SSC CGL Tier-2 28th January 2022 Assistant Audit Officer

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 1

Report

Which of the following statements is INCORRECT in the context of accounting concepts?

A

In case of precious metals like gold, the revenue is recognised when the gold is mined and not necessarily when it is sold.

B

In case of sale on instalment basis under hire purchase transactions, cash received in the form of instalment is the amount of revenue recognised.

C

Accounting systems based on the accural concept is also known as the Mercantile System of Accounting.

D

The realization concept is related to both revenues and expenses.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 2

Report

Which of the following errors will reflect in the trial balance?

A

A sum of ₹ 500 paid to Mr A's account posted twice in his account.

B

Not recording a credit purchase of furniture.

C

Treating a sale of fixed assets as a normal sale.

D

An amount received from Mr A credited to Mr B's account wrongly.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 3

Report

Which of the following is NOT a business transaction?

A

XYZ Ltd. is negotiating with the customer regarding the supply of goods.

B

XYZ Ltd. paid ₹10,000 for buying furniture for the shop.

C

XYZ Ltd. appreciated Mr. A and awarded a bonus of ₹5,000.

D

XYZ Ltd. availed a discount for prompt payment to its suppliers.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 4

Report

Which of the following accounts will typically have a debit balance in the trial balance?

A

Accumulated depreciation

B

Purchase of stationaiy

C

Purchases return

D

Outstanding salaries

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 5

Report

Depreciation is not impacted on things like scissors, pencil and these are considered as a expenditure for the company. This statement is related to which accounting standard?

A

Convention of prudence

B

Convention of full disclosure

C

Convention of materiality

D

Convention of conservatism

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 6

Report

Which of the following costs is NOT included while calculating the cost of the inventory?

A

Fixed and variable production overheads

B

Selling and marketing costs

C

Trade discounts and rebates

D

Taxes and import duties on purchase of raw material

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 7

Report

In case a Provision for Depreciation Account is NOT maintained, the correct journal entry for recording the amount of depreciation is:

A

Profit and Loss Account Dr
To Asset Account

B

Asset Account Dr
To Depreciation Account

C

Depreciation Account Dr
To Profit and Loss Account

D

Depreciation Account Dr
To Asset Account

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 8

Report

Match the following.

A

1 - b, 2 - a, 3 - c

B

1 - a, 2 - b, 3 - c

C

1 - c, 2 - b, 3 - a

D

1 - a, 2 - c, 3 - b

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 9

Report

Which of the following statements is true?

A

Convention of full disclosure is also known as convention of prudence.

B

Accounting conventions are established by law.

C

There is no personal bias in the adoption of accounting conventions .

D

There is no uniformity in the application of accounting conventions in different enterprises.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 10

Report

When an income is received in advance, the treatment in the Profit & Loss account and balance sheet, respectively, will be:

A

deducted from the respective income on the credit side; shown on the liabilities side

B

deducted from the respective income on the credit side; shown on the assets side

C

added to the respective income on the credit side; shown on the assets side

D

added to the respective income on the credit side; shown on the liabilities side

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 11

Report

Receipts and payments account includes which of the following?
(i) All receipts and payments related to the current year.
(ii) All receipts and payments related to the previous or future year(s).
(iii) All receipts and payments irrespective of the natural (both revenue and capital).

A

Only (ii)

B

Only (i) and {ii)

C

Only (i)

D

(i), (ii) and (iii)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 12

Report

Mr. A draws a 6-month trade bill on B for ₹25,000 ou 1 January 2021. After hold ing the bill for 2 months, A decided to discount the bill with the bank at the rate of 10% p.a. The amount of discount on the bill is __ approximately (select the answer with the closest value).

A

₹938

B

₹450

C

₹833

D

₹1,250

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 13

Report

Which of the following statements is correct?

A

Bank will draw a bill on a customer at the time of overdraft.

B

Oral bill of exchange is also valid.

C

In case of endorsement of bill, endorser debits endorsee and credits bills receivable account.

D

If the bill is assigned by the drawer, it is invalid.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 14

Report

What will be the journal entry for recording this transaction?
Returned goods to Mr. B of ₹500 aud paid to Mr. B ₹4,000 in full settlement for buying goods worth ₹5,000.

