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MPSC Special Auditor Maharashtra Co-Operative Services Group A- 2011 Question Paper

MPSC Special Auditor Maharashtra Co-Operative Services Group A- 2011 Question Paper

  1. Manipulation of accounts to show a better position is called as

(1) Error of Commission

(2) Compensating error

(3) Window dressing

(4) None of the above

  1. Purpose of accounting standard 1 is to established a standard as to

(1) The desirable accounting policies

(2) The fundamental accounting assumptions

(3) Disclosure of accounting policies

(4) Preparation of final accounts

  1. Which of the following is not an item under current assets, loans and advances under Part 1 of Schedule VI if the Companies Act 1956?

(1) Preliminary expenditure not written off

(2) Interest accrued on investment

(3) Bills receivable

(4) Closing stock

  1. Any reduction to market value of current investment from cost, on valuation date is debited to

(1) Revaluation reserve

(2) Profit and loss account

(3) Capital reserve

(4) General reserve

  1. A, B, C were partners sharing profits in the ratio of 1/5, 1/3, and 7/15. C retires and his share is taken up by A and B in the ratio of 3:2. Find out the new profit sharing ratio.

(1) 12:13

(2) 13:12

(3) 11:12

(4) 7:9

  1. In the absence of partnership agreement, partners share profiles and losses in the _______ ratio.

(1) 3:2

(2) 1:2

(3) Equal ratio

(4) Capital ratio

  1. Live stock is shown

(1) Under current assets as stock in the balance sheet of a company

(2) Under fixed assets in the balance sheet of a company

(3) As closing stock in the profit and loss account of a company

(4) As revenue expenditure in the profit and loss account t of a company

  1. When the merger involves liquidation of one existing sick company and formation of one new company, it is called

(1) Internal reconstruction

(2) Absorption

(3) External reconstruction

(4) Amalgamation

  1. according to AS 14, amalgamations fall in to two categories

(1) Amalgamation and absorption

(2) Merger and purchase

(3) Amalgamation and reconstruction

(4) External reconstruction and internal reconstruction

  1. Rishi Ltd. earns a net profit of Rs. 12,000 with a capital of Rs. 60,000 as on 31/03/2011.The normal rate of return in the business is 10%. Goodwill by capitalized value of super profit will be________

(1) Rs. 60,000

(2) Rs. 12.000

(3) Rs. 6,000

(4) None of the above

  1. Intrinsic value of each equal share of the transfer company is Rs. 250 and that of the transfer company is Rs. 400. The ratio of exchange of shares on the basis of intrinsic value is

(1) 2:1

(2) 8:5

(3) 8:8

(4) None of the above

  1. Profits prior to incorporate should be transferred to

(1) Profit and Loss A/C

(2) Capital Reserve

(3) General Reserve

(4) None of the above

  1. According to CAS-1 imputed cost is

(1) Hypothetical nominal cost

(2) The cost of an asset in the current market for the purpose of replacement

(3) Historical cost which is incurred

(4) The aggregate of variable costs

  1. CAS-12 is related to

(1) Material related to

(2) Cost of utilities

(3) Overheads

(4) Repairs and maintenance cost

  1. As per of ABC analysis system of inventory control the items are divided into

(1) Two categories

(2) Three categories

(3) Four Categories

(4) Six categories

  1. Just in Time (JIT) technique was introduced by

(1) General Electric Co.

(2) Toyota motors

(3) Ford Co.

(4) Coco-Cola Co.

  1. Operating costing is exclusively used in

(1) Manufacturing Industry

(2) Process Industry

(3) Agro-based Industry

(4) Service Industry

  1. If two more products are separated in the course of the same processing operation they are termed as

(1) By-Products

(2) Main Products

(3) Substantial Products

(4) Joint Products

  1. If the selling price per unit is Rs. 16/- variable cost per unit is Rs. 12/- and fixed cost is Rs. 60,000/- then Break Even Pint (BEP) in units will be

(1) 15000 units

(2) 10000 units

(3) 20000 units

(4) 40000 units

  1. Do As The other Has Done, is the basic rule for

(1) Allocation of overheads

(2) Preparing the cost –sheet

(3) Preparing the Reconciliation Statements

(4) Segregating the fixed cost

  1. Contribution =

(1) Sales – Variable cost

(2) Fixed cost + Profit

(3) Sales x P/V ratio

(4) All of above

  1. The formula of calculating Material Usage Variable3 is

(1) (SQ x SP) – (AQ x AP)

(2) (SQ – AQ)

(3) (SP – AP) x AQ

(4) None of the above

  1. The formula for calculating Labour Efficiency Variance is

(1) (SH x SR) – (AH x AR)

(2) (SR – AR) x AH

(3) (SH – AH) x SR

(4) All of the above

  1. The Budget which covers all the functional areas is_________

(1) Master Budget

(2) Sales Budget

(3) Production Budget

(4) Cash Budget

  1. In a Break Even Chart the following point is not indicated

(1) MOS sales in units

(2) BEP in units

(3) Total cost line

(4) Purchase margin line

  1. Main object of audit is __________

(1) Expression of opinion

(2) Detection of errors and frauds

(3) Both (1) and (2)

(4) Depends on the type of audit

  1. Audit plans should be based on knowledge of the clients__________

(1) Profits

(2) Business

(3) Net worth

(4) Reputation

  1. Cash sales is vouched on the basis of _________ by auditor

(1) Carbon copy of cash memo

(2) Sale invoice

(3) Original receipt

(4) Sales voucher

  1. Objective of internal control is

(1) Prevent fraud

(2) Prevent inefficiency

(3) Improve financial soundness

(4) Select right people

  1. Scope of internal audit is decided by

(1) Management

(2) Chief Auditor

(3) Share holders

(4) Central Govt.

