Correct Answer:- Option-D
Question58:-The total education cess ("Education Cess" + " Secondary and Higher Education Cess") for the Assessment
Year 2017 - 18 is
A:-3% of Total Taxable Income
B:-3% of Total Tax
C:-12% of Total Tax
D:-12% of Total Taxable Income
Correct Answer:- Option-B
Question59:-As per Indian Contract Act, in the absence of 'free consent' a contract becomes
A:-Void
B:-Voidable
C:-Both 1 or 2 as the case may be
D:-None of the above
Correct Answer:- Option-C
Question60:-Which one of the following is not a Quasi-negotiable instrument 7
A:-Bills of Lading
B:-Railway Receipt
C:-Dock Warmants
D:-Letter of Credit
Correct Answer:- Option-D
Question61:-In which year the Welath-Tax Act was passed 7
A:-1961
B:-1957
C:-1962
D:-1956
Correct Answer:- Option-B
Question62:-While submitting the ‘statement of affairs' in the case of liquidation of companies, several 'lists' are to be
annexed. Among these lists, 'List H' consists, which of the following 7

A:-Preferential Creditors
B:-Preference Shares
C:-Creditors having Floating Charge
D:-Deficiency/Surplus Account
Correct Answer:- Option-D
Question63:-As per Indian Accounting Standard 14 (Accounting for Amalgamation), an Amalgamation is categorised into
ಹಿ
B:-2
5
D:-4
Correct Answer:- Option-B
Question64:-In Banking Company Accounts, an asset which ceases to generate income for the bank is known as
A:-Deferred Asset
B:-Non-banking Asset
C:-Inter-bank Asset
D:-Non-performing Asset
Correct Answer:- Option-D
Question65:-From the following calculate Breakeven Point Sales in units :
Output :- 40,000 units/Year; Fixed Cost :- 1,00,000; Price :- 18/unit; Variable Cost : 13/unit
A:-20,000

D:-8,000
Correct Answer:- Option-A
Question66:-LIFO method is best suited when
A:-Falling Prices
B:-Fluctuating Prices
C:-Rising Prices
D:-Prices are almost Stable
Correct Answer:- Option-C
Question67:-In costing, VED analysis is used primarily to control which of the following 7
A:-Materials