NTA UGC NET/JRF Exam, Dec. 2021/June 2022 (Commerce) Shift-I

Total Questions: 100

41. Tax audit is compulsory in the case of a person carrying on profession and whose gross receipts exceeds which one of the following?

Correct Answer: (d) Rs. 50 lakh
Solution:Tax audit is compulsory if total income from business is over Rs. 1 crore or from profession is over Rs. 50 lakh.

42. Which one of the following customers are risk averse, technology shy, and price sensitive?

Correct Answer: (c) Late majority
Solution:Late majority customers are risk averse, technology shy and price sensitive. This groups comprises primarily of the conservatives. It is 34% of the total population. The are typically older, less affluent and less educated than the early segments.

43. The examination of documentary evidence in support of transactions contained in the books of accounts is termed as which one of the following?

Correct Answer: (b) Vouching
Solution:

Vouching is the act of reviewing documentary evidence to see if it properly supports entries made in the accounting records. For example, an auditor is engaged in vouching when examining a shipping document to see if it supports the amount of a sale recorded in the sales Journal.

44. Sequence the following steps to compute tax where there is agriculture income also included.

(A)  Add agricultural income and non agricultural income and calculate tax on aggregate as if such aggregate income is the total income.
(B) Add agricultural income to the maximum exemption limit available in the case of assessee and compute tax on such amount as if it is total income
(C) Deduct the amount of Income tax as computed
(D) from the tax computed from Claim rebate u/s 87(A) if applicable
(E) Add surcharge if applicable along with the Health and Education cess @4%
Choose the correct answer from the options given below :

Correct Answer: (d) (A), (B), (C), (D), (E)
Solution:

 Following are the steps to compute tax where the agricultural income is also included
(A) Add agricultural income and non agricultural income and calculate Tax on aggregate as if such aggregate income is the total income.
                                                                 ↓
(B) Add Agricultural income to the maximum exemption limit available in the case of assesses and compute tax on such amount as if it is total Income
                                                                ↓
(C) Deduct the amount of Income Tax as computed (D) from the tax computed from (A)
                                                               ↓
(D) Claim rebate U/s 87 (A) if applicable
                                                               ↓
(E) Add surcharge if applicable along with the Health and Education cess @4%

45. Which one among the following is not a privilege or right of a holder-in-due course under Negotiable Instruments Act?

Correct Answer: (d) Estoppel against denying the genuineness or validity of payee's endorsement
Solution:

"Holder in due course" means any person who for consideration become the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or endorsee thereof, if payable to order, before the amount mentioned in it become payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derived his title.
Estoppels against denying the genuineness or validity of payee's endorsement is not a privilege or right of a holder-in-due course under Negotiable Instrument Act.

46. The most significant and widely-used country risk ratings in International Business Risks are given by which of the following?

(A) Business Environment Risk Intelligence (BERI) Index
(B) Economist Intelligence Unit (EIU) Indices
(C) National Centre for Trade Information (NCTI)
(D) India Trade Promotion Organization (TPO)
(E) PRS Group's International Country Risk Guide
Choose the correct answer from the options given below :

Correct Answer: (b) (A), (B) and (E) only
Solution:

Risk rating in International Business Risks are given by:
• Business Environment Risk Intelligence (BERI) Index
• Economist Intelligence Unit (EIU) Indices
• PRS Groups International Country Risk Guide.

47. Given below are two statements : One is labelled as Assertion A and the other is labelled as Reason R.

Assertion (A) : Lien' is the right to retain possession of goods and refuse to deliver them to the buyer until the price due in respect of them is paid or tendered.
Reason (R) : An unpaid seller in possession of goods sold is entitled to exercise his lien on the goods where the goods have been sold without any stipulation as to credit.
In the light of the above statements, choose the most appropriate answer from the options given below :

Correct Answer: (a) Both (A) and (R) are correct and (R) is the correct explanation of (A)
Solution:

Assertion (A) : 'Lien' is the right to retain possession of goods and refuse to deliver them to the buyer until the price due in respect of them is paid or tendered is the correct statement.
Reason (R) : An unpaid seller in possession of goods sold is entitled to exercise his lien on the goods where the goods have been sold without any stipulation as to credit is also correct statement and (R) is the correct explanation of (A).

48. The profit for the year before appropriation in a partnership firm was Rs. 50,000. Shagun, one of the partners, receives a salary of Rs. 4,000 and interest at ten percent per annum on his capital of Rs. 1,00,000. Amir, the other partner, receives interest on capital at the same rate as Shagun. Amir's capital was Rs. 89,000. They share profits and losses equally. What was the total share of profits credited to Amir's current account?

Correct Answer: (c) Rs. 22,450
Solution:

Profit = 50,000They will shares profit and loss equally 27,100 Amir's| profit share will be - 13,550 Shagun's Profit Share will be - 13,550
The total share of profit credited to Amir's current| account will be 13,550+8900 = 22,450

49. Which of the following are the complete experimental research designs?

(A) Factorial design
(B) One group after-only design
(C) Before-after design with one experiment and two control groups
(D) Latin square design
(E) One-group before-after design
Choose the correct answer from the options given below :

Correct Answer: (a) (A), (C), (D) only
Solution:

Experimental research designs are those where researchers have complete control over the extraneous variables & can predict confidently that the observed effect on the dependable variable is only due to the manipulation of the independent variable.
Complete experimental research designs are
• Factorial design
• Before-after design with one experiment and two controls groups
• Latin square design

50. Which of the following variables are considered relevant in behavioural segmentation of consumers?

(A) Life Style
(B) User status
(C) Occasions
(D) Values
(E) Loyalty status
Choose the correct answer from the options given below :

Correct Answer: (c) (B), (C), (E) only
Solution:

Following are the variables considered relevant in Behavioral segmentation of consumers:
• User status
• Time-Based and Occasion
• Benefit Driven
• Customer Loyalty etc.