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Finance Question SSC CGL Daily Test Paper 4: AAO

Finance Question SSC CGL Daily Test Paper 4: AAO 

Q41. Creditors of a business may want to use the financial statements to:

(a) Be sure of an increasing share of the market

(b) Check that the business is making a profit

(c) Be sure that after-sales service will continue

(d) Check that they are likely to be paid when due

Q42. A company manufacturing cars is preparing its profit and loss account for inclusion in its published annual report. Under what heading would it most likely include production labour costs?

(a) Cost of sales

(b) Distribution costs

(c) Administrative expenses

(d) Interest payable and similar charges

Q43. Which of the following is false?

(a) Directors account to shareholders

(b) Shareholders elect auditors

(c) Shareholders elect directors

(d) Directors elect auditors

Q44. Why is it a requirement that the published financial statements of a company should include data for the previous year?

(a) To show that the company has been trading for at least two years

(b) Because financial statements have to be published only every other year

(c) Because some data relates to the previous year

(d) To assess and to compare the company’s performance one year with another.

Q45. Profit for the year is arrived at after deducting from operating profit:

(a) Interest payable, tax and dividends paid

(b) Interest payable and tax only

(c) Cost of sales and tax only

(d) Tax only

Q46. What is included in a limited company’s balance sheet under ‘equity’?

(a) Reserves

(b) Cash at bank

(c) Authorized share capital not yet issued

(d) Dividends paid to shareholders

Q47. Does a clean audit report mean that?

(a) The company is a safe one in which to invest

(b) The company is engaged only in ethical activities

(c) The financial statements give a true and fair picture of how the company is doing

(d) The financial statements are correct

Q48. Which of the following must a company normally produce by law?

(a) Profit and loss account, balance sheet and cash flow statement

(b) Profit and loss account and cash flow statement

(c) Profit and loss account, balance sheet, cash flow statement and notes to the accounts

(d) Profit and loss account, balance sheet and notes to the accounts

Q49. The accounting policies adopted by a company are usually detailed in:

(a) The accountant’s report

(b) The auditor’s report

(c) The notes to the accounts

(d) The directors’ report

Q50. Which of the following is not deducted from revenue in arriving at profit before tax?

(a) Administrative expenses

(b) Other operating income

(c) Distribution costs

(d) Cost of sales

Q51. Which Article in the Indian Constitution provides for the Finance Commission?

(a) Article 323

(b) Article 280

(c) Article 256

(d) Article 378

Q52. What is the constitution of the Finance Commission?

(a) Chairman and nine elected (by Lok Sabha) members

(b) Chairman, Vice-chairman and eight nominated members

(c) Chairman, and four other members appointed by the President

(d) Ten elected members of the Lok Sabha

The Parliament has thus decided that the criteria for the persons should be:

  1. Chairman should have wide experience in public affairs
  2. There should be a judge of the high court or someone who is qualified to be a judge
  3. There should be a person with a specialized knowledge of finance and accounts of the government
  4. There should be a person with a wide experience of Financial matters and of administration
  5. There should be a person with a special knowledge in economics

Q53. Which of the following roles/functions/responsibilities are NOT under the purview of the Financial commission?

  1. Sharing of net proceeds of taxes between the Center and States
  2. Recommending principles for governing the grants-in-aid to the states by the Center
  3. Recommendations on matters referred to it by the President for the interest of sound finance
  4. Preparation and periodical revision of electoral rolls

(a) Only 1

(b) Only 2

(c) Only 3 and 4

(d) Only 4

Q54. In which year did the Finance Commission of India came into existence?

(a) 1947

(b) 1948

(c) 1951

(d) 1961

Q55. Who was the Chairman of the First Finance Commission of India that was appointed in 1951?

(a) K.C. Neogy

(b) K.Santhanam

(c) Y.V. Reddy

(d) K.C. Pant

Q56. Who is the Chairman of the 14th and current Financial Commission of India that was appointed in 2013?

(a) K.C. Neogy

(b) K.Santhanam

(c) Y.V. Reddy

(d) K.C. Pant

Q57. The 13th Finance Commission of India, whose Chairman was Vijay Kelkar, had allocated what percentage of central tax revenues were shared by the Center with the states?

(a) 56%

(b) 50%

(c) 70%

(d) 32%

Q58. Who was the Chairman of the 13th Finance Commission of India?

