VOCATIONAL TEACHER(ACCOUNTANCY & AUDITING),VHSE SOLVED PAPER 2016

VOCATIONAL TEACHER(ACCOUNTANCY & AUDITING),VHSE

EXAM DATE:6-1-2016
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1.Charging low price in the international market and high price in the home market is called:

A.Discriminating

B.Dumping*

C.Rigging

D.Penetrating

Ans:B

2.The assets bought for long term use are termed as-------assets.

A.Floating

B.Current

C.Tangible

D.Fixed*

Ans:D

3.Notary Public is a ----------appointed by the Government.

A.Legal Practitioner*

B.Registrar

C.Clerk

D.Manager

Ans:A

4.Subscription received in advance during the year is:

A.Asset

B.Surplus

C.Liability*

D.Income

Ans:C

5.Exim Bank was established in the year:

A.1956

B.1983

C.1991

D.1982*

Ans:D

6.Who among the following is popularly known as Father of Cooperative movement?

A.Jawaharlal Nehru

B.Robert Owen*

C.Plato

D.Mahatma Gandhi

Ans:B

7.A bank Draft is drawn by:

A.Customer

B.Trader

C.Bank*

D.RBI

Ans:C

8.Which of the following is the Capital Market Regulator?

A.SEBI*

B.RBI

C.NABARD

D.BSE

Ans:A

9.According to Basel II,The capital adequacy ratio for Banks is:

A.8%*

B.10%

C.25%
D.15%

Ans:A

10.Interest on Drawings is Credited to:

A.Capital

B.Profit and Loss Account*

C.Drawings Account

D.Goodwill

Ans:B

11.Price Discrimination is possible in which of the following market situation?
A.Perfect Competition

B.Pure Competition

C.Monopoly*

D.Oligopoly

Ans:C

12.Sales Revenue is Rs.8,00,000 and P/V Ratio is 40%.Then the amount of Contribution will be:

A.400000

B.320000*

C.600000

D.200000

Ans:B

13.The Consumer Protection Act Was passed in which year?

A.1956

B.1948

C.1981

D.1986*

Ans:D

14.Which of the following Companies Act was passed in India recently?

A.Companies Act 2014

B.Companies Act 2015

C.Companies Act 2013*

D.Companies Act 1956

Ans:C

15.A single legislation to replace various Indirect Tax Legislations is the following:

A.GST*

B.VAT

C.MAT

D.KVAT

Ans:A

16.IFCI was started as a specialized Financial institution in India in the Year:

A.1956

B.1947

C.1991

D.1948*

Ans:D

17.Average clause in a General insurance contract discourages:

A.Under insurance*

B.Over insurance

C.Un insurance

D.Tax evation

Ans:A

18.Opening balance of debtors is Rs.30,000,Cash received from debtors is Rs.6,000,Goods sold to debtors is Rs.40,000,Goods returned by debtors is 1000.What is the closing balance?

A.Rs.76,000

B.Rs.60,000

C.Rs.71,000

D.Rs.63,000*

Ans:D

19.Selling price per Unit is Rs.12,Variable cost per unit Rs.5,Fixed expenses Rs.1,40,000.What will be the BEP?

A.20000 units*

B.25000 units

C.28000 units

D.24000 units

Ans:A

20.Narasimham Committee Report on Financial Sector Reforms was Tabled in Parliament in which of the following years?

A.1992

B.1995

C.1991*

D.1989

Ans:C

21.Total sales of an organization is Rs.5,00,000 and Margin of safety is Rs.2,00,000.Calculate Break Even sales:

A.Rs.7,00,000

B.Rs.3,50,000

C.Rs.2,00,000

D.Rs.3,00,000*

Ans:D

22.Wages paid for installing an asset is to be debited to--------Account.

A.Asset*

B.Trading

C.Profit and Loss

D.Wages

Ans:A

23.In Resposibility Accounting,each area o activity is treated as a:

A.Profit Centre

B.Cost Centre

C.Revenue Centre

D.Investment Centre

Ans:--------

24.When Impurted costs are deducted from Accounting profit,we will get:

A.Net Profit

B.Gross Profit

C.Economic Profit*

D.Explicit Cost

Ans:C

25.If a Company issued Rs.5,00,000 worth of Equity and Rs.15,00,000 worth of Debt Capital,Its Capitalization is said to be:

A.Over capitalized

B.High Geared*

C.Low Geared

D.Under Capitalized

Ans:B

26.The Life Insurance corporation of India was incorporated in which year?

