The primary function of an office is– (A) Making, using and preserving records (B) Remunerating personnel (C) Carrying out management policies (D) Safeguarding organization’s assets

The primary function of an office is– (A) Making, using and preserving records (B) Remunerating personnel (C) Carrying out management policies (D) Safeguarding organization’s assets  
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Answer: Making, using and preserving records
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Which among the following is the societal obligation of accounting ? (A) To ascertain profit correctly (B) To maintain the records of the assets and liabilities of organisation (C) To establish effective organizational control (D) To be helpful in correct tax assessment

Description : Which among the following is the societal obligation of accounting ? (A) To ascertain profit correctly (B) To maintain the records of the assets and liabilities of organisation (C) To establish effective organizational control (D) To be helpful in correct tax assessment

Last Answer : Answer: To be helpful in correct tax assessment

Which one of the following is the most appropriate task of office management ? (A) Creation of profit centre (B) Creation of control centre (C) Making office supplies available (D) Supervision of production Quality Control

Description : Which one of the following is the most appropriate task of office management ? (A) Creation of profit centre (B) Creation of control centre (C) Making office supplies available (D) Supervision of production Quality Control

Last Answer : Answer: Creation of control centre

A principal purpose of a letter of representation from management is to a. Remind management of its primary responsibility for financial statements. b. Serve as an introduction to company personnel and an authorization to examine the records. c. Discharge the auditor from legal liability for his examination. d. Confirm in writing management's approval of limitations on the scope of the audit

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Last Answer : Remind management of its primary responsibility for financial statements.

A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor from legal liability for his examination. c. Confirm in writing management's approval of limitations on the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Description : A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor ... the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Last Answer : Remind management of its primary responsibility for financial statements.

Internal auditors should review the means of physically safeguarding assets from losses arising from a. Procedures that are not cost justified. b. Exposure to the elements. c. Underusage of physical facilities. d. Misapplication of accounting principles.

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Last Answer : Exposure to the elements.

What is the term used with reference to assurance policies?

Description : What is the term used with reference to assurance policies?

Last Answer : Endownment

The matrix management model is based on a matrix of values between 0 and 9 for two primary variables. Which of the statements given above is/are correct ? (A) 1 only (B) 2 only (C) Both 1 and 2 (D) Neither 1 nor 2

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Last Answer : Answer: Both 1 and 2

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Some organizations have escalator clause in their labour agreements. What does this clause provide for ? (A) Automatic increase in wage/salary depending on seniority (B) Wage increase depending on output per day by the worker (C) Automatic increase in wage/salary depending upon increase in price index (D) Automatic increase in wage/salary depending on increase in profits of the firm

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Last Answer : Answer: Automatic increase in wage/salary depending on increase in profits of the firm

The Doing Business Report" is prepared by which of the following organizations every year? (A) World Bank (B) Asian Development Bank (ADB) (C) International Monetary Fund (IMF) (D) World Trade Organization (WTO)

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Last Answer : Answer: World Bank

The Branch of Accounting which is concerned with the processing and presenting data for decision making is known as– (A) Common Dollar Accounting (B) Social Accounting (C) Cost Accounting (D) Management Accounting

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Last Answer : Answer: Management Accounting

When an incoming partner purchases his share from any one of the existing partners, then– (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent of payment received from the new partner (C) total assets of the firm will be reduced to the extent of payment received from the new partner (D) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

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Last Answer : Answer: total assets of the firm do not change

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Last Answer : Answer: Debtors’ Turnover Ratio

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Last Answer : Answer: Rs. 60,000

A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ? (A) Rs. 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

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Last Answer : Answer: Rs. 2,50,000

Which of the following is the Accounting equation ? (A) Capital = Assets – Liabilities (B) Capital = Assets + Liabilities (C) Assets = Liabilities – Capital (D) Liabilities = Assets – Capital

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Last Answer : Answer: Capital = Assets – Liabilities

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Last Answer : Answer: Liabilities side of the Balance Sheet

On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

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Last Answer : Answer: Transferred to Revaluation Account

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Last Answer : Answer: None of the above

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Last Answer : Answer: Working capital

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Last Answer : Answer: All assets and liabilities are expressed in terms of percentage of total

According to Balance Sheet equation concept, the capital will be– (A) Capital = Liabilities – Assets (B) Capital = Fixed Assets – Current Assests (C) Capital = Assets – Liabilities (D) Capital = Assets + Liabilities

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Last Answer : Answer: Capital = Assets – Liabilities

Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

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Last Answer : Answer: Impairment of Assets

Accounting for Intangible Assets are related to– (A) AS - 10 (B) AS - 12 (C) AS - 24 (D) AS - 26

Description : Accounting for Intangible Assets are related to– (A) AS - 10 (B) AS - 12 (C) AS - 24 (D) AS - 26

Last Answer : Answer: AS - 26

The marketing concept is a way of thinking or a management philosophy that affects _____ 1. Only marketing activities 2. Most efforts of the organization 3. Mainly the efforts of sales personnel 4. Mainly customer relations 5. Only business organizations

Description : The marketing concept is a way of thinking or a management philosophy that affects _____ 1. Only marketing activities 2. Most efforts of the organization 3. Mainly the efforts of sales personnel 4. Mainly customer relations 5. Only business organizations

Last Answer : Most efforts of the organization

Planning is a– (A) Primary function (B) Secondary function (C) Supplementary function (D) None of the above

Description : Planning is a– (A) Primary function (B) Secondary function (C) Supplementary function (D) None of the above

Last Answer : Answer: Primary function

Planning function of management is performed by– (A) Top management (B) Middle management (C) Lower management (D) All of the above

Description : Planning function of management is performed by– (A) Top management (B) Middle management (C) Lower management (D) All of the above

Last Answer : Answer: All of the above

Teacher's primary responsibility lies in (a) Planning educational experience (b) Keeping students records (c) Implementing policies (d) all of the above

Description : Teacher's primary responsibility lies in (a) Planning educational experience (b) Keeping students records (c) Implementing policies (d) all of the above

Last Answer : (d) all of the above

Teachers primary responsibility lies in (a) Planning educational experiences (b) Implementing policies (c) Keeping students records (d) all of the above

Description : Teachers primary responsibility lies in (a) Planning educational experiences (b) Implementing policies (c) Keeping students records (d) all of the above

Last Answer : (d) all of the above

Identify the incorrect statement in connection with working capital management. A. Long-term funds are more expensive than short-term funds but also riskier B. The objectives of working capital management are profitability and liquidity C. Permanent current assets should be financed from long-term sources if a moderate or matching policy is adopted D. Conservative financing policies use short-term funds to finance only part of fluctuating current assets E. Aggressive financing policies increase profitability at the cost of higher risk

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Last Answer : A. Long-term funds are more expensive than short-term funds but also riskier

The primary function of the feathers in birds is to A. Provide insulation for preserving body heat B. Provide striking surface to the wings for flying C. Make the body surface waterproof D. Impart colouration for species as well as sex recognition

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Last Answer : ANSWER: B

The primary function of the feathers in birds is to -----? A. Provide insulation for preserving body heat B. Provide striking surface to the wings for flying (Answer) C. Make the body surface waterproof D. impart coloration for species as well as sex recognition

Description : The primary function of the feathers in birds is to -----? A. Provide insulation for preserving body heat B. Provide striking surface to the wings for flying (Answer) C. Make the body surface waterproof D. impart coloration for species as well as sex recognition

Last Answer : B. Provide striking surface to the wings for flying (Answer)

Which one of the following is not an objective of the introduction of Primary Dealer System ? (A) To encourage a voluntary holding of govt. securities amongst a wider investor base (B) To make Primary Dealer System an effective conduct of open market operations (C) To strengthen the private equity infrastructure (D) To strengthen the govt. securities infrastructure

Description : Which one of the following is not an objective of the introduction of Primary Dealer System ? (A) To encourage a voluntary holding of govt. securities amongst a wider investor base (B) To ... (C) To strengthen the private equity infrastructure (D) To strengthen the govt. securities infrastructure

Last Answer : Answer: To strengthen the private equity infrastructure

The most important advantage of centralization of office services is– (A) specialization (B) higher departmental loyalty (C) no delay in providing services (D) less burden of work

Description : The most important advantage of centralization of office services is– (A) specialization (B) higher departmental loyalty (C) no delay in providing services (D) less burden of work

Last Answer : Answer: less burden of work

Which one of the following correctly signifies the purpose of an Organization Chart ? (A) Office Décor (B) Indication of available Office services (C) Flow of Authority (D) High Morale

Description : Which one of the following correctly signifies the purpose of an Organization Chart ? (A) Office Décor (B) Indication of available Office services (C) Flow of Authority (D) High Morale

Last Answer : Answer: Flow of Authority

In an office, Franking machine is used for– (A) Punching card (B) Accounting work (C) Duplicating (D) Postal stamp fixing

