CUET Business Studies Test 1 19/12/2022 One Mark Solution CUET 0 /40 3 12345678910111213141516171819202122232425262728293031323334353637383940 CUET Business Studies Test 1 NameEmail 1 / 40 1. At the time of dissolution of firm, at what stage the balance of Partner’s Capital Account are paid? a) Before payment of loan by partner b) After payment of Outsider's Liabilities c) After payment of Outsider's Liabilities and Partner's Loan d) Before Payment of Outside Liabilities 2 / 40 2. Supply of money refers to quantity of money: a) at a particular point of time b) during a fiscal year c) during a period of time d) as on 31st March 3 / 40 3. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In capital ratio b) Gaining Ratio c) Equally d) In Profit sharing ratio 4 / 40 4. Court can make an order to dissolve the firm when : a) Continued future profits are expected b) Firm is running legal business c) Partnership deed is fully followed d) Some partner has become unsound mind 5 / 40 5. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Cash A/c b) Profit and Loss A/c c) Realisation A/c d) Partner's Capital A/c 6 / 40 6. The Drawbacks of Barter system: a) all of these b) lack of transfer of value c) lack of measure of value d) lack of standard of deferred payments 7 / 40 7. Which of the following is transferred to Realisation A/c? a) Patents A/c b) Balance of Cash A/c c) Balance of Profit and Loss d) Balance of Reserves 8 / 40 8. Which of these is transfer income? a) Wages b) Rent c) Gifts received from abroad d) Profit 9 / 40 9. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Partner’s additional capital b) Partner’s Loan to Firm c) Partner’s Capital d) Outside Creditors 10 / 40 10. Which of the following is not the mode of dissolution of the firm? a) On Happening of an Event b) Dissolution by Court c) Retirement of a Partner d) By Mutual Agreement 11 / 40 11. Which item from the following will be included in national income? a) Expenditure on the maintenance of building b) Expenditure on the construction of building c) Interest payment by employees on loan given from employer d) Employees contribution to the social security schemes 12 / 40 12. Which of the following is leakages? a) Import b) Investment c) Export d) Both Export and Import 13 / 40 13. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Loan by Partner A/c b) Capital A/c of Partners c) Cash A/c d) Realisation A/c 14 / 40 14. Corporation tax is not a component of : a) Private income b) Personal Income c) National Income d) Domestic Income 15 / 40 15. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Partners Capital Accounts b) Realisation Account c) Bank Account d) Sundry Debtors Account 16 / 40 16. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Realisation A/c b) Profit and Loss A/c c) Cash A/c d) Patents A/c 17 / 40 17. Whom does this story revolve around? a) the ironman b) the crofter c) the crofter and his daughter d) the Peddler- the Rattrap seller 18 / 40 18. Which of the following is not a component of NFIA a) None of these b) Net income from property and enterpreneurship c) Net retained earnings from abroad d) Net compensation of employees 19 / 40 19. Money supply includes: a) currency with the bank b) only time deposits in banks c) only demand deposits in banks d) All deposits in Bank 20 / 40 20. Who regulates money supply? a) Planning Commission b) Central Bank c) Government of India d) Commercial Bank 21 / 40 21. Old age pension given by Government of India comes under: a) Factor Income b) Capital Transfer c) Domestic Factor Payment d) Current Transfer 22 / 40 22. On firm’s dissolution, which one of the following account should be prepared at the last? a) Partner’s Loan Account b) Cash Account c) Realisation Account d) Partner’s Capital Accounts 23 / 40 23. In which condition a partnership firm is deemed to be dissolved? a) On retirement of a partner b) On loss in partnership c) On a partner’s admission d) On expiry of the period of partnership 24 / 40 24. While estimating national income, depreciation is measured from: a) Durable Consumer goods b) Intermediate goods c) Capita Goods d) Final Goods 25 / 40 25. Which of the following is not a normal resident of a country? a) An American tourist in India b) An Indian working in WHO situated in India c) An Indian working in American Embassy d) A branch of WHO in India. 26 / 40 26. Which of the following is a flow concept? a) GDP at MP b) All of the above c) Capital Formation d) Change in stock 27 / 40 27. Which of these is not a component of operating surplus? a) Rent b) Interest c) Royalty d) Wages 28 / 40 28. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? a) After making the payment of partners in respect of their loans b) Before making the payment of partners in respect of their loans c) After making the payment to third party for their loans as well as partners loans d) After making the payment to third party’s loans 29 / 40 29. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Realisation A/c b) Liabilities A/c c) Partner’s Capital A/c d) Asset A/c 30 / 40 30. If the money value of final goods and services produced by normal residents of a country in a year, measured at the prices of the current year then it is called as: a) Real GDP b) National Product c) GDP at Current price d) GDP at constant Price 31 / 40 31. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Creditors A/c b) Partner's Capital A/c c) Realisation A/c d) Cash A/c 32 / 40 32. At the time of dissolution of firm, loan given by partner to the firm is paid out of the amount realised on sale of assets a) before payment of outside liabilites b) after payment of capital of partners c) after payment of outside liabilities or capital d) after payment of outside liabilities but before repayment of capital 33 / 40 33. Change in stock will be negative when: a) Closing Stock < Opening Stock b) Opening Stock = 0 c) Closing Stock = 0 d) Closing Stock > Opening Stock 34 / 40 34. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Realisation A/c b) Cash A/c c) Partner's Capital A/c d) Profit and Loss A/c 35 / 40 35. Which of the following is included in national income? a) Sale of bonds by a company b) Interest payment on loan by households to banks c) None of these d) Expenditure on transportation by a firm 36 / 40 36. Medicine supply to the Earthquake victim in India by British Government is : a) Net factor Income from abroad b) Capital Transfer c) Factor Income d) Current Transfer 37 / 40 37. Which of the following is not in intermediate goods for a farmer? a) All of these b) Seeds c) Fertilizer d) Tractor 38 / 40 38. Why does the Peddler knit up various thoughts? a) because of his optimistic nature b) because of greed c) because he loved fairy tales d) because of loneliness during travelling 39 / 40 39. Which of the following is also known as domestic factor income? a) NNPfc b) GDPfc c) NDPfc d) NNPmp 40 / 40 40. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 6% p.a. compound interest b) 6% p.a. simple interest c) 12% simple interest d) None of these Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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