KVS PGT Commerce Previous Year Paper and Solution 2018 PDF

KVS PGT Commerce 2018 Paper, Detailed solution, HTET, DSSSB, NVS, UP TGT PGT COMMERCE Preparation

KVS PGT Commerce Question Paper – 2018 PDF

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PGT Commerce Previous Year Question Paper with Answer

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KVS PGT COMMERCE SOLVED PAPER 2018

1. Which one is not a role of public sector?

A. Development of infrastructure

B. Development of profitearning capabilities

C. Checking over-concentration of economic power

D. Expanding exports of the country

2. Which one is a strategic HR initiative for managing shortages?

A. Reduce outsourced work

B. Employee training

C. Switch to variable pay plan

D. Subcontract work to another company

3. Which one is not a characteristic of ‘Coordination’?

A. It is a continuous process.

B. It is responsibility of all managers.

C. It is an essence of management.

D. It considers organisational goals and does not consider individuals goals.

4. Which one of the following statements is true?

A. There is no separate law that governs sole proprietorship.

B. The owner of a sole proprietorship has limited liability.

C. Joint Hindu Family Business is controlled by all adult members of the family.

D. The liability of all members of Joint Hindu Family Business is unlimited.

5. Which one of the following is not correct?

A. Partnership is the relation between persons who have agreed to share the profits of the business carried on by any one of them. 

B. The partners bear the risks involved inrunning a business as a team.

C. A partnership firm is not legally requiredto publish its accounts.

D. According to section 464 of the Companies Act, 2013, maximum number of partners in a partnership firm can be 100.

6. Garden Limited forfeited 450 shares of ` 10p each, issued at a premium of ` 1 each, on which ` 8 (including premium) was called and ` 6 (including premium) was paid. 350of these shares were re-issued for ` 7 each as ` 8 paid up. What amount shall be credited to Capital Reserve Account?

 A. ` 1,300

 B. ` 1,400

C. ` 1,500

D. ` 1,600

7. ‘Fund Flow Statement’ is a study of:

A. Change in Profitability

B. Change in Investments

C. Change in Working Capital

D. Change in Cash Position

8. The first Stock Exchange in Asia was set-upin 1875 at:

A. Tokyo

B. Shanghai

C. Beijing

D. Mumbai

 9. During a period of inflation a liability account which has a constant balance will show? 

A. A purchasing power loss, if the item is a non-monetary liability

B. A purchasing power gain, if the item is a monetary liability

C. A purchasing power loss, if the item is a monetary liability

D. A purchasing power gain, if the item is a non-monetary liability.

10. The Actual name of World Bank is:

A. International Bank

 B. International Bank for Regulation and Development

C. International Bank for Development

D. International Bank for Reconstruction and Development

 11. Ankit draws a bill on Bhawana for ` 60,000. Ankit endorses it to Charu in settlement of ` 70,000 at a discount of 2% and the balance in cash. If the bill is dishonoured on the due date, by what amount will Charu debit Ankit?

 A. ` 61,400

B. ` 60,000

C. ` 70,000

D. ` 68,600

12. Job costing is:

A. Highly repetitive

B. Applied when the material and labour cost can be identified by order number

C. Not applied in plants making specialised industrial equipments

 D. Applied where at different sites large-scale contracts are carried out

13. Which one is a function of cost accounting?

 A. To provide information about the profit or loss of the business as a whole

B. To provide information about the unit costs and profits/losses of different product lines

 C. To record the value of plant and machinery

D. To provide information about economic resources and obligations of a business

14. ` Opening stock 85,000 Purchases 3,07,000 Wages 48,000 Interest on loan 28,000 Closing stock 90,000 Cost of goods sold will be ………….. .

A. ` 4,00,000

 B. ` 3,00,000

C. ` 3,20,000

D. ` 3,50,000

15. ‘Treasury Bill’ is an instrument of short-term borrowing maturing in a period of less than one year’. It is used by:

A. State Government

 B. Central Government

 C. Commercial Bank

 D. Non-Banking Finance Companies

 16. Cattle breeding farms, poultry farms and fish hatchery come under which type of industries?

A. Extractive industries

B. Secondary industries

 C. Genetic industries

 D. Processing industries

17. Which of the following principle is applicable in the contract of life insurance?

A. Insurable Interest

B. Subrogation

C. Indemnity

D. Contribution

18. Meena draws a bill on Parveen on August 29, 2018 for 1 month. The due date of the bill will be:

A. October 1, 2018

 B. October 2, 2018

C. September 29, 2018

 D. October 3, 2018

19. Anil endorsed a bill for ` 10,000 in favour of Chinki. This bill was drawn on Bijender. On The due date, the bill was honoured byBijender. On due date, which account will be debited by Bijender in his books?

