HPSC Polytechnic Lecturer 2022: Lecturer (Technical Education) Screening Test, Finance, Accounts & Audit (Advt. No. 11/2021)
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QUESTION BOOKLET
FINANCE, ACCOUNTS AND AUDIT
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Finance, Accounts and Audit /12-A
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1. At the time of independence, the 4. 500 equity shares of <100 each
attitude of India towards foreign issued at <120, are forfeited for
capital was non-payment of final call of <40.
Premium <20 is collected as a part
[A] of fear and suspicion of allotment money. Amount to be
[B] on increasing foreign exchange credited to share forfeiture
resources of the country account will be
[C] open due to need of foreign [A] <30,000
currency [B] <50,000
[D] encouraging foreign exchange [C] <60,000
resources
[D] <20,000
2. Given below are two statements.
5. Ind AS 11 requires contract revenue
One is labelled as Assertion (A) and
to be measured at
other is labelled as Reason (R) :
[A] fair value of consideration
Assertion (A) : The increase in the
receives/receivable
value of India’s GDP tends to
increase India’s global trade. [B] net realizable value receivable
Reason (R) : As per the Gravity [C] historical value
Model Theory, GDP is directly
[D] consideration received/receivable
proportionate to trade and distance
is inversely proportionate to trade.
6. Alpha acquired Beta, market price
In the reference of these of Beta is <20 per share and
statements, choose the correct earning per share is <5. For an
answer from the options given below : exchange ratio of 1·5 : 1, what was
the P/E ratio used in acquiring
[A] Both (A) and (R) are true and Beta?
(R) is the correct explanation
of (A) [A] 1·5
[B] Both (A) and (R) are true but [B] 2·34
(R) is not the correct [C] 5
explanation of (A)
[D] 6
[C] (A) is true but (R) is false
[D] (A) is false but (R) is true 7. The Central and State Pollution
Control Boards have been
established under
3. X and Y are partners with sharing
ratio of 3 : 2. They admit Z with [A] the Biological Diversity Act,
1 1972
share; the new ratio will be
6 [B] the Environment (Protection)
[A] 3 : 2 : 6 Act, 1986
[B] 3 : 2 : 1 [C] the Water (Prevention and
Control of Pollution) Act, 1974
[C] 6 : 2 : 3
[D] the Air (Prevention and Control
[D] 3 : 1 : 2 of Pollution) Act, 1981
Finance, Accounts and Audit/12-A 2
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8. Arrange into chronological order 11. The price of pizza increases by 22%
on the basis of development : and the quantity demanded falls
1. Law of demand by 25%. This indicates that
demand for pizza is
2. Law of indifference
[A] unitary elastic
3. Law of diminishing marginal [B] inelastic
utility
[C] elastic
4. Revealed preference curve [D] perfectly elastic
5. Indifference curve
12. Sachin Tendulkar is seen using a
[A] 1, 3, 5, 2, 4
new BMW car. Customers now
[B] 1, 5, 3, 4, 2 want the same car. Which
[C] 1, 3, 2, 5, 4 determinant of demand is this
most likely to fall under?
[D] 5, 4, 3, 2, 1
[A] Change in Consumer Tastes
9. According to the principle of [B] Change in Consumer Income
diminishing marginal rate of [C] Change in Consumer Price
substitution, choose the correct Expectations
statement(s) : [D] Change in Price of Substitute
Statement I : Commodity which is Goods
increased has higher marginal
significance. 13. The bonds denominated in dollars
issued by non-US banks in USA
Statement II : One commodity must are called
be decreased while other is
[A] Masala bonds
increased.
