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
:-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
:-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 ?
A:-Bills of Lading
B:-Railway Receipt
C:-Dock Warrants
D:-Letter of Credit
Correct Answer:- Option-D
Question61:-In which year the Welath-Tax Act was passed ?

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 ?

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
‏3ھ‎
‎8:-2
‎C:-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
692
556
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 ?
A:-Materials