A. Bills Receivable Account

 B. Bills Payable Account

C. Chinki’s Account

D. Anil’s Account

20. During the year 2017-18, the Net Profit of a company is ` 7,00,000 after incorporating the following: ` Gain on sale of Non-current Investments 1,00,000 Premium on Redemption of Preference shares 15,000 Depreciation on Furniture and Fixtures 2,00,000 Patents written off 3,00,000 3 Loss on sale of Fixed Assets 4,00,000 The net inflow of cash from operating activities will be:

A. ` 9,15,000

 B. ` 15,15,000

 C. ` 7,00,000

D. ` 5,95,000

21. A machine was purchased on April 1, 2017 for ` 10,00,000 and on October 1, 2017, a new machine was added for ` 4,00,000. Calculate the balance of ‘Machine Account’ as on March 31, 2018, if depreciation is charged @ 20% p.a. on Diminishing Balance method.

A. ` 11,20,000

B. ` 13,20,000

C. ` 11,60,000

 D. ` 12,00,000

22. Which one is true?

A. Advertising strategy has the element of creating advertising messages.

B. Advertising strategy is not concerned with selecting advertising media.

 C. Marketing mix does not consider ‘Price’.

 D. Market means the place where goods and services are sold and rendered.

23. The Government of India implemented the ‘Goods and Services Tax’ in the country from:

A. January 1, 2017

B. April 1, 2017

C. July 1, 2017

 D. November 9, 2016

 24. Which one is correct?

 A. Rent, lighting and supervision cost are common costs.

 B. ‘Joint Costs’ cannot be apportioned only by adopting a basis of apportionment

 C. Cost ascertainment does not involve allocation and apportionment of the expenditure to the cost centres.

D. Production cost does not include the cost of the primary packing of the product

 25. ‘It is a market where low risk, unsecured and short-term debt instruments, that are highly liquid, are issued and actively traded everyday.’ This market is known as:

A. Primary Market

 B. Secondary Market

C. Money Market

D. Capital Market

26. Which of the following is not kind of ‘Social Responsibility of Business’?

 A. Professional Responsibility

B. Discretionary Responsibility

C. Ethical Responsibility

D. Economic Responsibility

27. A decision to issue new Debentures is:

 A. Capital Budgeting Decision

 B. Operating Decision

C. Financing Decision

 D. Investing Decision

28. Which one is correct?

A. Personality never changes.

B. Openness to experience is a personalitydimension that characterises someone interms of imagination, sensitivity and curiosity.

C. Personality is the sum total of ways inwhich an individual reacts to others but does not interact with others.

 D. The fit between personality type andoccupational environment does not determine turnover.

29. Which one is correct?

 A. Trade credit is a cost-free source of finance.

 B. Trade credit involves implicit cost.

C. With the increase in the firm’s purchases, trade credit decreases if other things remains the same.

D. Increase in deferred income reduces the firm’s liquidity.

 30. Analysis of comparative financial statements include:

 A. Common Size Statements

 B. Cash Flow Analysis

C. Trend Analysis

D. Horizontal Analysis

 31. Which one is not the purpose (objective) of analysis of financial statements?

 A. to assess the current profitability andoperational efficiency of the firm

 B. to judge the ability of the firm to repayits debt

C. to show financial position through balance sheet and profitability through profit &loss account

D. to identify the reasons for change in the profitability financial position of the firm:

32. ‘Income and Expenditure Account’ is prepared by ‘Not-for-Profit Organisation’ on:

 A. Cash basis

B. Receipts basis

C. Expenditure basis

D. Accrual basis

33. Which one is not the purpose of Cost Accounting?

A. product decisions

 B. ascertain the financial position of business

C. operational planning and control

D. making special decision about ‘make or buy’

34. Which of the following medium in universal, portable and inexpensive, but has its own limitations in terms of storage capacity and speed?

A. Optical Disk

 B. Hard Disk

C. Floppy Disk

 D. R.A.M.

35. The charter of a company is its …………. .

 A. Statement in lieu of prospectus

 B. Memorandum of Association

C. Articles of Association

D. Prospectus

36. When computing the purchasing power gain or loss on net monetary items, which of the following accounts is classified as nonmonetary?

A. Allowance for uncollectible accounts

 B. Accumulated depreciation of equipment

 C. Advances to unconsolidated subsidiaries

D. Unamortized premium on bonds payable

 37. A machine is purchased for ` 3,00,000 and its salvage value, after its useful life of 9 years, will be ` 30,000. Repairing expenses of the machine at the end of 4th year will be ` 20,000. What will be the rate of depreciation per annum under straight line method?

A. 11.11%

 B. 10%

C. 9.37%

D. 10.94%

 38. Reshma has returned goods worth ` 10,000 to Rajesh as she found them defective. Which document is to be prepared by Rajesh for the same?

