{"id":297,"date":"2026-08-31T10:58:05","date_gmt":"2026-08-31T10:58:05","guid":{"rendered":"https:\/\/massgraduates.com\/?page_id=297"},"modified":"2026-08-31T10:58:05","modified_gmt":"2026-08-31T10:58:05","slug":"icma-foundation-fblc-ffca-full-length-test-1","status":"publish","type":"page","link":"https:\/\/massgraduates.com\/index.php\/icma-foundation-fblc-ffca-full-length-test-1\/","title":{"rendered":"ICMA Foundation- FBLC &amp; FFCA- Full Length-Test 1"},"content":{"rendered":"\n<div class=\"dq-fl\" id=\"dq-fl-1\"\n     data-set=\"1\"\n     data-duration=\"7200\"\n     data-student=\"Student\"\n     data-title=\"ICMA Foundation- FBLC &amp; FFCA- Full Length-Test 1\">\n\n    <!-- START SCREEN -->\n    <div class=\"dqfl-screen dqfl-screen-start\" id=\"dqfl-start-1\">\n        <div class=\"dqfl-start-card\">\n            <div class=\"dqfl-start-icon\">\ud83d\udcda<\/div>\n            <h2 class=\"dqfl-exam-title\">ICMA Foundation- FBLC &amp; FFCA- Full Length-Test 1<\/h2>\n                        <div class=\"dqfl-start-meta\">\n                <div class=\"dqfl-meta-item\">\n                    <span class=\"dqfl-meta-icon\">\u23f1\ufe0f<\/span>\n                    <span>120 Minutes<\/span>\n                <\/div>\n                <div class=\"dqfl-meta-item\">\n                    <span class=\"dqfl-meta-icon\">\u2753<\/span>\n                    <span>100 Questions<\/span>\n                <\/div>\n                                                            <\/div>\n            <button class=\"dqfl-btn dqfl-btn-start\" onclick=\"DQFullLength.start(1)\">\n                Start Test\n                <svg width=\"20\" height=\"20\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><polyline points=\"9 18 15 12 9 6\"\/><\/svg>\n            <\/button>\n            <p class=\"dqfl-start-note\">\ud83d\udccc Answers are locked once submitted \u2014 results and explanations appear at the end.<\/p>\n        <\/div>\n    <\/div>\n\n    <!-- QUIZ SCREEN -->\n    <div class=\"dqfl-screen dqfl-screen-quiz\" id=\"dqfl-quiz-1\" style=\"display:none\">\n\n        <!-- Header bar -->\n        <div class=\"dqfl-quiz-header\">\n            <div class=\"dqfl-quiz-info\">\n                <div class=\"dqfl-quiz-name-row\">\n                    <span class=\"dqfl-exam-name\">ICMA Foundation- FBLC &amp; FFCA- Full Length-Test 1<\/span>\n                <\/div>\n                <div class=\"dqfl-progress-wrap\">\n                    <div class=\"dqfl-progress-bar\">\n                        <div class=\"dqfl-progress-fill\" id=\"dqfl-progress-1\"><\/div>\n                    <\/div>\n                    <span class=\"dqfl-progress-label\" id=\"dqfl-prog-label-1\">1 \/ 100<\/span>\n                <\/div>\n            <\/div>\n        <\/div>\n\n        <!-- Questions (single column, full width \u2014 palette is fixed sidebar) -->\n        <div class=\"dqfl-question-area\" id=\"dqfl-panel-1\">\n                        <div class=\"dqfl-q\" id=\"dqfl-q-1\" data-qid=\"1\"\n                 data-correct=\"B\"\n                 data-index=\"0\"\n                 data-docnum=\"1\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 1 OF 100<\/p>\n                <p class=\"dqfl-qtext\">According to H.L.A. Hart, how is the concept of law most accurately described in simple terms?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A tool of religious governance<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A set of rules for the society<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A collection of judicial precedents only<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An unwritten mandate for public welfare<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-2\" data-qid=\"2\"\n                 data-correct=\"B\"\n                 data-index=\"1\"\n                 data-docnum=\"2\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 2 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which schedule of the Constitution of India outlines the specific domains (such as the Union List, State List, and Concurrent List) under which Parliament and State Legislatures are empowered to enact statutes?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">5th Schedule<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">7th Schedule<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">9th Schedule<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">12th Schedule<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-3\" data-qid=\"3\"\n                 data-correct=\"B\"\n                 data-index=\"2\"\n                 data-docnum=\"3\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 3 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under which Article of the Constitution of India is the law declared by the Supreme Court made strictly binding on all courts within the Indian territory?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Article 123<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Article 141<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Article 213<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Article 243<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-4\" data-qid=\"4\"\n                 data-correct=\"A\"\n                 data-index=\"3\"\n                 data-docnum=\"4\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 4 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding the sources of law in India:\r<br><strong>1. <\/strong>Personal laws are largely guided by customs, practices, and individual faith, such as the Hindu Marriage Act.\r<br><strong>2. <\/strong>The President of India promulgates ordinances under Article 213 during the recess of Parliament. Which of the above statements is\/are accurate?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1 only<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">2 only<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both 1 and 2<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Neither 1 nor 2<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-5\" data-qid=\"5\"\n                 data-correct=\"C\"\n                 data-index=\"4\"\n                 data-docnum=\"5\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 5 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In the context of the Ancient Indian hierarchy of courts, which of the following terms refers specifically to the Trade or Professional Councils?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The Kula<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The Gana<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The Shreni<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The Sasita<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-6\" data-qid=\"6\"\n                 data-correct=\"C\"\n                 data-index=\"5\"\n                 data-docnum=\"6\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 6 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following equations accurately reflects the definition of a contract under Section 2(h) of the Indian Contract Act, 1872?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Agreement + Legal Obligation<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Offer + Acceptance<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Agreement + Enforceability by Law<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Promise + Consideration<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-7\" data-qid=\"7\"\n                 data-correct=\"C\"\n                 data-index=\"6\"\n                 data-docnum=\"7\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 7 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under Section 2(c) of the Indian Contract Act, 1872, the person making the proposal is called the:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Promisee<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Acceptor<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Promisor<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Offeree<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-8\" data-qid=\"8\"\n                 data-correct=\"B\"\n                 data-index=\"7\"\n                 data-docnum=\"8\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 8 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A intends to sell his Maruti 800 car to B. However, B agrees to the proposal under the assumption that A is selling his Maruti Alto car. This agreement lacks which of the following essential elements?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Lawful consideration<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Consensus ad idem<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Legal formalities<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Capacity of parties<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-9\" data-qid=\"9\"\n                 data-correct=\"C\"\n                 data-index=\"8\"\n                 data-docnum=\"9\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 9 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A father promised to pay his son \u20b9 1 Lakh if he passed his CA examination in the first attempt. The son passed, but the father failed to pay. Can the son recover the amount?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because there was a valid offer and acceptance.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because passing the exam acts as lawful consideration.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">No, because agreements of a domestic nature lack the intention to create a legal relationship.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, because the son is presumed to be a minor.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-10\" data-qid=\"10\"\n                 data-correct=\"A\"\n                 data-index=\"9\"\n                 data-docnum=\"10\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 10 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following are considered essential elements of a valid contract under the Indian Contract Act?\r<br><strong>1. <\/strong>Free Consent\r<br><strong>2. <\/strong>Lawful Consideration\r<br><strong>3. <\/strong>Registered written document\r<br><strong>4. <\/strong>Competent Parties<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 3<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2, 3, and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1, 3, and 4<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-11\" data-qid=\"11\"\n                 data-correct=\"C\"\n                 data-index=\"10\"\n                 data-docnum=\"11\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 11 OF 100<\/p>\n                <p class=\"dqfl-qtext\">According to Section 11, which of the following persons is NOT competent to contract?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A person who has attained the age of majority.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A person who is of sound mind.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A person disqualified from contracting by law.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An alien friend.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-12\" data-qid=\"12\"\n                 data-correct=\"C\"\n                 data-index=\"11\"\n                 data-docnum=\"12\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 12 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In Indian law, an agreement with a minor is considered:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Valid but unenforceable<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Voidable at the minor&#039;s option<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Void ab initio<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Illegal<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-13\" data-qid=\"13\"\n                 data-correct=\"B\"\n                 data-index=\"12\"\n                 data-docnum=\"13\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 13 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Can a minor ratify an agreement made during their minority after attaining the age of majority?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, without any new consideration.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">No, a minor cannot ratify a void agreement on attaining majority.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, if the other party consents.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, if a court permits it.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-14\" data-qid=\"14\"\n                 data-correct=\"C\"\n                 data-index=\"13\"\n                 data-docnum=\"14\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 14 OF 100<\/p>\n                <p class=\"dqfl-qtext\">X, a minor, took a loan of \u20b910,000 from B for paying college fees. X fails to pay back the loan on the due date. Can B recover the amount?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">No, because agreements with minors are completely void.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, B can hold X personally liable.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, B can recover the loan only out of X&#039;s assets.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, education is not considered a necessary.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-15\" data-qid=\"15\"\n                 data-correct=\"B\"\n                 data-index=\"14\"\n                 data-docnum=\"15\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 15 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A principal appoints a minor as an agent to sell his watch. The minor sells it below the instructed price, causing a loss. Can the principal hold the minor liable for the loss?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because agents are strictly liable to principals.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">No, a minor can act as an agent but cannot be held personally liable for actions causing loss.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because selling below the minimum price is fraud.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, because a minor cannot legally act as an agent.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-16\" data-qid=\"16\"\n                 data-correct=\"C\"\n                 data-index=\"15\"\n                 data-docnum=\"16\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 16 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by any other person, is called:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Guarantee<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Bailment<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Indemnity<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Pledge<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-17\" data-qid=\"17\"\n                 data-correct=\"B\"\n                 data-index=\"16\"\n                 data-docnum=\"17\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 17 OF 100<\/p>\n                <p class=\"dqfl-qtext\">How many parties are there in a standard contract of indemnity?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Three<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Four<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Five<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-18\" data-qid=\"18\"\n                 data-correct=\"B\"\n                 data-index=\"17\"\n                 data-docnum=\"18\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 18 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under Section 125, an indemnity-holder, acting within the scope of his authority, is entitled to recover which of the following from the promisor?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only the damages paid in a suit.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Damages, costs of the suit, and sums paid under compromise of the suit.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Only the costs of defending a suit.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Punitive damages exclusively.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-19\" data-qid=\"19\"\n                 data-correct=\"C\"\n                 data-index=\"18\"\n                 data-docnum=\"19\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 19 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Although not explicitly detailed in the Indian Contract Act, Indian High Courts generally hold that the liability of an indemnifier commences when:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The indemnifier signs the contract.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The indemnity holder actually pays the loss.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The liability of the indemnity holder becomes absolute and certain.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The third party demands payment.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-20\" data-qid=\"20\"\n                 data-correct=\"B\"\n                 data-index=\"19\"\n                 data-docnum=\"20\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 20 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In a contract of guarantee, the person for whom the guarantee is given is called the:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Surety<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Principal Debtor<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Creditor<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Indemnifier<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-21\" data-qid=\"21\"\n                 data-correct=\"B\"\n                 data-index=\"20\"\n                 data-docnum=\"21\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 21 OF 100<\/p>\n                <p class=\"dqfl-qtext\">The Sale of Goods Act, 1930 governs the commercial transfer of movable property. Before its independent enactment, the provisions relating to the sale of goods were originally a part of which of the following legislations?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The Transfer of Property Act, 1882<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The Indian Contract Act, 1872<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The Negotiable Instruments Act, 1881<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The Indian Partnership Act, 1932<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-22\" data-qid=\"22\"\n                 data-correct=\"B\"\n                 data-index=\"21\"\n                 data-docnum=\"22\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 22 OF 100<\/p>\n                <p class=\"dqfl-qtext\">According to the basic concepts defined under Section 2(1) and Section 2(13) of the Act, which of the following accurately describes the meaning of a &quot;buyer&quot; and a &quot;seller&quot;?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer only agrees to buy goods, and a seller only agrees to sell goods.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer is a person who buys or agrees to buy goods, and a seller is a person who sells or agrees to sell goods.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer purchases goods for cash only, and a seller transfers goods for a deferred payment.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer takes physical delivery, and a seller immediately transfers ownership.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-23\" data-qid=\"23\"\n                 data-correct=\"B\"\n                 data-index=\"22\"\n                 data-docnum=\"23\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 23 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under the provisions of the Sale of Goods Act, 1930, &quot;Delivery&quot; is legally defined as:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The compulsory transfer of ownership from one person to another.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The voluntary transfer of possession from one person to another.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The exchange of goods for money consideration.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The absolute transfer of general property in the goods.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-24\" data-qid=\"24\"\n                 data-correct=\"B\"\n                 data-index=\"23\"\n                 data-docnum=\"24\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 24 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following items:\r<br><strong>1. <\/strong>Stock and shares\r<br><strong>2. <\/strong>Actionable claims\r<br><strong>3. <\/strong>Growing crops\r<br><strong>4. <\/strong>Current money Which of the above items are strictly excluded from the statutory definition of &quot;Goods&quot; under Section 2(7)?