachal
Pradesh, connects Arunachal Pradesh with Lhasa?

Ans
1. Asirgarh Pass

2. Shipki La

3. Bomdi La

4. Bara Lacha La
Q.2 The Padshahnama ('Book of Emperors') is a contemporary chronicle
commissioned by which Mughal Emperor?

Ans
1. Babur

2. Shah Jahan

3. Aurangzeb

4. Humayun

Q.3 Which rays are emitted by Cobalt 60, which is used in radiotherapy for
cancer treatment?

Ans
1. Gamma rays

2. Alpha rays

3. X rays

4. Beta rays

Q.4 Who was honoured with ‘India’s most powerful women in media’ award in
September 2019?

Ans
1. Alka Banerjee

2. Kalli Purie

3. Rashmi Sinha

4. Padmasree Warrior

Q.5 Which strait connects Andaman Sea (Indian Ocean) and the South China
Sea (Pacific Ocean)?

Ans
1. Strait of Malacca

2. Sunda Strait

3. Yucatan Strait

4. Palk Strait

Q.6 Google launched a cloud gaming service at the Game Developers

Conference (GDC), San Francisco in March 2019. What is the name of this
 service?

Ans
1. Nixplay

2. Stadia

3. Parsec

4. Vortex

Q.7 What is the unit of measurement of the optical power of a lens?

Ans
1. Lux

2. Candela

3. Lumen second

4. Dioptre

Q.8 Who was the first vice chancellor of the Rani Durgavati University who
also served as the first speaker of Madhya Pradesh Legislative Assembly?

Ans
1. Ram Kishore Shukla

2. Yagya Dutt Sharma.

3. Kapil Deo Mishra

4. Kunji Lal Dubey

Q.9 In November 2019, which state has announced that it would launch
‘Grassroot Olympic – Mission Talent Hunt’, a program to identify the
sports talent in the state?

Ans
1. Bihar

2. Gujarat

3. Assam

4. Haryana

Q.10 Nasir-ud-Din Mahmud was the Padishah of which of the dynasties of the
Delhi Sultanate?
Ans
1. Sayyid

2. Tughlaq

3. Lodi

4. Mamluk

Section : Logical Reasoning/Quantitative Aptitude

Q.1 Select the letter that will come next in the following series.

I, G, K, E, M, ?

Ans
1. A

2. B

3. C

4. D

Q.2 Introducing a man, a woman said, “His wife is the only daughter of my
father”. How is that man related to the woman?

Ans
1. Brother

2. Father–in–law

3. Maternal Uncle

4. Husband

Q.3 Study the given pattern carefully and select the number that can replace
the question mark (?) in it.
Ans
1. 5

2. 7

3. 4

4. 6

Q.4 Select the number that will come next in the following series.

8, 10, 15, 23, 34, 48, ?

Ans
1. 75

2. 55

3. 65

4. 57

Q.5 Read the given statements and conclusions carefully. Assuming that the
information given in the statements is true, even if it appears to be at
variance with commonly known facts, decide which of the given conclusions
logically follow(s) from the statements.

Statements:
All spoons are plates.
All plates are bowls.
Some plates are tumblers.

Conclusions:
I. No tumbler is bowl.
II. Some bowls are spoons.
III. All tumblers are spoons.

Ans
1. Only conclusion II follows.

2. Conclusion III and either conclusion I or II follow.

3. Only conclusion III follows.

4. Either conclusions I or II follows.

Q.6 A man sold an article for Rs. 2,250 and thus lost 10 percent. At what price
should he sell the article to gain 15 percent?

Ans
1. Rs. 2,875

2. Rs. 2,578
 3. Rs. 2,685

4. Rs. 2,785

Q.
7

A
ns 1. 54

2. 50

3. 46

4. 45

Q.
8

An
s
1. 

2. 

3. 

4. 

Q.
9

A
ns 1. 860 km

2. 840 km

3. 820 km

4. 720 km

Q.10 If a number is mistakenly divided by 10 instead of being multiplied by 10,

 then find the percent change in the result.

Ans
1. 95 percent

2. 90 percent

3. 80 percent

4. 99 percent

Section : General English

Q.1 Select the option that can be used as a one-word substitute for the given
group of words.

The art of effective speaking

Ans
1. Phonetics

2. Hyperbole

3. Vocabulary

4. Elocution

Q.2 Select the most appropriate articles to fill in the blank.

Very often ______ brand founded in one part of ______ world is accepted
widely, in another.

Ans
1. the; a

2. a; the

3. a; a

4. the; an

Q.3 Select the most appropriate synonym of the given word.

DEFIANCE

Ans
1. Rebellion

2. Contempt

3. Defeat
 4. Subordination

Q.4 Select the most appropriate option to fill in the blank.

He urged the workers to ______ their rights.

Ans
1. stand up for

2. stand in for

3. stand out for

4. stand down for

Q.5 Select the most appropriate conjunction to fill in the blank.

______ of age, anyone can watch this movie.

Ans
1. Whichever

2. Regardless

3. No matter

4. Whoever

Q.6 Select the most appropriate preposition to fill in the blank.

______ adults ______ kids, all love this game.

Ans
1. For; to

2. By; to

3. From; by

4. From; to

Q.7 Select the most appropriate meaning of the underlined idiom.

I will not workout today as I am feeling a little under the weather.

Ans
1. Bad weather

2. Slightly unwell
 3. Feeling fit

4. Weather not good for workout

Q.8 Select the most appropriate option to fill in the blank.

There is more ________.

Ans
1. to this journey

2. out of this journey

3. to this journeys

4. to these journey

Q.9 Select the correctly spelt word.

Ans
1. Imunnity

2. Immunty

3. Imunity

4. Immunity

Q.10 Select the most appropriate synonym of the given word.

INDELIBLE

Ans
1. Impermanent

2. Flimsy

3. Lasting

4. Erasable