A

B

C

D

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 15

Report

X and Y are partners in a partnership firm without any agreement. X has withdrawn ₹ 55,000 out of his capital as drawings. What is the interest on drawings that may be changed from X by the firm?

A

Interest at the rate of 6% per month

B

Interest at the rate of 6% per annum

C

No interest to be charged

D

Interest at the rate of 5% per annum

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 16

Report

Which of the following statements is correct?

A

When the closing inventory is overstated, net income for the accounting period will be understated, ceteris paribus.

B

The periodic inventory system requires continuous update of each purchase/sale transaction.

C

When the beginning inventory is overstated, net income for the accounting period will be understated, ceteris paribus.

D

FIFO matches the current costs with current revenue.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 17

Report

A machine is purchased for ₹8,000 and is wrongly recorded in the purchases account. Due to this error, the trial balance will:

A

show a difference of ₹4,000

B

not show any difference

C

show a difference of ₹16,000

D

show a difference of ₹8,000

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 18

Report

A laptop worth ₹ 12,000 purchased for the daughter of a partner was debited to the general expenses account with ₹2,000. In the rectifying entry, the drawings account should be debited with:

A

₹2,000

B

₹10,000

C

₹14,000

D

₹12,000

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 19

Report

Which of the following statements is INCORRECT for financial accounting?

A

Accounting information is based on estimates.

B

Accounting provides complete information about all the events of the firm.

C

Accounting records only historical events.

D

Financial statement discloses only material items in detail.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 20

Report

A state of deterioration, damage done to a building or other property during tenancy can be referred to as:

A

dilapidation

B

depletion

C

depreciation

D

obsolescence

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 21

Report

The methods of depreciation prescribed by the sec 32 of the Income Tax Act 1961, are:
i) Units of production method
ii) Written down value method
iii) Sum of years' digits method

A

Only (ii)

B

Only (i)

C

Only (i) and {ii)

D

(i), ( ii) and ( iii)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 22

Report

Which of the following statements is true in the context of capital and revenue expenditure?

A

Legal fees to acquire property is capital expenditure .

B

Overhaul expenses of a second-hand machine purchased are revenue expenditure

C

Amount spent for the replacement of a worn-out pa1i of a machine is capital expenditure

D

Expenses in connection with obtaining a license for running a cinema are revenue expenditure.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 23

Report

A not-for-profit organisation pays a rent for the building as ₹1.000 per month. However, the rent for the last two months has not been paid. What will be the amount shown in the receipt & payment account and income & expenditure account, respectively?

A

₹10,000 in both the receipt & payment account and income & expenditure account

B

₹12,000 in both the receipt & payment account and income & expenditure account

C

₹10,000 in the receipt & payment account ₹12,000 in the income & expenditure account

D

₹12,000 in the receipt & payment account ₹10,000 in the income & expenditure account

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 24

Report

Which of the following statements is INCORRECT in the comext of Not-for-profit organisations?

A

The main sources of income of such organisations are: (i) subscriptions from members. (ill donations. (iii) gram-in-aid,etc .

B

The income and expenditure account lists both the revenue and capital receipts and payments (for past. current and future periods).

C

Final accounts for not-for-profit organisations comprise receipts and payment account: income and expenditure account; and balance sheet at the end of the year.

D

Not-for-profit organisations are organised as trusts/societies and have members, not owners.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 25

Report

The bank passbook of Mr. P showed a credit balance of ₹924 as on 31 March 2021 . When checked with cashbook the fllowing points were noted.
1. Payment of a utility bill of ₹200 as per Mr. p's standing instructions was made, which was not retlec1ing in the
cash book.
2. A cheque of ₹65 deposited in the bank on 28 March 2021 was not cleared till 4 April 1021.
3. Cheque drawn by and posted to a parry for ₹46 by Mr. P on 31 March 2021 was presented to the bank on 12
April, 2021.
What will be the bank balance as per cash book as on 31 March 2021?

