NTA UGC NET/JRF Exam, December 2022 (Commerce) Shift-II

Total Questions: 100

61. The Information Technology Act, 2000 in India provides legal recognition to which of the following:

A. Electronic books of accounts in banks
B. Electronic commerce
C. Electronic negotiable instrument
D. Electronic signature
E. Electronic sale and conveyance of immovable property
Choose the correct answer from the options given below:

Correct Answer: (d) A, B, D and E only
Solution:The information Technology Act, 2000 in India provides legal recognition for Electronic books of accounts in banks, Electronic commerce, and Electronic signature.

62. To make the resolution process faster and maximize the realizable value of assets under Insolvency and Bankruptcy Code (IBC), the Parliamentary Standing Committee has recommended strengthening India’s insolvency resolution ecosystem by

A. A professional code of conduct for the committee of creditors
B. Constitution of specialized National Company Law Tribunals (NCLT) benches to hear IBC matters
C. Strengthening the role of resolution professionals
D. Digitising IBC platforms
E. Strengthening and promotion of Asset Reconstruction Companies
Choose the correct answer from the options given below:

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

To make the resolution process faster and maximize the realizable value of assets under Insolvency and Bankruptcy Code (IBC), the Parliamentary Standing Committee has recommended strengthening India’s insolvency resolution ecosystem by
• A professional code of conduct for the committee of creditors.
• Constitution of specialized National Company Law Tribunals (NCLT) benches to hear IBC matters.
• Strengthening the role of resolution professionals.
• Digitising IBC platforms.

63. In which of the following methods a contract is said to be discharged by mutual consent?

A. Novation
B. Rescission
C. Remission
D. Alteration
E. Accord and Satisfaction
Choose the correct answer from the options given below:

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

According to section 62, 63 of Indian contract Act 1872, A contract can be discharged either by agreement or by a breach. The rule of law in this regard is as follows – if a thing may be destroyed in the same manner in which it is constituted. The following methods of discharging a contract by mutual agreement :-
• Novation
• Rescission
• Alteration
• Remission

64. Duties of bailor include

A. Take care of goods
B. Bear extraordinary expenses
C. Return accretion to the goods
D. Indemnify the bailee
E. Disclose known faults
Choose the correct answer from the options given below:

Correct Answer: (d) B, D and E only
Solution:

Duties of the bailor are as follows :-
• Duty to disclose faults in goods bailed (sec 150)
• Duty to bear expenses of bailment.
• Duty to compensate the bailee on premature termination.
• Duty to receive back the goods.

65. Expenses that are not deductible under Section 58 of the Indian Income Tax Act for computing the income under the head “Income From Other Sources”:

A. Personal expenses
B. Interest payable outside India on which tax has not been paid or deducted at source
C. Wealth tax
D. Commission for realizing dividend income or interest on securities
E. Expenses which are not of capital nature like repairs, depreciation on plant and insurance premium
Choose the correct answer from the options given below:

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

Expenses that are not deductible under Section 58 of IT Act for computing the income chargeable under the head “Income From Other Sources” are :-
• Any Personal expenses
• Interest payable outside India on which tax has not been paid or deducted at source.
• Any payment of direct taxes like Income tax/wealth tax, excessive payments to related or relatives.

66. Match List I with List II

List I (Name of Theory of International Trade)List II (Description)
A. Heckscher-Ohlin TheoryI. The ability of a nation to produce the goods more efficiently and effectively than any other country
B. Country Similarity TheoryII. Theory stating that trade occurs between nations that have similar characteristics such as economic, geography and cultural characteristics
C. Theory of MercantilismIII. The theory that a nation will export the goods whose production requires intensive use of the nation's relatively abundant and cheap factors and import goods when production requires intensive use of its scarce and expensive factors
D. Absolute Advantage TheoryIV. Theory that aims at accumulating financial wealth in terms of gold by encouraging exports and discouraging imports

Choose the correct answer from the options given below :