A. Debit Note

B. Credit Note

 C. Invoice

 D. Cash Memo of ` 10,000

 39. A company purchased assets of ` 10,00,000and issued 10% debentures of ` 8,00,000 tothe vendors as consideration. While recordingthe above transaction in Journal, the balance of ` 2,00,000 will be credited to ………… .

 A. Goodwill A/c

 B. Profit & Loss A/c

C. General Reserve

D. Capital Reserve

40. Dividend is usually paid on:

 A. Issued Capital

 B. Paid-up Capital

C. Called-up Capital

 D. Authorised Capital

 41. Which one is not a feature of global enterprises?

A. Huge capital resources

B. Advanced technology

C. Product innovation

D. Responsibility for creating regional balance

42. Which of the following is not a mode of liquidation of a company?

 A. Compulsory winding-up by the court

 B. Voluntary winding-up by the members

C. Winding-up under the supervision of Court

D. Winding-up by the Directors

43. Profit after tax for the year ending March 31, 2018 amounted to ` 5,40,000 which showedan increase of 50% over the profit after taxfor the previous year. The profit after tax for the previous year amounted to:

A. ` 3,50,000

 B. ` 3,40,000

C. ` 3,60,000

D. ` 3,30,000

44. “As the firms that outsource seek to lower their costs, they try to get maximum benefit from the low-cost manpower of the host countries.’’ Which concern of outsourcing does this statement signify?

 A. Confidentiality

B. Sweat-shopping

 C. Resentment in the home countries

D. Ethical concerns

45. Which one is a human cause for business risks?

 A. Political disturbances like fluctuation in exchange rate

 B. Uncertainty relating to collection of dues from customers

 C. Stoppage of work due to power failure

 D. Heavy rains

46. Capital structure of a company related with:

 A. Shareholders’ Funds

 B. Long term Debts, Preference Share Capital and Equity Capital

 C. Debentures and Loans

 D. Total Assets less Liabilities

 47. Dinesh Software Limited forfeited 200 shares of ` 100 each (` 60 called up) issued at par to Kareena on which she had paid ` 20 per share. Out of these, ` 150 shares were reissued to Rajni for ` 45 per share as ` 60 paid up. Amount to be transferred to Capital Reserve will be:

A. ` 750

 B. ` 2,250

 C. ` 6,750

D. ` 3,000

48. Which one is true?

A. Management does not satisfy all the requirements of a profession

B. Management is considered a two-tier activity

 C. Planning can prevent problems

D. Organising function examines the activities and resources required to formulate the plan

49. Trade discount is allowed at the time of:

A. Sale of goods.

 B. Receiving the payment for sale of goods.

 C. Receiving the payment before due date.

 D. Making payment for purchase of goods.

 50. Which of the following is not a benefit of e-Business?

A. Customer-Satisfaction

B. Convenience

C. Personal touch

D. Global reach

51. Which of the following quality certification is used for electrical goods?

A. FPO

B. AGMARK

 C. ISI

D. HALLMARK

52. There are some query types that are requiredfor generating the accounting reports. Whichof the following is not a query type?

 A. Data Query

 B. Simple Query

C. Parameter Query

D. Summary Query

53. Voucher prepared for the transaction withmultiple debits and multiple credits is knownas:

A. Complex Voucher

B. Debit Voucher

C. Credit Voucher

 D. Compound Voucher

 54. Group of instructions that directs computer is known as:

A. Data

 B. Storage

C. Memory

 D. Program

 55. The ‘Reserve Bank of India’ was established in:

A. 1934

 B. 1935

C. 1936

D. 1947

56. Which one is correct, in modern marketing sense?

 A. ‘Market’ refers to the place where buyers and sellers gather to enter into transactions.

B. ‘Market’ refers to a set of actual and potential buyers of a product or service.

 C. Marketing is same as ‘shopping’.

D. Marketing is only a post-productionactivity.

57. An initiative launched by the Government of India on September 25, 2014 with the major objectives of ‘Job Creation’ and ‘Skill Enhancement’ in 25 sectors of the economy. What is the name of that initiative?

