Home/Business & Finance/Economics

Qukut Latest Questions

Administrator
  • 0
Administrator
Asked: 1 month agoIn: , , , ,
  • 0

What is accountancy?

What is accountancy?

Read less
accountancy
  1. Pankaj Gupta
    Pankaj Gupta Scholar

    Accountancy is the practice of recording, classifying, summarizing, and reporting financial transactions of a business or individual. It involves a systematic process that helps in analyzing the financial health and performance of an entity. Accountancy plays a crucial role in decision-making, complRead more

    Accountancy is the practice of recording, classifying, summarizing, and reporting financial transactions of a business or individual. It involves a systematic process that helps in analyzing the financial health and performance of an entity. Accountancy plays a crucial role in decision-making, compliance with laws, and maintaining transparency in financial operations.

    Key Functions of Accountancy:

    1. Recording: Documenting all financial transactions in books of accounts (e.g., journals, ledgers).

    2. Classifying: Organizing transactions into meaningful categories (e.g., assets, liabilities, income, expenses).

    3. Summarizing: Preparing financial statements like the profit and loss account, balance sheet, and cash flow statements.

    4. Analyzing: Interpreting financial data to understand profitability, liquidity, and solvency.

    5. Communicating: Sharing financial information with stakeholders like management, investors, and regulatory authorities.

    Types of Accountancy:

    1. Financial Accounting: Focuses on preparing financial statements for external use.

    2. Management Accounting: Provides financial data for internal decision-making.

    3. Cost Accounting: Analyzes production costs to improve efficiency.

    4. Auditing: Examines financial records for accuracy and compliance.

    5. Tax Accounting: Focuses on tax compliance and planning.

    Accountancy is essential for businesses to track their financial activities, comply with regulations, and make informed strategic decisions.

    See less
Urmila
  • 4
Poll
UrmilaExplorer
Asked: 3 months agoIn: ,
  • 4

With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements:                                                  ...Read more

With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements:                                                                                                                                        [2023]
1.  When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill.
2.  When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations.
3. In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no joint sitting for Money Bill, but a joint sitting becomes necessary for Finance Bill.

Read less
finance bilmoney billpolitypollquestionupsc pre 2023
  1. Urmila
    Urmila Explorer

    Here is the analysis of the three statements: Statement 1: "When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill." This statement is incorrect because, as per the text, a Finance Bill is a Money Bill, and the Rajya Sabha cannot amend or reject it. The Rajya SRead more

    Here is the analysis of the three statements:

    1. Statement 1: “When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill.”
      • This statement is incorrect because, as per the text, a Finance Bill is a Money Bill, and the Rajya Sabha cannot amend or reject it. The Rajya Sabha can only recommend changes, which the Lok Sabha may accept or reject.
    2. Statement 2: “When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations.”
      • This statement is correct as per the explanation provided. The Rajya Sabha has limited powers over a Money Bill and can only make recommendations.
    3. Statement 3: “In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no joint sitting for Money Bill, but a joint sitting becomes necessary for Finance Bill.”
      • This statement is incorrect because a Finance Bill is a Money Bill, and there is no provision for a joint sitting for a Money Bill.

    Conclusion:

    • Statement 2 is correct.
    • Statements 1 and 3 are incorrect.

    Thus, the correct answer is Only one.

    See less
Harpreet
  • 5
Poll
HarpreetBeginner
Asked: 4 months agoIn: ,
  • 5

Consider the following infrastructure sectors:                                                                        ...Read more

Consider the following infrastructure sectors:                                                                                      [2023]
1. Affordable housing
2. Mass rapid transport
3. Health care
4. Renewable energy
On how many of the above does UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) initiative focus for its investments?

Read less
economicspollquestionunops s3i initiative investmentupsc pre 2023
  1. Shefali
    Shefali Explorer
    This answer was edited.

    The correct answer is Only three. The UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) initiative focuses on the following sectors for its investments: Affordable housing: Yes, it is a focus area. Mass rapid transport: No, it is not mentioned as a focus area. Health care: Yes, itRead more

    The correct answer is Only three. The UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) initiative focuses on the following sectors for its investments:

    1. Affordable housing: Yes, it is a focus area.
    2. Mass rapid transport: No, it is not mentioned as a focus area.
    3. Health care: Yes, it is a focus area (referred to as “Health Infrastructure”).
    4. Renewable energy: Yes, it is a focus area.

    Therefore, only three of the mentioned sectors are focused on by the S3i initiative.