[B] Samurai bonds
Statement III : Commodity which
[C] Bulldog bonds
is decreased has higher marginal
significance. [D] Yankee bonds
[A] All Statements I, II and III are 14. A firm’s optimum capital structure
correct is achieved
[B] All Statements I, II and III are [A] when debt and equity are 50%
incorrect each
[C] Statement III is correct but I [B] when cost of equity is minimum
and II are incorrect [C] when weighted average cost of
[D] Statements II and III are capital is minimum
correct but I is incorrect [D] when capital asset pricing
model is minimum
10. According to the law of variable
proportion, when marginal product 15. Internal Rate of Return and Net
starts diminishing, the behaviour Present Value provide same
of Total Product (TP) results when investment proposals
are
[A] decreases at increasing rate
[A] independent
[B] increases at diminishing rate [B] dependent
[C] remains constant [C] long-term
[D] decreases at diminishing rate [D] short-term
Finance, Accounts and Audit /12-A 3 [ P.T.O.
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16. According to Gordon model, the 21. Rather than viewing one part of
discount rate used by the investor the organization as separate from
exhibits _____ relationship with the other parts, a system approach
the retention rate. encourages managers to
[A] no [A] speed up access to timely
[B] directly proportional information
[B] adopt standardisation
[C] inversely proportional
[C] adopt ideas based on situation
[D] Unaffected
[D] look for connections between
17. What will be the material cost the different parts of the
variance if actual quantity is organisation
280000, actual rate is ` 0·90, 22. The HR manager of a company
standard quantity for actual output wants to impart information and
is 300000 and standard rate is <1? knowledge to employees. Which
[A] 48000 adverse training method(s) should he use?
[B] 48000 favorable [A] Films, videos, lectures, planned
readings
[C] 10000 favorable
[B] Case studies, coaching,
[D] 10000 adverse
mentoring, group discussions
18. From a set of 17 cards numbered [C] OJT, role playing, simulation
1, 2, ..., 17, one is drawn at [D] Vestibule training
random. What is the probability 23. Alderfer’s ERG Theory collapses
that the card drawn bears a Maslow’s five needs into three :
number which is divisible by 3 or 7? [A] Existence, Reactive and Goal
[A] 3/17 [B] Existence, Relatedness and
[B] 7/17 Growth
[C] 1/17 [C] Emergence, Responsive and
[D] 2/17 Growth
[D] Existence, Relatedness and
19. _____ is an approach to deal with Goal
conflict in which one party 24. The first ever organized attempt at
satisfies its desires and objectives establishing a set of corporate
at the expense of the other party’s governance guidelines was in
desires and objectives.
[A] Canada
[A] Integrative [B] USA
[B] Compromise [C] India
[C] Domination [D] UK
[D] Unity 25. Vroom-Yetton-Jago model helps
leaders to decide
20. The Hawthorne studies demons-
[A] how much employee participation
trated that _____ incentives weren’t
should be used when making
necessarily the most important
decisions
motivator for workers.
[B] how to improve subordinate
[A] financial
satisfaction and performance
[B] non-financial [C] procedures, rules and policies
[C] appreciation [D] degree to which the require-
[D] perks ments of a subordinate’s tasks
Finance, Accounts and Audit/12-A 4
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26. The loan accounts classified as 30. Starbucks welcome autumn
NPAs may be upgraded as season with its Pumpkin Spice
‘standard’ assets, only if Latte. Sold only in the fall, the
[A] the entire arrears of interest pumpkin spice latte pulls in an
are paid by the borrower estimated $100 m in revenue
every year. This is an example of
[B] the entire arrears of interest
[A] behavioural segmentation
and principal are paid by the
borrower [B] psychographic segmentation
[C] the interest overdues and [C] geographic segmentation
partial overdues are paid by [D] demographic segmentation
the borrower
31. Determine the right sequence of
[D] Cannot be upgraded new product development process :
1. Idea generation
27. Digital banking enabled fund
2. Concept development and
transfers reduce the risk of
testing
[A] liquidity 3. Test marketing
[B] interest rate 4. Product development
[C] credit [A] 1, 2, 3, 4
[D] counterfeit currency [B] 2, 3, 4, 1
[C] 1, 2, 4, 3
28. Unit Linked Insurance Plan is an [D] 1, 3, 2, 4
example of
[A] term insurance 32. Online company’s CEO once said,
“We want to make money when
[B] participating insurance people use our devices, not when
[C] non-participating insurance they buy our devices”. What type of
[D] general insurance product’s pricing strategy is this?
