Solved Paper Post Graduate Teacher (PGT) Commerce Exam 2020 [Part-2] – HPPSC Shimla

By | March 2, 2020

41. Abiy Ahmed won the 2019 Nobel prize for peace for ending Ethiopia’s border dispute with:

  1. Sudan
  2. Eritrea
  3. Somalia
  4. Yemen

42. In which country is Tripoli?

  1. Liberia
  2. Lesetho
  3. Libia
  4. Lithuania

43. Who discovered the law of gravitation and motion?

  1. Einstein
  2. Ohm
  3. Hertz
  4. Newton

44. Which is the largest planet?

  1. Neptune
  2. Jupiter
  3. Saturn
  4. Mars

45. Near which river is Surkotara Indus Valley civilization site?

  1. Bhabar
  2. Pabbar
  3. Ghaggar
  4. Bhogwa

46. The term Opportunity Cost refers to

  1. Variable Cost
  2. Short-run cost
  3. The cost forgone in favour of production of another product
  4. Cost related to an optimum level of production

47. Which of the following is not an accounting software package

  1. Quick book
  2. SAGE one
  3. SAGE M
  4. SAGE 50

48. UNCTAD stand for

  1. United nations committee on tariff and developments
  2. United nations conference on trade and deficit
  3. United nations conference on trade and development
  4. United nation cause for trade and development

49. Stock and debtor system is generally used when goods are sent to the branch at

  1. Cost Price
  2. An invoice price
  3. Market price
  4. None of these

50. Goods in transit are shown in the balance sheet of

  1. Branch
  2. Head office
  3. None of these
  4. Both head and branch office

51. The receipts and Payments Accounts is merely a summary of

  1. Cash transactions
  2. Credit transactions
  3. None of these
  4. Under Installment Payment System

52. Under Installment Payment System:

  1. The title of goods is passed on to the buyer immediately at the time of signing the agreement
  2. The title of goods is passed on to the buyer after the payment of the final installment
  3. Does not passes to buyer
  4. None of these

53. Cum dividend quotation of share means that the quotation includes

  1. Dividend to be declared in future
  2. Dividend declared recently but not paid
  3. Does not passes to buyer
  4. None of these

54. The dissolution of a partnership

  1. Lead to the discontinuance of business
  2. Will lead realization of assets
  3. Both a and b
  4. None of these

55. Under Hire purchase system, depreciation is charged on

  1. Cash price
  2. Market price
  3. Sale value of asset
  4. None of these

56. When the expenses of liquidation are to be borne by the purchasing company then it debit

  1. Goodwill account
  2. Realization account
  3. Cash account
  4. None of these

57. Which method is known as dual method of share valuation

  1. Yield method
  2. Fair value method
  3. Price earning ratio
  4. Growth Model

58. Subsidiary books are also called as

  1. Books of original entry
  2. Cash flow statement
  3. Income statement
  4. All of these

59. Which of the following varies with the quantity purchased

  1. Cash discount
  2. Trade discount
  3. Both a and b
  4. None of these

60. Current Assets of a company are worth Rs. 45000. Current ratio 2.5:1. What would be the amount of current liabilities?

  1. 18000
  2. 10000
  3. 9000
  4. 36000

Read also: PGT Paper 2020 [English]

61. In the light of AS-17, reportable segments are those in which total revenue from external sales and inter segment sales is

  1. Equal to or more than 5% of the total revenue of all the segments
  2. Equal to or more than 10% of the total revenue of all the segments
  3. Equal to or more than 15% of the total revenue of all the segments
  4. Equal to or more than 20% of the total revenue of all the segments

62. In an operating lease, the lessee should recognize the benefit of incentives as

  1. Reduction of rental expenses over the lease term of straight line basis
  2. Reduction of rental expenses over the lease term on proportionate basis
  3. No recognition should be made
  4. None of these

63. Which of the following is an accounting system of paying out and subsequently replenishing petty cash.

  1. Imprest system
  2. Double entry system
  3. Reimbursement system
  4. All of these

64. If the buyer fails to pay any installment then the seller has the right to repossession of goods under

  1. Installment payment system
  2. Hire Purchase System
  3. Both Installment and hire purchase system
  4. None of these

65. The relationship between Consignor and Consignee is that of a

  1. Partners of a firm
  2. Principal and agents
  3. Deputy Manager and Assistant manager
  4. None of the above

66. Family pension received by a widow of a member of the armed forces where the death of the members has occurred in the course of the operational duties is