    See less
Harpreet
  • 5
Poll
HarpreetBeginner
Asked: 4 months agoIn: ,
  • 5

Consider the following:                                                                            ...Read more

Consider the following:                                                                                                                              [2023]
1. Demographic performance
2.  Forest and ecology
3.  Governance reforms
4. Stable government
5. Tax and fiscal efforts
For the horizontal tax devolution, the Fifteenth Finance Commission used how many of the above as criteria other than population area and income distance?

Read less
economicshorizontal tax devolutionpollquestionupsc pre 2023
  1. Shefali
    Shefali Explorer
    This answer was edited.

    The correct answer is Only three. For horizontal tax devolution, the Fifteenth Finance Commission used the following criteria in addition to population, area, and income distance: Demographic performance: Yes, this was used as a criterion. Forest and ecology: Yes, this was used as a criterion. GoverRead more

    The correct answer is Only three. For horizontal tax devolution, the Fifteenth Finance Commission used the following criteria in addition to population, area, and income distance:

    1. Demographic performance: Yes, this was used as a criterion.
    2. Forest and ecology: Yes, this was used as a criterion.
    3. Governance reforms: No, this was not a criterion used by the Finance Commission.
    4. Stable government: No, this was not a criterion used by the Finance Commission.
    5. Tax and fiscal efforts: Yes, this was used as a criterion.

    Thus, three of the given criteria (Demographic performance, Forest and ecology, Tax and fiscal efforts) were used.

    See less
Pankaj Gupta
  • 5
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: ,
  • 5

Consider the investments in the following assets:                                                                    ...Read more

Consider the investments in the following assets:                                                                          [2023]

1. Brand recognition

2. Inventory

3. Intellectual property

4. Mailing list of clients

Read less
economicsinvestmentspollquestionupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    Let's examine each asset: Brand recognition: This is considered an intangible asset. It represents the value associated with a brand's reputation and customer awareness, but it has no physical presence. Inventory: This is not considered an intangible asset. Inventory refers to the goods a company hoRead more

    Let’s examine each asset:

    1. Brand recognition: This is considered an intangible asset. It represents the value associated with a brand’s reputation and customer awareness, but it has no physical presence.
    2. Inventory: This is not considered an intangible asset. Inventory refers to the goods a company holds for sale and is a physical, tangible asset.
    3. Intellectual property: This is an intangible asset. Intellectual property includes patents, copyrights, trademarks, etc., which are valuable but non-physical in nature.
    4. Mailing list of clients: This is also considered an intangible asset. While it may exist in a physical form (as a database), the value lies in the relationships and potential business it can generate, making it intangible.

    Thus, three of the four are intangible investments. The correct answer is Only three.

    See less
Pankaj Gupta
  • 5
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: , ,
  • 5

Consider the following statements:                                                                          ...Read more

Consider the following statements:                                                                                                         [2023]
1. The Government of India provides Minimum Support Price for niger (Guizotia abyssinica) seeds.
2. Niger is cultivated as a Kharif crop.
3.  Some tribal people in India use niger seed oil for cooking.

Read less
agricultureeconomicsniger (guizotia abyssinica)pollquestionupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    Let's break down the statements: The Government of India provides Minimum Support Price for niger (Guizotia abyssinica) seeds: This is correct. Niger seeds are one of the crops for which the Government of India declares a Minimum Support Price (MSP) to support farmers. Niger is cultivated as a KhariRead more

    Let’s break down the statements:

    1. The Government of India provides Minimum Support Price for niger (Guizotia abyssinica) seeds: This is correct. Niger seeds are one of the crops for which the Government of India declares a Minimum Support Price (MSP) to support farmers.
    2. Niger is cultivated as a Kharif crop: This is correct. Niger (Guizotia abyssinica) is typically grown as a Kharif crop, particularly in rain-fed areas of India.
    3. Some tribal people in India use niger seed oil for cooking: This is correct. Niger seed oil is used for cooking, especially among some tribal communities in India due to its nutritional and medicinal properties.

    Thus, all three statements are correct. Therefore, the correct answer is All three.

