CBSE COMMERCE NET-12

QUESTION SET -12

83. Agriculture income is exempted from income tax under which of  the following section of Income Tax Act ,1961
A. 2(1A)
B.10 (1)
C.10(2)
D.10(4)

ANSWER:-B



EXPLANATION:-As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act
Agricultural income earned by a taxpayer in India is exempt under Section 10(1).Agricultural income generally means:
Agricultural income generally means:
(a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.
(b) Any income derived from such land by agriculture operations including processing of agricultural produce to render it fit for the market or sale of such produce.
(c) Any income attributable to a farm house subject to satisfaction of certain conditions specified in this regard in section 2(1A).
(d) Any income derived from saplings or seedlings grown in a nursery shall be deemed to be agricultural income.

84.Which among the following are necessary documents to file Income Tax Return for an employed person in India??
(a).Aadhar Card
(b) PAN card
(c) Form no 16 issued by employer
codes:-
A. (a) only
B. (a) and (b)
C. (a), (b) and (c) 
D. (b) and (c)



ANSWER:-D

EXPLANATION:-Every taxpayer should collate all income tax related documents for filing returns. So, here is a gist of the documents required:
Abstract of bank statements
Proof of investments and Form 16 (Salary certificate issued by the employer)
Form 16A / TDS certificate
Challan of tax payment made like advance tax or self assessment tax
Proof of investments in propertyD
Documents on purchase and sale of investments/assets
Collect the TDS certificate and
Collect home loan certificate

85. The power of the statistical hypothesis testing is denoted by:
A.𝝰 (alpha)
B. β(beta)
C. 1-𝝰
D. 1-β

ANSWER:-D

EXPLANATION:-The power of a binary hypothesis is the probability that the test correctly rejects the null hypothesis (H0) when a specific alternative hypothesis  (H1) is true. The statistical power ranges from 0 to 1, and as statistical power increases, the probability of making a type 2 error decreases. For a type 2 error probability of β, the corresponding statistical power is 1-β. For example, if experiment 1 has a statistical power of 0.7, and experiment 2 has a statistical power of 0.95, then there is a stronger probability that experiment 1 had a type 2 error than experiment 2, and experiment 2 is more reliable than experiment 1 due to the reduction in probability of a type 2 error. It can be equivalently thought of as the probability of accepting the alternative hypothesis (H1) when it is true—that is, the ability of a test to detect a specific effect, if that specific effect actually exists.

86.Which of the following  is not a measure of dispersion?
A. skewness
B. Mean deviation
C.standard deviation
D. Quartile deviation

ANSWER:-A

EXPLANATION;-In statistics, dispersion has two measure types. The first is the absolute measure, which measures the dispersion in the same statistical unit. The second type is the relative measure of dispersion, which measures the ratio unit. In statistics, there are many techniques that are applied to measure dispersion.
Relative measures of dispersion, are also known as coefficients of dispersion, are obtained as ratios or percentages. These are pure numbers independent of the units of measurement and used to compare two or more sets of data values.

Absolute Measures - Range • Quartile Deviation • Mean Deviation • Standard Deviation Relative Measure • Co-efficient of Range • Co-efficient of Quartile Deviation • Co-efficient of mean Deviation • co-efficient of Variation.

87.The immediate solvency ratios are

A. Current ratio

B.Quick Ratio

C.Debtor turnover ratio

D.stock turnover ratio

ANSWER:-B

EXPLANATION;-The quick ratio is a measure of how well a company can meet its short-term financial liabilities. Also known as the acid-test ratio, it can be calculated as follows: (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities.The quick ratio or acid test ratio is a liquidity ratio that measures the ability of a company to pay its current liabilities when they come due with only quick assets. Cash, cash equivalents, short-term investments or marketable securities, and current accounts receivable are considered quick assets.

88.X LTD purchased land and building worth rs 28,80,000 and in lieu issued debentures of rs 100 each at a discount of 4% . What are the number of debenture issued?

A28,800

B.30,000

C.32,000

D.34,000

ANSWER:-B

EXPLANATION:-Rs 100-Rs 100*4% (deducted as discount)=100-4=96

28,80,000/96=30,000 shares

89.Dissolution of firm takes place;

A. By the death or insolvency of any one partner.

B. the retirement of a any one partner

C.By the expiry of term

D.By the insolvency of all but one partner

ANSWER:-D

EXPLANATION;-A firm is compulsory dissolved by the adjudication as insolvent of all the partners or of all the partners but one, or. by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership.



90.Total production will be maximum when
A. marginal production is maximum
B.average production is maximum
C.marginal production is zero
D.Average production is equal to marginal production

ANSWER:-C


EXPLANATION:- From the image given below it is shown that Total production is maximum when marginal product is zero.