Question : Which law of economics states, "Bad money drives out good money"?

Option 1: Baxter's Law

Option 2: Ohm's Law

Option 3: Gresham's Law

Option 4: Gauss's Law

Question : Select the most appropriate meaning of the given idiom.
On the ball.

Option 1: To be alert.

Option 2: Doing a bad job.

Option 3: Doing an average job.

Option 4: To be lazy.

Question : On dissolution of a firm, debtors Rs 34,000 were shown in the Balance Sheet. Out of this Rs 4000 became bad. One debtor became insolvent. 70% were recovered from him out of 10,000. The full amount was recovered from the balance debtors. On account of this item, the loss in realisation account will be:

Option 1: 5,100

Option 2: 7,000

Option 3: 3,500

Option 4: 2,000

Question : Comprehension:

Read the following passage and answer the questions.

All foodstuffs change. Green fruits become ripe and eggs go bad or rotten. It is the enzymes naturally present in each food which bring about the complex chemical changes that lead first to ripening and then to rotting.

How does one control the activity of enzymes, bacteria, yeasts and moulds in food? All of them require air, moisture and a certain temperature, usually somewhere near the body temperature, to be active. Depriving them of one or more of these will suppress them. All microorganisms can be killed by heat sterilisation. This simply means heating the food to high enough temperatures by boiling, deep or shallow frying, roasting, baking and, for milk particularly, pasteurisation. After such sterilisation, if the food is sealed in airtight containers, it can be kept for a long time. A certain water content in food is necessary for microorganisms to be active. Drying in the sun is a simple way of bringing down the moisture level so low that the enzymes and microorganisms cannot flourish.

Some chemicals can suppress undesirable activity. The addition of salt, vinegar, spices and oil or sugar syrup are other ways of preventing foods from going bad. If heating kills, freezing inactivates the enzymes and microorganisms. This is what happens in a refrigerator, in which fruits, vegetables and milk can be kept for fairly long periods. For meat and fish, even colder temperatures, below freezing point, are necessary for preservation. All foods which are kept cold in this way, once taken out and returned to room temperature, are again subject to spoilage and change.

Question:
Boiling, frying, roasting and baking are methods of:

Option 1: sterilisation

Option 2: spoilage

Option 3: pasteurisation

Option 4: refrigeration

Question : Which of the following statements are correct with respect of the debt collection period?

Option 1: Increase in average collection period indicates the excessive blockage of funds with trade receivables which increases the chances of bad debts.

Option 2: A higher average collection period is thus, an indication of the inefficiency and negligency on the part of management.

Option 3: if there is decrease in average collection period, it indicates prompt payment by trade receivables which reduces the chances of bad debts.

Option 4: All of the above

Question : A and B are partners in a firm. Their balance sheet as at 31 st March, 2018 was as follows:

C was taken into partnership as from 1st April, 2018. C brought Rs.40,000 as his capital but he is unable to bring any amount for goodwill. New profit sharing ratio is 3: 2: 1. Following terms were agreed upon :
1. Claim on account of Workmen's Compensation is Rs.3,000.
2. To write off Bad Debts amounting to Rs.6,000.
3. Creditors are to be paid Rs.2,000 more.
4. Rs.2,000 be provided for an unforeseen liability.
5. Outstanding expenses be brought down to Rs. 1,200.
6. Goodwill is valued at $1 \frac{1}{2}$ year's purchase of the average profits of last three years. Profits of 3 years amounted to Rs.8,000; Rs. 10,000 and Rs. 18,000 .
Question:
Revaluation account debited and credited with Rs
 

Option 1: Debiting Rs 4,200

Option 2: Crediting Rs 4,200

Option 3: No profit and no loss

Option 4: None of the above

Question : The heads of two different departments at "Yamuna Ltd." are Aman and Ganga. They are effective managers who can inspire the staff in their particular departments to achieve better. The connection between the departments that Aman and Ganga are in charge of has been hampered by their desire to flourish in their individual fields rather than placing priority on the company's goals. There are frequently issues between departments, and they are now incompatible. This has shown to be detrimental to achieving organisational goals. The CEO of "Yamuna Ltd." has recruited Rahim as a consultant to help fix the situation because it has gotten so bad. After carefully examining the scenario, Rahim concluded that both Aman and Ganga's rigidity and limited viewpoint were to blame for the issue's emergence. She believes that the organisational structure that "Yamuna Ltd." has chosen is what has led to this issue. Determine the organisational structure that "Yamuna Ltd." has chosen based on the information given.

Option 1: Functional structure

Option 2: Divisional structure

Option 3: Formal Organisation Structure

Option 4: Informal Organisation Structure

Question :

In these questions some of the sentences have errors and some have none. Find out which part of a sentence has an error and indicate it corresponding to the appropriate option. If there is no error, indicate corresponding to the last option

I hope India's condition (1) may go from bad to worse (2)/ unless all necessary steps / are taken to counter poverty. (3)/ No error (4)

Option 1: I hope India's condition

Option 2: may go from bad to worse

Option 3: unless all necessary steps are taken to counter terrorism.

Option 4: No Error

Question : Comprehension:

In the following passage, some words have been deleted. Fill in the blanks with the help of the alternatives given. Select the most appropriate option for each blank.

The rain was coming down relentlessly. Even (1)______ a fast windscreen wiper, the road was (2)____ visible in the dark. Away from the noisy station we had just left, I (3)_____ the empty roads. Indeed, who would be walking (4)____ at such a late hour in the pouring rain? Shekhar was (5)____ steady driver as a rule, but we (6)____ both worried by now and he was already driving (7)______ fast. The road conditions were (8)____ from good. It was a bad ride, but we barely noticed it as we were so (9)______. The only thing I was worried about was finding my daughter, a young, (10)_______ girl alone on the streets at this hour.

Question:

Select the most appropriate option to fill in the blank 5.

Option 1: a

Option 2: the

Option 3: some

Option 4: little

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000. Their assets apart from cash included Stock Rs. 10,000; Debtors Rs.40,000;
Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Question:
Value of cash will be

Option 1: Rs 25,000

Option 2: Rs 35,000

Option 3: Rs 10,000

Option 4: None of the above