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 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 2 / 40 2. 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 balance of Capital Accounts of partners b) After making the payment of Outside Liabilities but before payment of Capital c) Before the payment of loans given by third party d) After making the payment of loans given by third party 3 / 40 3. 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 but before repayment of capital d) after payment of outside liabilities or capital 4 / 40 4. Which of the following is leakages? a) Both Export and Import b) Import c) Investment d) Export 5 / 40 5. Which item from the following will be included in national income? a) Interest payment by employees on loan given from employer b) Expenditure on the construction of building c) Expenditure on the maintenance of building d) Employees contribution to the social security schemes 6 / 40 6. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Realisation A/c b) Creditors A/c c) Cash A/c d) Partner's Capital A/c 7 / 40 7. Which of the following is a final expenditure? a) Computer purchased by a school b) Vegetables purchased by a restaurant c) Scooter purchased by a dealer d) Milk purchased by a tea-maker 8 / 40 8. While estimating national income, depreciation is measured from: a) Intermediate goods b) Final Goods c) Capita Goods d) Durable Consumer goods 9 / 40 9. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Profit and Loss A/c b) Partner's Capital A/c c) Realisation A/c d) Cash A/c 10 / 40 10. Money supply includes: a) currency with the bank b) only demand deposits in banks c) only time deposits in banks d) All deposits in Bank 11 / 40 11. What does the rattrap seller resort to, at times, make his both ends meet? a) drug peddling b) thievery and begging c) robbery d) selling cookies 12 / 40 12. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) Equally b) In capital ratio c) In Profit sharing ratio d) Gaining Ratio 13 / 40 13. Which of the following is intermediate product? a) Wheat used by flour mill b) Machine purchased by a firm c) Pulses purchased by consumers d) Wheat used by household 14 / 40 14. Find out factor payment from the following: a) Profit b) Income tax c) Subsidies d) Old age pension 15 / 40 15. Which of these is not an example of leakage? a) Imports b) Taxes c) Intermediate goods d) Savings 16 / 40 16. Whom does this story revolve around? a) the Peddler- the Rattrap seller b) the crofter c) the ironman d) the crofter and his daughter 17 / 40 17. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Asset A/c b) Realisation A/c c) Liabilities A/c d) Partner’s Capital A/c 18 / 40 18. 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) After making the payment to third party’s loans c) After making the payment to third party for their loans as well as partners loans d) Before making the payment of partners in respect of their loans 19 / 40 19. A firm’s value added is equal to : a) Sales b) Sales + Intermediate consumption c) Profit d) Sales – Intermediate consumption 20 / 40 20. Which of these is not a component of operating surplus? a) Interest b) Royalty c) Rent d) Wages 21 / 40 21. GDPfc = GDPmp + …………………. a) NFIA b) Indirect Tax c) Depreciation d) NIT 22 / 40 22. Which of the following is not the mode of dissolution of the firm? a) By Mutual Agreement b) Dissolution by Court c) On Happening of an Event d) Retirement of a Partner 23 / 40 23. On firm’s dissolution, which one of the following account should be prepared at the last? a) Realisation Account b) Cash Account c) Partner’s Capital Accounts d) Partner’s Loan Account 24 / 40 24. Depreciation means: a) Destruction of a factory due to fire b) Shut-down of a factory due to strike c) Loss in fixed assets due to earthquake d) Loss in fixed assets due to normal wear and tear 25 / 40 25. At the time of dissolution of firm, at what stage the balance of Partner’s Capital Account are paid? a) Before Payment of Outside Liabilities b) After payment of Outsider's Liabilities and Partner's Loan c) After payment of Outsider's Liabilities d) Before payment of loan by partner 26 / 40 26. When the value of same output is counted more than once while measuring national income it results: a) More Measurement of National Income b) Less Measurement of National Income c) Correct Measurement of National Income d) None of these 27 / 40 27. Which of these is transfer income? a) Gifts received from abroad b) Wages c) Profit d) Rent 28 / 40 28. Old age pension given by Government of India comes under: a) Current Transfer b) Domestic Factor Payment c) Capital Transfer d) Factor Income 29 / 40 29. Why does the Peddler knit up various thoughts? a) because of his optimistic nature b) because of loneliness during travelling c) because of greed d) because he loved fairy tales 30 / 40 30. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Bank Account b) Sundry Debtors Account c) Partners Capital Accounts d) Realisation Account 31 / 40 31. Which of the following is transferred to Realisation A/c? a) Balance of Cash A/c b) Balance of Reserves c) Balance of Profit and Loss d) Patents A/c 32 / 40 32. In the absence of partnership deed, interest on capital is allowed at the rate of: a) None of these b) 6% p.a. compound interest c) 12% simple interest d) 6% p.a. simple interest 33 / 40 33. Court can make an order to dissolve the firm when : a) Firm is running legal business b) Partnership deed is fully followed c) Continued future profits are expected d) Some partner has become unsound mind 34 / 40 34. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NFIA will be less than zero b) GNPmp will be greater than GDPmp when NIT will be zero c) GNPmp will be greater than GDPmp when NFIA will be zero d) GNPmp will be greater than GDPmp when NFIA will be more than zero 35 / 40 35. Which of these is not transfer payment? a) Scholarship b) Indirect Tax c) Subsidies d) None of these 36 / 40 36. Corporation tax is not a component of : a) Private income b) Domestic Income c) Personal Income d) National Income 37 / 40 37. From where did the Peddler get the material to make rattraps? a) factories and market b) roads side c) streets railings d) stores and farms 38 / 40 38. Which of the following is included in national income? a) None of these b) Sale of bonds by a company c) Expenditure on transportation by a firm d) Interest payment on loan by households to banks 39 / 40 39. In which condition a partnership firm is deemed to be dissolved? a) On loss in partnership b) On expiry of the period of partnership c) On a partner’s admission d) On retirement of a partner 40 / 40 40. On dissolution of a firm, realisation account is debited with a) All outside liabilities of the firm b) Any asset taken over by one of the partners c) Cash received on sale of assets d) All assets to be realised Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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