Classical

June 2015 - Paper 2

6:  

The basic difference between a static budget and flexible budget is that:

A.

A flexible budget considers only variable costs but a static budget considers all costs.

B.

Flexible budgets allow management latitude in meeting goals, whereas static budget is based on fixed standards.

C.

A flexible budget is applicable for a single department only but a static budget for entire production facility.

D.

A flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production.

 
 

Option: D

Explanation :

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7:  

A retiring partner continues to be liable for obligations incurred after his retirement:

A.

If unpaid amount is transferred to his loan account.

B.

If he does not give public notice.

C.

If he starts a similar business elsewhere.

D.

In all the situations till he survives.

 
 

Option: B

Explanation :

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8:  

In what order, the following assets are shown in the balance sheet of a company?

(i) Trade receivables

(ii) Cash

(iii) Furniture and fittings

(iv) Investment in shares and debentures

A.

(ii), (i), (iv), (iii)

B.

(i), (ii), (iii), (iv)

C.

(iii), (iv), (i), (ii)

D.

(iv), (iii), (ii), (i)

 
 

Option: C

Explanation :

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9:  

When opening stock is Rs 50,000, closing stock is Rs  60,000 and the cost of goods sold is RS 2,20,000, the stock turnover ratio is:

A.

2 times 

B.

3 times

C.

4 times 

D.

5 times

 
 

Option: C

Explanation :

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chandni said: (12:43am on Monday 29th June 2015)
how it is possible the formula is cgs divided by avg stock
Abdul Aziz said: (9:31am on Tuesday 7th July 2015)
ST Ratio = cgs=220000/average stock=55000average stock = (os=50000 cls=60000)/2
ABDUL AZIZ said: (9:29pm on Friday 31st July 2015)
Stock Turn Over ratio = Cost of Goods sold/ Average stock.= 220000/((50000 60000)/2)= 220000/55000= 4 Times.Ref - A text book of Accounting for Managers,, 4th edition, ; by Prof H.J.Ghosh Roy

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10:  

If: Stock turnover ratio is = 6 times

Average stock = Rs 8,000

Selling price = 25% above cost

What is the amount of gross profit?

A.

Rs 2,000

B.

Rs 4,000

C.

Rs 10,000 

D.

Rs 12,000

 
 

Option: D

Explanation :

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Gayathri said: (12:27am on Thursday 29th December 2016)
STR=Cgs/average stock6=cgs/8000;cgs=48000;48000×125÷100=60000; gross profit =60000-48000=12000.

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  • This section contains UGC NET  Commerce solved Papers for June 2015 Exam
  • This exam was held by University Grant Commission on 28th June 2015.
  • You can not download pdf of Commerce UGC NET Solved paper .
  • You can view UGC NET June 2015 Commerce Paper online.
  • You can get a fully solved paper. 
  • This year UGC NET Commerce Exam JUNE 2015 was held at varios CBSE schools across India.