A

Debit balance of ₹1,143

B

Debit balance of ₹1,235

C

Credit balance of ₹705

D

Credit balance of ₹1,189

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 26

Report

Cost of goods sold is equal to:

A

Opening stock - Purchases - Closing stock + Direct expenses

B

Opening stock + Purchases - Closing stock + Direct expenses

C

Opening stock + Purchases - Closing stock - Direct expenses

D

Opening stock + Purchases + Closing stock + Direct expenses

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 27

Report

When manufacturing and trading accounts are prepared separately, manufacturiring account deals with:

A

only raw materials

B

raw materials and work in progress

C

work in progress and finished goods

D

only finished goods

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 28

Report

The general acceptable accounting principles (GAAPs) fillfils the conditions of
(i) Relevance
(ii) Objectivity
(iii) Feasibility

A

Only (i) and {ii)

B

Only (ii)

C

(i), (ii) and (iii)

D

Only (i)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 29

Report

Match the following accounting concepts with the meaning/implications.

A

(i) - (a), (ii) - (b) , (iii) - (c)

B

(i) - (b), (ii) - (a) , (iii) - (c)

C

(i) - (c), (ii) - (b) , (iii) - (a)

D

(i) - (c), (ii) - (a) , (iii) - (b)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 30

Report

Which of the following options is a revenue expenditure?

A

Carriage of ₹7,500 spent on machinery purchased and installed.

B

Wages paid to own employees for building the foremen's offices.

C

Materials pmchased for extension to foremen's offices in the facto1y.

D

Incurred expenditure of ₹25.000 on varied advertisement campaigns undertaken yearly, on a regular basis, during the peak festival season.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 31

Report

Which of the following statements is correct in the context of single-entry system?

A

Credit sales during the year can be ascertained as the balancing figure in the total creditor account.

B

The objective of preparing a statement of affairs is to estimate the balance in the capital account on a particular date.

C

Credit purchase during the year can be ascertained by preparing the total debtors account.

D

Statement of affairs is reliable as it is prepared from double entry record.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 32

Report

A credit balance in the bank passbook indicates a/an ____ balance, and debit balance in the cash book
indicates a/an ___ balance.

A

favourable; overdraft

B

overdraft; favourable

C

favourable; favourable

D

overdraft; overdraft

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 33

Report

A firm purchased land by paying entire money to the seller. However, still legal proceedings are remaining. As per which principle firm can show this transaction in accounts without the completion of legal proceedings?

A

(Faithful representation)

B

(Completeness)

C

(Neutrality)

D

(Substance over form)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 34

Report

Calculate the profit by the method of statement of affairs with the help of the below given data.
Mr. A is the owener of one general store. He is not using dual system account. Capital at 31st march 2020 was Rs. 75000. He took Rs. 12000 for his person use. He invested new capital of Rs. 12500. On 31st march 2021, total libability is Rs. 90000, total asset is Rs. 126500, stock value is Rs. 24570 and in bank Rs. 25000 cash.

A

98,070

B

86,070

C

12,570

D

10,570

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 35

Report

Which of the following statements is correct in the context of a trading account?

A

Trading account is debited with the net purchases and credited with the net sales.

B

Net purchases is the sum of cash, credit purchase and the amount of return outwards.

C

Goods received on consignment basis are treated as purchases.

D

Goods received on sale or return basis are treated as purchases.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 36

Report

Which of the following statements is INCORRECT for self-balancing ledgers?

A

Self-balancing ledger system implies a system of ledger keeping which classifies ledgers as per nature of transactions.

B

In self-balancing system, general ledger adjustment account is prepared in each of the subsidiary ledgers.

C

In self-balancing system, generally, three ledgers are prepared namely, debtor ledger, credit ledger and main ledger

D

Under sectional balancing system, if the error affects the total of debtors and creditors accounts, it is rectified by adjusting the accounts of debtors and creditors itself without any additional entries.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 37

Report

which of the following statements is INCORRECT in the context of a journal?

A

Journal properly records transactions like expense accruals, rectification entries, adjusting entries, opening entries and closing entries.

B

Journal has three functions - analytical, recording and historical.

C

Journal is divided into two types - General Journal and Special Journal.