[A] Product line pricing
29. As per SEBI guidelines on [B] Optional product pricing
categorization and rationalization [C] Captive product pricing
of schemes, ‘ultra short duration [D] By-product pricing
fund’ is
[A] debt and money market 33. A practice of making claims about
instruments with Macaulay the sustainability of a company
duration portfolio between without factual support is
3 months – 6 months [A] green marketing
[B] debt and money market [B] sustainable marketing
instruments with Macaulay [C] direct marketing
duration portfolio between [D] greenwashing
1 month – 3 months
34. Vindictive damages are often
[C] debt and money market
referred to as
instruments with Macaulay
duration portfolio between [A] incidental damages
6 months – 12 months [B] punitive damages
[D] overnight securities having [C] nominal damages
maturity of 1 day [D] consequential damages
Finance, Accounts and Audit /12-A 5 [ P.T.O.
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35. Which is an exception to the rule 40. Which among the following is a
of previous year under income tax? Promissory Note?
[A] Shipping business of non-
resident [A] I promise to pay Suresh <5,000
[B] Persons migrating to India seven days after my marriage
with Ms. Pinky.
[C] Well established business
[D] Association of CAS [B] I promise to pay Suresh <5,000
36. Which of the following is related to and to deliver my black horse
the ADEN Rules, 1953? to him on 1st January next.
[A] Residential status
[C] I acknowledge myself to be
[B] Double taxation relief indebted to Suresh in <10,000,
[C] Assessment of corporate entity to be paid on demand, for value
[D] Tax exemption received.
37. Which amongst the below mentioned [D] I promise to pay Suresh <500
points is not false? on the death of Ms. Y, provided
[A] Indian companies have levied Ms. Y leaves me enough to pay
a tax on earnings from their that sum.
India operations
[B] International companies have
levied a tax on earnings from 41. As per the Companies Act, 2013,
their India operations the balance in the security premium
[C] International companies have account cannot be utilised for
levied a tax on earnings from
their foreign operations [A] writing off discount on issue of
[D] International companies gain shares
profits on earnings from their
[B] payment of dividend
India operations
38. Which of the following components [C] capital losses
are included in promotion mix?
[A] Advertising, publicity, personal [D] issue of fully paid-up bonus
selling and sales promotion shares
[B] Physical attributes, brand,
package and product life cycle
42. Under the Information Technology
[C] Brand name, product benefits, Act 2000, what is the punishment
delivery and credit for hacking computers?
[D] Transportation, material hand-
ling, packaging and customer [A] Life imprisonment
service
[B] ` 10 lakh penalty or three-year
39. In the buying decision process, the
imprisonment or both
person who first suggests buying
the product or service is known as [C] ` 5 lakh penalty or three-year
[A] influencer imprisonment or both
[B] initiator
[C] decider [D] ` 2 lakh penalty or three-year
[D] buyer imprisonment or both
Finance, Accounts and Audit/12-A 6
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43. Select the correct option from the 46. XYZ Limited uses a high price and
following statements : high promotion policy as part of its
Statement I : Intellectual property business strategy. Which of the
is a property that includes following will be achieved by such
intangible creations of human a policy?
intellect. [A] Slow skimming
Statement II : Intellectual property [B] Rapid penetration
rights do not include trade secrets
[C] Slow penetration
and moral rights.
[A] Statement I is correct but II is [D] Rapid skimming
incorrect
47. Which of the following is not a
[B] Both the Statements I and II
Trading Block?
are correct
[C] Both the Statements I and II [A] NAFTA
are incorrect [B] ASEAN
[D] Statement II is correct but I is [C] SAARC
incorrect
[D] IMF
44. Choose the correct alternative after
reading the following statements : 48. Which of the following is/are
Statement I : Average revenue = included as micro-environmental
Marginal revenue, when price is variables?
constant. [A] Prevailing economic and political
Statement II : When price is conditions
constant, revenue earned from [B] Emerging new technologies
each additional unit is equal to
Average revenue. [C] Financial conditions and culture
[A] Statement I is correct and [D] Financial policy of the company
Statement II is incorrect
[B] Statement I is incorrect and 49. The strategies of a global firm are
Statement II is correct affected by the following factors :
[C] Both the Statements I and II 1. Different countries have
are correct different labour mixes.