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1 and 2<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">2 and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">3 and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1 and 3<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-25\" data-qid=\"25\"\n                 data-correct=\"C\"\n                 data-index=\"24\"\n                 data-docnum=\"25\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 25 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following documents is NOT statutorily recognized as a &quot;Document of Title to Goods&quot; under Section 2(4) of the Act?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Bill of Lading<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Railway Receipt<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Promissory Note<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Warehouse keeper&#039;s certificate<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-26\" data-qid=\"26\"\n                 data-correct=\"B\"\n                 data-index=\"25\"\n                 data-docnum=\"26\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 26 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under Section 31 of the Sale of Goods Act, 1930, the &quot;performance of a contract of sale&quot; legally means:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The creation of a legally binding agreement between competent parties.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The delivery of goods by the seller and the acceptance and payment for them by the buyer.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The unconditional transfer of documents of title to the buyer.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The payment of advance money by the buyer to secure the goods.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-27\" data-qid=\"27\"\n                 data-correct=\"A\"\n                 data-index=\"26\"\n                 data-docnum=\"27\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 27 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In the performance of a contract of sale, what constitutes the fundamental obligation of the seller?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To deliver the goods in accordance with the terms of the contract as to time and place.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To ensure the buyer safely resells the goods.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To provide a warranty of fitness for all possible purposes.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To deliver the goods to the buyer&#039;s residential address irrespective of the agreement.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-28\" data-qid=\"28\"\n                 data-correct=\"B\"\n                 data-index=\"27\"\n                 data-docnum=\"28\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 28 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Concomitant to the seller's duty, the fundamental obligation of the buyer in a contract of sale is to:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Transport the goods safely from the seller&#039;s location.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Accept the delivery of the goods and pay the agreed price.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Inspect the goods physically before the contract is made.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Provide an advance payment before delivery is initiated.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-29\" data-qid=\"29\"\n                 data-correct=\"C\"\n                 data-index=\"28\"\n                 data-docnum=\"29\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 29 OF 100<\/p>\n                <p class=\"dqfl-qtext\">State which of the following statements is correct regarding the delivery of goods and payment of price under Section 32 of the Sale of Goods Act, 1930:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of price must always precede the delivery of goods.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery of goods must always precede the payment of price.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery of goods and payment of the price are concurrent conditions, unless otherwise agreed.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of price is entirely independent of the delivery of goods.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-30\" data-qid=\"30\"\n                 data-correct=\"B\"\n                 data-index=\"29\"\n                 data-docnum=\"30\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 30 OF 100<\/p>\n                <p class=\"dqfl-qtext\">The Sale of Goods Act, 1930 explicitly defines &quot;Delivery&quot; under Section 2(2) as:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The physical transportation of goods by a carrier.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The voluntary transfer of possession of goods from one person to another.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The transfer of absolute ownership rights to the buyer.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The act of placing goods in a public warehouse.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-31\" data-qid=\"31\"\n                 data-correct=\"B\"\n                 data-index=\"30\"\n                 data-docnum=\"31\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 31 OF 100<\/p>\n                <p class=\"dqfl-qtext\">What does the term 'instrument' primarily signify in the context of the Negotiable Instruments Act?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A piece of paper that only serves as evidence of an oral agreement<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Any written document creating a right in favour of some person<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A verbal commitment to transfer ownership of goods<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An official government notification regarding trade laws<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-32\" data-qid=\"32\"\n                 data-correct=\"C\"\n                 data-index=\"31\"\n                 data-docnum=\"32\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 32 OF 100<\/p>\n                <p class=\"dqfl-qtext\">According to Section 13 of the Negotiable Instruments Act, 1881, a negotiable instrument includes a promissory note, bill of exchange, or a ________, whether payable to order or to bearer.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Share certificate<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery note<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Cheque<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Railway receipt<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-33\" data-qid=\"33\"\n                 data-correct=\"C\"\n                 data-index=\"32\"\n                 data-docnum=\"33\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 33 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following statements correctly identifies when a negotiable instrument is considered payable to order?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">When it is expressed to be payable to a particular person and contains words prohibiting its transfer.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">When the only or last endorsement on the instrument is an endorsement in blank.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">When it is expressed to be payable to a particular person, and does not contain words prohibiting transfer.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">When the instrument is accompanied by a document of title to goods.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-34\" data-qid=\"34\"\n                 data-correct=\"B\"\n                 data-index=\"33\"\n                 data-docnum=\"34\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 34 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Mr. A holds a valid negotiable instrument and wishes to transfer it to Mr. B. If the instrument is a bearer instrument, how can this transfer be legally executed under the characteristics of negotiable instruments?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">It can only be transferred by a registered sale deed.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">It can be transferred merely by delivery.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">It requires mandatory endorsement, delivery, and a witness signature.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">It must be endorsed by the drawee bank before delivery.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-35\" data-qid=\"35\"\n                 data-correct=\"B\"\n                 data-index=\"34\"\n                 data-docnum=\"35\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 35 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A negotiable instrument may be made payable to two or more persons ________, or it may be made payable in the alternative to one of two payees.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Exclusively<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Jointly<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Conditionally<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Severally<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-36\" data-qid=\"36\"\n                 data-correct=\"A\"\n                 data-index=\"35\"\n                 data-docnum=\"36\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 36 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which Section of the Negotiable Instruments Act, 1881 defines a &quot;Promissory Note&quot; as an instrument in writing containing an unconditional undertaking?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Section 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Section 5<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Section 6<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Section 13<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-37\" data-qid=\"37\"\n                 data-correct=\"B\"\n                 data-index=\"36\"\n                 data-docnum=\"37\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 37 OF 100<\/p>\n                <p class=\"dqfl-qtext\">How many primary parties are there in a standard Promissory Note?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">One<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Three<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Four<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-38\" data-qid=\"38\"\n                 data-correct=\"B\"\n                 data-index=\"37\"\n                 data-docnum=\"38\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 38 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following written statements qualifies as a valid unconditional undertaking in a promissory note?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 seven days after my marriage with C.&quot;<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I acknowledge myself to be indebted to B in \u20b9 1,000 to be paid on demand, for value received.&quot;<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 on D&#039;s death, provided D leaves me enough to pay that sum.&quot;<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 out of the sale proceeds of my black horse.&quot;<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-39\" data-qid=\"39\"\n                 data-correct=\"B\"\n                 data-index=\"38\"\n                 data-docnum=\"39\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 39 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Select the option that renders an instrument invalid as a Promissory Note due to the lack of certainty of sum or medium of payment.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 5,000 along with an agreed interest of 10% p.a.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 500 and to deliver a black horse.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 10,000 on a specific future date.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 2,000 in equal monthly installments.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-40\" data-qid=\"40\"\n                 data-correct=\"C\"\n                 data-index=\"39\"\n                 data-docnum=\"40\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 40 OF 100<\/p>\n                <p class=\"dqfl-qtext\">What is the statutory limitation period for filing a civil suit to recover the amount due on a Promissory Note?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">One year from the date of execution<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two years from the date of execution<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Three years from the date of execution<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Twelve years from the date of execution<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-41\" data-qid=\"41\"\n                 data-correct=\"B\"\n                 data-index=\"40\"\n                 data-docnum=\"41\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 41 OF 100<\/p>\n                <p class=\"dqfl-qtext\">The word communication has been derived from the Latin word 'communicare'. What is the literal meaning of this term in the context of business communication?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To transmit<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To share<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To speak<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To write<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-42\" data-qid=\"42\"\n                 data-correct=\"C\"\n                 data-index=\"41\"\n                 data-docnum=\"42\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 42 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Effective communication emphasizes employee participation in management and helps in selection, placement, socialization, promotion, and transfer. Which significance of business communication does this describe?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Managerial efficiency<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Building a loyal employee base<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Human resources management<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Improving customer service<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-43\" data-qid=\"43\"\n                 data-correct=\"C\"\n                 data-index=\"42\"\n                 data-docnum=\"43\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 43 OF 100<\/p>\n                <p class=\"dqfl-qtext\">State which of the following statements is false regarding the uses of business communication in various formats:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A debate is usually based on current affairs where the speaker speaks for or against a notion.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A speech is generally more performative in nature as compared to a debate.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Presentations always require a PowerPoint or graphical aid to be effective.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Group discussions help to evaluate leadership, listening, and initiative-taking abilities.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-44\" data-qid=\"44\"\n                 data-correct=\"B\"\n                 data-index=\"43\"\n                 data-docnum=\"44\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 44 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following benefits of communication in the marketing process:\r<br><strong>1. <\/strong>Building and maintaining relationships\r<br><strong>2. <\/strong>Enhancing transparency\r<br><strong>3. <\/strong>Hiding details to avoid marketing complexities\r<br><strong>4. <\/strong>Establishing professionalism Which of the above are actual benefits of communication in marketing?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 3<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2, 3, and 4<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1, 3, and 4<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-45\" data-qid=\"45\"\n                 data-correct=\"C\"\n                 data-index=\"44\"\n                 data-docnum=\"45\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 45 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which mode of marketing communication involves offering short-term incentives, such as coupons and free samples, to encourage the purchase or sale of a product?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Advertising<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Direct marketing<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Sales promotion<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Personal selling<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-46\" data-qid=\"46\"\n                 data-correct=\"D\"\n                 data-index=\"45\"\n                 data-docnum=\"46\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 46 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In business communication, an audience that begins to disagree with the communicator from the start and listens with a closed mind is referred to as a:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Friendly Audience<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Uninformed Audience<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Apathetic Audience<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Hostile Audience<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-47\" data-qid=\"47\"\n                 data-correct=\"B\"\n                 data-index=\"46\"\n                 data-docnum=\"47\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 47 OF 100<\/p>\n                <p class=\"dqfl-qtext\">The primary purposes of writing and drafting for business audiences are to Inform, Persuade, and ____________.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Hide details<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Create Goodwill<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Intimidate<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Restrict trade<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-48\" data-qid=\"48\"\n                 data-correct=\"C\"\n                 data-index=\"47\"\n                 data-docnum=\"48\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 48 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which type of business letter is written by a purchaser when they receive improper, incorrect, insufficient, or damaged goods?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Order Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Quotation Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Complaint Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Recovery Letter<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-49\" data-qid=\"49\"\n                 data-correct=\"B\"\n                 data-index=\"48\"\n                 data-docnum=\"49\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 49 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following best represents the correct order of components in a formal business letter format?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sender&#039;s Address -&gt; Date -&gt; Salutation -&gt; Subject -&gt; Body<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sender&#039;s Name &amp; Address -&gt; Recipient&#039;s Designation &amp; Address -&gt; Date -&gt; Subject -&gt; Salutation<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Subject -&gt; Salutation -&gt; Date -&gt; Sender&#039;s Address -&gt; Recipient&#039;s Address<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Date -&gt; Sender&#039;s Address -&gt; Recipient&#039;s Address -&gt; Salutation -&gt; Subject<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-50\" data-qid=\"50\"\n                 data-correct=\"C\"\n                 data-index=\"49\"\n                 data-docnum=\"50\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 50 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A business wishes to know the price, quantity, and mode of delivery of raw materials before purchasing. What specific document should they draft and send to the supplier?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Quotation Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recovery Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Enquiry Letter<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Complaint Letter<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-51\" data-qid=\"51\"\n                 data-correct=\"B\"\n                 data-index=\"50\"\n                 data-docnum=\"51\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 51 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following best describes the fundamental objective of business operations that necessitates systematic financial recording?