(Entrance Examination)- 2011

M.Com.

N
01. Entrepreneurship is a feature of:
(l) Industry only (2) Trade only

IO
(3) Business only (4) Selling only
(l) *ifiT (2)
(2)
06. Which of the following is a source of revenue

AT
(3)
for business?
02. Industry creates : (l) Sales (2) Advertisement
(l) Fonn utility (2) Time utility (3) Transport (4) Insurance
(3) Place utility (4) Ownership utility
N t?
CE
03. Fishing comes under : 07. Which of the following is not an element of
(l) Extractive industry commerce?
(2) Genetic industry (l) Buying (2) selling
(3) Service industry (3) Warehousing (4) Production
ER

(4) Continuous industry

7-6t?
M

04. Foreign trade includes : 08. 'Production and consumption go side by side'.
(l) Exporting It is related to :
M

(2) Importing (l) Service (2) Mining

(3) Re-exporting (3) Agricultrue (4) Fishing
(4) Exporting and Importing both
CO

t:
(l) fmfa (2)

09. Direct motivation is a feature of :

(l) Partnership (2) Sole proprietorship
(3) Joint ventrue (4) Company
05. Which of the following is not a feature of busi-
ness ?
(l) Regularity (2) Uncertainty
(3) Irregularity (4) Risk
(23)
 :
15. Selling is an element of
10. Personal control is a feature on : (2) Publicity
(1) Sole proprietorship (l) Advertising (4) Manufacturing
(2) partnership (3) Trade
(3) Cooperatives
(4) private company (2)
(4) fiqfrr
(3)
feature or partner-
16. Which ofthe following is a
(3)
Which of the following is the oldest from of (l) Continuity of existence

N
business organisation ? (2) Creation of law
(l) Company (2) Public company (3) Artificial person

IO
(3) Partnership (4) Sole Proprietorship (4) Agreement

AT
(2) (3)%fiq
17. The minimum number of members for part-
12. For hich form of business organisation, there nership is :
is no separate legislation in India?
(l) Sole proprietorship
(2) Partnership
(3) Company
N (3) 10
CE
(4) Cooperative enterprise
(3) 10
18. Uncertaintyofexistence is a feature of:
afi t? (l) Public company
(2) Private comfrany
ER

(4) (3) Partnership

13. Which of the following is not a feature ofsole (4) Public company limited by shares
proprietorship?
(l) Individual ownership
M

(2) Individual management

(3) Unlimited liability
(4) Mutual benefit
M

=rfit? 19. In India, the present companies Act was en-

forced in :
CO

(l) 1947 (2) 1951

(3) 1956 (4) 1957
14. Business includes :
( l) Commerce
(2) Industry (l) 194ft (2) 1951ä
(3) Trade (3) (4) 1957Ä
(4) Industry and Commerce 20. The partner who does not have the right to par-
ticipate in the management ofthe firm is called:
(l) General partner (2) Sleeping partner
(3) Special partner (4) Nominal partner
(24)
 25. Section 2 (28) of the companies Act defines :
(l) Prospectus
(2) Articles of Association
(3) Memorandum of Association
(4) Company
21. Which of the following is a characteristic of a 2( 28 )
company?
(l) Limited capital t:
(2) Limited expansion
(3) Liniited managerial ability

N
(4) Limited liability 26. Cartel is a combination of :
(1) Distributors (2) Wholesalers
(3) Retailers (4) Produces

IO
AT
22. Which of the following documents is called the
charter of the company? 27. 'Pool' was born in :
(l) Memorandumof Association (l) USA (2) Germany
(3) England (4) Canada
(2) Prospectus
(3) Articles of Association
(4) Certificate of Incorporation
N
CE
28.. 'Cartel' was born in :
(l) USA (2) Germany
(3) Japan (4) France
ER

23. The maximum number ofmembers in a private

company is : (l)
(2) 50 (4)
(3) 75 (4) 100 29. Chamber ofCommerce is a from of :
M

