INSTITUTE OF FOOD SECURITY (FOOD CORPORATION OF INDIA) GURGAON Management Trainee Batch: /2010 Phase-A Objective Test :Finance

and Accounts Time: 30 Minutes Maximum Marks:9 Id. 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 for a) Stock Ledger Summary b) State Liability Summary c) None of the above Preparation of Budget is an essential exercise as per the F.C. Act, 1964. a) True b) False Who is the statutory auditor of FCI.. a) Internal Audit division of FCI b) C & AG of India c)ICAI d)ICWA Purchases are recorded in which of the books of accounts in FCI a) BE-I b) BE-II c) BE-III d) BE-IV What is the accounting unit in FCI.. a) Hqrs. b) District office c) Depot d) Regional office The accounting system prevailing in FCI a) Single entry system b) Double entry system c) Both d) None of the above Which among the following accounting statements is not maintained in FCI ? a)Balance Sheet b)Profit and loss account c)Manufacturing account d)Trial balance P.T.O.

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It is the responsibility of ..to deduct the applicable income tax from the beginning of the financial year from the salary of employee. a) Employee b) Controlling administrative authority c) Drawing & Disbursing officer d) None of the above. All Books of Original Entries are self balancing a) True b) false

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

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How many sources of cash receipt are in FCI. a) 4 b) 6 c) 8 For authorizing an officer to operate Bank Account, specific approval of Manager(Finance) of Zone is required. a) True b) false Fixation of Procurement Prices and Issue Prices are fixed by the Corporation. a) True b) false The difference between the economic cost and the Sales Realization is claimed as Subsidy a) True b) false Penalties and compensation for breach of contracts is counting as Income a) True b) false The bills of private parties should be pre-receipted on revenue stamp affixed thereon a) True b) false

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How many Books of Original Entries/ Journals maintained in F.C.I. ? a) 5 b) 10 c) 15 Original Contract is extendable by the approval of Competent Authority a) one year b) two years c) none A new system of Cash Management was introduced from a) Jan, 1976 b) Jan., 1964 c) June, 1997 Purchase Day Book is known as a) BE-V b) BE-iv c) BE-X

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