[D] Both the Statements I and II 2. The legal, economic, social and
are incorrect cultural environment varies
from one country to another.
45. When firms in an industry produce
differentiated products, which among 3. Different countries have
the following will happen? different timelines and
[A] Long-run economic profit will geographical boundaries.
always be zero 4. Political relationship between
[B] Short-run economic profit will the home country and the host
always be positive country.
[C] The demand curves facing Identify the correct option.
firms will always be perfectly
[A] 1, 2 and 3
elastic
[D] The demand curves facing [B] 2, 3 and 4
firms will always be [C] 1, 2 and 4
downward-sloping [D] 1 and 2 only
Finance, Accounts and Audit /12-A 7 [ P.T.O.
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50. A company has raised the price of 54. Which among the following
its goods to collect money for represents (1 + r )n, where
Corporate Social Responsibility r = interest rate per period and
(CSR) activities. Such practice is n = number of time periods?
known as
[A] PVIF (Present Value Interest
[A] Reverse Robinhood Effect Factor)
[B] Reverse Effect [B] FVIF (Future Value Interest
Factor)
[C] Boomerang
[C] PVIFA (Present Value Interest
[D] Roosevelt Effect Factor for an Annuity)
[D] FVIFA (Future Value Interest
51. XYZ Limited imports machinery Factor for an Annuity)
and equipment from Germany for
setting up a new plant in India.
55. XYZ is an oil-based business
Such transaction is recorded
company which does not have
under _____ of the _____ account of
adequate working capital. It fails to
Balance of Payment.
meet its current obligation which
[A] credit side, capital leads to bankruptcy. Identify the
type of decision involved to prevent
[B] debit side, capital risk of bankruptcy.
[C] debit side, current [A] Investment decision
[D] credit side, current [B] Dividend decision
[C] Liquidity decision
52. Which among the following
countries is not a member of [D] Finance decision
SAARC?
56. Ramesh is considering investing in
[A] Bhutan one of these three stocks :
[B] India Stock Return Beta
[C] Thailand A 12% 0·59
[D] Maldives B 10% 0·61
C 20% 1·29
53. Which among the following is used
for charging depreciation on If Ramesh is a strict risk minimizer,
machinery according to Income he would choose Stock _____ if it is
Tax Act, 1961? to be held in isolation and
Stock _____ if it is to be held as part
[A] Purchase price of machinery of a well-diversified portfolio.
[B] Written down value of the [A] A, B
machinery
[B] A, C
[C] Market price of the machinery
[C] C, A
[D] Average of purchase price and
current market price [D] C, B
Finance, Accounts and Audit/12-A 8
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57. ABC Limited has a debt-to-equity 60. With regard to Treasury Bills,
ratio of 2·6 compared with the which among the following is not
industry average of 2·4. This means correct?
that the company [A] Treasury Bills can be issued by
big corporate houses
[A] will not experience any
difficulty with its creditors [B] Treasury Bills are short-term
securities for financing
[B] has less liquidity than other [C] Treasury Bills are regulated by
firms in the industry Reserve Bank of India
[C] will be viewed as having high [D] Individual investor can also
creditworthiness invest in Treasury Bills
[D] has greater than average 61. Which among the following is not a
financial risk when compared function of Investment Banks?
to other firms in its industry
[A] Investment Banks help the
companies in the issuance of
58. Consider a project that has normal securities
cash flows with one outflow [B] Investment Banks’ primary
followed by a series of inflows. function is loan disbursement
Which of the following statements
is correct for such project? [C] Investment Banks provide
valuation services to their
[A] The higher the WACC, the clients
lower the calculated NPV will [D] Investment Banks participate
be in stock markets
[B] If a project’s NPV is greater
62. Regarding Money Market activities
than zero, then its IRR must
in India, which among the following
be less than the WACC
is/are correct ?
