Maharashtra State Eligibility Test for Lectureship Commerce last year papers

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1. Match the pairs and select the
correct answer from the codes given
below :
List I
(a) Resource availability
(b) Status of technological
Advancement
(c) Regulatory Framework
(d) Values and Ethics of People
List II
(i) Technological Environment
(ii) Legal Environment
(iii) Cultural Environment
(iv) Natural Environment
Codes :
(a) (b) (c) (d)
(A) (iv) (i) (ii) (iii)
(B) (iii) (i) (iv) (ii)
(C) (i) (ii) (iii) (iv)
(D) (iv) (iii) (ii) (i)

2. The external stakeholders of
business include :
(A) Politicians, social activist,
shareholders, dealers
(B) Govt. organisations, NGO,
Dealers and Suppliers
(C) Bankers, Suppliers, Investors,
Dealers
(D) Dealers, Bankers, Investors,
Consultants
3. Which of the following agency
enables the company as well as the
public to evaluate the social
performance of the company ?
(A) Performance Audit
(B) Social Audit
(C) Social Accounting
(D) Social Evaluatory Audit
4. ................................. is a social
movement seeking to augment the
rights and powers of the buyers in
relation to sellers.
(A) Consumer protection
(B) Consumerism
(C) Consumer activism
(D) Consumer empowerment

5. Which of the following is not
a basic objective of a public
enterprise ?
(A) To redistribute of income and
wealth
(B) Import substitution
(C) To earn return on investment
of government funds
(D) To protect natural and social
environment
6. Which one of the following
accounting treatment is correct,
when old machinery is purchased for
` 76,400 and rings and pistons of the
old machine were changed to get fuel
efficiency, worth ` 3,600.
(A) Capital expenditure ` 76,400
and Revenue Expenditure
` 3,600
(B) Capital Expenditure ` 76,400
and Deferred Revenue
Expenditure ` 3,600
(C) Capital Expenditure ` 80,000
(D) Deferred Revenue Expenditure
` 80,000

7. Match the following phrases with
the descriptions of the accounting
processing cycle and choose the
correct answer from the codes given
below :
List I
(Phrases)
(a) Transaction Analysis
(b) Trial Balance
(c) Financial Statement
(d) Posting
List II
(Descriptions)
(i) Income statement and position
statement
(ii) A chronological record is
prepared that reflects the
economic effects of each
transaction
(iii) Transfer of amount for each
account affected by the
transaction, results in a
reclassification of the data
(iv) A listing of each account and
its debit or crediting ending
balance
Codes :
(a) (b) (c) (d)
(A) (iii) (iv) (ii) (i)
(B) (iv) (i) (ii) (iii)
(C) (iii) (i) (iv) (ii)
(D) (ii) (iv) (i) (iii)

8. Responsibility Accounting is
one of the basic components of a
good ......................... .
(A) Plan
(B) Control system
(C) Incentive scheme
(D) Motivating instrument
9. The entity postulate ....................... .
(A) refers to the name of the
company required in the
heading of the balance-sheet
(B) refers to the owners of the
entity, who must account for
their interest in the entity in
their personal holdings
(C) indicates that the accounting
unit on which the financial
reports are based is the
business itself, separate from its
owners
(D) holds that the business is made
up of many separate
components that are accounted
for separately but reported
collectively in the financial
statements

10. In Break-even Chart, the Break-
even point is the intersection of the
following two lines :
(A) Variable Cost Line and Fixed
Cost Line
(B) Total Cost Line and Sales
Line
(C) Sales Line and Marginal Cost
Line
(D) Fixed Cost Line and Sales
Line
11. Business Economics is :
(A) Applied Economics
(B) Only Static Economics
(C) Only Financial Economics
(D) Only Dynamic Economics
12. Risk and Uncertainty theory of
Profit was developed by :
(A) Marshall and Pigou
(B) Hawley and Knight
(C) J.B. Clark and J. Schumpeter
(D) McNair and Meriam
13. The income elasticity of demand for
inferior goods is :
(A) Negative
(B) Positive
(C) Zero
(D) Unitary