(a)  K.C. Neogy

(b) K.Santhanam

(c) Vijay Kelkar

(d) K.C. Pant

Q59. In which year was the Central Bureau of Investigation (CBI) set up?

(a) 1947

(b) 1950

(c) 1963

(d) 1965

Q60. Who was the first director of the Central Bureau of Investigation (CBI)?

(a) D. P. Kohli

(b) F.V. Arul

(c) D. Sen

(d) Anil Sinha

Q61. Who is the current director of the Central Bureau of Investigation (CBI)?

(a) D. P. Kohli

(b) F.V. Arul

(c) D. Sen

(d) Anil Sinha

Q62. In which city is the Central Bureau of Investigation (CBI) Academy located?

(a) New Delhi

(b) Darjeeling

(c) Mumbai

(d) Ghaziabad

Q63. What is the motto of Central Bureau of Investigation (CBI)?

(a) Integrity, Excellence, Perfection

(b) Industry, Impartiality, and Integrity

(c) Command, Control, Vigilance

(d) None of the above

Q64. The Central Bureau of Investigation (CBI) comes under the administrative control of:

(a) Department of Personnel and Training (DoPT) of the Ministry of Personnel

(b) Ministry of Home Affairs

(c) Ministry of Defense

(d) None of the above

Q65. Consider the following two statements:

  1. The Central Bureau of Investigation (CBI) is exempt from the Right to Information (RTI) Act
  2. Central Bureau of Investigation (CBI) is a part of the Union subject, and not State or Concurrent subjects

Which of the above is/are true?

(a) Only 1

(b) Both 1 and 2

(c) Only 2

(d) Neither one nor two

Q66. Where are the headquarters of Central Bureau of Investigation (CBI) located?

(a) New Delhi

(b) Darjeeling

(c) Mumbai

(d) Ghaziabad

Q67. Which is the oldest known system designed for the redressal of citizen’s grievance?

(a) Ombudsman System

(b) Lokpal

(c) Lokayukta

(d) None of the above

Q68. Which was the first Commonwealth country in the world to adopt the Ombudsman system?

(a) India

(b) Sweden

(c) New Zealand

(d) United Kingdom

Q69. The ‘Procurator system’ is still running in which of the following countries:

(a) India

(b) Sweden

(c) New Zealand

(d) Russia

Q70. Consider the following 3 statements:

  1. The judiciary is within the purview of Lokpal/Lokayukta in India
  2. In New Zealand, the judiciary is NOT within the purview of the Parliamentary Commissioner for Investigation
  3. In Sweden, the judiciary is NOT within the purview of the Ombudsman system

Which of the above statement/s is/are true?

(a) Only 1 and 3

(b) Only 2 and 3

(c) Only 2

(d) All are true

Q71. Which was the first Indian state to establish the institution of Lokayukta?

(a) Bihar

(b) Uttar Pradesh

(c) Andhra Pradesh

(d) Maharashtra

Q72. Which state’s Lokayukta’s office is considered to be the strongest in terms of power and scope?

(a) Bihar

(b) Karnataka

(c) Andhra Pradesh

(d) Maharashtra

Q73. When did The Lokpal and Lokayuktas Act, 2013 came into force?

(a) January 2013

(b) May 2013

(c) December 2013

(d) January 2013

Q74. Who appoints the Lokayukta and Upalokayukta?

(a) Governor

(b) Chief Minister

(c) Speaker of Lok Sabha

(d) Judge of High Court

Q75. The elections for Lok Sabha are held every:

(a) 3 years
(b) 4 years
(c) 5 years
(d) 6 years

Q76. Micro economics theory deals with

(a) Economic behavior of individual economic decision making units

(b) Economy as a whole

(c) Trade relations

(d)  Economic growth of the society

Q77. Which of the following is a central problem of every economy

(a) Abundance of resources

(b) Scarcity of economic resources

(c) Poverty

(d) Moral and ethical values

Q78. Equilibrium relates to which of these

(a) Market condition which oscillate

(b) Market state of falling price

(c) Market condition of rising price

(d) Market conditions which once achieved tends to persist

Q79. General equilibrium analysis refers to

(a)  Behavior of individual economic decision making units and individual markets in isolation

(b)  Behavior of all the individual decision making units and market viewed in totality

(c)  Both a and b

(d)  None

Q80. Normative economic theory deals with

(a) What is or how the economic problem facing the society are solved

(b) How the problem should be solved

(c)  What to Produce

(d)  How to produce

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