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To eliminate all risks associated with economic activities<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To earn profits and maximize the wealth of the owners<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To avoid national and international statutory frameworks<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To replace human resources with mechanical processes<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-52\" data-qid=\"52\"\n                 data-correct=\"B\"\n                 data-index=\"51\"\n                 data-docnum=\"52\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 52 OF 100<\/p>\n                <p class=\"dqfl-qtext\">According to the American Institute of Certified Public Accountants (1961), accounting is defined as the art of:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Forecasting future market trends<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recording, classifying and summarizing in a significant manner and in terms of money<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Maximizing the wealth of shareholders<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Eliminating taxes and business liabilities<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-53\" data-qid=\"53\"\n                 data-correct=\"A\"\n                 data-index=\"52\"\n                 data-docnum=\"53\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 53 OF 100<\/p>\n                <p class=\"dqfl-qtext\">How does accounting serve as the 'language of business' in achieving its primary objective?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">By providing useful information for rational decision-making to stakeholders<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">By estimating the exact lifespan of a business entity<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">By enforcing legal guidelines on the forms of business<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">By auditing the performance of competitors<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-54\" data-qid=\"54\"\n                 data-correct=\"C\"\n                 data-index=\"53\"\n                 data-docnum=\"54\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 54 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following practices ensures reliability and precision for accounting measurements by systematically maintaining financial records?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Formulation of statutory regulations<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Ascertainment of taxable income<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Communication of economic information<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-55\" data-qid=\"55\"\n                 data-correct=\"B\"\n                 data-index=\"54\"\n                 data-docnum=\"55\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 55 OF 100<\/p>\n                <p class=\"dqfl-qtext\">How is book-keeping conceptually differentiated from accounting?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping encompasses the entire body of theory and practice, while accounting is narrower.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping is a narrower concept concerned primarily with maintaining systematic records of transactions on a regular basis.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping only records non-financial transactions.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping interprets financial results, whereas accounting only records them.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-56\" data-qid=\"56\"\n                 data-correct=\"C\"\n                 data-index=\"55\"\n                 data-docnum=\"56\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 56 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is the final step in the accounting cycle?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Passing adjustment entries<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recording in Journal<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Drafting the Financial Statements<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Posting to Ledger<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-57\" data-qid=\"57\"\n                 data-correct=\"B\"\n                 data-index=\"56\"\n                 data-docnum=\"57\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 57 OF 100<\/p>\n                <p class=\"dqfl-qtext\">What is the primary purpose of a Chart of Accounts?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To record employee attendance<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To organize the accounts and group similar ones together<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To calculate depreciation automatically<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To document the history of the company<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-58\" data-qid=\"58\"\n                 data-correct=\"C\"\n                 data-index=\"57\"\n                 data-docnum=\"58\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 58 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In a typical codification structure for a Chart of Accounts, if Asset accounts are numbered 1000 to 1999, which numbers usually represent Liability accounts?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"0\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">0<\/span>\n                        <span class=\"dqfl-opt-text\"><\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">3000 to 3999<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">4000 to 4999<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2000 to 2999<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">6000 to 6999<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-59\" data-qid=\"59\"\n                 data-correct=\"B\"\n                 data-index=\"58\"\n                 data-docnum=\"59\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 59 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In the context of accounting, how is a 'transaction' distinguished from an 'event'?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A transaction never involves the exchange of money, whereas an event always does.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A transaction leads to a change in the financial position of a business unit, while an event may not.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">An event must be recorded in the journal, while a transaction is only recorded in the ledger.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">There is no distinction; both terms mean exactly the same thing.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-60\" data-qid=\"60\"\n                 data-correct=\"C\"\n                 data-index=\"59\"\n                 data-docnum=\"60\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 60 OF 100<\/p>\n                <p class=\"dqfl-qtext\">When a business purchases goods on credit, how does this transaction affect the Accounting Equation?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Assets increase and Capital increases<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Assets decrease and Liabilities decrease<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Assets increase and Liabilities increase<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Liabilities increase and Capital decreases<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-61\" data-qid=\"61\"\n                 data-correct=\"C\"\n                 data-index=\"60\"\n                 data-docnum=\"61\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 61 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Why are adjustment entries essential at the end of an accounting period?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To correct clerical errors made in the cash book<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To record cash transactions that were completely omitted<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To reflect the true essence of transactions and the proper financial situation by complying with accounting principles<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To transfer all real account balances to the income statement<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-62\" data-qid=\"62\"\n                 data-correct=\"D\"\n                 data-index=\"61\"\n                 data-docnum=\"62\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 62 OF 100<\/p>\n                <p class=\"dqfl-qtext\">How is the advance payment of an insurance premium (Prepaid Insurance) categorized during adjustments?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Unearned Revenue<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Outstanding Expense<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Accrued Income<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Prepaid Expense<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-63\" data-qid=\"63\"\n                 data-correct=\"B\"\n                 data-index=\"62\"\n                 data-docnum=\"63\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 63 OF 100<\/p>\n                <p class=\"dqfl-qtext\">An accrued expense, such as an unpaid electricity bill at year-end, represents an expense that:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Has been paid but not yet incurred<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Has actually taken place but no payment has been made yet<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Will be incurred and paid in the future<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Has been canceled by the supplier<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-64\" data-qid=\"64\"\n                 data-correct=\"C\"\n                 data-index=\"63\"\n                 data-docnum=\"64\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 64 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is an example of an adjustment requiring an estimate and is non-cash in nature?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of outstanding wages<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Receipt of accrued interest<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Provision for depreciation on fixed assets<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Advance payment of rent<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-65\" data-qid=\"65\"\n                 data-correct=\"D\"\n                 data-index=\"64\"\n                 data-docnum=\"65\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 65 OF 100<\/p>\n                <p class=\"dqfl-qtext\">To incorporate the value of closing stock into the final accounts, which account is debited in the adjustment entry?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Purchases Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sales Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Stock-in-trade Account<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-66\" data-qid=\"66\"\n                 data-correct=\"B\"\n                 data-index=\"65\"\n                 data-docnum=\"66\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 66 OF 100<\/p>\n                <p class=\"dqfl-qtext\">When the consignor sends goods to the consignee at a price higher than the actual cost to avoid revealing the actual profit margin, which document is prepared to show this inflated price?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Account Sales<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Proforma Invoice<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Note<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Commercial Invoice<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-67\" data-qid=\"67\"\n                 data-correct=\"B\"\n                 data-index=\"66\"\n                 data-docnum=\"67\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 67 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following parties prepares the summary of results known as &quot;Account Sales&quot;?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Consignor<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Consignee<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Co-venturer<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Drawee<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-68\" data-qid=\"68\"\n                 data-correct=\"B\"\n                 data-index=\"67\"\n                 data-docnum=\"68\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 68 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A consignee sold 1,050 wrist watches at \u20b9240 each and 180 wall clocks at \u20b9150 each. What is the total amount of Gross Sale Proceeds to be reflected in the Account Sales?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,52,000<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,79,000<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b93,00,000<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,25,000<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-69\" data-qid=\"69\"\n                 data-correct=\"C\"\n                 data-index=\"68\"\n                 data-docnum=\"69\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 69 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding unloading and carriage to godown charges incurred by the consignee: Statement I: They are added to the gross sale proceeds in the Account Sales. Statement II: They are deducted from the gross sale proceeds to calculate the net sale proceeds. Statement III: They represent expenses borne by the consignee but are ultimately deducted from the amount payable to the consignor. Identify the correct option:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only I is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only II is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both II and III are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both I and III are true.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-70\" data-qid=\"70\"\n                 data-correct=\"D\"\n                 data-index=\"69\"\n                 data-docnum=\"70\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 70 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is the correct treatment for godown rent and insurance expenses in the Account Sales?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">It is treated as an advance payment to the consignor.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">It is added to the total commission earned by the consignee.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">It is ignored since it is a recurring expense.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">It is deducted from the Gross Sale Proceeds.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-71\" data-qid=\"71\"\n                 data-correct=\"C\"\n                 data-index=\"70\"\n                 data-docnum=\"71\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 71 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Under the method where separate sets of books are maintained for a joint venture, what is the journal entry for the initial contribution of funds made by the co-venturers?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Co-Venturers A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Co-Venturers A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Co-Venturers A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Joint Venture A\/c<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-72\" data-qid=\"72\"\n                 data-correct=\"A\"\n                 data-index=\"71\"\n                 data-docnum=\"72\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 72 OF 100<\/p>\n                <p class=\"dqfl-qtext\">When a co-venturer supplies goods to the joint venture out of his own stock, the Joint Venture Account is:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debited<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Credited<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Not affected<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Adjusted against Capital<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-73\" data-qid=\"73\"\n                 data-correct=\"C\"\n                 data-index=\"72\"\n                 data-docnum=\"73\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 73 OF 100<\/p>\n                <p class=\"dqfl-qtext\">If a co-venturer pays for joint venture expenses from their personal funds, which account is credited in the separate set of joint venture books?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Venture A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Co-Venturer&#039;s A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Expenses A\/c<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-74\" data-qid=\"74\"\n                 data-correct=\"B\"\n                 data-index=\"73\"\n                 data-docnum=\"74\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 74 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Identify the correct journal entry to record materials purchased using funds from the joint venture's bank account when separate books are maintained.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Purchases A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Co-Venturer&#039;s A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Purchases A\/c<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-75\" data-qid=\"75\"\n                 data-correct=\"C\"\n                 data-index=\"74\"\n                 data-docnum=\"75\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 75 OF 100<\/p>\n                <p class=\"dqfl-qtext\">When expenses for the joint venture are paid directly out of the Joint Bank Account, the transaction is recorded by debiting ________ and crediting ________.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Expenses A\/c; Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Co-Venturer&#039;s A\/c; Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Venture A\/c; Joint Bank A\/c<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Bank A\/c; Joint Venture A\/c<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-76\" data-qid=\"76\"\n                 data-correct=\"A\"\n                 data-index=\"75\"\n                 data-docnum=\"76\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 76 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following components forms the basic financial statements of a sole proprietorship organisation?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account, Profit and Loss Account, and Balance Sheet<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Income and Expenditure Account and Balance Sheet<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Statement of Profit and Loss and Cash Flow Statement<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Receipts and Payments Account and Balance Sheet<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-77\" data-qid=\"77\"\n                 data-correct=\"C\"\n                 data-index=\"76\"\n                 data-docnum=\"77\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 77 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is not a characteristic component of the financial statements of a sole proprietorship business?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Manufacturing Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Profit and Loss Appropriation Account<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Balance Sheet<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-78\" data-qid=\"78\"\n                 data-correct=\"B\"\n                 data-index=\"77\"\n                 data-docnum=\"78\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 78 OF 100<\/p>\n                <p class=\"dqfl-qtext\">In a sole proprietorship, the financial statements typically comprise the Manufacturing or Trading Account, the Profit and Loss Account, and the _________.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cash Flow Statement<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Balance Sheet<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Statement of Changes in Equity<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Receipts and Payments Account<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-79\" data-qid=\"79\"\n                 data-correct=\"C\"\n                 data-index=\"78\"\n                 data-docnum=\"79\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 79 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding the Manufacturing Account of a sole proprietorship: Statement I: It is prepared to determine the cost of goods manufactured during the period. Statement II: The balancing figure represents the gross profit and is transferred to the Profit and Loss Account. Statement III: The difference, being the cost of goods manufactured, is transferred to the Trading Account. Identify the correct option:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Both Statements I and II are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both Statements I and III are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">All statements are true.