MCQOPTIONS
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MCQOPTIONS
This section includes 209 Mcqs, each offering curated multiple-choice questions to sharpen your Cost Accounting knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
Where there is a breach of warranty -by seller; or where the Buyer elects or is compelled to treat any breach of condition by the seller as breach of warranty, the buyer is entitled to |
| A. | reject the goods |
| B. | set up against the Seller the breach of warranty in diminution or extinction of the price |
| C. | sue the Seller for damages for breach of warranty |
| D. | either 'b' or 'c' |
| Answer» E. | |
| 52. |
A borrows ` 5,000 from B to purchase a revolver to shoot C. Can B recover his loan of ` 5,000, assuming that B knows the purpose of the loan. |
| A. | yes, the agreement between them is valid and enforceable |
| B. | no, the agreement is opposed to public policy |
| C. | no, the agreement is a voidable agreement and can be avoided by A |
| D. | no, the agreement falls under section 23 and hence illegal |
| Answer» E. | |
| 53. |
Generally, where the Buyer has paid the price and Seller refuses to deliver the goods, buyer can sue the seller for |
| A. | specific performance of the contract |
| B. | delayed delivery of goods |
| C. | refund of price already paid |
| D. | non-acceptance of goods |
| Answer» D. non-acceptance of goods | |
| 54. |
A and B agree to deal in smuggled goods and share the profits. A refuses to give B's share of profit. In this case: |
| A. | B can enforce the agreement in the court. |
| B. | B can only claim damages. |
| C. | B has no remedy as the contract is illegal. |
| D. | B can enforce the contact or claim damages |
| Answer» D. B can enforce the contact or claim damages | |
| 55. |
Contracts contingent upon the non-happening of the future uncertain event becomes void when such event:- |
| A. | Happen |
| B. | Does not happen |
| C. | The event becomes impossible |
| D. | None of the above |
| Answer» B. Does not happen | |
| 56. |
When there is a contract for unascertained goods, and goods perish without the fault of the seller or buyer before the risk passes to the buyer, the contract |
| A. | can be avoided |
| B. | cannot be avoided |
| C. | becomes void |
| D. | becomes unenforceable |
| Answer» C. becomes void | |
| 57. |
Contingent contracts to do or not to do anything if a specified uncertain event does not happen within a fixed time become |
| A. | Void, if before the time fixed, such event becomes impossible |
| B. | Valid, if before the time fixed, such event becomes impossible |
| C. | Voidable, if before the time fixed, the promisor becomes lunatic |
| D. | Illegal, if before the time fixed, the promisor dies |
| Answer» C. Voidable, if before the time fixed, the promisor becomes lunatic | |
| 58. |
The Seller of Goods is deemed to be an Unpaid Seller when ..has been received as conditional payment and the condition has not been fulfilled, by way of dishonour or otherwise. |
| A. | Cheque |
| B. | Promissory Note |
| C. | Bill of Exchange |
| D. | Any of the above |
| Answer» E. | |
| 59. |
The presumption as to the date of a negotiable instrument under section 118 is that, every negotiable instrument bearing a date was made or drawn |
| A. | prior to that date |
| B. | on such date |
| C. | may be on or prior to that date |
| D. | none of the above |
| Answer» C. may be on or prior to that date | |
| 60. |
If the compensation to be paid on breach of contract is the genuine pre-estimate of the prospective damages, it is known as |
| A. | Penalty |
| B. | Liquidated damages |
| C. | Unliquidated damages |
| D. | Special damages |
| Answer» C. Unliquidated damages | |
| 61. |
Where the goods have been delivered to Rail ways for carriage and the R/R is taken in the name of the seller or his agent: |
| A. | the seller is prima facie deemed to reserve the right of disposal |
| B. | the seller did not retain the right of disposal |
| C. | the seller cannot retain right of disposal |
| D. | none of the above |
| Answer» B. the seller did not retain the right of disposal | |
| 62. |
The Unpaid Seller's right of lien or right of stoppage in transit is NOT AFFECTED by any sale or other disposition of the Goods made by Buyer, unless |
| A. | Buyer becomes solvent |
| B. | Buyer obtains delivery of goods before destination |
| C. | Seller has assented to such sale |
| D. | Seller obtains delivery of goods before destination |
| Answer» D. Seller obtains delivery of goods before destination | |
| 63. |
In case of carriage of goods by sea, where the seller has to deliver the goods to the buyer at the port of destination, the contract is known as |
| A. | F.O.B. Contract |
| B. | CLE Contract |
| C. | Ex-ship Contract |
| D. | FAS Contract |
| Answer» D. FAS Contract | |
| 64. |
In respect of Goods, the property in the goods is transferred to the Buyer at such time as the parties intend it to be transferred. |
| A. | Future |
| B. | Unascertained |
| C. | Contingent |
