# 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. Answer Report Discuss Option: D Explanation : Click on Discuss to view users comments. Write your comments here:
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. Answer Report Discuss Option: B Explanation : Click on Discuss to view users comments. Write your comments here:
8:

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

(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) Answer Report Discuss Option: C Explanation : Click on Discuss to view users comments. Write your comments here:
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 Answer Report Discuss Option: C Explanation : Click on Discuss to view users comments. chandni said: (2:43pm on Sunday 28th June 2015) how it is possible the formula is cgs divided by avg stock Abdul Aziz said: (11:31pm on Monday 6th July 2015) ST Ratio = cgs=220000/average stock=55000average stock = (os=50000 cls=60000)/2 ABDUL AZIZ said: (11:29am 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 Write your comments here:
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 Answer Report Discuss Option: D Explanation : Click on Discuss to view users comments. Gayathri said: (3:27pm on Wednesday 28th December 2016) STR=Cgs/average stock6=cgs/8000;cgs=48000;48000×125÷100=60000; gross profit =60000-48000=12000. Write your comments here:

## Suggest an improvement

• 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.