[C] If a project’s NPV is greater 1. Money market is a market for
than zero, then its IRR must short-term funds
be less than zero 2. Maturity in this market ranges
from overnight to one year
[D] The NPVs of relatively risky
project should be found using 3. The basic function of money
relatively low WACC market is to provide efficient
liquidity position for commercial
banks, financial institutions,
59. National Housing Bank is owned by mutual funds, insurance
which organization? companies, corporate etc.
4. Maturity in this market is above
[A] HUDCO
one year
[B] HDFC [A] Only 1 and 2 are correct
[B] 1, 2 and 3 are correct
[C] RBI
[C] 2, 3 and 4 are correct
[D] SEBI [D] None of the above
Finance, Accounts and Audit /12-A 9 [ P.T.O.
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63. All other things held constant, 67. A company would like to study the
which of the following would impact of advertising expenditure
increase the amount of cash on a on sales and sales revenue. This is
company’s balance sheet? an example of _____ research.
[A] Purchase of a new piece of [A] prescriptive
equipment
[B] causal
[B] Repurchase of common shares
[C] secondary
[C] Company pays a dividend
[D] exploratory
[D] Issue of new stock by the
company 68. If a statistical test is significant, it
means that
64. Jayshree Inc. recently reported net
income of <4,75,000 and depreciation [A] the researcher can generalize
of <88,500 for the financial year the findings of the study with a
2019–20. How much was its net predefined probability
cash flow, assuming it had no [B] the researcher understands the
amortization expense and also data
assuming that it had sold none of its
fixed assets during the period? [C] there is nil probability for
committing a Type-I error
[A] <5,63,500
[D] the test is descriptive
[B] <3,86,500
[C] <5,63,535 69. The term used to describe all possible
outcomes of an event collectively is
[D] <4,30,750
called
65. The manager of Fresh Drinks Inc. [A] sample
states that he is very concerned
[B] sample space
with the continuing decline in
sales of the company’s major [C] probability distribution
product, an apple juice soda. The [D] conditional probability
manager has asked an expert for
assistance in finding the reasons 70. A researcher was interested in on-
for the sales decline. The most job stress levels of employees
appropriate way to begin would be while performing a particular task.
with She took the same group of 120
[A] exploratory research employees from three different
age-groups and measured their
[B] descriptive research
anxiety (out of 100). The data was
[C] an experiment normally distributed. Which test
[D] a consumer study should she use to compare the
anxiety levels of the employees
66. The lowest value of variance can belonging to the different age-
be groups?
[A] +1 [A] Matched-pairs t-test
[B] –1 [B] One-way ANOVA
[C] –3 [C] Independent samples t-test
[D] 0 [D] Kruskal-Wallis test
Finance, Accounts and Audit/12-A 10
Text of page 11
71. The Central Consumer Protection 76. Which one of the following is not
Council is chaired by true about the relationship
between Average Revenue (AR)
[A] a former Judge of the Supreme
and Marginal Revenue (MR)?
Court
[A] When MR > AR, AR increases
[B] the Minister-in-Charge of the
Corporate Affairs in the [B] When MR = AR, AR is maximum
Central Government
[C] When MR < AR, AR falls
[C] the Minister-in-Charge of the
Consumer Affairs in the [D] AR can be negative but not MR
Central Government
77. Which one of the following is the
[D] the Prime Minister of India property of indifference curve?
72. Investment in new production [A] Indifference curves slope
facility is upward to the right
[A] Brownfield investment [B] Indifference curves intersect
each other
[B] portfolio investment
[C] Higher indifference curve
[C] greenfield investment represents the higher level of
[D] cross-border investment in satisfaction
merger and acquisition [D] Indifference curves are
concave to the origin
73. Which is not the method of human
resource accounting? 78. As per Modigliani and Miller
[A] Replacement cost method Theory, in the absence of taxes, the
value of firm and cost of capital will
[B] Historical cost method
[A] remain same to the capital
[C] Opportunity cost method
structure change
[D] Operating cost method
[B] increase the value but decrease
the cost of capital with capital
74. The level of significance of a
structure change
statistical test is the probability of
committing a [C] increase with capital structure
[A] Type-II error change
[B] Risk [D] decrease with capital structure
change
[C] Type-I error
[D] Both Type-I and Type-II errors 79. When risk-free rate of return is
7%, beta value is 1·5 and market
75. The whole system of financial rate of return is 15%, the value of
control and otherwise is known as expected rate of return will be
[A] internal control [A] 22%
[B] internal check [B] 8·5%
[C] internal audit [C] 16·5%
[D] continuous audit [D] 19%
Finance, Accounts and Audit /12-A 11 [ P.T.O.