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-80\" data-qid=\"80\"\n                 data-correct=\"C\"\n                 data-index=\"79\"\n                 data-docnum=\"80\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 80 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following items gets recorded on the debit side of the Manufacturing Account?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Closing Work-in-progress and administrative overheads<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sales revenue and direct expenses<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Opening Work-in-progress, raw materials consumed, and direct labour<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Gross Profit and factory rent<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-81\" data-qid=\"81\"\n                 data-correct=\"B\"\n                 data-index=\"80\"\n                 data-docnum=\"81\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 81 OF 100<\/p>\n                <p class=\"dqfl-qtext\">What is the primary objective of a Not-for-Profit Organisation?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To maximize wealth for owners<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To provide services to members or society without a profit motive<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To manufacture and sell goods<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To distribute dividends<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-82\" data-qid=\"82\"\n                 data-correct=\"C\"\n                 data-index=\"81\"\n                 data-docnum=\"82\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 82 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is NOT typically considered an example of a not-for-profit organisation?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Public hospitals<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Rotary or Lions club<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Private limited manufacturing company<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Educational institutions<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-83\" data-qid=\"83\"\n                 data-correct=\"C\"\n                 data-index=\"82\"\n                 data-docnum=\"83\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 83 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Not-for-profit organisations are commonly referred to as _________ entities since they do not engage in typical commercial buying and selling for profit.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Trading<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Manufacturing<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Non-trading<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Corporate<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-84\" data-qid=\"84\"\n                 data-correct=\"B\"\n                 data-index=\"83\"\n                 data-docnum=\"84\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 84 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following forms the principal source of revenue income for a typical not-for-profit club?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sale of fixed assets<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Member subscriptions and donations<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Issue of share capital<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Bank overdrafts<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-85\" data-qid=\"85\"\n                 data-correct=\"B\"\n                 data-index=\"84\"\n                 data-docnum=\"85\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 85 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following components: I. Receipts and Payments Account II. Income and Expenditure Account III. Profit &amp; Loss Account IV. Balance Sheet. Which of these are the standard financial statements prepared by a Not-for-Profit Organisation?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">I, II, and III<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">I, II, and IV<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">II, III, and IV<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">I, III, and IV<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-86\" data-qid=\"86\"\n                 data-correct=\"A\"\n                 data-index=\"85\"\n                 data-docnum=\"86\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 86 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding the evolution of cost accounting: Statement I: The scientific management movement between 1880 and 1925 provided a major impetus to the development of cost accounting practices. Statement II: Before the Industrial Revolution, cost accounting was an extensive and independent branch separate from financial accounting. In this context, identify the correct option:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-87\" data-qid=\"87\"\n                 data-correct=\"B\"\n                 data-index=\"86\"\n                 data-docnum=\"87\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 87 OF 100<\/p>\n                <p class=\"dqfl-qtext\">_________ refers to the amount of cash or cash equivalent paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Costing<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Value<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Price<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-88\" data-qid=\"88\"\n                 data-correct=\"C\"\n                 data-index=\"87\"\n                 data-docnum=\"88\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 88 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following is defined as the technique and process of ascertaining costs?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accountancy<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accounting<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Costing<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Control<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-89\" data-qid=\"89\"\n                 data-correct=\"D\"\n                 data-index=\"88\"\n                 data-docnum=\"89\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 89 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following processes is NOT explicitly included in the CIMA definition of 'Cost Accounting'?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Gathering of cost information and its attachment to cost objects<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Establishment of budgets and standard costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Analysis of variances and profitability<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Application of scientific management to human resource hiring<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-90\" data-qid=\"90\"\n                 data-correct=\"A\"\n                 data-index=\"89\"\n                 data-docnum=\"90\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 90 OF 100<\/p>\n                <p class=\"dqfl-qtext\">_________ is the application of costing and cost accounting principles, methods, and techniques to the science, art, and practice of cost control and the ascertainment of profitability.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accountancy<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Standard Costing<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Value Engineering<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Financial Accounting<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-91\" data-qid=\"91\"\n                 data-correct=\"C\"\n                 data-index=\"90\"\n                 data-docnum=\"91\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 91 OF 100<\/p>\n                <p class=\"dqfl-qtext\">_________ costs involve an immediate or future payment to an outsider of the business enterprise as opposed to accounting allocations.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Out-of-Pocket<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Opportunity<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-92\" data-qid=\"92\"\n                 data-correct=\"D\"\n                 data-index=\"91\"\n                 data-docnum=\"92\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 92 OF 100<\/p>\n                <p class=\"dqfl-qtext\">The value of the best alternative course of action that was not chosen is known as:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Out-of-Pocket Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Opportunity Cost<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-93\" data-qid=\"93\"\n                 data-correct=\"A\"\n                 data-index=\"92\"\n                 data-docnum=\"93\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 93 OF 100<\/p>\n                <p class=\"dqfl-qtext\">A company purchased a specialized machine five years ago for \u20b95,00,000. When making a current decision about replacing it, this historical cost is considered a:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Cost<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Variable Cost<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-94\" data-qid=\"94\"\n                 data-correct=\"C\"\n                 data-index=\"93\"\n                 data-docnum=\"94\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 94 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding Imputed Costs: Statement I: They are hypothetical or notional costs, not involving any actual cash outlay. Statement II: Interest on owner's own capital is a classic example of an imputed cost. Identify the correct option:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-95\" data-qid=\"95\"\n                 data-correct=\"C\"\n                 data-index=\"94\"\n                 data-docnum=\"95\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 95 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Costs that are pertinent and have a direct bearing on a particular managerial decision are termed as:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk Costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Inescapable Costs<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-96\" data-qid=\"96\"\n                 data-correct=\"B\"\n                 data-index=\"95\"\n                 data-docnum=\"96\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 96 OF 100<\/p>\n                <p class=\"dqfl-qtext\">For proper control and managerial decisions, total cost is analysed by elements. What are the three primary elements of cost?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Fixed, Variable, and Semi-variable Costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Material, Labour, and Other Expenses<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Prime, Factory, and Selling Costs<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Production, Administration, and Research Costs<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-97\" data-qid=\"97\"\n                 data-correct=\"C\"\n                 data-index=\"96\"\n                 data-docnum=\"97\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 97 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Materials that can be identified in the product, conveniently measured, and directly charged to the product (such as timber in furniture making) are called:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Indirect Materials<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Capital Assets<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Materials<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Chargeable Supplies<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-98\" data-qid=\"98\"\n                 data-correct=\"B\"\n                 data-index=\"97\"\n                 data-docnum=\"98\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 98 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Wages paid to workers who are engaged in the manufacturing process and whose time can be readily identified with a specific job or product are known as _________.<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Indirect Labour<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Labour<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Expenses<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Overhead Staff<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-99\" data-qid=\"99\"\n                 data-correct=\"C\"\n                 data-index=\"98\"\n                 data-docnum=\"99\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 99 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Consider the following statements regarding Direct Expenses: Statement I: They are also known as chargeable expenses. Statement II: Examples include royalty based on production and excise duty. Identify the correct option:<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                        <div class=\"dqfl-q\" id=\"dqfl-q-100\" data-qid=\"100\"\n                 data-correct=\"B\"\n                 data-index=\"99\"\n                 data-docnum=\"100\"\n                 data-topic=\"\"\n                 data-section-num=\"\"\n                 style=\"display:none\">\n\n                                <p class=\"dqfl-qlabel\">QUESTION 100 OF 100<\/p>\n                <p class=\"dqfl-qtext\">Which of the following correctly defines &quot;Overheads&quot; in cost accounting?<\/p>\n                \n                <div class=\"dqfl-opts\">\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"A\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Aggregate of direct material, direct labour, and direct expenses.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"B\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Aggregate of indirect material, indirect labour, and indirect expenses.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"C\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Sum of prime cost and administration expenses.<\/span>\n                    <\/button>\n                                        <button type=\"button\" class=\"dqfl-opt\"\n                            data-label=\"D\"\n                            onclick=\"DQFullLength.pick(1, this)\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Total cost minus the cost of sales.<\/span>\n                    <\/button>\n                                    <\/div>\n            <\/div>\n                    <\/div>\n\n    <\/div><!-- \/dqfl-screen-quiz -->\n\n    <!-- RESULT SCREEN -->\n    <div class=\"dqfl-screen dqfl-screen-result\" id=\"dqfl-result-1\" style=\"display:none\">\n        <div class=\"dqfl-result-card\">\n            <div class=\"dqfl-result-emoji\" id=\"dqfl-result-emoji-1\">\ud83c\udfc6<\/div>\n            <h2 class=\"dqfl-result-title\" id=\"dqfl-result-title-1\">Test Complete!<\/h2>\n            <div class=\"dqfl-result-ring\" id=\"dqfl-result-ring-1\">\n                <svg viewBox=\"0 0 120 120\">\n                    <circle cx=\"60\" cy=\"60\" r=\"50\" fill=\"none\" stroke=\"#e9d5ff\" stroke-width=\"10\"\/>\n                    <circle cx=\"60\" cy=\"60\" r=\"50\" fill=\"none\" stroke=\"#6366f1\" stroke-width=\"10\"\n                            stroke-linecap=\"round\" stroke-dasharray=\"314\"\n                            stroke-dashoffset=\"314\" id=\"dqfl-ring-fill-1\"\n                            transform=\"rotate(-90 60 60)\" style=\"transition:stroke-dashoffset 1.2s ease\"\/>\n                <\/svg>\n                <div class=\"dqfl-ring-text\">\n                    <span class=\"dqfl-ring-pct\" id=\"dqfl-ring-pct-1\">0%<\/span>\n                    <span class=\"dqfl-ring-sub\">Score<\/span>\n                <\/div>\n            <\/div>\n            <div class=\"dqfl-result-stats\">\n                <div class=\"dqfl-stat\"><span class=\"dqfl-stat-val\" id=\"dqfl-stat-correct-1\">0<\/span><span class=\"dqfl-stat-lbl\">Correct<\/span><\/div>\n                <div class=\"dqfl-stat\"><span class=\"dqfl-stat-val\" id=\"dqfl-stat-wrong-1\">0<\/span><span class=\"dqfl-stat-lbl\">Incorrect<\/span><\/div>\n                <div class=\"dqfl-stat\"><span class=\"dqfl-stat-val\" id=\"dqfl-stat-skipped-1\">0<\/span><span class=\"dqfl-stat-lbl\">Skipped<\/span><\/div>\n                <div class=\"dqfl-stat\"><span class=\"dqfl-stat-val\" id=\"dqfl-stat-total-1\">100<\/span><span class=\"dqfl-stat-lbl\">Total<\/span><\/div>\n            <\/div>\n            <div class=\"dqfl-result-actions\">\n                <button class=\"dqfl-btn dqfl-btn-outline\" onclick=\"DQFullLength.restart(1)\">\ud83d\udd04 Retake Test<\/button>\n                <button class=\"dqfl-btn dqfl-btn-primary\" onclick=\"DQFullLength.review(1)\">\ud83d\udcd6 Review Answers<\/button>\n            <\/div>\n        <\/div>\n    <\/div>\n\n    <!-- REVIEW SCREEN -->\n    <div class=\"dqfl-screen dqfl-screen-review\" id=\"dqfl-review-1\" style=\"display:none\">\n        <div class=\"dqfl-review-header\">\n            <h2>Answer Review<\/h2>\n            <button class=\"dqfl-btn dqfl-btn-outline\" onclick=\"DQFullLength.showResult(1)\">\u2190 Back to Results<\/button>\n        <\/div>\n        <div class=\"dqfl-review-list\" id=\"dqfl-review-list-1\">\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-1\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">1<\/span> According to H.L.A. Hart, how is the concept of law most accurately described in simple terms?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A tool of religious governance<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A set of rules for the society<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A collection of judicial precedents only<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An unwritten mandate for public welfare<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">According to H.L.A. Hart&#039;s concept, law is described in the simplest of terms as &quot;a set of rules&quot; for the society. It acts as a tool of governance that expands its horizons to accommodate societal requirements over centuries. (ICMA Page: 3)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-2\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">2<\/span> Which schedule of the Constitution of India outlines the specific domains (such as the Union List, State List, and Concurrent List) under which Parliament and State Legislatures are empowered to enact statutes?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">5th Schedule<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">7th Schedule<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">9th Schedule<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">12th Schedule<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Statutes are enacted by the Parliament and State Legislatures according to their specific domains. These domains are explicitly classified and mentioned in the 7th Schedule of the Constitution of India. (ICMA Page: 3)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-3\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">3<\/span> Under which Article of the Constitution of India is the law declared by the Supreme Court made strictly binding on all courts within the Indian territory?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Article 123<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Article 141<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Article 213<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Article 243<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Once laws come into effect, they often undergo judicial scrutiny. To maintain legal uniformity, Article 141 of the Constitution provides that the law declared by the Supreme Court shall be binding on all courts within the territory of India. (ICMA Page: 3\u20134)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-4\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">4<\/span> Consider the following statements regarding the sources of law in India:\r<br><strong>1. <\/strong>Personal laws are largely guided by customs, practices, and individual faith, such as the Hindu Marriage Act.\r<br><strong>2. <\/strong>The President of India promulgates ordinances under Article 213 during the recess of Parliament. Which of the above statements is\/are accurate?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1 only<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">2 only<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both 1 and 2<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Neither 1 nor 2<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Statement 1 is correct as personal laws are based on individual faith and customs. Statement 2 is incorrect because the President promulgates ordinances under Article 123, whereas the Governor utilizes Article 213 for state-level ordinances. (ICMA Page: 4)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-5\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">5<\/span> In the context of the Ancient Indian hierarchy of courts, which of the following terms refers specifically to the Trade or Professional Councils?