| D. | Specific or Ascertained |
| Answer» E. | |
| 65. |
In case of carriage of goods by sea, where the seller has to put the goods on board a ship at his own expenses, the contract is known as |
| A. | F.O.B. Contract |
| B. | CLE Contract |
| C. | Ex-ship Contract |
| D. | FAS Contract |
| Answer» B. CLE Contract | |
| 66. |
Even if a substantial portion of the price is paid and only a small balance is pending, the Seller is still regarded as an Unpaid Seller. |
| A. | True |
| B. | Partly True |
| C. | False |
| D. | None of the above |
| Answer» B. Partly True | |
| 67. |
Under section 118 of the Negotiable Instruments Act, 1881, it is presumed, until the contrary is proved, that every transfer of a negotiable instrument was made |
| A. | after its maturity |
| B. | before its maturity |
| C. | at its maturity |
| D. | none of the above |
| Answer» C. at its maturity | |
| 68. |
If the goods are rejected by the buyer and the carrier or other bailee continues in possession of them, the transit even if the seller has refused to receive them back. |
| A. | is deemed to be at an end |
| B. | is not deemed to be at an end |
| C. | continues |
| D. | both 'b' and 'c' |
| Answer» E. | |
| 69. |
The unrepealed provisions of the Act shall continue to apply to firms, save insofar as they are inconsistent with the express provisions of the Partnership Act. |
| A. | Transfer of Property Act |
| B. | Indian Evidence Act |
| C. | Indian Contract Act |
| D. | Sale of Goods Act |
| Answer» D. Sale of Goods Act | |
| 70. |
Who should make a complaint to a court for the purpose of taking cognizance of an offence under section 138? |
| A. | the payer or as the case may be, the holder in due course of the cheque |
| B. | any person who is effected can make a complaint |
| C. | the payee with the written permission of the drawee |
| D. | none of the above |
| Answer» B. any person who is effected can make a complaint | |
| 71. |
A buys an article thinking that it is worth ` 100 when in fact it is worth only ` 50. There has been no misrepresentation on the part of the seller. The contract is: |
| A. | Valid |
| B. | Void |
| C. | Voidable |
| D. | Unenforceable |
| Answer» B. Void | |
| 72. |
Under section 143 of the Negotiable Instruments Act, an endeavour shall be made to conclude the trial within.......................... months from the date of filing of the complaint |
| A. | 9 |
| B. | 3 |
| C. | 6 |
| D. | 12 |
| Answer» D. 12 | |
| 73. |
If any event happens which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on it partnership, then |
| A. | Firm is compulsorily dissolved |
| B. | Partnership is reconstituted |
| C. | Firm becomes an illegal association |
| D. | Firm is declared insolvent |
| Answer» B. Partnership is reconstituted | |
| 74. |
For what term of imprisonment an offender under section 138 of the Negotiable Instruments Act can be punished? |
| A. | for a term which may extend to two years |
| B. | for a term which may extend to one year |
| C. | for a term not exceeding three years |
| D. | none of the above |
| Answer» B. for a term which may extend to one year | |
| 75. |
'Goods' as defined in Sale of Goods Act will include |
| A. | rare coins, goodwill and money |
| B. | growing crops agreed to be severed before sale, old coins, and copyrights |
| C. | goodwill, copyright, patent and foreign currency |
| D. | both 'b' and 'c' |
| Answer» C. goodwill, copyright, patent and foreign currency | |
| 76. |
If an employee alleges that he was working for the employer and the employer denies it, who has to prove this fact? |
| A. | Employer |
| B. | Employee |
| C. | Authority |
| D. | Employer and authority |
| Answer» C. Authority | |
| 77. |
P engages B to kill C and borrows ` 100 from D to pay B. If D is aware of the purpose of the loan, the transaction is |
| A. | Valid |
| B. | Void |
| C. | Illegal |
| D. | Not enforceable |
| Answer» D. Not enforceable | |
| 78. |
A threatens to shoot B, if B does not agree to sell his property to A at a stated price. B's consent in this case has been obtained by |
| A. | Fraud |
| B. | Undue influence |
| C. | Coercion |
| D. | None |
| Answer» D. None | |
| 79. |
Where there is an infringement of a contractual right, but no actual loss has been suffered, the Court will award |
| A. | Nominal damages |
| B. | Special damages |
| C. | Exemplary damages |
| D. | Ordinary damages |
| Answer» B. Special damages | |
| 80. |
"Threatening to commit certain acts forbidden by Indian Penal Code" is associated with which one of the following? |
| A. | Misrepresentation |
| B. | Fraud |
| C. | Coercion |
| D. | Unenforceable |
| Answer» D. Unenforceable | |
| 81. |
A contract of life insurance, the performance of which depends upon a future event falls under the category of |
| A. | Contract of Indemnity |
| B. | Contract of Guarantee |
| C. | Contingent Contract |
| D. | Special type of Contract |
| Answer» D. Special type of Contract | |
| 82. |
European business schools adopted business ethics after .commencing with the European Business Ethics Network (EBEN) in when the first single-authored books in the field appeared. |
