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. On dissolution of a firm, realisation account is debited with a) Cash received on sale of assets b) All assets to be realised c) All outside liabilities of the firm d) Any asset taken over by one of the partners 2 / 40 2. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? a) After making the payment to third party for their loans as well as partners loans b) After making the payment to third party’s loans c) After making the payment of partners in respect of their loans d) Before making the payment of partners in respect of their loans 3 / 40 3. Which of the following is a final expenditure? a) Computer purchased by a school b) Vegetables purchased by a restaurant c) Milk purchased by a tea-maker d) Scooter purchased by a dealer 4 / 40 4. A firm’s value added is equal to : a) Profit b) Sales + Intermediate consumption c) Sales – Intermediate consumption d) Sales 5 / 40 5. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Capital A/c of Partners b) Realisation A/c c) Loan by Partner A/c d) Cash A/c 6 / 40 6. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Bank Account b) Partners Capital Accounts c) Realisation Account d) Sundry Debtors Account 7 / 40 7. Which of the following is a flow concept? a) GDP at MP b) Capital Formation c) Change in stock d) All of the above 8 / 40 8. Which of the following is transferred to Realisation A/c? a) Balance of Reserves b) Patents A/c c) Balance of Cash A/c d) Balance of Profit and Loss 9 / 40 9. At the time of dissolution of firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets : a) After making the payment of loans given by third party b) Before the payment of loans given by third party c) After making the payment of balance of Capital Accounts of partners d) After making the payment of Outside Liabilities but before payment of Capital 10 / 40 10. Domestic income is greater than National Income if a) NFIA is negative b) NFIA is positive c) NFIA is zero d) None of these 11 / 40 11. In which condition a partnership firm is deemed to be dissolved? a) On expiry of the period of partnership b) On retirement of a partner c) On loss in partnership d) On a partner’s admission 12 / 40 12. Which of the following is not in intermediate goods for a farmer? a) Seeds b) All of these c) Fertilizer d) Tractor 13 / 40 13. Which of these is not a component of operating surplus? a) Rent b) Royalty c) Interest d) Wages 14 / 40 14. The Drawbacks of Barter system: a) lack of transfer of value b) lack of measure of value c) all of these d) lack of standard of deferred payments 15 / 40 15. 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) after payment of outside liabilities or capital b) after payment of outside liabilities but before repayment of capital c) after payment of capital of partners d) before payment of outside liabilites 16 / 40 16. Supply of money refers to quantity of money: a) during a fiscal year b) during a period of time c) at a particular point of time d) as on 31st March 17 / 40 17. Old age pension given by Government of India comes under: a) Factor Income b) Domestic Factor Payment c) Current Transfer d) Capital Transfer 18 / 40 18. Which of the following is not a normal resident of a country? a) A branch of WHO in India. b) An American tourist in India c) An Indian working in WHO situated in India d) An Indian working in American Embassy 19 / 40 19. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Outside Creditors b) Partner’s Loan to Firm c) Partner’s Capital d) Partner’s additional capital 20 / 40 20. Which of these is not an example of leakage? a) Imports b) Taxes c) Intermediate goods d) Savings 21 / 40 21. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Partner's Capital A/c b) Creditors A/c c) Cash A/c d) Realisation A/c 22 / 40 22. While estimating national income, depreciation is measured from: a) Intermediate goods b) Final Goods c) Durable Consumer goods d) Capita Goods 23 / 40 23. 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) Partner's Capital A/c d) Realisation A/c 24 / 40 24. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) Gaining Ratio b) In capital ratio c) In Profit sharing ratio d) Equally 25 / 40 25. A person of an institution who normally resides in a country and whose economic interest lies in that country is known as: a) Normal Resident of a country b) Citizen of the country c) Non- resident of a country d) Non Citizen of the country 26 / 40 26. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Liabilities A/c b) Asset A/c c) Realisation A/c d) Partner’s Capital A/c 27 / 40 27. Which of the following is not a component of NFIA a) Net income from property and enterpreneurship b) None of these c) Net compensation of employees d) Net retained earnings from abroad 28 / 40 28. When the value of same output is counted more than once while measuring national income it results: a) Less Measurement of National Income b) Correct Measurement of National Income c) More Measurement of National Income d) None of these 29 / 40 29. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 6% p.a. simple interest b) None of these c) 6% p.a. compound interest d) 12% simple interest 30 / 40 30. Which of these is transfer income? a) Rent b) Gifts received from abroad c) Wages d) Profit 31 / 40 31. Which of these is not transfer payment? a) Scholarship b) Indirect Tax c) None of these d) Subsidies 32 / 40 32. GDPfc = GDPmp + …………………. a) NFIA b) NIT c) Indirect Tax d) Depreciation 33 / 40 33. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Realisation A/c b) Cash A/c c) Profit and Loss A/c d) Patents A/c 34 / 40 34. Which of the following is intermediate product? a) Wheat used by flour mill b) Machine purchased by a firm c) Wheat used by household d) Pulses purchased by consumers 35 / 40 35. Find out factor payment from the following: a) Old age pension b) Subsidies c) Income tax d) Profit 36 / 40 36. Depreciation means: a) Loss in fixed assets due to normal wear and tear b) Destruction of a factory due to fire c) Loss in fixed assets due to earthquake d) Shut-down of a factory due to strike 37 / 40 37. Which of the following is also known as domestic factor income? a) NNPmp b) GDPfc c) NNPfc d) NDPfc 38 / 40 38. 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) GDP at constant Price c) GDP at Current price d) National Product 39 / 40 39. Court can make an order to dissolve the firm when : a) Firm is running legal business b) Continued future profits are expected c) Some partner has become unsound mind d) Partnership deed is fully followed 40 / 40 40. On Dissolution, Goodwill Account is transferred to a) In the Capital Account of Partners b) On the Credit side of Realisation A/c c) On the Debit side of Realisation A/c d) On the credit side of Cash A/c Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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