D

Journal is often referred to as the Principal Book of Ent1y.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 38

Report

In balance sheet, when finance are at top level and current liabilities at the bottom level. What is said this thing.

A

sorted in order of permanence

B

sorted in order of priority

C

sorted in order of liquidity

D

sorted in order of importance

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 39

Report

Which of the following is/are control account(s) maintained in the self-balancing ledger system?
(i) Bought ledger adjustment account
(ii) Sales ledger adjustment account
(iii) General ledger adjustment account

A

Only (i)

B

Both (i) and (ii)

C

Only (iii)

D

Only (ii)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 40

Report

Paying a bill before due date is called _____________

A

(rediscounting)

B

(endorsement)

C

(retirement)

D

(renewal)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 41

Report

The real GDP growth of the Indian economy is impacted negatively by which of the following?
I) Rise in inflation
2) Low domestic manufacturing activity
3) Increased government spending on infrastructure

A

Only 1, 2

B

Only 1

C

1, 2 and 3

D

Only 1, 3

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 42

Report

Technological progress is expected to shift the supply curve of a firm to the ________, Imposition of unit tax is expected to shift the supply curve of a form to the _______.

A

right; right

B

right; left

C

left; right

D

left; left

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 43

Report

Match the following for the percentage share of stake held in regional rural banks.

A

i - (b); ii - (a); iii - (c)

B

i - (a); ii - (c); iii - (b)

C

i - (a); ii - (b); iii - (c)

D

i - (c); ii - (b); iii - (a)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 44

Report

The Guidotti-Greenspan-IMF rule entails:

A

adequacy of foreign exchange reserves in terms of the 'imports cover of three to four months' of a country's imports

B

countries to bold 'liquid reserves' equal to their sho1t-term foreign liabilities (maturing within a year)

C

conttries to hold 'liquid reserves' equal to their short-term foreign liabilities (maturing within 6 months)

D

adequacy of foreign exchange reserves in terms of both short term external debt and a measure of the scope for capital flight (pan of M2) modified by a 'probability factor' captured by a country risk index

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 45

Report

Which of the following statements is correct?

A

Balance of trade is a part of balance of payment.

B

When exports exceed imports, there is a trade deficit.

C

Any transaction resulting in a receipt from foreigners is entered as a debit and is given a negative sign in the capital account.

D

Trade in goods aud services and net transfers result in capital account surplus.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 46

Report

_________was launched by the Prime Minister of India in June 2015 with the focus to establish infrastructure that could ensure adequate robust sewage networks and waler supply for urban transformation by implementing urban revival projects.

A

Atal Mission for Rejuvenation and Urban Transformation

B

National Infrastructure Pipeline project

C

Niryat Rin Vikas Yojana

D

SMART City project

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 47

Report

A perfectly elastic supply curve means:
i. a horizontal supply cmve
ii. Price Elasticity of Supply = Infinity

A

Neither (i) nor (ii)

B

Both (i) and (ii)

C

Only (i)

D

Only (ii)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 48

Report

_______ is an umbrella organisation for operating retail payments and settlement systems in India, an initiative of Reserve Bank of India (RBI) and India Bank's Association (IBA) under tl1e provisions of the Payment and Settlement Systems Act. 2007.

A

New Payments Corporation of India

B

National Payments Corporation of India

C

Nation Level Payments and Settlement Corporation

D

National Payments Company oflndia

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 49

Report

________in a market occurs when a small number of firms produce a _______ commodity.

A

Nionopoly, heterogeneous

B

Nionopoly, homogeneous

C

Oligopoly, homogeneous

D

Perfect competition, heterogeneous

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 50

Report

Q = L + K (where Q is output, L is labour and K is capital), depicts a production function with:

A

both Increasing and Constant Returns to Scale

B

Decreasing Returns to Scale

C

Increasing Returns to Scale

D

Constant Returns to Scale

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 51

Report

Human wants are ____ but the means to satisfy them are_________.

A

scarce; limited

B

limited; also limited

C

unlimite

D

scarce
d: restricted; scarce

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 52

Report

Which of the following statements is correct?

A

Payments banks undertake lending activities for special sectors.

B

Minimum paid-up equity capital of the payments banks shall be ₹10 crore .