Correct Answer: (c) A-III, B-II, C-IV, D-I
Solution:
List-I (Name of Theory of International Trade)List-II (Description)
A. Heckscher-Ohlin Theory(III)The theory that a nation will export the goods whose production requires intensive use of the nation's relatively abundant and cheap factors and import goods when production requires intensive use of its scarce and expensive factors.
B. Country Similarity Theory(II)Theory stating that trade occurs between nations that have similar characteristics such as economic, geography and cultural characteristics.
C. Theory of Mercantilism(IV)Theory that aims at accumulating financial wealth in terms of gold by encouraging exports and discouraging imports.
D. Absolute Advantage Theory(I)The ability of a nation to produce the goods more efficiently and effectively than any other country.

67. Match List I with List II

List I (Ind AS)List II (Topic (Subjects))
A. Ind AS 37I. Insurance contracts
B. Ind AS 104II. Inventories
C. Ind AS 2III. Provisions, Contingent Liabilities and Contingent Assets
D. Ind AS 19IV. Employee Benefits

Choose the correct answer from the options given below :

Correct Answer: (a) A-III, B-I, C-II, D-IV
Solution:
List - IList - II
Ind ASTopic (Subjects)
A. Ind AS 37(III) Provisions, Contingent Liabilities and Contingent Assets
B. Ind AS 104(I) Insurance contracts
C. Ind AS 2(II) Inventories
D. Ind AS 19(IV) Employee Benefits

68. Match List I with List II

List I Cost ConceptsList II Description
A. Explicit costI. Costs that do not require any outlay of money by the firm
B. Implicit costII. A cost that has already been committed and cannot be recovered
C. Total costIII. Costs that require an outlay of money by the firm
D. Sunk costIV. Market value of all inputs that a firm uses in production

Choose the correct answer from the options given below :

Correct Answer: (c) A-III, B-I, C-IV, D-II
Solution:
List - I Cost ConceptsList - II Description
A. Explicit cost(III) Costs that require an outlay of money by the firm
B. Implicit cost(I) Costs that do not require any outlay of money by the firm
C. Total cost(IV) Market value of all inputs that a firm uses in production
D. Sunk cost(II) A cost that has already been committed and cannot be recovered

69. Match List I with List II

List I Type of BondsList II Description
A. Euro bondsI. Bonds denominated in US dollar and issued in the USA
B. Global bondsII. Bonds denominated in a foreign currency and are offered for simultaneous placement in different countries
C. Yankee bondsIII. When the bonds issued in a foreign country and are denominated in a currency other than the currency of the country where the bonds are issued
D. Samurai bondsIV. Bonds denominated in japanese Yen and issued in Japan

Choose the correct answer from the options given below :

Correct Answer: (a) A-III, B-II, C-I, D-IV
Solution:
List - I Type of BondsList - II Description
A. Euro bonds(III) When the bonds issued in a foreign country and are denominated in a currency other than the currency of the country where the bonds are issued
B. Global bonds(II) Bonds denominated in a foreign currency and are offered for simultaneous placement in different countries
C. Yankee bonds(I) Bonds denominated in US dollar and issued in the USA
D. Samurai bonds(IV) Bonds denominated in japanese Yen and issued in Japan

70. Match List I with List II

List I Sampling methodsList II Descriptions of situation
A. Multi-stage SamplingI. Specified number of respondents in best position to provide the desired information
B. Systematic SamplingII. Heterogenous sub-populations
C. Judgement SamplingIII. Widely spread population and random sampling not possible
D. Stratified SamplingIV. Elements of population arranged in some order

Choose the correct answer from the options given below :

Correct Answer: (b) A-III, B-IV, C-I, D-II
Solution:
List - I Sampling methodsList - II Descriptions of situation
A. Multi-stage Sampling(III)Widely spread population and random sampling not possible
B. Systematic Sampling(IV)Elements of population arranged in some order
C. Judgement Sampling(I)Specified number of respondents in best position to provide the desired information
D. Stratified Sampling(II)Heterogenous sub-populations