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The Kula<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The Gana<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The Shreni<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The Sasita<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The ancient Indian legal system categorized courts into six ranks. Among these, &#039;The Shreni&#039; represented the Trade or Professional Councils, whereas &#039;The Kula&#039; referred to Family Councils and &#039;The Gana&#039; to the Village Assembly. (ICMA Page: 4\u20135)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-6\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">6<\/span> Which of the following equations accurately reflects the definition of a contract under Section 2(h) of the Indian Contract Act, 1872?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Agreement + Legal Obligation<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Offer + Acceptance<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Agreement + Enforceability by Law<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Contract = Promise + Consideration<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 2(h) defines a contract as an agreement enforceable by law. Both an agreement and its enforceability are essential components; if enforceability is missing, it does not culminate into a contract (ICMA Page 41).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-7\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">7<\/span> Under Section 2(c) of the Indian Contract Act, 1872, the person making the proposal is called the:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Promisee<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Acceptor<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Promisor<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Offeree<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">According to Section 2(c), the person who makes the proposal is termed the &quot;promisor&quot;, whereas the person accepting the proposal is known as the &quot;promisee&quot; (ICMA Page 42).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-8\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">8<\/span> A intends to sell his Maruti 800 car to B. However, B agrees to the proposal under the assumption that A is selling his Maruti Alto car. This agreement lacks which of the following essential elements?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Lawful consideration<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Consensus ad idem<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Legal formalities<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Capacity of parties<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">For a contract to be valid, there must be a meeting of minds or &quot;consensus ad idem&quot;. The parties must agree upon the same subject matter in the exact same sense at the same time (ICMA Page 41).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-9\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">9<\/span> A father promised to pay his son \u20b9 1 Lakh if he passed his CA examination in the first attempt. The son passed, but the father failed to pay. Can the son recover the amount?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because there was a valid offer and acceptance.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because passing the exam acts as lawful consideration.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">No, because agreements of a domestic nature lack the intention to create a legal relationship.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, because the son is presumed to be a minor.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Agreements of a social or domestic nature do not contemplate legal relationships. Without the intention to create a legal obligation, they cannot be enforced as valid contracts in a court of law (ICMA Page 43).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-10\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">10<\/span> Which of the following are considered essential elements of a valid contract under the Indian Contract Act?\r<br><strong>1. <\/strong>Free Consent\r<br><strong>2. <\/strong>Lawful Consideration\r<br><strong>3. <\/strong>Registered written document\r<br><strong>4. <\/strong>Competent Parties<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 3<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2, 3, and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1, 3, and 4<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The essential elements of a valid contract include an agreement, free consent, lawful consideration, competent parties, legality of object, and intention to create legal relationships. A registered written document is required only in specific circumstances (ICMA Page 43). 5. Category 3: Capacity, Free Consent, Quasi-Contracts, Contingent Contracts and Performance<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-11\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">11<\/span> According to Section 11, which of the following persons is NOT competent to contract?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A person who has attained the age of majority.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A person who is of sound mind.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A person disqualified from contracting by law.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An alien friend.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 11 clearly states that every person is competent if they have attained majority, are of sound mind, and are not disqualified from contracting by any law they are subject to (ICMA Page 63).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-12\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">12<\/span> In Indian law, an agreement with a minor is considered:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Valid but unenforceable<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Voidable at the minor&#039;s option<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Void ab initio<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Illegal<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A minor&#039;s agreement is completely void from the very beginning (void ab initio), a principle solidly established under Indian contract law (ICMA Page 63).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-13\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">13<\/span> Can a minor ratify an agreement made during their minority after attaining the age of majority?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, without any new consideration.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">No, a minor cannot ratify a void agreement on attaining majority.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, if the other party consents.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, if a court permits it.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Ratification means approval or confirmation. A minor cannot confirm a void agreement made during minority upon attaining majority; a fresh agreement with fresh consideration is required (ICMA Page 63).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-14\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">14<\/span> X, a minor, took a loan of \u20b910,000 from B for paying college fees. X fails to pay back the loan on the due date. Can B recover the amount?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">No, because agreements with minors are completely void.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, B can hold X personally liable.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, B can recover the loan only out of X&#039;s assets.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, education is not considered a necessary.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">For necessaries supplied, including education, a minor cannot be held personally liable. However, the supplier is legally entitled to be reimbursed from the property or assets of the minor (ICMA Page 64).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-15\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">15<\/span> A principal appoints a minor as an agent to sell his watch. The minor sells it below the instructed price, causing a loss. Can the principal hold the minor liable for the loss?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because agents are strictly liable to principals.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">No, a minor can act as an agent but cannot be held personally liable for actions causing loss.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Yes, because selling below the minimum price is fraud.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">No, because a minor cannot legally act as an agent.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A minor can be appointed as an agent and bind the principal to third parties, but the minor is not personally liable to the principal for any of his acts that result in a loss (ICMA Page 64).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-16\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">16<\/span> A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by any other person, is called:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Guarantee<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Bailment<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Indemnity<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Contract of Pledge<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 124 of the Indian Contract Act defines a contract of indemnity as one designed to secure or protect the promisee against unanticipated losses caused by the promisor or third parties (ICMA Page 85).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-17\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">17<\/span> How many parties are there in a standard contract of indemnity?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Three<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Four<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Five<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A contract of indemnity consists of exactly two parties: the promisor (or indemnifier) and the promisee (or the indemnified\/indemnity-holder) (ICMA Page 85).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-18\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">18<\/span> Under Section 125, an indemnity-holder, acting within the scope of his authority, is entitled to recover which of the following from the promisor?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only the damages paid in a suit.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Damages, costs of the suit, and sums paid under compromise of the suit.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Only the costs of defending a suit.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Punitive damages exclusively.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The indemnity-holder is legally entitled to recover all damages, all costs of suits defended or brought reasonably, and all sums paid under any reasonable compromise of such suits (ICMA Page 86).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-19\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">19<\/span> Although not explicitly detailed in the Indian Contract Act, Indian High Courts generally hold that the liability of an indemnifier commences when:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The indemnifier signs the contract.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The indemnity holder actually pays the loss.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The liability of the indemnity holder becomes absolute and certain.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The third party demands payment.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Courts have determined that an indemnity-holder can compel the indemnifier to meet the obligation as soon as the liability of the indemnity-holder becomes absolute and certain, even before actual payment is made (ICMA Page 86).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-20\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">20<\/span> In a contract of guarantee, the person for whom the guarantee is given is called the:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Surety<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Principal Debtor<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Creditor<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Indemnifier<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Under Section 126, the person taking the responsibility is the surety, the person to whom the guarantee is given is the creditor, and the person for whom it is given is the principal debtor (ICMA Page 86).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-21\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">21<\/span> The Sale of Goods Act, 1930 governs the commercial transfer of movable property. Before its independent enactment, the provisions relating to the sale of goods were originally a part of which of the following legislations?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The Transfer of Property Act, 1882<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The Indian Contract Act, 1872<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The Negotiable Instruments Act, 1881<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The Indian Partnership Act, 1932<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The law relating to the sale of goods was originally contained in Sections 76 to 123 of the Indian Contract Act, 1872. These sections were later repealed, and the separate Sale of Goods Act, 1930 was originated to govern such transactions. (ICMA Page: 141)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-22\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">22<\/span> According to the basic concepts defined under Section 2(1) and Section 2(13) of the Act, which of the following accurately describes the meaning of a &quot;buyer&quot; and a &quot;seller&quot;?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer only agrees to buy goods, and a seller only agrees to sell goods.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer is a person who buys or agrees to buy goods, and a seller is a person who sells or agrees to sell goods.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer purchases goods for cash only, and a seller transfers goods for a deferred payment.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">A buyer takes physical delivery, and a seller immediately transfers ownership.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The Sale of Goods Act explicitly defines the parties to a contract of sale. Section 2(1) defines a buyer as a person who buys or agrees to buy goods, and Section 2(13) defines a seller as a person who sells or agrees to sell goods. (ICMA Page: 141)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-23\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">23<\/span> Under the provisions of the Sale of Goods Act, 1930, &quot;Delivery&quot; is legally defined as:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The compulsory transfer of ownership from one person to another.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The voluntary transfer of possession from one person to another.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The exchange of goods for money consideration.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The absolute transfer of general property in the goods.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 2(2) of the Act defines delivery strictly in terms of possession rather than ownership. Delivery means the voluntary transfer of possession of goods from one person to another, which can occur through actual, symbolic, or constructive modes. (ICMA Page: 141)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-24\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">24<\/span> Consider the following items:\r<br><strong>1. <\/strong>Stock and shares\r<br><strong>2. <\/strong>Actionable claims\r<br><strong>3. <\/strong>Growing crops\r<br><strong>4. <\/strong>Current money Which of the above items are strictly excluded from the statutory definition of &quot;Goods&quot; under Section 2(7)?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1 and 2<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">2 and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">3 and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1 and 3<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Under Section 2(7), &quot;Goods&quot; means every kind of movable property other than actionable claims and money. It expressly includes stock and shares, growing crops, grass, and things attached to the land agreed to be severed before the sale. (ICMA Page: 141)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-25\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">25<\/span> Which of the following documents is NOT statutorily recognized as a &quot;Document of Title to Goods&quot; under Section 2(4) of the Act?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Bill of Lading<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Railway Receipt<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Promissory Note<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Warehouse keeper&#039;s certificate<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 2(4) states that a document of title to goods includes a bill of lading, dock warrant, warehouse keeper&#039;s certificate, wharfinger&#039;s certificate, and railway receipt. A promissory note is a negotiable instrument representing money, not a document of title to goods. (ICMA Page: 141)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-26\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">26<\/span> Under Section 31 of the Sale of Goods Act, 1930, the &quot;performance of a contract of sale&quot; legally means:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The creation of a legally binding agreement between competent parties.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The delivery of goods by the seller and the acceptance and payment for them by the buyer.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The unconditional transfer of documents of title to the buyer.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The payment of advance money by the buyer to secure the goods.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Performance involves the due discharge of contractual obligations. As per Section 31, performance means, as regards the seller, delivery of the goods to the buyer, and as regards the buyer, acceptance of the delivery and payment for them. (ICMA Page: 155)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-27\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">27<\/span> In the performance of a contract of sale, what constitutes the fundamental obligation of the seller?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To deliver the goods in accordance with the terms of the contract as to time and place.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To ensure the buyer safely resells the goods.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To provide a warranty of fitness for all possible purposes.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To deliver the goods to the buyer&#039;s residential address irrespective of the agreement.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The primary obligation of the seller in the performance of the contract is to deliver the goods in accordance with the agreed terms of the contract, specifically adhering to the stipulated time and place. (ICMA Page: 155)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-28\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">28<\/span> Concomitant to the seller's duty, the fundamental obligation of the buyer in a contract of sale is to:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Transport the goods safely from the seller&#039;s location.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Accept the delivery of the goods and pay the agreed price.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Inspect the goods physically before the contract is made.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Provide an advance payment before delivery is initiated.