(l) Federation (2) Consolidation

(3) Association (4) Amalgamation
M

(l) 25 (2) 50
(3) 75 (4) 100
(4)
The meeting which is convened once in the life
CO

of the company is called : 30. Holding company is a form of :

(i) Meeting of creditiors (l) Trade Union (2) Federation
(2) Annual general meeting (3) Trust (4) Consolidation
(3) Extra-ordinary meeting
(4) Statutory meeting
(3) (4)
31. Circular combination is synonym of :
(l) Mixed combination(2) Allied combination
(3) Parallelcombination (4) Process combination
(25)
 qqfq t :
(4) 3fiÄrrtt
32. Which of the following is not a feature ofcom- 37. Universality is a principle or:
bination? (l) Management (2) Combination
(l) Association (3) Rationalisation (4) Pool
(2) Common purpose
(3) Flexibility (l)

N
(4) Comprehensive process

F.W.Taylor was born in :

IO
38.
(l) France (2) USA
(3) England (4) Germany

AT
33. Which of the following is not a feature of man-
agement?
(l) Human activity 39. "Science, not rule of thumb." It is a principle
(2) A process of:
(3) A movement for reforms
(4) A social process N
7fi t?
(l) Seienctific Management
(2) Rationalisation
(3) Combination
CE
(4) Traditional Management
aq•trÄl" t:
34. Which of the following is considered the es-
sence or management?
ER

(3)
(l) Planning (2) Coordination 40. Which of the following is related to planning
(3) Directing (4) controlling and controlling both?
(l) Policy (2) Strategy
(3) Budget (4) Rule
M

(2)
M

35. Middle level management includes :

(l) Board of Directors
(2) Managing Director 41. Who can be a manager?
CO

(3) Branch Manager (l) Person (2) Trust

(4) Superintendent (3) Company (4) Minor

(2)

36. Top managementincludes : 42. Which of the following is an untrue statement?

(l) Supervisor (l) Managementis a discipline
(2) Foreman (2) Managementis a process
(3) Deputy Manager (3) Managementis an open system
(4) Chiefexecutive officer (4) Managementis a closed system
(26)
 49. 'Division of work' is related to :
(I) Planning (2) organisation
(3) Directing (4) Selection
43. Planning is a function of :
(l) Managing (2) Organising
(3) Leading (4) Contorlling

N
50. 'Principle of delegation' is related to :
(l) Organisation (2) Planning

IO
(3) Motivation (4) Controlling
44. Which is the last function of management?
(l) Planning (2) Controlling
(3) Leading (4) Organising

AT
(l) 51. Who is responsible for performing planning
function?
(l) Shareolder (2) Manager
45. Which is a single-use plan? (4) Outsider
(l) Rules
(3) Budget
(2) Policies
(4) Goals
N(3) Worker
CE
(2)
(2) $1fi•qi
(3)
52. Who has coined the term POSDCORB for
Unityordirection means : managerial functions?
ER

(l) Receiving order from one superior only (l) LutherGulick (2) R.C. Davis
(2) One head, one plan (3) Ernest Dale (4) George R. Terry
(3) Chain of superiors POSDCORB
(4) Centralisation
M
M

53. Which is the oldest form of organisation

structue?
(l) Line organisation
CO

47. An act ofcoming to a conclusion means : (2) Functional organisation

(1) Planning (2) Policy (3) Matrix organisation
(3)Strategy (4) Decision (4) Committee organisation

(4) fiuf7TR (3) (4) qfifi

'Structure of relationship's is related to : 54. Functional organisation was propounded by :
(J ) Controlling (2) Organisation (l) henri Fayol (2) Peter F. Drucker
(3)Communication (4) Motivation (3) F.W.Taylor (4) Theo Haiman
(27)
 59. Which ofthe following not g part ofmanage-
KTtT rial direction?
(2) (2) Communication
(l) Leadership
(3) Motivation (4) Training
SS. Who has propounded theory 'Z' ? P#rq
(l) A. H. Maslow
f*qfäftg«
(2) WillainGOuchi
(3) Mc Gregor (4) Frederickherzberg