Text of page 12
80. Which one of the following is not 84. Match List—I with List—II regarding
an act of plagiarism? theories of management :
[A] Producing the ideas of others List—I List—II
as one’s own
(i) Expectancy theory 1. F. W. Taylor
[B] Producing own academic work of motivation
without acknowledging the
source (ii) Path goal theory 2. Victor Vroom
of leadership
[C] Presenting as original and new
idea from existing literature (iii) Differential piece 3. Robert House
rate system
[D] Drawing the content from
other’s work with due (iv) Human relation 4. George Elton
acknowledgement theory of management Mayo
Choose the correct match from the
81. Which test is used in place of
options given below :
ANOVA, when the assumptions of
normality and homogeneity are not (i) (ii) (iii) (iv)
satisfied?
[A] 2 3 4 1
[A] Mann-Whitney test (U-test)
[B] 1 2 4 3
[B] Kruskal-Wallis test (H-test)
[C] Wilcoxon Signed-Rank test [C] 2 3 1 4
[D] Kolmogorov-Smirnov test [D] 1 2 3 4
82. What will be the value of coefficient 85. Which one of the following is not
of correlation, when regression the operative function of human
coefficients bxy = 1·6 and byx = 0·4? resource management?
[A] 0·008 [A] Industrial relations
[B] Development
[B] 0·4
[C] Procurement
[C] 0·08
[D] Directing
[D] 0·8
86. A process established to improve
83. The number of subordinates which industrial relations through
an executive can supervise negotiation between employer and
effectively is known as employee is
[A] delegation of authority [A] collective bargaining
[B] span of management [B] conciliation and mediation
[C] decentralisation [C] arbitration
[D] centralisation [D] adjudication
Finance, Accounts and Audit/12-A 12
Text of page 13
87. Match List—I with List—II regarding 92. A says to B in the presence of and
merger of Banks : within the hearing of C that he is
List—I List—II C’s agent. C remains mum. B
(i) Syndicate Bank 1. Union Bank supplied goods of <1,00,000 to A
of India taking him as C’s agent. C is
(ii) United Bank of 2. Indian Bank responsible for the price of goods.
India This is the case of agency of
(iii) Andhra Bank 3. Punjab [A] necessity
National Bank
[B] ratification
(iv) Allahabad Bank 4. Canara Bank
[C] power of attorney
Choose the correct match from the
options given below : [D] estoppel
(i) (ii) (iii) (iv) 93. Doctrine of Caveat Emptor means
[A] 2 3 4 1
[A] the buyer should be aware of
[B] 2 1 4 3
all aspects of buying and selling
[C] 4 2 1 3
[D] 4 3 1 2 [B] the seller should be aware of all
aspects of buying and selling
88. Money market does not deal with
[C] the agent should be aware of
which of the following instruments?
all aspects of buying and selling
[A] Treasury bills
[B] Commercial papers [D] the manufacturer should be
[C] Certificates of deposits aware of all aspects of buying
and selling
[D] Shares
89. A _____ market is a cluster of 94. Given below are two statements.
complementary products and One is labelled as Assertion (A) and
services which are closely related other is labelled as Reason (R) :
in the mind of the consumer, but Assertion (A) : Minor borrowed
are available normally through < 10,000 on a fraudulent
many companies or industries.
representation that he was major.
[A] mega [B] global
Creditor sues the minor and
[C] meta [D] government recovered the money.