 A. Ujjwala Yojana

 B. One Nation-One Tax

C. Make in India

D. Skill India

58. Which one is false?

A. Controlling is monitoring organisational performance.

 B. Directing involves leading, influencingand motivating employees.

C. Organising does not consider allocating resources to carry out a specific plan.

D. Staffing is finding the right people for the right job.

 59. Which one is a characteristic of transformational leaders?

A. Gives personal attention, treats each employee individually, coaches, advises.

B. Intervenes only if standards are not met.

C. Is willing to take on high personal risk, incurr high costs.

 D. Promises rewards for good performance, recognizes accomplishments.

60. Which one is true?

 A. Accounting involves only the recording of business transactions.

B. A transaction which increases the capital is called ‘Income’.

C. The value of human resource is shown as an asset in the balance sheet.

 D. Accounting is a service function.

61. An aggrieved consumer can lodge a complaint to ‘State Consumer Commission’, if the value of goods or services in question, alongwith compensation:

A. is more than ` 1 crore

 B. is more than ` 20 lakhs but does not exceed ` 2 crore

C. is less than ` 20 lakhs

D. is more than ` 20 lakhs but does not exceed ` 1 crore

62. The portion of the capital which can be called only at the time of winding up of the company is known as ……………. .

 A. Uncalled capital

B. Subscribed capital

C. Reserve capital

 D. Nominal capital

63. Which one of the following statements is not appropriate for ‘Provision’?

 A. Creation of provision satisfies the principle of conservatism.

B. Provision is a charge against profits.

 C. Provision is created for known liability.

D. Provision is created for strengthening the financial position of the business.

64. Which one of the following relates to trait theories of leadership?

 A. Specific behaviours differentiate leaders from nonleaders.

 B. Employee-oriented leader takes a personal interest in employees’ needs.

 C. The theory provides a set of rules todetermine the form and amount of decision making in different situations.

D. Theory that considers personal qualities and characteristics

65. Which of the following is not an element of computer system?

A. Internet

B. Hardware

C. Software

D. People

66. Which one is true?

 A. Financial statements reflect current situation.

B. Assets shown in the balance sheet reflect expired cost.

 C. Balance sheets disclose informationrelating to loss of markets.

D. Financial statements do not containqualitative information.

 67. Which one is a characteristic of charismatic leaders?

A. Abdicates responsibilities, avoides making decisions.

 B. Intervenes only if standards are not met

C. Engages in behaviours that are perceivedas novel.

D. Watches and searches for deviations fromrules and standards, takes correct action.

68. Which of the following is not a method of creating query in Access?

 A. Wizard Method

B. Text Method

C. Design Method

 D. SQL Method

69. Shree Limited purchased a machine for ` 40,00,000. Payable as 25% in cash andbalance by the issue of 8% debentures of ` 400 each at a premium of 20%. How manydebentures are issued to vendor?

A. 6,250

 B. 6,500

C. 6,750

D. 7,000

70. Which one is correct?

A. Any amount of funds can be generated through trade credit.

B. Factoring does not create any charge on the assets of the firm.

 C. Rate of interest offered on public deposits are usually lower than that offered on bank deposits.

 D. Convertible debentures can be converted before the expiry of a specified period.

71. Which one is false?

A. Sub-fields of accounting are bookkeeping, financial accounting and management accounting.

B. There exists a wide gulf between accounting and economics.

C. Accounting means recording transactions and events, not their interpretation

D. Materiality Principle is an exception to the Full Disclosure Principle.

72. Which of the following is not a function of Financial Market?

A. Facilitating Housing Loan

B. Facilitating Price Discovery

C. Providing Liquidity to Financial Assets

D. Reducing the Cost of Transactions

 73. Cash collected from Debtors would be deemed as …………. .

 A. Source of funds

 B. Application of funds

C. Increase of funds

D. No flow of funds

 74. The industry which combines various ingredients into a new product is known as:

A. Analytical industry

B. Synthetical industry

C. Processing industry

 D. Assembling industry

75. Which of the following is not a limitation of computer system?

 A. Lack of Decision making

B. Lack of speed

C. Lack of commonsense

 D. Zero IQ

 76. Which one is a true statement?

A. A group of firms in an industry followingdifferent strategies is called strategic group.

B. Strategic planning is the process of developing and maintaining a strategic fit between the organisation’s goals andcapabilities.

C. Marketing strategies cannot become outdated for a long period.

 D. Strategic planning involves developing a strategy for short-run survival.

77. Which one of the following is a false statement?

A. Human Resource (HR) activities are not the sole responsibility of the HR specialists.

 B. HR functions are not confined to business establishments only.

 C. HRM (Human Resource Management) assumes that it is the people who make the difference.

D. HRM does not necessitate alignment of HR Policies with the Organisation’s Strategies.

78. Which of the following is not a characteristic of Management?

A. Management is all pervassive.

B. Management is multidimentional.

C. Management is a tangible force.

 D. Management is a group activity.

79. Downward communication is not used to:

 A. Explain policies and procedures

 B. Provide feedback about the progress toward goals

 C. Point out problems that need attention

D. Assign goals

80. Which one is true?

A. Accounting is a social scienc.

B. Economic life of an enterprise is artificially split into periodic intervals inaccordance with the Going ConcernAssumption

C. The assets are classified as current assets and fixed assets in accordance withAccounting Period Assumption.

D. Revenue is generally recognised at the point of sale in accordance with the matching principle.