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Common University Entrance Test (UG)

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5 Views

Question : Unrecorded liabilities, when paid on the dissolution of a firm, are credited to

Option 1: partner's capital account 

Option 2: liabilities account

Option 3: cash account

Option 4: Realization account

Team Careers360 26th Jan, 2024

Correct Answer: cash account


Solution : Answer = cash account.

In case of unrecorded liabilities, either the same will be paid off or will be taken over by any partner. The accounting treatment in both cases will be as follows:-

Realisation a/c Dr
To cash account/partner's capital account
Hence, the correct option is 3.

8 Views

Question : Which factor has contributed most to the growth of urban populations in recent decades?  

 

Option 1: Agricultural advancements  
     

 

Option 2: Industrialization  
    

Option 3: Decreased birth rates  

     

Option 4: Increased life expectancy 

Team Careers360 26th Jan, 2024

Correct Answer: Industrialization  
    


Solution : Industrialization has contributed most to the growth of urban populations in recent decades, as people move to cities for job opportunities and better living conditions.

 

29 Views

Question : What is a non-tax revenue?

Option 1: Revenue generated by taxes

 

Option 2: Revenue generated by fines, fees, and licenses

Option 3: Revenue generated by international trade

 

Option 4: Revenue generated by donations

Team Careers360 26th Jan, 2024

Correct Answer: Revenue generated by fines, fees, and licenses


Solution : The correct answer is (b). Revenue generated by fines, fees, and licenses.

Non-tax revenue refers to the income or revenue generated by a government that does not come from taxes. Instead, it is generated through various other means such as fines, fees, licenses, permits, penalties, royalties, and other non-tax sources. These revenues are typically collected by the government as a result of specific transactions or activities and are considered a source of income for the government's budget.

Examples of non-tax revenue include fines for traffic violations, fees for government services like passport applications or vehicle registrations, charges for licenses or permits for businesses or professionals, revenue from state-owned enterprises, earnings from state-run lotteries or gambling activities, royalties from natural resource extraction, and income from public services like parking fees or tolls.

 

13 Views

Question :  Read the following statements and choose the correct question tags.

 I do not now know in this man,………..?

Option 1: did I

Option 2: aren’t I

Option 3: do I

Option 4: don't I

Team Careers360 27th Jan, 2024

Correct Answer: don't I


Solution :

The correct answer is option 4.

 I do not know in this man,  don't I?

Explanation:

We need to use positive question tags if the statement is negative.

A subject pronoun comes after an auxiliary verb.

Here the subject pronoun is "I".

Hence the correct sentence is 

 I do not know in this man,  don't I?

12 Views

Question : What does a high population density indicate?  

 

Option 1: A large land area  
     

 

Option 2: A high number of people per unit area  
     

Option 3: A low birth rate  

   

Option 4: A sparse population  

Team Careers360 27th Jan, 2024

Correct Answer: A high number of people per unit area  
     


Solution : A high population density indicates a high number of people per unit area, which means the area is densely populated.

 

66 Views

Question : Which of the following is an example of an intermediate good?

 

Option 1: Bread purchased by a consumer

Option 2: Steel used in the construction of a building

Option 3: A laptop sold to a student

Option 4: A car purchased by a family

Team Careers360 26th Jan, 2024

Correct Answer: Steel used in the construction of a building


Solution : The correct answer is (b) Steel used in the construction of a building.

An intermediate good is a product that is used as an input or raw material in the production of another good or service. It is not intended for final consumption or directly sold to end consumers.

Steel used in the construction of a building is an example of an intermediate good. Steel is a material that is used in the construction industry as a primary input for building structures. It is not the final product itself but is used in the production process to create the final building structure.

 

11 Views

Question : Statement 1: SEBI regulates the Indian stock market.

Statement 2: SEBI stands for Securities and Exchanges of Banking Institutions.

Option 1: Statement 1 is true, and statement 2 is true.
   

Option 2: Statement 1 is true, but statement 2 is false.
    

Option 3: Statement 1 is false, and statement 2 is true.

 

Option 4: Statement 1 is false, and statement 2 is false.

Team Careers360 26th Jan, 2024

Correct Answer: Statement 1 is true, but statement 2 is false.
    


Solution : The answer is (b) Statement 1 is true, but statement 2 is false.

Statement 1 is true. SEBI, or the Securities and Exchange Board of India, is the regulatory body for the Indian securities market. It was established in 1992 to protect the interests of investors and to promote the development of the securities market.

Statement 2 is false. SEBI does not stand for Securities and Exchanges of Banking Institutions.

SEBI plays an important role in the Indian economy by helping to ensure that the securities market is fair and efficient. This benefits all stakeholders, including investors, issuers, and market intermediaries.

45 Views

Question : At the time of the dissolution of the partnership firm. The amount of the Employees Provident Fund shown on the liabilities side of the balance sheet is transferred to

Option 1: Cash account

Option 2: partner's capital account

Option 3: realization account

Option 4: None of the above

Team Careers360 26th Jan, 2024

Correct Answer: realization account


Solution : Answer = realization account.

In case of dissolution of a partnership firm, Firstly EPF transferred the credit side of the realisation account and then paid.[treated as outsiders liabilities]

(i) Transferred entry
E.P fund a/c....Dr
To Realisation a/c
(ii) Paid entry
Realisation a/c.....Dr
To Bank a/c
Hence, the correct option is 3.

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