(3)

N
(3) (4) 60. An agreement is a combination of:
56. In India, who has authority to amend Compa- (l) Offer + Acceptance

IO
nies Act? (2) Offer + Obligation
( I ) Company Law Board (3) Offer + Consideration
(2) parliament (4) Offer + Two parties
(3) State Assembly

AT
(4) Ministry of Law & companyAffairs

61. 'Somethingin return' is ralated to :

(l) Offer (2) Acceptance
(2)
N (3) Free consent (4) Consideration
CE
Which of the following is not related to a com-
rnny? 62. A contract with a minor is :
(l) Common seal (l) Voidable (2) Void
(4) Illegal
ER

(2) Perpetual succession (3) Valid

(3) Citizenship
(4) Atlificial person t:
M

(2) 63. Coercion comes under :

(l) Consideration (2) Offer
M

(3)
58. Which of the follovting is not related to a pri- (3) Free consent (4) Undue influence
vate company ?
CO

(l) Restriction on transfer of shares

(2) Issue of prospectus
(3) Lirnitation of membership
(4) Annual general meeting

64. Agreements in restraint of trade is :

(l) Void (2) Voidable
(J) FTta0T (3) Valid (4) Illegal

(4) qrqr;q

(28)
 Sale of Goods Act came into existencc in :
65. The
(l) 1872 (2) 1930
(4) 1956
(l)
(3) 1932
(3) 194" (4) 1950
71. Which function is not performed by the Re-
(2) serve Bank or India?
(4) 195(Å (i) Credit control
'Conditions' is related to : (2) Issue of currency
(l) Contract Act (2) Sale of Goods Act (3) Banker's Bank

N
(3) Companies Act (4) Partnership Act (4) Receiving public deposits

IO
(2) Ä-rftr4

AT
(4) 3fifi-qq
67. 'The principle of caveat emptor' protects the :
(l) Buyer (2) Seller 72. Which of the following is not the quantitative
technique ofcredit control?
(3) Creditor
%-aT
(4) Debtor
ft•qi7'
(2)
: N (l) Bank Rate
(2) Open Market Operations
(3) Moral suasion and Publicity
CE
(4) Cash Reserve Ratio
68. 'Holder in due course' is related to :
(I) Contract Act
ER

(2) Partnership Act

(3) Negotiable Instruments Act
(4) Consumer ProtectionAct
urt' t :
M

73. In which year 6 major commercial banks were

nationalised in India?
(l) 1980
M

(2) 190
33füfiqq (3) 1986
(4)
69. What is the number of parties to a promissory
CO

note?
(l) 1980it (2)
(4) 10 (3) (4)
74. The Banking Regulation Act was passed in :
(l) 1947 (2) 1949
(4) 10 (3) 1951 (4) 1956
in :
The Reserve Bank of India Act was passed
(l) 1930 (2) 1934 (l) 1947 (2) 1949
(4) 1956 (3) 1951 (4) 1956
(29)
 NABARD was set up in : 79. According to money measurement concept,
(2) 1971 which one of the following will the recoreded in
(3) 1982 (4) 1986 the books of account or business?
(l) healthof the Managing Director
(2) 1971 (2) quality of companies products
(3) 19S2 (4) 1986 (3) value of plant and machinery
76. Accounting principles are generally based on : (4) team spirit of 'organisation'
( ) practicability
(2) subjectivity

N
(3) convenlence in recording
(4) All the above

IO
(3)qiz
(4) trq
80. In the case ofa debt becoming bad, the amount

AT
should be credited to :
(l) Debtor'sAccount (2) bed Debts Account
77. The practice ofappending notes regarding con- (3) Sales Account (4) Cash Account
tingent liabilities in accounting statements is
in pursuance of:
(l) convention to consistency
(2) Inoney measurement concept
N
CE
(.3)convention of coservatism
(4) convention of disclosure 81. The return of goods by a customer should be
debited to :
(l) Customer'sAccount
ER