  1. Test checking is

(1) Checking the transactions which are tested

(2) Checking the selected transactions

(3) Checking vouchers only

(4) Checking cash memos only

  1. Arrears of preference dividend is

(1) Long term liability

(2) Contingent liability

(3) Current liability

(4) Fixed liability

  1. In case freehold land is revalued, auditor does not have to check the following point.

(1) Possession and use

(2) Basis

(3) According

(4) Disclosure

  1. Closing stock is valued at

(1) Cost

(2) Market value

(3) Cost or market value whichever is lower

(4) Realizable value

  1. In preparing ‘The Auditor’s Report on Financial Statements the following Auditing and Assurance Standard should be followed

(1) AAS 18

(2) AAS 19

(3) AAS 28

(4) AAS 29

  1. The auditor final accounts follow the rules and requirements laid down by

(1) Schedule VI of the Companies Act

(2) Schedule VII of the Companies Act

(3) Schedule IV of the Companies Act

(4) Schedule VIII of the Companies Act

  1. An auditor can be removed only if approved by________

(1) The shareholders and the directors

(2) Only the directors

(3) Only the shareholders

(4) The shareholders and the Central Government

  1. Proprietary Audit stands for verification of transactions on the test of

(1) Personal interest

(2) Proprietor’s interest

(3) An enterprise interest

(4) Public interest

  1. In single phase alloys, the commonly used mechanism for strengthening is/are by

(1) Grain size reduction

(2) Solid-solution alloying

(3) Strain hardening

(4) All of the above

  1. The force which holds neutrons and protons together in a nucleus is

(1) Electrostatic force

(2) Gravitational force

(3) Magnetic force

(4) Nuclear force

  1. Which is not a technique of verification?

(1) Inspection

(2) Vouching

(3) Observation

(4) Confirmation

  1. In the uncertainty is very significant, it is advisable of the auditor to give a

(1) Modified opinion

(2) Disclaimer of opinion

(3) Negative opinion

(4) Piecemeal opinion

  1. As per the Bombay Public Trust Act, (Sec, 33(2), 33(4)(b)), the trust having an annual income of _______ is exempt from audit.

(1) Rs. 50,000/- or less

(2) Rs. 10,000/- or less

(3) Rs. 15,000/- or less

(4) Rs. 20,000/- or less

  1. An increase in load at the free end of a cantilever is likely to cause failure

(1) At the free end

(2) at the mid of its length

(3) At the fixed support end

(4) Anywhere on the beam

  1. Vacancy caused by death of the auditor can be filled in by

(1) Board of Directions

(2) Central Government

(3) Share-holders

(4) State Government

  1. First auditor of a newly formed company should be appointed by the Board of Directors within_______

(1) 2 months

(2) 1 months

(3) 7 days

(4) 3 months

  1. For whom is EPS a yardstick to evaluate the firms performance?

(1) Creditors

(2) Debtors

(3) Investors

(4) Customers

  1. Net income Approach, Net Operating Income Approach are suggested by

(1) Modigliani and Miller

(2) Durand David

(3) Dr. Ishikawa

(4) Dr. Fujikawa

  1. In design of clutches, it is more logical and safer to use

(1) Uniform wear theory

(2) Uniform pressure theory

(3) Contact stress theory

(4) None of the above

  1. The Darcy – Weisbach equation is commonly used for finding

(1) Loss of head due to friction in pipes

(2) Loss of head due to turbulence

(3) Loss of head due to sudden enlargement

(4) Loss of head due to bend in the pipe

  1. A pipe is replaced by two parallel pipes, each with half the cross-section of the original pipe. The discharge will

(1) remain the same

(2) increase by more than 10%

(3) decrease by more than 10%

(4) change by less than 5%

  1. ___________ refers to the discount rate which equates the present’s value of cash inflows with the present’s value of cash outflows

(1) Explicit

(2) Implicit cost

(3) Specific cost

(4) Composite cost

  1. Which is a routine function of finance?

(1) Supervision of cash receipts and payments

(2) Estimating capital requirement

(3) Estimating cash-flow

(4) Investment decisions

  1. Merger of firms engaged in unrelated lines of business is known as

(1) A horizontal merger

(2) A vertical merger

(3) A conglomerate merger

(4) All of the above

  1. Capital Gearing Ratio Is also known as

(1) Asset Breaking Ratio

(2) Capital Structure Ratio

(3) Net Worth

(4) None of the above

  1. In case flow statements bonus shares issued out of general reserves are

(1) Not considered

(2) Considered as operating activity

(3) Considered as investing activity

(4) Considered as financing activity

  1. Under which article of the Indian Constitution the directives regarding co-operative societies are given?

(1) Article 38

(2) Article 39

(3) Article 43

(4) Article 44

  1. With whom can a appeal against the order of winding up made by the Resister be filed?

(1) State Government

(2) High court

(3) District Court

(4) None of the above

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