C

Payments banks cannot set up subsidiaries to unde1take non-banking financial se1vices activities.

D

Payments banks can issue both, debit and credit cards.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 53

Report

On 23rd september 2013, swarna jayanti urban swarozgar yojana was changed to _____________.

A

deendayal antyodaya yojana-national urban livelihood mission

B

deendayal antyodaya yojana-national rural livelihood mission

C

jawaharlal nehru national urban renewal mission

D

shyama prasad mukherjee rurban mission

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 54

Report

Normative economics does NOT involve:

A

value judgement

B

facts

C

opinions

D

statements relating to 'what ought to be'

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 55

Report

Marginal Product is defined as:

A

input per unit output

B

output per unit input

C

change in input per unit output

D

change in output per unit change in input

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 56

Report

For a monopolist, profit is maximised at that level of output where:

A

MR = AR and MR is falling

B

MR = MC and MC is falling

C

MR = AR and MR is rising

D

MR = MC and MC is rising

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 57

Report

The Comptroller and Auditor General of India takes oath as per the fonn mentioned in the ________ and the salary is determined as per the provisions mentioned in the __________ of the Constitution of India.

A

$$ 2^{nd}$$ schedule; $$3^{rd}$$ schedule;

B

$$ 3^{rd}$$ schedule; $$2^{nd}$$ schedule;

C

$$ 6^{th}$$ schedule; $$2^{nd}$$ schedule;

D

$$ 3^{rd}$$ schedule; $$6^{th}$$ schedule;

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 58

Report

In case of inferior goods, income elasticity of demaand is __________.

A

negative

B

irrelevant

C

positive

D

zero

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 59

Report

The income elasticity of demand is expected to __________ be for _____________ goods.

A

greater than 1 ; inferior

B

less than 1 ; luxury

C

greater than 1 ; luxmy

D

equal to O ; giffen

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 60

Report

Which of the following statements is INCORRECT?

A

Under liquidity adjustmentt facility, in a reverse repo transaction RBI infuses liquidity in the system.

B

Open market operations in the secondary market are carried out on the electronic Negotiated Dealing System-Order Matching (NDS-OM) plarform.

C

Money obtained under the Market Stabilization Scheme is kept in a separate account and not transferred to the
govermnent

D

The Market Stabilization Scheme was introduced in 2004.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 61

Report

In which of the following years was the annual plan initiated in India by the Planning Commission, Government of India?

A

1980

B

1956

C

1966

D

1961

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 62

Report

Which of the following statements is INCORRECT in the context of budget and fiscal deficit?

A

Budgetary deficit is the excess of total expenditure over total receipts.

B

Deficit financing is the practice in which a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds.

C

Fiscal deficit, shows the borrowing requirements of the government during the budget year .

D

Primray deficit is defined as fiscal deficit of the current year plus interest payments on previous borrowings.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 63

Report

Which of the following statements is INCORRECT in the context of demand function?

A

In the demand function, the independent variable is the income of the consumer.

B

In the demand function, the dependent variable is the quantity demanded.

C

The demand curve, in general, is downward sloping.

D

The demand curve depicts the quantity demanded by the consumer at different prices.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 64

Report

The Fiscal Responsibility and Budget Management Act, 2003, was assented to on ____ and commenced with
effect from __________.

A

5 July 2003 ; 26 August 2003

B

26 August 2003 ; 26 August 2004

C

6 August 2003 ; 5 July 2004

D

5 July 2003 ; 5 July 2004

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 65

Report

_________________ suggested a poverty line of ₹75 per capita per year.

A

Vorking Group ( 1962)

B

Dadabhai Naoroji in his book 'Poverty and Un-British Rule in India'

C

National Planning Committee (1938)

D

The Bombay Plan (1944)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 66

Report

What is constant along an isoquant?
i. Level of Labour
ii. Level of Capital

A

Both (i) and (ii)

B

Only (ii)

C

Neither (i) nor (ii)

D

Only (i)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 67

Report

Since independence, India has been a ______________.

A

mixed economy

B

closed economy

C

private economy

D

capitalist economy

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 68

Report

The demand curve that a firm faces in a perfectly competitive market is perfectly __________ : it is a _________ straight line at the market price.

