Question : Comprehension:

Read the passage and answer the questions that follow.

The Roman Empire covered a vast stretch of territory that included most of Europe as we know it today and a large part of the Fertile Crescent and North Africa.
The Roman Empire embraced a wealth of local cultures and languages; women had a stronger legal position then than they do in many countries today; but also that much of the economy was run on slave labor, denying freedom to substantial numbers of persons. From the fifth century onwards, the empire fell apart in the west but remained intact and exceptionally prosperous in its eastern half.
Roman historians have a rich collection of sources to go on, which we can broadly divide into three groups: (a) texts, (b) documents and (c) material remains. Textual sources include letters, speeches, sermons, laws, and histories of the period written by contemporaries. These were usually called ‘Annals’ because the narrative was constructed on a year-by-year basis. Documentary sources include mainly inscriptions and papyri. Inscriptions were usually cut on stone, so a large number survived, in both Greek and Latin. The ‘papyrus’ was a reed-like plant that grew along the banks of the Nile in Egypt and was processed to produce sheets of writing material that was very widely used in everyday life. Thousands of contracts, accounts, letters, and official documents survive ‘on papyrus’ and have been published by scholars who are called ‘papyrologists’. Material remains include a very wide assortment of items that mainly archaeologists discover (for example, through excavation and field survey), for example, buildings, monuments and other kinds of structures, pottery, coins, mosaics, and even entire landscapes. Each of these sources can only tell us just so much about the past, and combining them can be a fruitful exercise, but how well this is done depends on the historian’s skill!

Question:

Who were papyrologists?

Option 1: People who processed papyrus into sheet

Option 2: Scholars who published documents

Option 3: Farmers who cultivated papyrus

Option 4: People who surveyed the reed like plants along the Nile

Question : According to the data of 2011-12, Casual workers accounts for __ of work force in urban areas.
 

Option 1: 45%
 

Option 2: 15%
 

Option 3: 25%
 

Option 4: 35%
 

Question : Which of the following accounts are opened when partners have fluctuating capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital of Current A/cs

Question : On 1st April 2013, a Limited Company issued 11% Rs. 10,00,000 debentures at a discount of 6%, repayable at the end of 5 years at par. Assume that the accounts are closed on 31st March each year. Calculate the amount of discount to be written off at the end of March 31, 2016.

Option 1: Rs. 60,000
 

Option 2: Rs. 12,000

Option 3: Rs. 10,000

Option 4: Rs. 20,000

Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?

Option 1: Partner's Capital Account Debit with 28,000

Option 2: Partner's Capital Account Credit with 34,000

Option 3: Realisation Account Credit with 34,000

Option 4: Realisation Account debited with 34,000

Question : The emoluments and allowances of the President and other expenditures relating to his office are charged on the ____________of India.

Option 1: contingency fund

Option 2: estimates fund

Option 3: consolidated fund

Option 4: public accounts fund

Question : Cake and Muffin are partners sharing profits and losses in the ratio of 5: 4. On 1st April, 2016, they admit Cookie as a new partner for 1/6th share in the profits of the firm and the new ratio agreed upon is 3: 2: 1.

Goodwill, at the time of Cookie's admission is to be valued on the basis of capitalisation of the average profits of the last three years. Profits for the last three years were :
Year ended 31st March, 2014 Rs.39,000 (including an abnormal loss of Rs. 9,000).
Year ended 31st March, 2015 Rs.83,000 (including an abnormal gain of Rs.8,000).
Year ended 31st March, 2016 Rs.72,000.

On 1st April, 2016, the firm had assets of Rs.8,00,000. Its creditors amounted to Rs.3,60,000. The firm had a Reserve Fund of Rs. 40,000 while Partners' Capital Accounts showed a balance of Rs.4,00,000.

The normal rate of return expected from this class of business is 13%.

Cookie brings in Rs.2,00,000 for her capital but is unable to bring in cash for her share of goodwill.

The amount of cookie brought his share of goodwill will be .....

Option 1: Rs 60,000

Option 2: Rs 50,000

Option 3: Rs 10,000

Option 4: None of the above

Question : According to the data of 2011-12, Regular salaried employees accounts for __ of work force  in rural areas .
 

Option 1: 2%
 

Option 2: 5%
 

Option 3: 9%
 

Option 4: 8%
 

Question : Which section of the Partnership Act specifies the mode of settlement of accounts on the dissolution of a partnership firm?

Option 1: Section 48

Option 2: Section 43

Option 3: Section 45

Option 4: Section 47

Question : Sentences of a paragraph are given below in jumbled order. Arrange the sentences in the correct order to form a meaningful and coherent paragraph.
A. In fact, he began his career as a peon in a small firm.
B. Before he joined us as the accounts officer, he was a junior clerk.
C. He learnt typing, accounting and even graduated.
D. But he gradually improved his qualifications.

Option 1: CDAB

Option 2: BADC

Option 3: CBAD

Option 4: BCDA