90. Introduction of different combinations Reason (R) : An agreement with
of products at different prices and minor is void ab initio. A minor is not
package sizes to tap market liable to repay any money that he
opportunities is called might have received under void
[A] brand extension contract.
[B] line extension
In the reference of these statements,
[C] product differentiation
choose the correct answer from the
[D] product flanking options given below :
91. A person, by giving a threat to [A] Both (A) and (R) are true but (R)
commit suicide, induces his wife is not the correct explanation
and son to execute a deed in favour of (A)
of his brother in respect of certain
[B] Both (A) and (R) are true and
properties. This is a case of
(R) is the correct explanation
[A] undue influence
of (A)
[B] coercion
[C] Both (A) and (R) are false
[C] fraud
[D] misrepresentation [D] (A) is false but (R) is true
Finance, Accounts and Audit /12-A 13 [ P.T.O.
Text of page 14
95. Information Technology Act, 2000 98. Professor Suresh Menon received
extends to the whole of a building as a gift from his father
on 1-4-2020. The building was
[A] India used by his father in his own
business. It was acquired by his
[B] India excluding J&K father for <5,00,000 and its fair
market value on 1-4-2020 was
[C] India excluding North Eastern <6,00,000. His father had claimed
States depreciation of <2,60,000 up to
31-3-2020. Determine the cost of
[D] India excluding Sikkim building on which Professor Suresh
Menon can charge depreciation.
[A] ` 2,40,000
96. Which of the following is not true [B] ` 3,40,000
about The Competition Act, 2002? [C] ` 5,00,000
[D] ` 6,00,000
[A] Competition Act has replaced
the MRTP Act of 1969
99. Which of the following is not income
[B] Establishment of Commission from other sources?
to be called as Competition [A] Income received by professor as
Commission of India a university employer-examiner
[B] Dividend
[C] The Commission to consist of a [C] Income received on letting out
Chairman and minimum 2 and house property
maximum 10 other members
[D] Gratuity received by non-
employer director
[D] The Chairman and other
members shall not be full-time
members 100. Given below are two statements :
Statement I : The value of perquisite
in respect of accommodation provided
97. X, a foreign national (not being a to Central and State Government
person of Indian origin), comes to employees is equal to the licence fee.
India for the first time on April 15, Statement II : The rent-free
2016. During the financial years residence provided to Judges of the
2016–17, 2017–18, 2018–19, 2019–20 Supreme Court is exempted from the
and 2020–21, he is in India for 130 tax.
days, 13 days, 210 days, 75 days and In the reference of these statements,
80 days respectively. Determine the choose the correct answer from the
residential status of X for the options given below :
assessment year 2021–22. [A] Both Statement I and Statement
II are false
[A] Non-Resident
[B] Both Statement I and
Statement II are true
[B] Resident
[C] Statement I is correct but
[C] Not Ordinary Resident Statement II is false
[D] Statement I is false but
[D] Citizen Statement II is true
Finance, Accounts and Audit/12-A 14
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SPACE FOR ROUGH WORK Finance, Accounts and Audit /12-A 15 [ P.T.O.