A.1947

B.1948

C.1950

D.1956*

Ans:D

27.-------enbles Indian investors to make investments in foreign companies.

A.ADR

B.GDR

C.IDR*

D.OPTION

Ans:C

28.The rate at which The RBI provides refinance to Commercial Banks is:

A.Repo*

B.Reverse Repo

C.CRR

D.SLR

Ans:A

29.Section  80 D of Indian Income Tax Act deals with:

A.Medical treatment of spouse

B.Investment in Government Bonds

C.Interest on Housing loan

D.Medical Insurance Premium*

Ans:D

30.Transfer of shares to legal heirs on death of shareholderis called:

A.Nomination

B.Assignment

C.Transmission*

D.Endorsement

Ans:C

31.Liquidation is not required in:

A.Merger

B.Internal Reconstruction*

C.Acquisition

D.Amalgamation

Ans:B

32.Method of doing an activity is called:

A.Technology

B.Model*

C.Performance

D.Execution

Ans:B

33.---------replaces Central Planning Commission.

A.GST

B.IFRS

C.MAT

D.NITIAYOG*

Ans:D

34.The Malayalam Novel’OHARI is authored by

A.K.L.Mohanavarma*

B.M.T.Vasudevan Nair

C.M.Mukundan

D.C.Radhakrishnan

Ans:A

35.On winding up,the Statement of affairs is prepared by:

A.Registrar

B.Liquidator*

C.Company

D.Court

Ans:B

36.Writing off intangible Asset is called:

A.Amortization*

B.Depreciation

C.Revaluation

D.Elimination

Ans:A

37.Under-------method of stores issue, the issue price reflects the current market price:

A.FIFO

B.LIFO*

C.HIFO

D.Average

Ans:B

38.--------------clause is included in contracts to makeup the increase in the cost of materials,labour or other expenses.

A.Escalation*

B.Bonus

C.Addition

D.Cancellation

Ans:A

39.Maslow’s Need hierarchy Theory is based on:

A.Organisational Needs

B.Market Needs

C.Human Needs*

D.Government Needs

Ans:C

40.In the case of New Products---------Method of pricing is most suitable.

A.Cost Plus

B.Monopoly

C.Mark Up

D.Penetration*

Ans:D

41.Arbitraging is-----Activity.

A.Unfair

B.Punishable

C.Legal*

D.Unlawful

Ans:C

42.Which of the following is not an offence under Income Tax act?

A.Tax Evasion

B.Income concealment

C.Tax avoidance*

D.Over charging Depreciation

Ans:C

43.NIFTY is based on the value of scrips Listed in:

A.National Stock Exchange*

B.OTCEI

C.Bombay Stock Exchange

D.Cochin Stock Exchange

Ans:A

44.Fire Insurance Contract is a contract of:

A.Assurance

B.Indemnity*

C.Loss

D.Wager
Ans:B

45.Mr.A entered in to a Contract with Mr.B for the sale of a building for Rs.20 Lakhs.Before the execution date,the building collapsed due to earth quake.Then ,the contract is:

A.Valid

B.Enforceable

C.Voidable

D.Void*

Ans:D

46.Nephew of Mr.X is missing.He gave a public promise that any one who can find the missing nephew and informing him will be paid an amount of Rs.10,000.Mr.Y the servant of Mr.X,without knowing the promise,fetch the boy and handed over to Mr.X .Then,Mr.X refuses to pay the promised amount.In this case which of the following statement is correct?

A.Mr.Y is not entitled to get the amount*

B.Mr.Y is entitled to get the amount

C.Mr.Y can sue and get the amount

D.Nephew is to pay the amount

Ans:A

47.MBP stands for

A.Member Broker Plans

B.Management backed Project

C.Multi Banking Partner

D.Maximum Borrowing Power*

Ans:D

48.Errors in totaling and balancingis an example of:

A.Error of Omission

B.Error of Commission*

C.Compensating Errors

D.Error of Principle

Ans:B

49.SAP stands for:

A.Standard Auditing Practices*

B.Standard Accounting Practices

C.Sectional Accounting Practices

D.Sectional Auditing Practices

Ans:A

50.Recording transaction in the ledger is called:

A.Book-keeping

B.Accouting

C.Posting*

D.Balancing

Ans:C

51.Which of the following is a direct  expense?

