TRB COMMERCE QUESTION ANSWERS -TRB Study Materials Day 8

TRB COMMERCE QUESTION ANSWERS 131-140

131. Which of the following does not call for physical verification?
A) Goodwill B) Plant
C) Loose tools D) Stamp.

132. Budget manual contains
A) the objectives and principles of the budgetary control
B) duties and powers of the budget officer and committee
C) accounts classification and budget period
D) all of these.

133. In order to perform any task effectively and successfully,a person (entrepreneur) needs to possess a set of
A) knowledge B) skills
C) motive D) all of these.

134. The co-efficient of determination is defined as
A) r2 B) r3
C) 1- r2 D) none of these.

135. The classical school of thought on probability assumes that all possible outcomes of an experiment are
A) equally likely
B) mutually exclusive
C) mutually exclusive and equally likely
D) none of these.

136. The Accounting Standard - 2 issued by the Council of the Institute of Chartered Accountants of India deals with
A) Valuation of fixed assets
B) Valuation of inventories
C) Valuation of investments
D) Depreciation accounting

137. When prices show a rising trend. which one of the following methods of inventory valuation results in lower income and lower valuation of inventory ?
A) FIFO B) LIFO
C) Simple Average Method D) Weighted Average Method

138. “Teeming and Lading” is a technique exercised by the staff of the client with motive of
A) Defalcation of cash
B) Misappropriation of goods
C) Falsification of accounts
D) none of these.

139. In which of the following cases auditor was acquitted for breach of duty in connection with valuation and verification of stock-in-trade ?
A) London and General Bank Case ( 1893 )
B) London Oil Storage Co. vs Seear Hasluck and Co.(1904)
C) Re : Kingston Cotton Mills Ltd. ( 1896 )
D) Rex vs Kyslant and Moveland ( 1931 ).

140. Section 224 of the Companies Act, 1956 deals with
A) Special audit
B) Cost audit
C) Power of auditors
D) Appointment and remuneration of auditors.

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