  1. Exempt upto Rs 300,000
  2. Totally exempted
  3. Exempted upto Rs 350000
  4. Totally chargeable to tax

67. Which among following is an example of capital expenditure

  1. Premium paid for a lease
  2. Legal expenses incurred in purchase of land.
  3. Legal expenses incurred in raising a debenture loan.
  4. All of the above

68. Which among the following is a body set up under companies act, 2013

  1. National Financial reporting authority
  2. National Advisory Committee on Accounting standard
  3. Accounting standard board
  4. None of the above

69. Accounting is a

  1. Social science
  2. Physical science
  3. Biological science
  4. None of these

70. In the event of dissolution of firm

  1. Assets are realized and liabilities are paid off
  2. Assets and liabilities are revalued
  3. New balance sheet is drawn
  4. None of the above

71. Which of the following comes under efficiency ratios?

  1. Working capital Turnover ratio
  2. Inventory turnover ratio
  3. Fixed assets turnover ratio
  4. All of the above

72. Assertion (A) : Mark-up pricing is a method of determining price.

Reason (R): P =ATC + (m x ATC) is the expression for that.

  1. A is correct but R is not Correct.
  2. Both A and R are correct.
  3. Both A and R are not correct.
  4. R is correct, but A is not correct

73. Assertion (A): marginal cost and differential cost do not convey the same meaning in all the circumstances.

Reason (R): Differential cost increases or decreases due to change in fixed cost.

  1. A is true but r is false
  2. A is false but r is true
  3. A and r are correct and r is correct explanation of a.
  4. Both a and r are correct, but r is not the correct explanation of a.

74. Which one is more appropriate for cost of retained earnings?

  1. Weighted Average Cost of Capital
  2. Opportunity cost to the firm
  3. Expected rate of return by the investor
  4. None of these

75. Which of the following is not include in the term income under income tax Act, 1961?

  1. Profit in lieu of salary
  2. Reimbursement of travelling expenses
  3. Profit and gains of business or profession
  4. Dividend

76. Interest from public Provident fund investment

  1. Taxable under the head income from other sources
  2. Taxable under the head income from business and profession
  3. Exempted income
  4. Allowed as deduction

77. Transport allowance for commuting from place of residence to place of duty for an employee who is physically challenged such as blind/deaf/dumb or orthopaedically handicapped with disability of lower extremities exempted upto

  1. 3200
  2. 3000
  3. 2800
  4. 2400

78. PAN contains ……….. Alphabets

  1. 5
  2. 6
  3. 10
  4. 8

79. ITR full form is

  1. Income Tax rules
  2. Income Tax return
  3. Income tax rectification
  4. None of these

80. What is true for income tax slabs for resident individual above 80 years of age (Super Senior Citizen) for the assessment year 2019-20 ?

  1. Upto 3 Lakh Nil
  2. 3,00,001 to Rs. 5,00,000 5% of (Total income minus Rs. 3,00,000) + 4%f cess
  3. For income between Rs 5,00,001 to Rs. 10,00,000 tax rate is 20% of the total income that is more than Rs. 5 lakh + 4% cess
  4. Upto 6 lakh nil

81. What are the different classes of digital signature certificate?

  1. Class 1 certificate
  2. Class 2 certificate
  3. Class 3 certificate
  4. All of these

82. Which of the following is a taxable supply under GST Act ?

  1. Transportation of deceased person through a hired vehicle
  2. Gift of office laptop by an employer to its employee on which ITC availed
  3. A new laptop worth Rs. 45,000/- GIFTED by an employer to its employee
  4. Fines/penalty/LD paid by a contractor to Govt. for delay/non performance of contract

83. Which constitutional amendment is done to pass the GST bill

  1. 101 amendment
  2. 110 amendment
  3. 120 amendment
  4. 115 amendment

84. A Special Audit under GST is conducted by

  1. Commissioner of GST
  2. Joint commissioner with prior approval of CBIC
  3. Chartered Accountant/Cost Accountant
  4. All of the above

85. GST was implemented in India from

  1. 1st January 2017
  2. 1st April 2017
  3. 1st March 2017
  4. 1st July 2017

Read the previous part:Part-1

Read also: All other Papers of PGT and TGT

Leave a Reply

Your email address will not be published. Required fields are marked *

The maximum upload file size: 2 MB. You can upload: image. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop file here