Description : In an office, Franking machine is used for– (A) Punching card (B) Accounting work (C) Duplicating (D) Postal stamp fixing

Last Answer : Answer: Postal stamp fixing

Paperless office calls for– (A) Minimum record keeping (B) Maximum use of telephone (C) Maximum use of computers (D) Elimination of reporting

Description : Paperless office calls for– (A) Minimum record keeping (B) Maximum use of telephone (C) Maximum use of computers (D) Elimination of reporting

Last Answer : Answer: Maximum use of computers

The first auditor of a company appointed, holds office– (A) For a period of one year (B) For that period till new auditor is appointed (C) Till the conclusion of first Annual General Meeting (D) Till the holding of statutory meeting of the company

Description : The first auditor of a company appointed, holds office– (A) For a period of one year (B) For that period till new auditor is appointed (C) Till the conclusion of first Annual General Meeting (D) Till the holding of statutory meeting of the company

Last Answer : Answer: Till the conclusion of first Annual General Meeting

Which are the main principles in allocation of office work?

Description : Which are the main principles in allocation of office work?

Last Answer : They are specialization, correlation and business connection

________ is characteristic of liquidity ratios. (a) Organization’s ability to meet its current debt obligations (b) Organization’s use of debt to finance its assets and whether it’s able to meet the interest payments on the debt ;(c) How efficiently the firm is using its assets ;(d) None of given options

Description : ________ is characteristic of liquidity ratios. (a) Organization's ability to meet its current debt obligations (b) Organization's use of debt to finance its assets and whether it's able to meet the interest ... the debt ;(c) How efficiently the firm is using its assets ;(d) None of given options

Last Answer : (a) Organization’s ability to meet its current debt obligations 

The Open Market Operations [OMOs] is an important tool of– (A) Forex management (B) Liquidity management (C) Inventory management (D) Marketing management

Description : The Open Market Operations [OMOs] is an important tool of– (A) Forex management (B) Liquidity management (C) Inventory management (D) Marketing management

Last Answer : Answer: Liquidity management

In which one of the following, Crisis Management is reflected ? (A) Future expansion plans of business (B) Organization Development Programme (C) Short-term Manpower Planning (D) Prudent managerial leadership

Description : In which one of the following, Crisis Management is reflected ? (A) Future expansion plans of business (B) Organization Development Programme (C) Short-term Manpower Planning (D) Prudent managerial leadership

Last Answer : Answer: Prudent managerial leadership

Hawthorne studies have underlined the significance of which of the following ? (A) System approach to management (B) Contingency approach to management (C) Modern approach to management (D) Human relations approach to management.

Description : Hawthorne studies have underlined the significance of which of the following ? (A) System approach to management (B) Contingency approach to management (C) Modern approach to management (D) Human relations approach to management.

Last Answer : Answer: Human relations approach to management.

Which one of the following is the most appropriate management control technique for timely completion of a project ? (A) Organisation chart (B) Management by Objectives (C) PERT (D) Span of control

Description : Which one of the following is the most appropriate management control technique for timely completion of a project ? (A) Organisation chart (B) Management by Objectives (C) PERT (D) Span of control

Last Answer : Answer: PERT

Who is Father of Scientific Management ? (A) Henry Fayol (B) Elton Mayo (C) Chester Bernard (D) F. W. Taylor

Description : Who is Father of Scientific Management ? (A) Henry Fayol (B) Elton Mayo (C) Chester Bernard (D) F. W. Taylor

Last Answer : Answer: F. W. Taylor

Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by– (A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice (C) Doctrine of Ultravires (D) Doctrine of Intravires

Description : Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by– (A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice (C) Doctrine of Ultravires (D) Doctrine of Intravires

Last Answer : Answer: Doctrine of Indoor Management

Share Premium received by a Company may be used for– (A) Payment of dividend (B) Payment of remuneration to management (C) Issue of Bonus shares (D) None of these

Description : Share Premium received by a Company may be used for– (A) Payment of dividend (B) Payment of remuneration to management (C) Issue of Bonus shares (D) None of these

Last Answer : Answer: Issue of Bonus shares

Who is called ‘The Father of Scientific Management’ ? (A) Elton Mayo (B) Henry Fayol (C) E. F. L. Breach (D) F. W. Taylor

Description : Who is called ‘The Father of Scientific Management’ ? (A) Elton Mayo (B) Henry Fayol (C) E. F. L. Breach (D) F. W. Taylor

Last Answer : Answer: F. W. Taylor