LMRC Assistant Manager Finance Previous Year Paper | UPMRC Previous Year Paper
Lucknow Metro Rail Corporation (LMRCL) Assistant Manager Finance 2018 Shift 2 Paper
| S.No. | Question |
| 1 | AS-16 of the Accounting standard deals with
(a) Accounting of investments (b) Borrowing cost (c) Discontinuing operations (d) Intangible assets Ans –(b) |
| 2 | Which of the following is NOT a correct statement?
(a) Capital account is a nominal account (b) Rent paid account is a nominal account (c) Building account is a real account (d) Accrual concept implies accounting on accrual basis Ans – (a) |
| 3 | Which of the following is TRUE?
(a) Premium received on issue of shares is a revenue receipt (b) Capital expenditure is an expenditure benefitting future period (c) Any expenditure which is unreasonably high is a capital expenditure (d) Cartage paid on purchase of a new machine is an example of revenue expenditure Ans – (b) |
| 4 | A Ltd and B Ltd go into liquidation and a new company X Ltd is formed. It is a case of
(a) Absorption (b) External reconstruction (c) Amalgamation (d) Internal reconstruction Ans –(c) |
| 5 | Which of the following statements is false?
(a) Bonus issue is made out of free reserves or securities premium collected in cash only (b) No bonus issue shall be made if the company has not complete 3 yrs of existence. (c) AOA of the company should provide for bonus issue (d) Bonus shares can be issued out of revaluation profit Ans – (d) |
| 6 | Contracts made after incorporation but before the grant of certificate of commencement of business are
(a) Provisional Contracts (b) Pre-incorporation contracts (c) Preliminary contracts (d) Primary contracts Ans – (a) |
| 7 | The error which doesn’t affect the trial balance is
(a) Error of omission (b) Error of principle (c) Totaling error (d) Error of posting of correct amount Ans – (b) |
| 8 | In a partnership firm, unless specified to the contrary, the deficiency of an insolvent partner will be borne by the existing partners
(a) In their capital ratio (b) In their profit sharing ratio (c) Equally (d) It will not be shared by them Ans-(a) |
| 9 | “Caveat Emptor” is a Latin expression which means
(a) Conditions apply (b) Subject to exceptions (c) Let the buyer beware (d) Subject to prior approval Ans –(c) |
| 10 | Which of the given is NOT disqualified from entering into a contract?
(a) A physically challenged person (b) Alien enemy (c) A foreign diplomat (d) An insolvent person Ans – (a) |
| 11 | The threatening to commit any act forbidden by the Indian Penal code or the unlawful detaining or threatening to detain any property or causing any person to enter into an agreement is called
(a) Coercion (b) Deceive (c) Fraud (d) Enforcement Ans – (a) |
| 12 | If an employee dies without making a nomination, his legal heir who is eligible for the payment of gratuity shall apply to the employer ordinarily within ____ form the date of gratuity become payable to him
(a) 90 days (b) 45 days (c) 3 months (d) One year Ans –(d) |
| 13 | Which of the following statement is false?
(a) In a non-banking company, allocable surplus is equal to 67% of the available surplus (b) Woman employee on maternity leave is not eligible for bonus (c) A part time employee engaged on regular basis is eligible for bonus (d) Salary and wages include dearness allowance for the purpose of bonus calculations. Ans – (b) |
| 14 | Which of the following is a wagering agreement?
(a) Horse race contributions for a value of Rs. 500 or more (b) Lottery (c) Sale/Purchase of shares or stocks (d) Insurance Ans- (b) |
| 15 | A obtains a housing loan from a bank and B promises to pay the bank in the event of A failing to repay. It is a contract of
(a) Indemnity (b) Guarantee (c) Warrantee (d) Liability Ans – (b) |
| 16 | After how many years of its commencement of business can a company issue sweat equity shares?
(a) 1 (b) 2 (c) 5 (d) 10 Ans – (a) |
| 17 | Capital redemption reserve can be used for the issue of
(a) Fully paid bonus shares (b) Fully paid equity shares (c) Preference shares (d) Debentures Ans –(a) |
| 18 | A dividend can be declared out of ______
(a) the general reserve of the company from the same financial year (b) undistributed profits of the previous financial year (c) money provided by central or state government (d) share capital of the company if the profits are not sufficient and a resolution to this effect has been passed in the AGM Ans – (c) |
| 19 | In a listed company with 11 directors, what is the quorum for the board meeting?
(a) 2 directors (b) 3 directors (c) 4 directors (d) 5 directors Ans – (c) |
| 20 | An annual return is required to be certified by a company secretary in case of ______
(a) Listed company (b) Company having a paid up share capital of more than or equal to Rs. 10 Crores. (c) Company having a turnover of more than or equal to Rs. 25 crores (d) Company having a turnover of more than or equal to Rs. 50 crores Ans –(c) |
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