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The obligations are reciprocal. While the seller must deliver, the obligation of the buyer is to accept the goods and pay the price agreed upon, in accordance with the terms of the sale. (ICMA Page: 155)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-29\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">29<\/span> State which of the following statements is correct regarding the delivery of goods and payment of price under Section 32 of the Sale of Goods Act, 1930:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of price must always precede the delivery of goods.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery of goods must always precede the payment of price.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery of goods and payment of the price are concurrent conditions, unless otherwise agreed.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of price is entirely independent of the delivery of goods.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Unless otherwise agreed, delivery and payment are concurrent conditions. The seller must be ready and willing to give possession of the goods in exchange for the price, and the buyer must be ready to pay in exchange for possession. (ICMA Page: 155)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-30\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">30<\/span> The Sale of Goods Act, 1930 explicitly defines &quot;Delivery&quot; under Section 2(2) as:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">The physical transportation of goods by a carrier.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">The voluntary transfer of possession of goods from one person to another.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">The transfer of absolute ownership rights to the buyer.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">The act of placing goods in a public warehouse.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The Act defines delivery based on the transfer of possession rather than the physical movement. Under Section 2(2), delivery means the voluntary transfer of possession of goods from one person to another. (ICMA Page: 155)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-31\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">31<\/span> What does the term 'instrument' primarily signify in the context of the Negotiable Instruments Act?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A piece of paper that only serves as evidence of an oral agreement<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Any written document creating a right in favour of some person<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A verbal commitment to transfer ownership of goods<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">An official government notification regarding trade laws<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">An instrument is defined as a document by which the right and liability of any person are created, modified, satisfied, or transferred. In the context of the Act, it specifically refers to any written document creating a right in favour of some person that is transferable. (ICMA Page 181)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-32\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">32<\/span> According to Section 13 of the Negotiable Instruments Act, 1881, a negotiable instrument includes a promissory note, bill of exchange, or a ________, whether payable to order or to bearer.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Share certificate<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Delivery note<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Cheque<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Railway receipt<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 13 of the Negotiable Instruments Act, 1881 expressly provides the statutory definition of a negotiable instrument. It specifies that a negotiable instrument includes a promissory note, bill of exchange, and cheque, whether they are payable to order or to bearer. (ICMA Page 181)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-33\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">33<\/span> Which of the following statements correctly identifies when a negotiable instrument is considered payable to order?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">When it is expressed to be payable to a particular person and contains words prohibiting its transfer.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">When the only or last endorsement on the instrument is an endorsement in blank.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">When it is expressed to be payable to a particular person, and does not contain words prohibiting transfer.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">When the instrument is accompanied by a document of title to goods.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">An instrument is payable to order if it is expressed to be payable to a particular person and does not contain any words prohibiting its transfer. It also applies when the instrument is originally expressed to be so payable or endorsed as such. (ICMA Page 181)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-34\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">34<\/span> Mr. A holds a valid negotiable instrument and wishes to transfer it to Mr. B. If the instrument is a bearer instrument, how can this transfer be legally executed under the characteristics of negotiable instruments?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">It can only be transferred by a registered sale deed.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">It can be transferred merely by delivery.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">It requires mandatory endorsement, delivery, and a witness signature.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">It must be endorsed by the drawee bank before delivery.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A defining characteristic of a negotiable instrument is its free transferability. A negotiable instrument can be legally transferred from one person to another merely by delivery (in the case of bearer instruments) or by endorsement and delivery. (ICMA Page 181)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-35\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">35<\/span> A negotiable instrument may be made payable to two or more persons ________, or it may be made payable in the alternative to one of two payees.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Exclusively<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Jointly<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Conditionally<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Severally<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Under the statutory framework, a negotiable instrument is flexible in its payee structure. It can be made payable to two or more persons jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. (ICMA Page 181)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-36\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">36<\/span> Which Section of the Negotiable Instruments Act, 1881 defines a &quot;Promissory Note&quot; as an instrument in writing containing an unconditional undertaking?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Section 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Section 5<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Section 6<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Section 13<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Section 4 of the Negotiable Instruments Act, 1881 explicitly defines a &quot;Promissory Note&quot; as an instrument in writing (excluding bank\/currency notes) containing an unconditional undertaking signed by the maker to pay a certain sum of money. (ICMA Page 187)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-37\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">37<\/span> How many primary parties are there in a standard Promissory Note?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">One<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Three<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Four<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A promissory note strictly involves two primary parties. These are the &quot;Maker&quot; (the person who makes the note and promises to pay) and the &quot;Payee&quot; (the person to whom the payment is to be made). (ICMA Page 187)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-38\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">38<\/span> Which of the following written statements qualifies as a valid unconditional undertaking in a promissory note?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 seven days after my marriage with C.&quot;<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I acknowledge myself to be indebted to B in \u20b9 1,000 to be paid on demand, for value received.&quot;<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 on D&#039;s death, provided D leaves me enough to pay that sum.&quot;<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">&quot;I promise to pay B \u20b9 500 out of the sale proceeds of my black horse.&quot;<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A promissory note must contain an express and unconditional promise or undertaking to pay. Statements contingent on uncertain future events (like marriage or sale proceeds) are conditional and thus invalidate the instrument as a promissory note. (ICMA Page 187)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-39\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">39<\/span> Select the option that renders an instrument invalid as a Promissory Note due to the lack of certainty of sum or medium of payment.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 5,000 along with an agreed interest of 10% p.a.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 500 and to deliver a black horse.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 10,000 on a specific future date.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">A promise to pay \u20b9 2,000 in equal monthly installments.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">To be valid, a promissory note must contain a promise to pay money and money only. Promising to deliver an item (like a horse) alongside money violates the rule that the payment must consist of money only. (ICMA Page 187)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-40\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">40<\/span> What is the statutory limitation period for filing a civil suit to recover the amount due on a Promissory Note?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">One year from the date of execution<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Two years from the date of execution<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Three years from the date of execution<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Twelve years from the date of execution<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The limitation period for initiating a legal suit on a promissory note is explicitly defined by law as three years. This period is calculated either from the date of execution of the note or from the date of acknowledgement. (ICMA Page 187)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-41\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">41<\/span> The word communication has been derived from the Latin word 'communicare'. What is the literal meaning of this term in the context of business communication?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To transmit<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To share<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To speak<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To write<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The word communication is derived from the Latin word &#039;communicare&#039;, which means &#039;to share&#039;. Business communication primarily involves the process of transferring, sharing, or exchanging ideas and information between entities. (ICMA Page: 213)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-42\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">42<\/span> Effective communication emphasizes employee participation in management and helps in selection, placement, socialization, promotion, and transfer. Which significance of business communication does this describe?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Managerial efficiency<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Building a loyal employee base<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Human resources management<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Improving customer service<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Effective communication is essential for proper human resource management within a company. It plays a major role in the selection, placement, socialization, promotion, transfer, teaching, and training of employees. (ICMA Page: 213-214)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-43\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">43<\/span> State which of the following statements is false regarding the uses of business communication in various formats:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A debate is usually based on current affairs where the speaker speaks for or against a notion.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A speech is generally more performative in nature as compared to a debate.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Presentations always require a PowerPoint or graphical aid to be effective.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Group discussions help to evaluate leadership, listening, and initiative-taking abilities.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">While presentations and PowerPoint presentations are frequently used as synonyms, it is important to note that all forms of presentations do not essentially require a PowerPoint or any other form of graphical aid. (ICMA Page: 214)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-44\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">44<\/span> Consider the following benefits of communication in the marketing process:\r<br><strong>1. <\/strong>Building and maintaining relationships\r<br><strong>2. <\/strong>Enhancing transparency\r<br><strong>3. <\/strong>Hiding details to avoid marketing complexities\r<br><strong>4. <\/strong>Establishing professionalism Which of the above are actual benefits of communication in marketing?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 3<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">1, 2, and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2, 3, and 4<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">1, 3, and 4<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The core benefits of communication in marketing include building relationships, enhancing transparency, overcoming marketing obstacles, and establishing professionalism. Hiding details contradicts the objective of enhancing transparency. (ICMA Page: 215)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-45\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">45<\/span> Which mode of marketing communication involves offering short-term incentives, such as coupons and free samples, to encourage the purchase or sale of a product?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Advertising<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Direct marketing<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Sales promotion<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Personal selling<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Sales promotion relates to providing short-term incentives to encourage the purchase or sale of a product or service. This communication mode typically includes the use of coupons, samples, and point-of-purchase displays. (ICMA Page: 216)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-46\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">46<\/span> In business communication, an audience that begins to disagree with the communicator from the start and listens with a closed mind is referred to as a:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Friendly Audience<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Uninformed Audience<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Apathetic Audience<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Hostile Audience<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A hostile audience disagrees with the communicator from the very beginning and listens with a closed mind, making them the hardest type of business audience to deal with. (ICMA Page: 246)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-47\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">47<\/span> The primary purposes of writing and drafting for business audiences are to Inform, Persuade, and ____________.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Hide details<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Create Goodwill<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Intimidate<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Restrict trade<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The main reasons businesses write and draft for their audiences are to inform them, persuade potential consumers or stakeholders, and create\/maintain goodwill, which is a valuable intangible asset. (ICMA Page: 246)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-48\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">48<\/span> Which type of business letter is written by a purchaser when they receive improper, incorrect, insufficient, or damaged goods?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Order Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Quotation Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Complaint Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Recovery Letter<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A complaint letter is normally written by the purchaser when the goods received are not up to their satisfaction, such as receiving improper, incorrect, insufficient, or damaged items. (ICMA Page: 247)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-49\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">49<\/span> Which of the following best represents the correct order of components in a formal business letter format?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sender&#039;s Address -&gt; Date -&gt; Salutation -&gt; Subject -&gt; Body<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sender&#039;s Name &amp; Address -&gt; Recipient&#039;s Designation &amp; Address -&gt; Date -&gt; Subject -&gt; Salutation<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Subject -&gt; Salutation -&gt; Date -&gt; Sender&#039;s Address -&gt; Recipient&#039;s Address<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Date -&gt; Sender&#039;s Address -&gt; Recipient&#039;s Address -&gt; Salutation -&gt; Subject<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The formal letter format explicitly begins with the Sender&#039;s Name\/Address, followed by the Recipient&#039;s Designation\/Address, the Date, the Subject of the Letter, and then the Salutation. (ICMA Page: 248)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-50\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">50<\/span> A business wishes to know the price, quantity, and mode of delivery of raw materials before purchasing. What specific document should they draft and send to the supplier?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Quotation Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recovery Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Enquiry Letter<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Complaint Letter<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">An enquiry letter is drafted by prospective buyers who want to know the details of the goods they are willing to buy, such as quality, quantity, price, and modes of delivery. (ICMA Page: 247, 249) FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-51\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">51<\/span> Which of the following best describes the fundamental objective of business operations that necessitates systematic financial recording?