(2) Sales Returns Account

qftqat
(3) Goods Account
(4) Purchase Account
(3) firet gr(T
M

(4) qfrq•rét
78. The convention ofconservatism, when applied
M

to balance sheet resuits in :

(4) urä
(l) understatementol' assets
of liabilities 82. Cash Disount allowed to a debtor should be cred-
(2) understatement
ited to :
CO

(3) overstatetnent of capital

(4) understatement of capital (l) Discount Account
(2) Customer's Account
qfiqrtt
(3) Sales Account
(4) Sales Returns Account

(2) 7dft4Fäf

(30)
 The amount of salary paid to Suresh should be 87. An amount of Rs. 200 received from P credited
debited to : to Q would affect :
(I) The acoount of Suresh (l) P's Account
(2) Salaries Account (2) Q's Account
(3) Cash Account (3) Bothe P' s Account and Qs Accounts
(4) Trading Account (4) Cash account
p@vrq 200

N
IO
84. The determination ofexpenses for an account- 88. In the case of Independent Branch, the Head

AT
ing period is based on the principle of: Office Account maintained by the Branch is of
(l) Objectivity (2) Materiality the nature ora :
(3) Matching (4) Periodicity (l) Real Account
(2) personal Account

N
(3) Nominal Account
(4) None of the above
CE
85. In the case of gold, revenue is recognised in the
accounting period in which gold :
(l) is mined (2) is sold
(4) is exported 89. Under foreign Branch Revenue Items should
ER

(3) is delivered
be convertedat :
(l) Opening Rate of Exchange
(2) Closing Rate of Exchange
(3) Average Rate of Exchange
M

(4) highest Rate of Exchange

M

86. Revenue is said to be earned :

(2)fi%q
CO

(I) when sales are made

(2) when goods are manufactured
(3) when goods are delivered
(4) when cash is realised 90. 'Goods sent by head Office to the branch, not
received by the branch are credited by the Head
Office to :
(l) Branch Account
(2) fäqr
(2) Goods - in - transit Account
(3) Trading Account
(4) profit and Loss Account
(31)
 i, vrq

(2) Ü(TGTaral
(4) arg-oft
91. Branch Account undcr Debtors' System is :
(l) Real Account (2) Personal Account 95. The cost of goods sold on hire- purchase is
(3) NotninalAccount (4) None of the above transferred to :

N
(l) Sales Account
(2) purchases Account
(3) Hire Purchase Trading Account

IO
92. In case of hire purchase, asset account is deb- (4) Balance Shect
ited with :
(l) Hire Purchase Price

AT
(2) Cash Price
(3) Cost Price to the seller
(4) Cash Price Plus interest

N 96.
(4) RET
Sales are equal to
(l) Cost of goods sold + Profit
CE
(2) Cost of goods sold —Gross Profit
(3) Gross Profit —Cost of goods sold
(4) Cost of goods sold + Purchases
ER

93. In case of hire purchase, the buyer charges

depreciation on :
(l) Hire PurchasePrice of Asset
(2) Cash Price ofAsset
M

(3) Cash Price plus Interest

(4) Highest of the above
97. Assets appearing in books but having no value
M

are knownas :
(l) Wasting assets (2) Intangible assets
(3) Current assets (4) Fictitious assc,s
CO

94. In case of Instalment System, total interest re-

ceivable by seljer is credited to :
(l) Interedst Suspense Account 98. Income earned and collected results in :
(2) Interest Account (l) Increase in asset and increase in capital
(3) Sales Account (2) Increase in asset and decrease in
capital
(4) Asset Account (3) increase in asset and decrease
in liability
(4) Decrease in asset and increase
in liability
(32)
 7rq, 102. What is the amount ofclosing stock when :
opening stock = Rs. 4,500
cost of goods sold = Rs. 54,500
Purchases= Rs. 60,000
(l) Nil (2) Rs. 19,000
(3) Rs. 9,000 (4) Rs. 10,000

99. Which of the following transactions results in = 4,500 F.

increase of assets and increase in owner's eq- 54,500 F.

