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INSTITUTE OF FOOD SECURITY

(FOOD CORPORATION OF INDIA)GURGAON

Management Trainee Batch: /2010Phase-A Objective Test :Finance and Accounts

Time: 30 Minutes Maximum Marks:9Id. No. : Date: 09.12.2010

Note: Attempt all questions. Each question carries 1 mark. Encircle the right

option.

1) SLS in budget division of FCI stands fora) Stock Ledger Summary b) State Liability Summary

c) None of the above

2) Preparation of Budget is an essential exercise as per the F.C. Act, 1964.a) True b) False

3) Who is the statutory auditor of FCI..a) Internal Audit division of FCI

b) C & AG of Indiac)ICAI

d)ICWA

4) Purchases are recorded in which of the books of accounts in FCIa) BE-I

b) BE-IIc) BE-III

d) BE-IV

5) What is the accounting unit in FCI..a) Hqrs.b) District office

c) Depotd) Regional office

6) The accounting system prevailing in FCIa) Single entry systemb) Double entry system

c) Bothd) None of the above

7) Which among the following accounting statements is not maintained inFCI ?a)Balance Sheet

b)Profit and loss account

c)Manufacturing accountd)Trial balance

P.T.O.

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8) It is the responsibility of ..to deduct the applicable income tax from

the beginning of the financial year from the salary of employee.

a) Employeeb) Controlling administrative authorityc) Drawing & Disbursing officerd) None of the above.

9) All Books of Original Entries are self balancinga) True b) false

NameCadre

Signature

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10) For the purpose of issue of transfer-out-Invoice standard rates are communicated by F.C.I.Headquarters.

a) True b) false

11) How many sources of cash receipt are in FCI.a) 4 b) 6 c) 8

12) For authorizing an officer to operate Bank Account, specific approval of Manager(Finance)of Zone is required.

a) True b) false

13) Fixation of Procurement Prices and Issue Prices are fixed by the Corporation.a) True b) false

14) The difference between the economic cost and the Sales Realization is claimed as Subsidya) True b) false

15) Penalties and compensation for breach of contracts is counting as Incomea) True b) false

16) The bills of private parties should be pre-receipted on revenue stamp affixed thereona) True b) false

17) How many Books of Original Entries/ Journals maintained in F.C.I. ?a) 5 b) 10 c) 15

18) Original Contract is extendable by the approval of Competent Authoritya) one year b) two years c) none

19) A new system of Cash Management was introduced froma) Jan, 1976 b) Jan., 1964 c) June, 1997

20) Purchase Day Book is known asa) BE-V b) BE-iv c) BE-X