    See less
Pankaj Gupta
  • 5
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: , ,
  • 5

Which one of the following best describes the concept of ‘Small Farmer Large Field?                [2023]

Which one of the following best describes the concept of ‘Small Farmer Large Field?                [2023]

Read less
agricultureeconomicspollquestionsmall farmer large fieldupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    The concept of 'Small Farmer Large Field' involves small and marginal farmers coming together to coordinate their farming practices, often synchronizing key operations like sowing, irrigation, and harvesting to achieve economies of scale. While they retain individual ownership of their land, this coRead more

    The concept of ‘Small Farmer Large Field’ involves small and marginal farmers coming together to coordinate their farming practices, often synchronizing key operations like sowing, irrigation, and harvesting to achieve economies of scale. While they retain individual ownership of their land, this collective approach helps them gain the benefits typically associated with larger-scale farming, such as improved efficiency, better access to resources, and reduced costs. The correct answer is Many marginal farmers in an area organize themselves into groups and synchronize and harmonize selected agricultural operations.

    See less
Pankaj Gupta
  • 6
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: ,
  • 6

Consider the following markets:                                                                          ...Read more

Consider the following markets:                                                                                                              [2023]
1.  Government Bond Market
2. Call Money Market
3. Treasury Bill Markets
4. Stock Market

Read less
economicsmarketspollquestionupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    The capital markets typically include financial markets where long-term debt (bonds) or equity-backed securities (stocks) are bought and sold. Let's analyze the given options: Government Bond Market: This is part of the capital market as it deals with long-term securities (bonds). Call Money Market:Read more

    The capital markets typically include financial markets where long-term debt (bonds) or equity-backed securities (stocks) are bought and sold. Let’s analyze the given options:

    1. Government Bond Market: This is part of the capital market as it deals with long-term securities (bonds).
    2. Call Money Market: This is part of the money market, not the capital market, as it deals with very short-term funds (usually overnight loans).
    3. Treasury Bill Markets: Treasury bills are short-term debt instruments, which are part of the money market, not the capital market.
    4. Stock Market: This is part of the capital market as it involves trading equity-backed securities.

    Therefore, only two of the above markets, the Government Bond Market and the Stock Market, are included in capital markets. The correct answer is Only two.

    See less
Pankaj Gupta
  • 6
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: ,
  • 6

Which one of the following activities of the Reserve Bank of India is considered to be part of ‘sterilization?                                            ...Read more

Which one of the following activities of the Reserve Bank of India is considered to be part of ‘sterilization?                                                                                                                                                    [2023]

Read less
economicspollquestionreserve bank of indiaupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    Sterilization refers to actions taken by the central bank (in this case, the Reserve Bank of India) to manage the impact of foreign capital flows on the domestic money supply. Open Market Operations (OMOs) are one such tool where the central bank buys or sells government securities in the open markeRead more

    Sterilization refers to actions taken by the central bank (in this case, the Reserve Bank of India) to manage the impact of foreign capital flows on the domestic money supply. Open Market Operations (OMOs) are one such tool where the central bank buys or sells government securities in the open market to influence liquidity and control inflation or currency appreciation/depreciation. This process helps in managing the domestic monetary base without affecting other macroeconomic variables. Therefore, the correct answer is Conducting ‘Open Market Operations’.

    See less
Pankaj Gupta
  • 4
Poll
Pankaj GuptaScholar
Asked: 4 months agoIn: ,
  • 4

Consider the following statements:                                                                          ...Read more

Consider the following statements:                                                                                                       [2023]
Statement-I: In the post-pandemic recent past, many Central Banks worldwide, had carried out interest rate hikes.
Statement-II: Central Banks generally assume that they have the ability to counteract the rising consumer prices via monetary policy means.

 

Read less
economicspollquestionupsc pre 2023
  1. Pankaj Gupta
    Pankaj Gupta Scholar
    This answer was edited.

    In the recent post-pandemic period, central banks worldwide have raised interest rates to combat inflation, which surged due to heightened fiscal spending during COVID-19 and supply chain issues stemming from the Russia-Ukraine conflict. Therefore, Statement 1 is accurate. The central banks' decisioRead more

    In the recent post-pandemic period, central banks worldwide have raised interest rates to combat inflation, which surged due to heightened fiscal spending during COVID-19 and supply chain issues stemming from the Russia-Ukraine conflict. Therefore, Statement 1 is accurate.

    The central banks’ decision to increase interest rates aims to raise borrowing costs, leading to a reduction in money supply and, consequently, a decrease in inflation rates. Thus, Statement 2 is also valid.

    The rise in interest rates in advanced economies, particularly in the U.S., has negatively impacted the Indian economy, resulting in increased net Foreign Portfolio Investment (FPI) outflows, significant depreciation of the Rupee, declines in foreign exchange reserves, and rising yield rates. This negative impact on the Indian economy is commonly referred to as “Taper Tantrums.” Consequently, this question was posed within this context.

    Therefore, the correct answer is Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I.

    See less