| A. | 1987,1982 |
| B. | 1980,1982 |
| C. | 1982,1980 |
| D. | 1977, 1984 |
| Answer» B. 1980,1982 | |
| 83. |
Business Ethics is a code of conduct which businessmen should follow while conducting their . |
| A. | Normal activities |
| B. | Special activities |
| C. | Specific activities |
| D. | None of the above |
| Answer» B. Special activities | |
| 84. |
.................made it important for businesses to have an ethics code, something in writing about what one ought to do, and what to strive for. |
| A. | The Ethics & Code Conduct Act, 2000 |
| B. | The Sarbanes-Ethics of Code Conduct Act, 2001 |
| C. | The Sarbanes-Oxley Act, 2002 |
| D. | None of above |
| Answer» D. None of above | |
| 85. |
Lending money to a borrower, at high rate of interest, when the money market is tight renders the agreement of loan: |
| A. | Void |
| B. | Valid |
| C. | Voidable |
| D. | Illegal |
| Answer» C. Voidable | |
| 86. |
The idea of business ethics caught the attention of academics, media and business firms by the end of the .. |
| A. | First world war |
| B. | Second world war |
| C. | Cold war |
| D. | None of the above |
| Answer» D. None of the above | |
| 87. |
Employees in the railways are entitled of Payment of Wages Act, 1936 who are drawing wages and salaries below . |
| A. | `2000/- a month |
| B. | `1800/- a month |
| C. | `1600/- a month |
| D. | `1400/- a month |
| Answer» D. `1400/- a month | |
| 88. |
A gives a recognizance binding him in a penalty of `500 to appear in the court on a certain day. He forfeits his recognizance. He is: |
| A. | Liable to pay the whole penalty |
| B. | Is not liable to pay the penalty |
| C. | Is liable to pay partially |
| D. | None of these |
| Answer» B. Is not liable to pay the penalty | |
| 89. |
The Partnership Act by section 69 indirectly renders the registration firm compulsory by providing: |
| A. | Certain disabilities |
| B. | Penalties on partners of un-registered firms |
| C. | Penalties on un-registered firms |
| D. | Monetary fine on partners |
| Answer» B. Penalties on partners of un-registered firms | |
| 90. |
A, intending to deceive B, falsely represents that five hundred mounds of Indigo are made annually at A's factory and, thereby, induces B to buy the factory. The contract is |
| A. | Voidable |
| B. | Void |
| C. | Unenforceable |
| D. | None of these |
| Answer» B. Void | |
| 91. |
In case of fatal accident occurred inside the factory , a separate accident report shall be send to the district magistrate in Form No. . |
| A. | 16 |
| B. | 12 |
| C. | 18 |
| D. | 14 |
| Answer» D. 14 | |
| 92. |
In case of fatal accident occurred inside the factory ,a separate accident report shall be send to the district magistrate in Form No.18 within hrs |
| A. | 8 hours |
| B. | 10 hours |
| C. | 12 hours |
| D. | 14 hours |
| Answer» D. 14 hours | |
| 93. |
Under the factories Act 1948, an inspection book shall be maintained for exemptions granted or availed in Form No. |
| A. | From No. 29 |
| B. | From No. 27 |
| C. | From No. 28 |
| D. | From No. 26 |
| Answer» D. From No. 26 | |
| 94. |
They are concerned about ethics, social responsibility and reputation of the company in which they invest - |
| A. | Employees |
| B. | Employers |
| C. | Investors |
| D. | Student |
| Answer» D. Student | |
| 95. |
Is the Is promise defined under clause the same thing as an agreement which is defined under clause (e) of section 2 |
| A. | (a) ; (b) |
| B. | ; (c) |
| C. | ; (d) |
| Answer» C. ; (d) | |
| 96. |
Unlawfully detaining or threatening to detain any property, to the prejudice of any person making him to enter into an agreement amounts to: |
| A. | Threat |
| B. | Coercion |
| C. | Undue influence |
| D. | Misappropriation |
| Answer» C. Undue influence | |
| 97. |
A cheque is crossed when it bears across its face an addition of the name of a banker, either with or without the words "not negotiable". |
| A. | Specially |
| B. | General |
| C. | Restrictive |
| D. | None of the above |
| Answer» B. General | |
| 98. |
What can a catalogue of books, listing price of each book and specifying the place where the listed books are available be termed as? |
| A. | An offer |
| B. | An obligation to sell book |
| C. | An invitation to offer |
| D. | A promise to make available the books at the listed |
| Answer» D. A promise to make available the books at the listed | |
| 99. |
An accident report shall be confirmed by the manager by sending a separate report in Form No.18 with details of number of person killed or injured to the inspector of factory within .. hrs of the accident. |
| A. | 24 hr |
| B. | 30hr |
| C. | 18 hr |
| D. | 12 hr |
| Answer» B. 30hr | |
| 100. |
The occupier shall be punishable with imprisonment extend to .. months or fine ..or both for using false certificate of fitness. |
| A. | Two months, `1000 |
| B. | One year, `2000 |
| C. | Six months, `1000 |
| D. | One months, `5000 |
| Answer» B. One year, `2000 | |