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Q1. Under section 2(b) if the person to whom the proposal is made signifies his assent the proposal is said to have been-----
(a) accepted
(b) agreed
(c) provisionally agreed
(d) tentatively accepted.
Q2. In an Executory contract, the obligation of both the parties—
( a) are outstanding
(b)fulfilled
(c) partly fulfilled
(d)not satisfactory
Q3. Communication of a proposal is complete----
(a) when it is put in the course of transmission
(b) when it comes to the knowledge of the person to whom it is made
(c) when the proposal is communicated to the person to whom it is made
(d) all the above.
Q4. A contract with or by a minor is a----
(a) valid contract
(b) void contract
(c) voidable contract
(d) voidable at the option of either party.
Q5. Consent under section 13 means---
(a) agreeing on the same thing in the same sense
(b) agreeing on the same thing at the same time
(c)agreeing on the same thing at different time
(d) agreeing on different things at different times.
Q6. The term consensus ad-idem means--
(a) general consensus
(b) reaching an agreement
(c) meeting of minds upon the same thing in the same sense.
(d) all the above.
Q7. The term consideration means—
(a)Something in return
(b)Something of value
(c ) Something of essence
(d) Something in gratification
Q8. Agreement without consideration is valid--
(a) when made out of love & affection due to near relationship
(b) when made to compensate a person who has already done something voluntarily
(c) when made to pay a time barred debt
(d) all the above.
Postal Test Papers_P3_Foundation Course_Syllabus 2012
Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 20
Q9. An agreement not to pursue any legal remedy to enforce the rights is------
(a) valid
(b) voidable
(c) void
(d) unenforceable.
Q10.Appropriation of payment means----------
(a) accounting of payment
(b) acknowledgement of payment
(c)discharge of payment
(d)application of payment.
Q 11.The Sales of Goods Act, 1930 is not applicable---
(a) Jammu & Kashmir
(b) Dadra and Nagar Haveli
(c) Uttar pradesh
(d) Himanchal Pradesh.
Q12. 'Good the acquisition of which is contingent upon some events happening or non happening will be treated---
(a)Future goods
(b) Unascertained goods
(c) Contingent goods
(d) Forward commodities.
Q13. The definition of 'goods' under section 2(7) of the Sale of Goods Act, 1930 is---
(a) descripttive
(b) exhaustive
(c) exhaustive and descripttive
(d) declaratory.
Q14. A sold his old car to B for Rs11,000. How the purchase consideration can be discharged by B---
(a)through cash/bank draft/cheque only
(b) equivalent value in kind
(c)Bank draft only
(d) cash/bank draft/cheque or partly in cash/bank draft/cheque and partly in kind .
Q15. In a contract of sale of goods, under section 4 of the Sale of Goods Act, 1930, there
(a) must be transfer of absolute or general property in the goods
(b) must be a transfer of special property in the goods
(c) must be transfer of either absolute or special property in the goods
(d) neither (a) nor (b).
Q16. ------is/are not goods under the Sale of Goods Act, 1930.
(a) Rare coins/currency notes.
(b) Railway Bridge
(c ) Patent right
(d) Electricity.
Q17. Unpaid seller can sell the goods on which lien is exercised without notice to the buyer-----------
(a) when buyer refuses to tender the payment despite fresh request.
(b)when goods are of perishable nature.
(c )when the bank draft is dishonoured.
(d) when the price of the goods sold is increasing.
Postal Test Papers_P3_Foundation Course_Syllabus 2012
Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 21
Q18. In case of a sale if the seller is declared insolvent, the buyer is entitled to recover the goods from---
(a)buyer
(b)Transporter
(c)Insurance company
(d)Official receiver or Assignee
Q19. Which of these section define the term 'Specific goods'
(a) section 2(12)
(b) section 2(15)
(c) section 2(13)
(d) section 2(14).
Q20. Condition as to wholesomeness means---------
(a ) goods of best quality
(b) fit for human consumption
(c ) goods with balanced nutrient contents
(d ) all of the above.
Q21. The term Negotiable instrument is defined in section---of the Negotiable Instrument Act, 1881
(a)2
(b)13
(c )12
(d ) 10
Q 22. If an instrument may be construed either as a promissory note or bill of exchange, it is---
(a ) a valid instrument
(b) an ambiguous instrument
(c) a returnable instrument
(d)none of the above.
Q 23. When a promissory note, bill of exchange or cheque is transferred to any person, so as to continue the person the holder thereof, the instrument is said –
(a) to be valid
(b) to be honored
(c) to be transferred
(d)to be negotiated.
Q24. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the—
(a) preceding day
(b) next preceding business day
(c) same day of next week
(d) 3rd day following the date holiday.
Q25. If the words “not negotiable” are used with special crossing in a cheque, the cheque is---
(a) not transferable
(b) transferable
(c) negotiable under certain circumstances
(d) none of the above.
Q 26. -----parties are involved in a Bill of Exchange.
(a)2
(b )3
(c) 4
(d)1
Postal Test Papers_P3_Foundation Course_Syllabus 2012
Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 22
Q 27. When an Instrument is drawn conditionally or for a special purpose as a collateral security and not for the purpose of transferring property therein it is called a—
(a) Escrow Instrument
(b) Inchoate Instrument
(c) Ambiguous Instrument
(d) None of the above.
