List of practice Questions

Which type of computer is a large, powerful and expensive one that can support many users at one time, store vast amounts of data, and perform many tasks at the same time?
Which of the following statements is incorrect?
Which of the following statements are correct?
(A) When a cyclical pattern in data has a period of less than 1 year, the pattern in data is called seasonal variation
(B) When a cyclical pattern has a period more than 1 year, we refer to it as cyclical variation
(C) Seasonality is considered equivalent to forecasting
(D) Cyclical behaviour in business is also termed as business cycle
Disbursing organisational authority for making decisions in an organised structure is called:
As per the scalar principle, which term is used for the relationship in which a superior exercises direct supervision over a subordinate?
The relationship between mean, median and mode is:
Arrange the following cost concepts in the correct order in which they appear in the Cost Sheet. (A) Works Cost
(B) Cost of Sales
(C) Prime Cost
(D) Cost of Production
In a factory 1,000 workers were idle because of a power failure. As a result, a loss of production of 2,000 units of Product X and 4,000 units of Product Y occurred. Each employee was paid a normal wage at the rate of Rs. 100 per hour. One standard hour is required to manufacture five units of Product X and four units of Product Y. How much is the Idle Time Variance due to power failure?
Which of the following principles distinguishes an insurance contract from a wagering contract?
The sum of deviations of the items from ignoring signs is the least?
Mr. A insures his house worth Rs. 10 crores with two insurers HDFC for Rs. 7.50 crores and Bajaj Allianz for Rs. 7.50 crores. The actual loss of house destroyed is Rs. 7 crores. Now, Mr. A can claim full loss of Rs. 7 crores either from HDFC or Bajaj Allianz or proportionately Rs. 3.5 crores from each of them. Which principle of insurance is applicable in this situation?
Which of the following is not a condition for the application of Garner vs. Murray case decision in the Dissolution of Partnership Firm?
Which of the following transactions will not be recorded in the Branch Account maintained by the Head Office under the Debtors System?
The conversion rate between the physical rupee and the digital rupee is determined by which of the following in India?
Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan.
(B). Issuance of audit report.
(C). Engagement of auditor
(D). Performing substantive procedures.
Mr. Ram is a Chartered Accountant in practice. His sister is the CEO of XYZ Limited. State whether Mr. Ram is qualified or disqualified to be an auditor of the ABC Limited, which is a subsidiary company of XYZ Limited.
At a given cost level, a graph which shows combinations of labor and capital that can be used to produce is called:
Audit carried out throughout the year to check effectiveness of internal control system of the organization is called:
Which of the following are the features of perfect competition?
Arrange the following in an organization's human resource management process in the correct order:
The demand curve for a product is given by: \( Q = 900 - 40P \). Where \( Q \) is the quantity and \( P \) is the price of the product. The price of the product is Rs. 15. What is the price elasticity of demand if the price increases to Rs. 20?
Which of the following statements is incorrect?
Who is the most well-known advocate of the Classical View of Social Responsibility stating that "Management's only social responsibility is to maximize profits"?
Goal-setting is an integral part of planning function of management. Arrange the following steps involved in the goal-setting process in the correct order.
Which of the following are revenue receipts of the Central Government?