Food Corporation Of India General Awareness Model Questions

Food Corporation Of India Solved Questions

Management Trainee General Awareness Model Papers

1. Net working capital refers to—

• Current assets
• Current assets minus current liabilities
• Equity share capital minus fixed assets
• Retired earnings.

2. If sales Rs. 6000 gross profit is 1/3 on cost, purchases are R. 4900 and the closing stock is Rs. 900, the opening stock will be—

• Rs.400
• Rs.500
• Rs. 1100
• Rs. 2000

3. The primary objective of audit is—

• Detection and prevention of frauds
• Detection and prevention of errors
• Detection of frauds and errors
• To ensure the final accounts and statements exhibit true and fair position of business

4. ‘An auditor is a watch dog and not a blood hound’. This was observed in case of—

• London oil storage company
• Kingston cotton Mills Limited
• London General Bank
• Delightful Cigarette Company Ltd.

5. If two or more sugar mills combine together, it is known—

• Horizontal combination
• Vertical combination
• Lateral combination
• None of the above

6. Surrender value is related to—

• Marine insurance
• General insurance
• Life insurance
• Fire insurance

7. Over capitalization refer to—

• Excess of capital
• Excess rate of dividend payment, on shares
• Over estimation of rate of capitalization
• Raising more capital than is warranted by its earning power

8. Motivation refers to—

• Coordinate the people
• Guide the working people
• Terrorise the people
• Inducing people to work willing by

9. Which of the following is not a barrier in communication—

• Fear and distrust
• Affection
• Perception
• Noise

10. “Management is an art of getting things done through and with formally organised group.” This definition has been by—

• Peter Drucker
• Henry Fayol
• Harod Koontz
• F. W. Taylor

11. Foreign exchange for import of goods is sanctioned by—

• Exim Bank
• Reserve Bank of India
• State Bank
• Ministry of commerce

12. The cost of a machine having a span of life of 5 years is Rs. 10000. It has a scrap value of Rs. 1000. The amount of depreciation in the first year under the sum of year’s digit method will be—

• Rs. 1600
• Rs. 1800
• Rs. 2000
• Rs. 3000

13. Given :
Gross profit Rs. 60000 ,Gross profit ratio: 20% ,Debtor’s velocity 2 months The amount of debtors will be—

• Rs. 30000
• Rs. 50000
• Rs. 120000
• Rs.200000

14. Premium on issue of shares can be used for—

• Issue of Bonus shares
• Payment of Dividends
• Payment of operating expenses
• Redemption of debentures

15. If current ratio is 25, quick ratio (1) 5 and net working capital Rs. 15000. This value of inventory will be—

• Rs. 10000
• Rs. 15000
• Rs. 37500
• Rs. 52500

16. Unclaimed dividend is shown on the liability side of the balance sheet under the heading—

• Revenue and surplus
• Provisions
• Current liabilities
• Miscellaneous items

17. Accounting standards in India are prescribed by—

• Company Law Board
• Institute of charted accountants of India
• Institute of coat and works accountants of India
• Indian standard Board

18. Which of the following is not correct—

• Purchase + Opening stock—Cost of goods sold = Closing stock
• Opening stock + Purchases — Closing stock = Cost of goods sold
• Closing stock + Cost of goods sold — Purchases = Opening stock
• Cost of goods sold — Closing stock + Purchases = Opening stock

19. A company bought assets worth Rs. 360000 and in lieu issued debentures of Rs. 100 each at a discount of 10%. The number of debentures issued will be—

• 3000
• 3600
• 3960
• 400

20. A person got insured his goods worth Rs. 10000 for Rs. 8000 against fire. Loss by fire to him was Rs. 9000. He can claim—

• Rs. 8000
• Rs. 9000
• Rs. 10000
• Rs. 7200

21. The data obtained from a newspaper are—

• Primary data
• Secondary data
• Both and (B)
• None of these

22. Current Ratio of a firm is 3: 1 and working capital is Rs. 60000. What will be the amount of current Assets—

• Rs. 30000
• Rs90000
• Rs. 120000
• Rs. 180000

23. The income from that house property is taxable under the head “Income from House property”.

• The assesses has ownership on that house
• The assesses uses that house for his business
• The assesses himself lives in that house
• The assesses has let out that house on rent for residence

24. Following is the deduction in respect of repair under the head of income from house property—

• 25% of Annual Value
• 30% of Net Annual Value
• 1/5 of Annual Value
• 1/5 of Net Annual Value

25. Single entry system can not be maintained by—

• Sole proprietorship
• Partnership concerns
• Joint stock company
• All of these