Q28. As per section 11 of the Companies Act, a partnership firm consisting of more than 20 persons(10 in case of a banking company) unless registered as a company or formed in pursuance of some other law becomes----
(a)Illegal Association
(b )Defunct firm
(c )Banned firm
(d)Offender firm
Q29. Particular partnership is defined in- section ----of the Partnership Act,1932
(a)7
(b)8
(c)11
(d)13
Q 30. A company can be a partner in firm if----
(a) authorized by its Memorandum of Association
(b) authorized by Articles of Association.
(c) authorized by Central Government
(d) None of the cases.
Q 31. Which of these is necessary for a partnership deed.
(a)Registration
(b)to be stamped as per Indian Stamp Act,1889
(c) is required to be notarized.
(d)must be duly authenticated by First Class Magistrate
Q32. Which of these rights are affected if a firm is not registered?
(a)Suit against third parties, other partners and firms
(b)Right of third party against the firm
(c)Rights of the partners to sue for the dissolution of the firm
(d)Powers of the official receiver to bring suit or action on behalf of the insolvent.
Q33. ---- is not the property of a partnership firm.
(a)Stock in trade
(b)Ancestral property of a partner
(c)Plant & Machinery
(d)All rights, liabilities originally brought into the stock of the firm.
Q34. Which of these rights is available to a retiring partner?
(a)To carry on any business
(b)To use firm’s name
(c)Represent him as carrying on business of the firm
(d)To solicit the customer from the persons who were dealing with the firm before his retirement.
Q35. For the purposes of income-tax, a partnership firm
(a) can be assessed as an entity distinct and separate from its partners
(b) cannot be assessed as an entity separate and distinct from its partners
(c) can be assessed as an entity distinct and separate from its partners only with the permission of the court
(d) can be assessed as an entity distinct and separate from its partners only if all the partners agree for the same.
Postal Test Papers_P3_Foundation Course_Syllabus 2012
Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 23
Q36. For every district, ____ shall be an Inspector for the Factories Act, 1948.
(a)District Judge
(b )District Magistrate
(c )District Collector
(d )District Inspector General
Q37. A Industries Ltd has more than five hundred workers ordinarily employed, one of the employee got injured while performing his duties, there should be provided by the management under the Factories Act, 1948.
(a )An ambulance room
(b )A first-aid box
(c )A doctor
(d )An ambulance van
Q38. . J & K Manufacturing Ltd is manufacturing apricot products in Jammu & Kashmir, what provisions of factories act, 1948 are not applicable to them –
(a )Sec 67
(b )Sec 42 to Sec 50
(c )All the provisions
( d) Sec 102
Q39. The Payment of Wages Act,1936 came into effect with effect from—
(a)1st April 1936
(b)1st March 1937
(c)28th March 1937
(d)1st May 1937
Q40. The term Employed person includes---
(a )Legal representative of the deceased employees
(b )Next best friend of the employed person
(c ) Wife and minor child of the employed person
(d )None of these
Q41. XYZ is factory to which payment of Wages Act is applicable and employing 1500 employees, the factory has the practice paying wages only after 15th of following month. As a Cost Accountant of the factory, do you have any advice to the factory
(a)No the factory can pay any time
(b)As per section 5(1) wages must be paid before the expiry of 10th day of the following month.
(c)Wages must be paid before the close of month.
(d)As per section 5(1)(a) the wages must be paid before the expiry of 7th day of the following month.
Q 42. As per the Minimum Wages Act, 1948, Adult means a person who has completed the age of---
(a)15
(b)14
(c)18
(d)21
Q43. For the purpose of fixation of Minimum Wages the Appropriate Government is advised by---
(a)Central Advisory Board
(b)Labor Commissioner
(c)Ministry of social justice and welfare
(d)All the above.
Q44. The term wages under the Minimum wages Act,1948 excludes—
(a)Basic wages
(b)House Rent Allowance
(c)Dearness Allowance
(d)None of the above.
Postal Test Papers_P3_Foundation Course_Syllabus 2012
Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 24
Q45. For the purpose of defining “manufacturing process ” under the ESI Act,1948, reference is made to-
(a )The Factories Act, 1948
(b)The Industrial Dispute Act, 1947
(c ) The Employees Compensation Act
(d)Equal Remuneration Act, 1976.
Q46. The Employee’s share of contribution to the ESI fund is----
(a)1.75% of wages
(b)4.75% of wages
©10% of wages
(d)11% of wages
Q47. Rules for Safety and Health of child labor are prescribed by—
(a)Central Government
(b)State Government
(c)Metropolitan Magistrate
(d)Appropriate Government
Q48. No child is required or permitted to work between---
(a) 7 PM to 8 AM
(b) 8AM to 7PM
(c) 6PM to 10AM
(d) 5PM to 8AM
Q49. This is not one of the 7 principles of Public Life
a)Integrity
b)Honesty
c)Content
d) Accountability
Q50. Business mal practice does not include:
a)Black marketing
b)Adulteration
c)Advertising
d)Duplication.