A.Rent

B.Salaries

C.Interest

D.Wages*

Ans:D

52.Unpaid salaries account is a --------Account

A.Personal*

B.Real

C.Nominal

D.None of these

Ans:A

53.Assets which loose their volume due to usage is called-----------Assets.

A.Depleting*

B.Intangible

C.Fictitious

D.Floating

Ans:A

54.When two persons make identical offer to each other,without having knowledge of each other’s offer,then it is case of:

A.General Offer

B.Specific Offer

C.Counter Offer

D.Cross Offer*

Ans:D

55.Consent is free when it is caused by:

A.Coercion

B.Fraud

C.Undue influence

D.Free will*

Ans:D

56.Mr.P agrees to pay Rs.5,000 to Mr.S if it rains and Mr.S promise to pay Rs.5,000 to Mr.P if it does not rain,this agreement is an example of:

A.Voidable

B.Contingent Contract

C.Wagering Agreement*

D.Quasi contract

Ans:C

57.General Offer can be accepted by:

A.Any person*

B.The promise only

C.The promise or his agent

D.None of these

Ans:A

58.General Lien can be exercised by:

A.Agent

B.Unpaid Seller

C.Finder of Lost Goods

D.Banker*

Ans:D

59.Audit conducted by the employees of the organization is called:

A.Interim Audit

B.Internal Audit*

C.Vouching

D.Local Audit

Ans:B

60.The first general meeting of a company is called:

A.Statutory meeting*

B.Annual general meeting

C.Extra ordinary general meeting

D.Board meeting

Ans:A

61.-----------Company is a company created by a special Act in Parliament:

A.Government

B.Registered

C.Chartered

D.Statutory*

Ans:D

62.IPO Stands for:

A.Initial Public offer*

B.International Public offer

C.Indian Public Offer
D.Initial Private Offer

Ans:A

63.The Excess money collected over the face value of shares shall be credited to:

A.Reserve capital

B.Security Premium*

C.Capital Reserve

D.Calls in advance

Ans:B

64.The share capital account is debited with------------while forfeiting shares

A.Calls in arrears

B.Called up capital*

C.Paid up capital

D.Issued capital

Ans:B

65.Security Premium cannot be used for:

A.Writing off premliminary expenses

B.Issuing Bonus Shares

C.Writing off discount on issue of shares

D.Redeem Preference Shares*

Ans:D

66.A Qualified Report is issued by the Auditor when he is:

A.Dissatisfied with the Audit*

B.Satisfied with the Audit

C.Paid his remuneration

D.A qualified auditor

Ans:A

67.Annual audit is otherwise known as:

A.Internal Audit

B.Interim Audit

C.Partial Audit

D.Periodical Audit*

Ans:D

68.Which of the following is a Social Network?

A.Chrome

B.Twitter*

C.Fire fox

D.Internet Explorer

Ans:B

69.List of detailed instructions that direct a computer is called:

A.Execution

B.Control

C.Programme*

D.Storage

Ans:C

70.The acronym CRT stands for:

A.Computer Radio Technology

B.Cathode Ray Tube*

C.Colour Ray Tube

D.Computer Ray Tube

Ans:B

71.The validity of a cheque is -----------from the date of its issue.

A.9 months

B.6 months

C.12 months

D.3 months*

Ans:D

72.The market where securities are issued for the first time is called--------market

A.Primary*

B.Secondary

C.Local

D.Grey

Ans:A

73.The process of converting the physical form of shares in to electronic form is called:

A.Rematerialisation

B.Dematerialisation*

C.Coding

D.Decoding

Ans:B

74.Bombay Stock Exchange was established in the year:

A.1785

B.1795

C.1875*

D.1865

Ans:C

75.The first Co-operative Act was passed in India in the year:

A.1904*

B.1901

C.1961

D.1912

Ans:A

76.Trial Balance will detect:

A.Errors of Principle

B.Compensating Errors

C.Partial omission*

D.Complete omission

Ans:C

77.Double entry system of Accounting was propounded by:

A.Luca Paciolli*

B.Chankya

C.Peter Drucker

D.Confucios

Ans:A

78.20% profit on sales price means--------on cost

A.33%

B.25%*

C.15%

D.30%

Ans:B

79.Process costing method is used for:

A.Transport services

B.Printing Press

C.Textile units*

D.Soap making

Ans:C

80.Ratio of Net income to Number equity shares is known as:

A.Net Profit Ratio

B.Current Ratio

C.Earnings per share*

D.Dividend per share

Ans:C

81.Who among the following was called The Jhansi Rani of Travancore by Mahatma Gandhi?

A.Ammu Swaminathan

B.Akkamma Cheriyan*

C.Aruna Asif Ali

D.Captain Lakshmi

Ans:B

82.The Travancore State Congress was formed in the year:

A.1938*

B.1937

C.1936

D.1939

Ans:A

83.One among the co-founders of League of Opressed People was:

A.Poyikayil Yohannan

B.Ayyankali

C.Chembaka Raman Pillai*

D.Vaikom Abdul Khadar Maulavi

Ans:C

84.The Kerala Kaumadi news paper was started by:

A.Dr.Palpu

B.G.K.Pillai

C.C.Kesavan

D.C.V.Kunji Raman*

Ans:D

85.The first President of Nair Service Society was:

A.K.Kelappan*

B.Mannath Padmanabhan

C.G.K.Pillai

D.C.Krishna Pillai

Ans:A

86.A.B selam was a famous:

A.Muslim leader

B.Jew leader*

C.Christian leader

D.Nair leader

Ans:B

87.The pattini March from Kannur to Madras in 1936 was led by:

A.E.M.S.Nambuthiripad

B.P.Krishnapillai

C.A.K.Gopalan*

D.G.Sankaran Nair

Ans:C

88.Swanthanthrya Gatha was written by:

A.G.Sankarakuruppu

B.Vallathol

C.Ulloor

D.Kumaranasan*

Ans:D

89.The Channar Agitation achieved its objectives in the year:

A.July 1859*

B.November 1859

C.September 1859

D.December 1859

Ans:A

90.The Church Mission Society was founded in 1821 by:

A.Arnos Pathiri

B.Bingle Tab

C.Benchamin Baily*

D.Herman Gundert

Ans:C

91.Literary criticism in Malayalam Literature was initiated by:

A.Joseph Mundassery

B.M.P.Paul

C.P.K.Narayanapillai

D.Raja Raja Varma*

Ans:D

92.To which of the following political parties does Tejashwi Prasad belong?

A.Bharthiya Janatha Party

B.Rashtriya Janatha Dal*

C.Samajwadi Party

D.Biju Janatha Dal

Ans:B

93.Which among the following state is known as the Denmark of India?

A.Punjab

B.Hariyana*

C.Bihar

D.Himachal Pradesh

Ans:B

94.Orange Book is the Official Book of which of the following Countries?

A.Netherland*

B.France

C.China

D.Portuguese

Ans:A

95.The first Opposition leader of the Kerala Legislative Assembly was:

A.C.H.Muhammed koya

B.R.Sankar

C.Pattom A.Thanupillai

D.P.T.Chacko*

Ans:D

96.The National Food Security Act 2013 became law on:

A.September 9,2013

B.September 17,2013

C.September 12,2013*

D.September 22,2013

Ans:C

97.Floid MayWeatherJr,the famous Boxing Player belongs to which Country:

A.Cuba

B.West Indies

C.Canada

D.United States of America*

Ans:D

98.The Anglo Indian Nominee to the 16^th Loksabha from Kerala is:

A.Richard Hay*

B.George Baker

C.Ludy Louis

D.Edward Edezhath

Ans:A

99.By which constitutional Amendment in 1986 was the State of Mizoram created:

A.63^rd Amendment

B.57^th Amendment

C.53^rd Amendment*

D.66^th Amendment

Ans:C

100.Mahakavi Vallathol established Kerala Kalamandalapr at Cheruthuruthy in:

A.1925

B.1930*

C.1932

D.1934

Ans:B