N
uity?
60,000 F.
(l) Shares issued for cash
(2) 19,000 F.

IO
(2) A dividend declared
(3)Purchase of own debentures for cash (3) 9,000 F. (4) 10,000 F.
(4) Bonus shares issued 103. Which of the following-accounts mostly begins
with an opening balance ?

AT
(l) Receipt and Payment Account
(2) Income and Expenditure Acount
(3) Project and Loss account
(4) All the above

100.Lifeinsurance premiums received by an in-

N(l)yft
CE
surance company should be classified as :
(l) Earned asset (3)«tq-vfi
(2) Liability
ER

(3) Prepaid expense

(4) Unearned rgvenue 104. When capital at the end is Rs. 50,000 in the
beginning Rs. 47,500and fresh capital intro-
duced Rs. 7,500; then the amount of profit or
M

loss is :
(l) Rs. (2) Rs. 5,000 (profit)
(3) Rs. 5,000 (loss) (4) None of thess
50,000 F.
M

101. Stock should include : :

(l) Goods held as security 47 ,500 7 ,soo
(2)Goods held by business as consignee
CO

(3) Goods with customers for approval on sale

(l) 10,000 (7N) (2) 5,000 (7rq)
-()r returri basis
(4)Goods sold but not yet delivered (3) 5,000 (6) (4)
105. Single entry system is defective because :
(l) Trial Balance cannot be prepared
(2) Trading and Profit & Loss Account cannot
(3)qra be prepared
(3) balance sheet can not be prepared
(4) Any one of above cannot be prepared
(33)
 109. Leasehold property is generajly depreciated by:
(l)a-aqz (l) Annuity method
(2) Fixed Instalment method
(3) Reducing Balance method
(4) Insurance Policy method

qT?Tr t :
106. Under annuity method, the amount ofdeprecia-

N
tion is :
(1) fixed for all years
110. Under the straight Line method of chargihg

IO
(2) increasing every year
(3) decreasing every year depreciation depreciation is calculated.
(4) fluctuating from year to year (l) original cost
(2) original cost plus scrap value

AT
(3) original cost minus scrap value
(4) Written Down value

107. In sinking fund method ofdepreciation, which

ing depreciation?
(l) Asset A/c
N
of the following accounts is debited for provid-
CE
(2) Profit and Loss A/c
(3) Profit and Loss Appropriation A/c
(4) Sinking Fund A/c 111. Which of the following is capital nature?
(l) Purchase of a truck by a company
ER

(2) Replacement ofold tyres and tubes ofa truck

(3) Cost of repairs of a truck
(4) All the above
M

(l)öq$t
108. Accumulated Depreciation A/c is shown in the'
M

final accounts : (3)

(l) on the liability side of the Balance Sheet
(2) on the debit side of profit and loss A/c 112. Cost ofair conditioning the office of the mao-
CO

(3) by deducting from the related asset acoount aging director is :

in the Balance sheet (l) Capital expenditure
(4) on the credit side of the Profit and Loss A/c (2) Revenue expenditure
(3) Deferred revenue expenditure
(4) None of the above

(2) ffaz

(4)arq-(Tfi ifzz
(34)
 116. X, Y and Z are partners in a firm. If B is to
Which of the following receipts is of.capital
ngture ?
(l) Amount realized from sale of old furniture
(2)Amount received from debtor whose ac-
count was previously written off as bad debt
(3)Amountof interest received from bank on
fixed deposit
(4) Amount realised from debtors
be
admitted as a new partner, then
(l) old partnership has to be dissolved
(2) old firm has to be dissolved
(3) both, old partnershipand firm have to be
dissolved
(4) neither firm nor partnership need to be dis-
solved

N
t?