A

inelastic; horizontal

B

elastic; vertical

C

inelastic; vertical

D

elastic; horizontal

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 69

Report

Under expansionism fiscal policy, government will _____________

A

increase interest rates

B

increase taxes

C

increase reserve expenditure

D

increase expenditure

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 70

Report

The $$5^{th}$$ finance Commission bas recommended that for cities with a million plus population (Million-Plus cities), ____________ of the grants are perfomance-linked through the Million-Plus Cities Challenge Fund (MCF)

A

10%

B

50%

C

100%

D

25%

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 71

Report

Problem of how to produce is NOT concerned with:

A

allocation of scarce resources

B

choice of technique of production

C

more production at less cost

D

efficient use of resources

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SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 72

Report

In which of the following cases will price elasticity of demand be relatively less elastic?

A

Goods on which consumers spend a small proportion of their income

B

Goods whose consumption can be postponed

C

Goods which have close substitutes

D

Goods which can be put to multiple use

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 73

Report

Money sent by a person who is working foreign country is included in ________________.
(i) tranfer to the people in terms of payment.
(ii)national income

A

only (ii)

B

both (i) and (ii)

C

neither (i) nor (ii)

D

only (i)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 74

Report

The supply curve of cars is expected to shift rightwvards with:
1. an increase in the price of cars
ii. a decrease in fuel prices

A

Neither (i) nor (ii

B

Both (i) and (ii)

C

Only (ii)

D

Only (i)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 75

Report

____________ happens when a government sells only a part of its stake in a public sector company and retains tte majority of it.

A

Privatisation

B

Disinvestments

C

Devolution

D

Nationalisation

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 76

Report

_______________ monetary policy implimented when it is assumed that there is a need of high interest rates. Generally it is done to face the inflation or to stop the quick economic growth.

A

(Countercyclical)

B

(Dovish)

C

(Hawkish)

D

(Accommodative)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 77

Report

The supply curve of a normal good is ____ sloping. It depicts ___________ on !be x-axis and ___________ on they-axis.

A

upward; price; quantity supplied

B

downward; quantity supplied; price

C

upward; quantity supplied; price

D

downward; price; quantity supplied

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 78

Report

which of the following is the last source of energy?

A

petroleum

B

natural gas

C

electricity

D

sun radiation

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 79

Report

The full form of GIFT City, India's first International Financial Services Centre (IFSC) is:

A

Gujarat Indian Finance Technology-City

B

Gujarat International Finance Tec-City

C

Gandhinagar International Finance Tec-City

D

Guj amt International Finance Technical-City

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 80

Report

which of the following statements is INCORRECT?

A

Nominal Exchange Rate is the price of one unit of foreign currency in terms of domestic currency

B

When exports exceeds imports,there is a trade deficet.

C

The Balance of Payments records a country's transactions with the rest of the world .

D

When the real exchange rate is one, the countries are said to be in purchasing power parity.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 81

Report

Which of the following statements is true?

A

Marginal Product Curve is a U-sbaped cmve.

B

Marginal Product Cmve is an L-shaped curve.

C

Average Product a1rve is a U-shaped cmve.

D

Total Product Curve is positively sloped .

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 82

Report

The Method of measuring national income is also known as the 'flow of product' approach by Prof.
Samuelson.

A

Product

B

Expenditure

C

Value added

D

Income

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 83

Report

As per the CAG (DPC's) Act, 1971, the Comptroller and Auditor General of India:
(i) audits all receipts into and expenditure from the Consolidated Fund of India and of each State and of each Union Territory, having a Legislative Assembly
(ii) audits all transactions of the Union and of the States relating to Contingency Funds, and Public Accounts
(iii) audits receipts and expeuditure of bodies or authorities substantially financed from Union or State revenue
(iv) audits accounts of bodies or authorities by request

A

Only (i) and (ii)

B

Only (i) (ii) and (iii)

C

Only (i) and (iii)

D

(i), (ii), (iii) and (iv)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 84

Report

Price elasticity of demand measures the extent to which quantity demanded of a commodity changes in response to change in:

A

consumer s income only

B

any of its quantitative determinants

C

prices of other goods only

D

own price only

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 85

Report

The cross elasticity of demand means responsiveness of the quantity demanded of a good to a change in:

A

consumer's income

B

its own price

C

producer's income

D

price of other goods

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 86

Report

According to the theoyy of demographic transition, a country (underdeveloped and technologically backward) passes through three stages. Which of the following options is the first stage of this theory ?