Text of page 16
SPACE FOR ROUGH WORK
Finance, Accounts and Audit/12-A 16 LLL22/12—474×4
Text of page 1
Final Answer Key - Finance Accounts & Audit
Held on 12.06.2022
Series 'A'
Q.No. Ans Q.No. Ans Q.No. Ans Q.No. Ans
1 A 26 B 51 C 76 D
2 A 27 D 52 C 77 C
3 B 28 B 53 B 78 A
4 A 29 A 54 B 79 D
5 A 30 X 55 C 80 D
6 D 31 C 56 B 81 B
7 C 32 C 57 D 82 D
8 C 33 D 58 A 83 B
9 D 34 B 59 C 84 C
10 B 35 A 60 A 85 D
11 C 36 B 61 B 86 A
12 A 37 X 62 B 87 D
13 D 38 A 63 D 88 D
14 C 39 B 64 A 89 C
15 A 40 C 65 A 90 D
16 B 41 B 66 D 91 B
17 B 42 D 67 B 92 D
18 B 43 A 68 A 93 A
19 C 44 C 69 B 94 D
20 A 45 D 70 B 95 A
21 D 46 D 71 C 96 D
22 A 47 D 72 C 97 B
23 B 48 D 73 D 98 A
24 D 49 C 74 C 99 C
25 A 50 A 75 A 100 B
Text of page 2
Final Answer Key - Finance Accounts & Audit
Held on 12.06.2022
Series 'B'
Q No. Ans Q No. Ans Q No. Ans Q No. Ans
1 D 26 A 51 X 76 C
2 B 27 D 52 C 77 B
3 D 28 C 53 C 78 D
4 B 29 C 54 D 79 A
5 C 30 D 55 B 80 C
6 D 31 B 56 A 81 A
7 A 32 C 57 B 82 B
8 D 33 A 58 X 83 B
9 D 34 D 59 A 84 D
10 C 35 C 60 B 85 A
11 D 36 A 61 C 86 A
12 B 37 B 62 B 87 D
13 D 38 B 63 D 88 B
14 A 39 B 64 A 89 A
15 D 40 C 65 C 90 B
16 A 41 A 66 D 91 B
17 D 42 D 67 D 92 C
18 B 43 A 68 D 93 C
19 A 44 B 69 D 94 D
20 C 45 D 70 C 95 C
21 B 46 A 71 A 96 A
22 A 47 B 72 C 97 D
23 A 48 D 73 C 98 C
24 B 49 B 74 B 99 A
25 A 50 A 75 B 100 D
Text of page 3
Final Answer Key - Finance Accounts & Audit
Held on 12.06.2022
Series 'C'
Q No. Ans Q No. Ans Q No. Ans Q No. Ans
1 B 26 D 51 A 76 A
2 C 27 D 52 A 77 X
3 B 28 B 53 D 78 C
4 D 29 D 54 C 79 C
5 A 30 B 55 C 80 D
6 C 31 C 56 D 81 B
7 A 32 D 57 B 82 A
8 B 33 A 58 C 83 B
9 B 34 D 59 A 84 X
10 D 35 D 60 D 85 A
11 A 36 C 61 C 86 B
12 A 37 D 62 A 87 C
13 D 38 B 63 B 88 B
14 B 39 D 64 B 89 D
15 A 40 A 65 B 90 A
16 B 41 D 66 C 91 C
17 B 42 A 67 A 92 D
18 C 43 D 68 D 93 D
19 C 44 B 69 A 94 D
20 D 45 A 70 B 95 D
21 C 46 C 71 D 96 C
22 A 47 B 72 A 97 A
23 D 48 A 73 B 98 C
24 C 49 A 74 D 99 C
25 A 50 B 75 B 100 B
Text of page 4
Final Answer Key - Finance Accounts & Audit
Held on 12.06.2022
Series 'D'
Q No. Ans Q No. Ans Q No. Ans Q No. Ans
1 X 26 C 51 D 76 A
2 C 27 B 52 B 77 D
3 C 28 D 53 D 78 C
4 D 29 A 54 B 79 C
5 B 30 C 55 C 80 D
6 A 31 A 56 D 81 B
7 B 32 B 57 A 82 C
8 X 33 B 58 D 83 A
9 A 34 D 59 D 84 D
10 B 35 A 60 C 85 C
11 C 36 A 61 D 86 A
12 B 37 D 62 B 87 B
13 D 38 B 63 D 88 B
14 A 39 A 64 A 89 B
15 C 40 B 65 D 90 C
16 D 41 B 66 A 91 A
17 D 42 C 67 D 92 D
18 D 43 C 68 B 93 A
19 D 44 D 69 A 94 B
20 C 45 C 70 C 95 D
21 A 46 A 71 B 96 A
22 C 47 D 72 A 97 B
23 C 48 C 73 A 98 D
24 B 49 A 74 B 99 B
25 B 50 D 75 A 100 APage 1 of 16
Source: Haryana Public Service Commission. Question paper published by Haryana Public Service Commission.