IO
(l) (TNT

AT
(3) (TNT
121
—• —
117. X, Y and Zare partners in the ration of
following is not capital expendi-
| 14. Which of the
what will be the new ration of the remaining
ture?
(l) Cost of issuing shares
(2) Wages paid for construction of building
(3) Repair charges of second hand machinery
N
partners if X retires ?
CE
newly purchased 121
(4) Purchase of new spak plug at a cost of Rs. X, Y rratZ
50 tor two year old car
ER

118. Sacrificing ration is used at the time of :

(l) admissionof a partner
M

50 F. (2) retirement of a partner

(3) death of a partner
(4) dissolution of firm
115. Expensesincurred on research and develop-
M

ment is an example of :
(l) Capital expenditure
CO

(2)Revenue expenditure
(3) Deferred revenue expenditure
(4)None of the above

119. New profit sharing ratio is calculated at the

time of :
(l) admission of a partner
(2) retirement of a partner
(3) death of a partner
(4) All the above

(35)
 123. The minimum share application moneyis
t: (l) Rs. 2 share
(2) 5% of the nominal value of share
(3) 10% of the nominal value of share
(4) 20% ofthe nominal value of share

120. At the time ofadmission ofa new partners, Good-

N
will raised should be written offin :
(l) New profit sharing ratio (3) 10%

IO
(2) Old profit sharing ratio 20%
(3) Sacrificing ratio 124. Right shares means the shares which are :
(4) Gaining ratio (l) issued to directors of a company
(2) first offered to the existing shareholders

AT
(3) first offered to debenture holders
(4) issued by a newly formed company

N
121. On dissolution of firm, an amount realised from
CE
the unrecorded asset is credited to : (4) -a-Qr
(l) Revaluation Account 125. Any balance in the Share Forfeiture Account
(2) Realisation Account after all the forfeited shares are reissued
(3) Cash Account should be :
ER

(4) Profit and Loss Account (l) added to the paid up Capital
(2) transferred to Goodwill Account
(3) transferred to Capital Reserve Account
M

(2) (4) Shown in the Balance Sheet under the head-•

ing Share Forfeiture Account
122. Loss arising from insolvency of a partner is to
y-:$f-rfq-q
M

be born by other partners :

(l) equal
CO

(2) in the ration of their capital

(3) in the profit sharing ratio
(4) in the ratio decided by the court

126. Capital Redemption Reserve Account is avail-

able for :
(l) redemptionofredeamable preferenceshares
(2) redemption of redeemable debentures
(3) reorganisation of share capital
(4) Trä (4) issue of bonus shares
(36)
 •
(2) qqz

127. Ifpreference shares are redeemed at premiume, 131. Holding company is a form of:
then such premium may be prövided out of: (l) Trade Union (2) Federation

N
(3) Trust (4) Consolidation
(l) Share Premium Account
(2) Proceeds of fresh issue of shares

IO
(3) Share Forfeiture Account (2)
(4) Capital Redemption Reserve Account (3) (4)
operat-
131. Which ofthe following items is not an

AT
ing expenses?
(l) office expenses (2) postage
(3) selling overheads (4) interest

128. Which of the following is not a feature ofman-

N (l)
(3) 3qfi . (4)
(2)

132. When opening stock is R.s.50,000 closing

CE
agement?
(l) Human activity stock Rs. 60,000 and cost of goods sold Rs.
the stock turnover ratio is :
(2) A process (2) 3 times
(l) 2 times
(3) A movement for reforms (4) 5 times
(3) 4 times
ER

(4) A Social process 50 ,OOO

7fit?
60,000 F.
M

129. Which of the following is nota feature ofcom-

bination ?
M

(l) Association
133. Which ofthe followingtransactions change the
(2) Common purpose
current ratio?
(3) Flexibility (I) Purchase of goods for cash
CO

(4) Comprehensive process (2) Plant acquired on account

(3) Goods sold on credit
(4) debentures converted into equity capital

130. Circular combination is synonym of: (l) tqa

(l) Mixed combination
(2) Allied combination
(3) Parallel combination
(4) Process combination
(37)
 Given : Current Ratio 2: Newworking capi- 138. When audit is conducted at regular or irregu-
tal Rs. 60,000. What is the amount of current lar intervals throughout the year, it is called
liabilities? as:
(l) Rs. 30,000 (2) re. 60.600 (l) Interim audit (2) Internal audit
(3) Rs. 90.900 (4) Rs. (3) Continuous audit (4) Statutory audit