A

Both birth rate and death rate are high

B

Both birth rate and death rate are low

C

High birth rate and low death rate

D

High death rate and low birth rate

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 87

Report

India's health infrastructure and health care is a tier system comprising:
(i) Primary level
(ii) Secondary level
(iii) Tertiary level

A

Only (i)

B

Only (iii)

C

(i), ( ii) and (iii)

D

Only (i) and (ii)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 88

Report

Which of the following is a core concept studied in microeconomics?
i. Consumer Behaviour
ii. Behaviour of Firms
iii. Aggregate Level of Output and Inflation in the Economy

A

Only (i) and (ii)

B

Only (ii) and (iii)

C

Only (i) and (iii)

D

Only (i)

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 89

Report

Vhich of the following is correct?

A

Real GDP is the NDP at constant price + Depreciation

B

Disposable income = Personal income + Personal direct taxes

C

Disposable income = Personal income + Personal direct

D

According to the Income Mechod. GNP = Wages and salaries + Rent - Dividends - Undiscributed corporate profits -
Mixed incomes + Direct and indirect taxes - Depreciation -Net income from abroad

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 90

Report

Which of the following is NOT an agency function of the bank?

A

Payment of tax

B

Payment of rent

C

Collection of dividends

D

ATM facilities

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 91

Report

______ was a policy incroduced to promote equity in Indian agriculture. The purpose was to _________
concentration of land ownership in a few hands.

A

Green Revolution; reduce

B

Export Promotion; enhance

C

Land Ceiling; reduce

D

Operation Flood; reduce

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 92

Report

Which of the following statements is correct in the context of Special Drawing Rights (SDR)?

A

The SDR was initially defined as equivalent to 0.888671 grams of fine gold.

B

The SDR is the currency of the IMF.

C

The SDR curency value is calculated on an annual basis.

D

The SDR basket of currencies includes the US Dollar, Euro, Japanese Yen, Pound Sterling.

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 93

Report

The demand curve gives the quantity demanded by the consumer at each ___________.

A

income level

B

expenditure level

C

utility level

D

price level

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 94

Report

Which of the following is NOT an assumption of production possibility curve?

A

Resources are given and fixed

B

Resources do not have alternate uses

C

Resources are fully and efficiently utilised

D

Technology remains constant

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 95

Report

The law of demand holds good when:

A

tastes and preferences of consumers are not constant

B

own price of the commodity is assumed to be constant

C

all determinants of demand, other than own price of the commodity, remain constant

D

prices of related goods are allowed to change

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 96

Report

Which of the following is NOT a feature of indifference curves (for normal goods)?

A

They are downward sloping.

B

They can never intersect each other.

C

Higher indifference curves mean greater utility.

D

They always have a constant slope .

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 97

Report

Vhich of the following statements is/are true?
A - In perfect competition, average revenue is equal to market price.
B - In perfect competition, marginal revenue is equal to market price .

A

Both A and B are true

B

Only A is trne

C

Neither A nor Bvis true

D

Only A is not true

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 98

Report

When an economy is operating inside the production possibility curve, it indicates that:

A

potential output < actual output

B

potential output = actual output

C

potential output is unattainable

D

potential output > actual output

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 99

Report

As per the 15th Finance Commission final report, submitted on 9 November 2020, the Commission has recommended that _______ of the net proceeds of Union taxes should be shared with the States.

A

40%

B

41%

C

42%

D

45%

View Solution

SSC CGL Tier-2 28th January 2022 Assistant Audit Officer - Question 100

Report

Use of synthetic rubber leads to decline in the demand for natural rubber and thus causes _________
unemployment in rubber plantations.

A

disguised

B

casual

C

cyclical

D

structural

View Solution