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To eliminate all risks associated with economic activities<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To earn profits and maximize the wealth of the owners<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To avoid national and international statutory frameworks<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To replace human resources with mechanical processes<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Business is an economic activity undertaken with the primary objective of earning profits and maximizing the wealth of the owners. Systematic recording of transactions helps answer essential questions about profit, loss, and resource financing. ICMA Page: 3<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-52\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">52<\/span> According to the American Institute of Certified Public Accountants (1961), accounting is defined as the art of:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Forecasting future market trends<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recording, classifying and summarizing in a significant manner and in terms of money<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Maximizing the wealth of shareholders<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Eliminating taxes and business liabilities<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: The AICPA defines accounting as the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are of a financial character. ICMA Page: 3<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-53\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">53<\/span> How does accounting serve as the 'language of business' in achieving its primary objective?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">By providing useful information for rational decision-making to stakeholders<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">By estimating the exact lifespan of a business entity<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">By enforcing legal guidelines on the forms of business<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">By auditing the performance of competitors<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: The primary objective of accounting is to provide useful information to stakeholders like owners and investors for rational decision-making. Because it communicates this vital economic information, it is identified as the &#039;language of business&#039;. ICMA Page: 4<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-54\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">54<\/span> Which of the following practices ensures reliability and precision for accounting measurements by systematically maintaining financial records?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Formulation of statutory regulations<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Ascertainment of taxable income<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Communication of economic information<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: To ensure reliability and precision for accounting measurements, it is necessary to keep a systematic record of all financial transactions of an enterprise, a function that is ensured by book-keeping. ICMA Page: 4<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-55\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">55<\/span> How is book-keeping conceptually differentiated from accounting?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping encompasses the entire body of theory and practice, while accounting is narrower.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping is a narrower concept concerned primarily with maintaining systematic records of transactions on a regular basis.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping only records non-financial transactions.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Book-keeping interprets financial results, whereas accounting only records them.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Book-keeping is an activity concerned with recording and classifying financial data in order of its occurrence. It is a narrower concept than accounting, serving as the foundational subset for maintaining systematic records. ICMA Page: 5<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-56\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">56<\/span> Which of the following is the final step in the accounting cycle?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Passing adjustment entries<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Recording in Journal<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Drafting the Financial Statements<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Posting to Ledger<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: The accounting cycle is a sequence of activities. The last stage of this cycle is drafting the financial statements, such as the Income Statement and Balance Sheet, using the closed ledger balances. ICMA Page: 21<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-57\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">57<\/span> What is the primary purpose of a Chart of Accounts?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To record employee attendance<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To organize the accounts and group similar ones together<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To calculate depreciation automatically<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To document the history of the company<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: A Chart of Accounts is the foundation of financial reporting. Its basic purpose is to organize the accounts and group similar ones together, making it easier for accountants to locate specific accounts. ICMA Page: 23<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-58\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">58<\/span> In a typical codification structure for a Chart of Accounts, if Asset accounts are numbered 1000 to 1999, which numbers usually represent Liability accounts?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"0\">\n                        <span class=\"dqfl-opt-label\">0<\/span>\n                        <span class=\"dqfl-opt-text\"><\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">3000 to 3999<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">4000 to 4999<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">2000 to 2999<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">6000 to 6999<\/span>\n                    <\/div>\n                                    <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-59\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">59<\/span> In the context of accounting, how is a 'transaction' distinguished from an 'event'?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">A transaction never involves the exchange of money, whereas an event always does.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">A transaction leads to a change in the financial position of a business unit, while an event may not.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">An event must be recorded in the journal, while a transaction is only recorded in the ledger.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">There is no distinction; both terms mean exactly the same thing.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: A transaction is an event that can be expressed in terms of money and changes the financial position of an entity. An event is an occurrence that may or may not alter the financial position. ICMA Page: 24<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-60\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">60<\/span> When a business purchases goods on credit, how does this transaction affect the Accounting Equation?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Assets increase and Capital increases<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Assets decrease and Liabilities decrease<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Assets increase and Liabilities increase<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Liabilities increase and Capital decreases<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Purchasing goods on credit increases inventory (an asset) and simultaneously increases creditors\/payables (a liability). This ensures the accounting equation (Assets = Liabilities + Equity) remains balanced. ICMA Page: 25<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-61\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">61<\/span> Why are adjustment entries essential at the end of an accounting period?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To correct clerical errors made in the cash book<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To record cash transactions that were completely omitted<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To reflect the true essence of transactions and the proper financial situation by complying with accounting principles<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To transfer all real account balances to the income statement<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Adjustment entries are passed at the end of the period to reflect the true financial situation of the entity and to comply with accounting principles like accrual and matching. ICMA Page: 87<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-62\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">62<\/span> How is the advance payment of an insurance premium (Prepaid Insurance) categorized during adjustments?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Unearned Revenue<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Outstanding Expense<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Accrued Income<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Prepaid Expense<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Prepaid expenses refer to money paid in advance for expenses not yet incurred. An advance payment of an insurance premium is a classic example of this category. ICMA Page: 87<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-63\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">63<\/span> An accrued expense, such as an unpaid electricity bill at year-end, represents an expense that:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Has been paid but not yet incurred<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Has actually taken place but no payment has been made yet<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Will be incurred and paid in the future<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Has been canceled by the supplier<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Accrued or outstanding expenses are those that have actually taken place up to the end of the accounting period, but for which no payment has yet been made. ICMA Page: 88<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-64\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">64<\/span> Which of the following is an example of an adjustment requiring an estimate and is non-cash in nature?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Payment of outstanding wages<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Receipt of accrued interest<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Provision for depreciation on fixed assets<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Advance payment of rent<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: Expenses such as depreciation and provisions are non-cash in nature (no cash goes out) and are required to be estimated to pass the adjustment entries. ICMA Page: 88<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-65\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">65<\/span> To incorporate the value of closing stock into the final accounts, which account is debited in the adjustment entry?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Purchases Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sales Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Stock-in-trade Account<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Short Explanation: The adjustment entry for closing stock requires the Stock-in-trade Account to be debited, while the Purchases or Trading Account is credited. ICMA Page: 89<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-66\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">66<\/span> When the consignor sends goods to the consignee at a price higher than the actual cost to avoid revealing the actual profit margin, which document is prepared to show this inflated price?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Account Sales<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Proforma Invoice<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Note<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Commercial Invoice<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">When the consignor does not want to reveal the actual cost of goods to the consignee, the goods are sent at a price higher than the cost price. To reflect this, the consignor adds a profit margin and prepares a proforma invoice showing the invoice price. (ICMA Page: 169)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-67\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">67<\/span> Which of the following parties prepares the summary of results known as &quot;Account Sales&quot;?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Consignor<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Consignee<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Co-venturer<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Drawee<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">In the operating cycle of a consignment arrangement, the consignee maintains records of all cash and credit sales. Periodically, the consignee prepares a summary of these results, known as Account Sales, and sends it to the consignor. (ICMA Page: 169)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-68\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">68<\/span> A consignee sold 1,050 wrist watches at \u20b9240 each and 180 wall clocks at \u20b9150 each. What is the total amount of Gross Sale Proceeds to be reflected in the Account Sales?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,52,000<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,79,000<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b93,00,000<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">\u20b92,25,000<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Gross sale proceeds are calculated by multiplying the quantity of items sold by their selling price. Here, (1,050 watches \u00d7 \u20b9240) + (180 clocks \u00d7 \u20b9150) equals \u20b92,52,000 + \u20b927,000, resulting in a total of \u20b92,79,000. (ICMA Page: 169)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-69\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">69<\/span> Consider the following statements regarding unloading and carriage to godown charges incurred by the consignee: Statement I: They are added to the gross sale proceeds in the Account Sales. Statement II: They are deducted from the gross sale proceeds to calculate the net sale proceeds. Statement III: They represent expenses borne by the consignee but are ultimately deducted from the amount payable to the consignor. Identify the correct option:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only I is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only II is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both II and III are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both I and III are true.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Unloading and carriage to godown charges are expenses incurred by the consignee while receiving the goods. In the Account Sales, these charges are deducted from the Gross Sale Proceeds to arrive at the Net Sale Proceeds payable to the consignor. (ICMA Page: 169)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-70\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">70<\/span> Which of the following is the correct treatment for godown rent and insurance expenses in the Account Sales?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">It is treated as an advance payment to the consignor.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">It is added to the total commission earned by the consignee.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">It is ignored since it is a recurring expense.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">It is deducted from the Gross Sale Proceeds.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Godown rent and insurance are expenses incurred by the consignee for carrying or holding the goods. In the Account Sales statement, these charges are subtracted from the Gross Sale Proceeds before remitting the final balance to the consignor. (ICMA Page: 169)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-71\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">71<\/span> Under the method where separate sets of books are maintained for a joint venture, what is the journal entry for the initial contribution of funds made by the co-venturers?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Co-Venturers A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Co-Venturers A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Co-Venturers A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Joint Venture A\/c<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">When separate books are maintained, the initial capital contributions from the co-venturers are deposited into a newly opened bank account. The entry is to debit the Joint Bank A\/c and credit the respective Co-Venturers&#039; A\/c. (ICMA Page: 189)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-72\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">72<\/span> When a co-venturer supplies goods to the joint venture out of his own stock, the Joint Venture Account is:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debited<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Credited<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Not affected<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Adjusted against Capital<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">If a co-venturer provides materials from their own business stock to the joint venture, it is treated as a cost to the venture. Hence, the Joint Venture Account is debited, and the respective Co-Venturer&#039;s Account is credited. (ICMA Page: 189)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-73\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">73<\/span> If a co-venturer pays for joint venture expenses from their personal funds, which account is credited in the separate set of joint venture books?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Venture A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Co-Venturer&#039;s A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Expenses A\/c<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">When a co-venturer personally pays for expenses related to the joint venture, their claim against the venture increases. Therefore, the Joint Venture Account is debited (for the expense) and the specific Co-Venturer&#039;s Account is credited. (ICMA Page: 189)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-74\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">74<\/span> Identify the correct journal entry to record materials purchased using funds from the joint venture's bank account when separate books are maintained.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Purchases A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Venture A\/c; Credit Co-Venturer&#039;s A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Debit Joint Bank A\/c; Credit Purchases A\/c<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">All material purchases made out of the joint venture funds represent a direct cost to the project. Thus, the Joint Venture Account is debited to record the cost, and the Joint Bank Account is credited to reflect the cash outflow. (ICMA Page: 189)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-75\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">75<\/span> When expenses for the joint venture are paid directly out of the Joint Bank Account, the transaction is recorded by debiting ________ and crediting ________.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Expenses A\/c; Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Co-Venturer&#039;s A\/c; Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Venture A\/c; Joint Bank A\/c<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Joint Bank A\/c; Joint Venture A\/c<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Just like material purchases, any general expenses paid out of the joint bank account are charged directly to the venture. The entry requires a debit to the Joint Venture Account and a credit to the Joint Bank Account. (ICMA Page: 189)<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-76\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">76<\/span> Which of the following components forms the basic financial statements of a sole proprietorship organisation?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account, Profit and Loss Account, and Balance Sheet<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Income and Expenditure Account and Balance Sheet<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Statement of Profit and Loss and Cash Flow Statement<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Receipts and Payments Account and Balance Sheet<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">A sole proprietorship business determines its financial performance and state of affairs by preparing specific financial statements. These typically include the Manufacturing or Trading Account, the Profit and Loss Account, and the Balance Sheet. Reference: ICMA Page 236.