60,600 F.t

N
(l) 30,300 F. (2) 60,600 F.
(3) 90,900 F. (4) 1, 21,200 F. 139. Which of the following is feature of partner-

IO
135. Gross Profit Ratio is the ratio of:
(l) Gross Profit to net total sales (I) Continuity of existence
(2) Gross Profit to net credit sales (2) Creation of law
(3) Artificial person

AT
(3) Gross Profit to net cash sales
(4) Gross Profit to capital employed (4) Agreement

N 140. Selling is an element of :

(l) Advertising (2) Publicity
CE
(3) Trade (4) Manufacturing
136. Which of the f0110"ing is known as backbone
of auditing?
(l) Veritication of Assets
(3)
ER

(2) InternalCheck
-141. Business includes:
(3) Vouching (l) Commerce
(4) Internal Audit (2) Industry
M

(3) Trade
(4) Industry and commerce
M

131. Compliance of statutory requirements is the (3) (4) 3ü1T

major concern of : 142. Which of the following is not a feature ofsole
CO

(l) InternalAudit (2) InternalControl proprietorship?

(3) InternalCheck (4) ExternalAudit (l) Individual ownership
(2) Individual management
(3) Unlimited liability
(4) Mutual benefit

7'fit?
(4)

(38)
 Which of the following is not a source of fonds?
f'&Cd -urf%T
(l) Purchaseof machinery
(2) Pmfit earned during the year f%ar arå•rrr?
(3)Issue of share capital (l) (qrvrrq it
(4) Long term loan raised
(3)
(4) ;rtf
148. Which method ofcosting is used in Motor Car
144. How many heads of income are there in the Industry?
IncomeTaxAct, 1961? (I) Operating Costing (2) Process Costing

N
(l) Three (2) Four (3) MultipleCosting (4) Job Costing
(3) Five (4) Six

IO
1 961

AT
149. Machine Hour Rate is a method of absorption
145. Under the Income Tax Act, 1961 the maximum of:
marginal rate of tax for an individual is : N (l) Factory overheads
(l) 50% (2) Administration overheads
(3) 3(P/0 (4) 20% (3) Selling overheads
1961 (4) Distribution overheads
CE

(l) 50% (2) 40%

(3) 30% (4) 200/0
ER

146.MedicalAllowance under salary head is :

(l) Fully taxbale (2) Partly taxable
(3) Exempt (4) Deductible 150. In a cost-sheet stock of work in progress is
M

adjusted at the stage of:

(2) (l) PrimeCost (2) Works Cost
(3) Cost of Production(4) Cost of Sales
(3)
M

147. Incomeaccruing from the business situated in

Pakistan is included in the taxable income of:
CO

(l) Resident (ordinarily resident) assessee

(2) Not ordinarily resident assessee
(3) Non-Resident assessee
(4)None of the above

(39)
 Answer sheet- 2011

21. 41.
12. 32. 42.
33. 43.
14. 24. 34. 44. 2

N
15. 25. 35. 45.
16. 26. 36. 46.

IO
27.
18. 28. 38. 48.
19. 39. 49.
29.

AT
10. 20. 30. 40. 50.

61. 71. 81. 91.

92.
52.
53.
54.
63. N72.
73.
74.
82.
83.
84.
93.
94.
95.
CE
55. 65. 75. 85.
56. 66. 76. 86. 96.
57. 67. 77. 87. 97.
58. 68. 78. 88. 98.
ER

69. 79. 89.

60. 70. 80. 90. 100.
M

121. 131. 141.

101.
102. 112. 122. 132. 142.
M

103. 113. 123. 133. 143.

104. 114. 124. 134.
105. 115. 125. 135. 145.
CO

106. 116. 136. 146.

107. 117. 127. 137. 147.
108 118. 128. 138. 148.
109. 119. 129. 139. 149.
120. 130. 140. 150.

Notes :-The question is hose answer is marked by * is cancelled by University.

(40)