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-77\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">77<\/span> Which of the following is not a characteristic component of the financial statements of a sole proprietorship business?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Manufacturing Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Trading Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Profit and Loss Appropriation Account<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Balance Sheet<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Unlike partnership firms or companies that require appropriation of profits among multiple owners or shareholders, a sole proprietorship consolidates its net profit directly into the sole owner&#039;s capital. Therefore, a Profit and Loss Appropriation Account is not a characteristic feature. Reference: ICMA Page 236.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-78\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">78<\/span> In a sole proprietorship, the financial statements typically comprise the Manufacturing or Trading Account, the Profit and Loss Account, and the _________.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cash Flow Statement<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Balance Sheet<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Statement of Changes in Equity<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Receipts and Payments Account<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The components of financial statements vary based on the ownership structure. For a sole proprietorship, the core components to record performance and position are the Manufacturing\/Trading Account, Profit and Loss Account, and the Balance Sheet. Reference: ICMA Page 236.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-79\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">79<\/span> Consider the following statements regarding the Manufacturing Account of a sole proprietorship: Statement I: It is prepared to determine the cost of goods manufactured during the period. Statement II: The balancing figure represents the gross profit and is transferred to the Profit and Loss Account. Statement III: The difference, being the cost of goods manufactured, is transferred to the Trading Account. Identify the correct option:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Both Statements I and II are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both Statements I and III are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">All statements are true.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">For a manufacturing organization, it is necessary to ascertain the cost of goods produced. The Manufacturing Account serves this purpose, and its balancing figure represents the cost of goods manufactured, which is then transferred to the Trading Account. Reference: ICMA Page 236.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-80\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">80<\/span> Which of the following items gets recorded on the debit side of the Manufacturing Account?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Closing Work-in-progress and administrative overheads<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Sales revenue and direct expenses<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Opening Work-in-progress, raw materials consumed, and direct labour<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Gross Profit and factory rent<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The debit side of the Manufacturing Account aggregates the costs associated with production. This specifically includes Opening Work-in-progress, Raw materials consumed, Direct labour, Direct expenses, and various factory overhead costs. Reference: ICMA Page 236.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-81\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">81<\/span> What is the primary objective of a Not-for-Profit Organisation?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">To maximize wealth for owners<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">To provide services to members or society without a profit motive<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">To manufacture and sell goods<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">To distribute dividends<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Not-for-profit organisations are established not for making a profit, but to render specific services to their members or the public. Therefore, they are often referred to as non-trading entities. Reference: ICMA Page 254.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-82\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">82<\/span> Which of the following is NOT typically considered an example of a not-for-profit organisation?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Public hospitals<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Rotary or Lions club<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Private limited manufacturing company<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Educational institutions<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Examples of not-for-profit organisations include gymkhanas, sports clubs, educational institutions, public hospitals, libraries, and charitable trusts. A private limited manufacturing company operates with a clear profit motive. Reference: ICMA Page 254.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-83\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">83<\/span> Not-for-profit organisations are commonly referred to as _________ entities since they do not engage in typical commercial buying and selling for profit.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Trading<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Manufacturing<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Non-trading<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Corporate<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Since not-for-profit organisations are formed to provide services to their members or society rather than to engage in profit-driven commercial trade, they are technically referred to as non-trading entities. Reference: ICMA Page 254.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-84\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">84<\/span> Which of the following forms the principal source of revenue income for a typical not-for-profit club?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sale of fixed assets<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Member subscriptions and donations<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Issue of share capital<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Bank overdrafts<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The principal sources of income for not-for-profit organisations, which they rely on to fund their service activities, include entrance fees, subscriptions received from members, and general donations. Reference: ICMA Page 255.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-85\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">85<\/span> Consider the following components: I. Receipts and Payments Account II. Income and Expenditure Account III. Profit &amp; Loss Account IV. Balance Sheet. Which of these are the standard financial statements prepared by a Not-for-Profit Organisation?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">I, II, and III<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">I, II, and IV<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">II, III, and IV<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">I, III, and IV<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The periodic financial statements of a not-for-profit organisation consist of the Receipts and Payments Account, the Income and Expenditure Account (which replaces the Profit &amp; Loss Account), and the Balance Sheet. Reference: ICMA Page 255.<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-86\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">86<\/span> Consider the following statements regarding the evolution of cost accounting: Statement I: The scientific management movement between 1880 and 1925 provided a major impetus to the development of cost accounting practices. Statement II: Before the Industrial Revolution, cost accounting was an extensive and independent branch separate from financial accounting. In this context, identify the correct option:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The scientific management movement provided a major impetus to cost accounting during 1880-1925. Prior to the Industrial Revolution, cost accounting remained merely a small branch of financial accounting (ICMA Page 287).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-87\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">87<\/span> _________ refers to the amount of cash or cash equivalent paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Costing<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Value<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Price<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">According to CIMA Official Terminology, &#039;cost&#039; as a noun is the amount of cash or cash equivalent paid to acquire an asset at the time of its acquisition or construction (ICMA Page 288).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-88\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">88<\/span> Which of the following is defined as the technique and process of ascertaining costs?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accountancy<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accounting<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Costing<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Control<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Costing is a technique and process of ascertaining costs, consisting of principles and rules which govern the procedure of ascertaining the cost of products or services (ICMA Page 288).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-89\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">89<\/span> Which of the following processes is NOT explicitly included in the CIMA definition of 'Cost Accounting'?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Gathering of cost information and its attachment to cost objects<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Establishment of budgets and standard costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Analysis of variances and profitability<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Application of scientific management to human resource hiring<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Cost accounting encompasses gathering cost info, establishing budgets, standard costs, actual costs of operations, and the analysis of variances, profitability, or social use of funds (ICMA Page 288).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-90\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">90<\/span> _________ is the application of costing and cost accounting principles, methods, and techniques to the science, art, and practice of cost control and the ascertainment of profitability.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Cost Accountancy<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Standard Costing<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Value Engineering<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Financial Accounting<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Cost Accountancy is the academic discipline defined as the application of costing and cost accounting principles to the science, art, and practice of cost control and profitability ascertainment (ICMA Page 289).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-91\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">91<\/span> _________ costs involve an immediate or future payment to an outsider of the business enterprise as opposed to accounting allocations.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Out-of-Pocket<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Opportunity<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Out-of-Pocket costs are those that involve a payment to an outsider, meaning they cause an actual cash drain, unlike depreciation which is an allocation (ICMA Page 298).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-92\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">92<\/span> The value of the best alternative course of action that was not chosen is known as:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Out-of-Pocket Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Opportunity Cost<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Opportunity cost is the value of the best alternative that was not chosen. It represents the potential benefit given up when choosing one course of action over another (ICMA Page 298).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-93\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">93<\/span> A company purchased a specialized machine five years ago for \u20b95,00,000. When making a current decision about replacing it, this historical cost is considered a:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Cost<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Variable Cost<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Sunk costs are historical costs incurred in the past, also called irrecoverable costs. They are not relevant to current decision-making processes (ICMA Page 298).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-94\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">94<\/span> Consider the following statements regarding Imputed Costs: Statement I: They are hypothetical or notional costs, not involving any actual cash outlay. Statement II: Interest on owner's own capital is a classic example of an imputed cost. Identify the correct option:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Imputed costs are hypothetical or notional costs that do not involve any cash outlay, such as rent on own building or interest on own capital (ICMA Page 298).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-95\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">95<\/span> Costs that are pertinent and have a direct bearing on a particular managerial decision are termed as:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Sunk Costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Imputed Costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Relevant Costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Inescapable Costs<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Relevant costs are those that are pertinent to a specific decision. They typically represent future costs that will differ among various alternatives (ICMA Page 298).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-96\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">96<\/span> For proper control and managerial decisions, total cost is analysed by elements. What are the three primary elements of cost?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Fixed, Variable, and Semi-variable Costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Material, Labour, and Other Expenses<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Prime, Factory, and Selling Costs<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Production, Administration, and Research Costs<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">The total cost is analysed by elements of cost (nature of expenses). The three primary elements are material, labour, and other expenses, each subdivided into direct and indirect (ICMA Page 306).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-97\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">97<\/span> Materials that can be identified in the product, conveniently measured, and directly charged to the product (such as timber in furniture making) are called:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Indirect Materials<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Capital Assets<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Materials<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Chargeable Supplies<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Direct materials are those that form a part of the finished product, can be conveniently measured, and directly charged to the product, like timber in furniture (ICMA Page 306).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-98\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">98<\/span> Wages paid to workers who are engaged in the manufacturing process and whose time can be readily identified with a specific job or product are known as _________.<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Indirect Labour<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Labour<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Direct Expenses<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Overhead Staff<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Direct Labour or direct wages represent the wages of workers directly engaged in production whose time can be easily and economically traced to specific products (ICMA Page 307).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-99\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">99<\/span> Consider the following statements regarding Direct Expenses: Statement I: They are also known as chargeable expenses. Statement II: Examples include royalty based on production and excise duty. Identify the correct option:<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement I is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Only Statement II is true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are true.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Both statements are false.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Direct expenses, also known as chargeable expenses, are costs other than material and labour allocated directly to a product, such as royalty, excise duty, and specialized hire charges (ICMA Page 307).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                                    <div class=\"dqfl-rev-q\" id=\"dqfl-rev-q-100\">\n                <p class=\"dqfl-qtext\"><span class=\"dqfl-qnum\">100<\/span> Which of the following correctly defines &quot;Overheads&quot; in cost accounting?<\/p>\n                                <div class=\"dqfl-opts dqfl-opts-review\">\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"A\">\n                        <span class=\"dqfl-opt-label\">A<\/span>\n                        <span class=\"dqfl-opt-text\">Aggregate of direct material, direct labour, and direct expenses.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"B\">\n                        <span class=\"dqfl-opt-label\">B<\/span>\n                        <span class=\"dqfl-opt-text\">Aggregate of indirect material, indirect labour, and indirect expenses.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"C\">\n                        <span class=\"dqfl-opt-label\">C<\/span>\n                        <span class=\"dqfl-opt-text\">Sum of prime cost and administration expenses.<\/span>\n                    <\/div>\n                                        <div class=\"dqfl-opt dqfl-opt-static\" data-label=\"D\">\n                        <span class=\"dqfl-opt-label\">D<\/span>\n                        <span class=\"dqfl-opt-text\">Total cost minus the cost of sales.<\/span>\n                    <\/div>\n                                    <\/div>\n                                <div class=\"dqfl-exp-wrap\">\n                    <div class=\"dqfl-exp-section dqfl-exp-short\">\n                        <div class=\"dqfl-exp-title\">\ud83d\udca1 Explanation<\/div>\n                        <div class=\"dqfl-exp-body\"><p class=\"dqfl-exp-para\">Overheads constitute the aggregate of indirect material, indirect labour, and indirect expenses. They cannot be conveniently charged directly to specific cost units (ICMA Page 307).<\/p><\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                    <\/div>\n    <\/div>\n\n<\/div><!-- .dq-fl -->\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-297","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/pages\/297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/comments?post=297"}],"version-history":[{"count":1,"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/pages\/297\/revisions"}],"predecessor-version":[{"id":298,"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/pages\/297\/revisions\/298"}],"wp:attachment":[{"href":"https:\/\/massgraduates.com\/index.php\/wp-json\/wp\/v2\/media?parent=297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}