14. For the demand equation
P = 1000 – 4q, the marginal revenue
equation is :
(A) 1000q – 4q2
(B) 1000q – 8q2
(C) 1000q – 8q
(D) – 8q
15. The law of equi-marginal utility
states that :
(A) MUx.Px = MUy.Py = MUz.Pz
(B)
MU MU MU
MU
P P P
y x z
m
x y z
> > >
(C)
MU MU MU
MU
P P P
y x z
m
x y z
< < <
(D)
MU MU MU
MU
P P P
y x z
m
x y z
= = =
16. The difference between the
population parameter and its
estimate based on sample is called
as ............................. .
(A) Human error
(B) Population error
(C) Sampling error
(D) Non-sampling error

17. If each observation is doubled,
then the coefficient variation
will .......................... .
(A) not be changed
(B) be doubled
(C) be decreased to half of the
original
(D) be increased by 2

21. (I) A manager’s job is vital to
the society as it determines
whether our social institution
serve well or not.
(II) It is essential to study the
different parts of managerial
role as it decides the type and
nature of performance of an
organisation.
Based on the above two
statements following four
conclusions are derived, identify
which one is appropriate :
(A) A manager performs useful
work
(B) Social and organisational
success depends on the
performance of manager
(C) Manager do what people expect
them to do
(D) Different organisations require
different types of managerial
role
22. Which of the following is an essential
ability of a team leader ?
(A) Clarify goals and tasks and
gather ideas for improvement
(B) Work out a good scheme
(C) Identify faults in the scheme
(D) Eliminate the obstacles in the
planning process

23. .............................. is the function of a
line manager.
(A) Use special technical expertise
to advice and support
(B) To act as a manager in public
or non-profit organisation
(C) To be responsible for complex
multifunctional units
(D) Directly contribute to the
production of basic goods and
services
24. The four important functions of
management process are ........... .
(A) Planning, Controlling,
Organising and Leading
(B) Planning, Scheduling,
Budgeting, Decision-making
(C) Planning, Motivating, Directing
and Performance appraisal
(D) Scheduling, Idea generation,
Controlling and Organising
25. Arrange the needs as per Maslow’s
need hierarchy in correct order :
(A) Social needs—Safety needs—
Esteem needs—Psychological
needs
(B) Safety needs—Esteem needs—Self
actualisation needs—
Psychological needs
(C) Psychological needs—Social
needs—Esteem needs—Self
actualisation needs
(D) Social needs—Psychological
needs—Esteem needs—Self
actualisation needs

26. The term ‘marketing’ refers to :
(A) New product concepts and
improvements
(B) Advertising and promotion
activities
(C) A philosophy that stresses
customer value and satisfaction
(D) Planning sales campaign
27. The term “marketing mix”
describes :
(A) A composite analysis of all
environmental factors inside
and outside the firm
(B) A series of business decisions
that aid in selling a product
(C) A relationship between a firm’s
marketing strengths and its
business weaknesses
(D) A blending of four strategic
elements to satisfy specific
target markets

28. Why do business spend a large
amount on advertising and
promotion when the product is in its
introduction stage ?
(A) Because that is the time when
the product is very profitable
(B) To ensure customers have the
correct information about the
product
(C) So that it can save the money
for advertising at all the other
stages of the life cycle
(D) To ensure that potential
customers become aware of the
new product
29. The concept of “Marketing Myopia”
was introduced by :
(A) E.J. McCarthy
(B) Theodore Levitt
(C) Philip Kotler
(D) W.J. Stanton
30. Which one of the following is an
example of non-store retailing ?
(A) Limited Line stores
(B) Super Markets
(C) Tele Marketing
(D) Discount stores

31. Which of the following is not an
assumption of the MM theory for
irrelevance of dividends ?
(A) Irrational investors
(B) No tax discrimination on capital
gains and dividends
(C) No transaction costs
(D) No flotation costs
32. The only viable goal of financial
management is ........................... .
(A) Profit maximization
(B) Wealth maximization
(C) Sales maximization
(D) Assets maximization
33. According to ............................., cost of
capital is the minimum required
rate of earnings or the cut-off rate
of capital expenditure.
(A) Hunt, William and Donaldson
(B) James C Van Horne
(C) Soloman Ezra
(D) Hampton, John

34. A motive for holding cash/near-
cash as a cushion to meet
contingencies/demand for cash, is
termed as ......................... .
(A) Precautionary motive
(B) Transaction motive
(C) Speculative motive
(D) Compensating motive
35. The data requirement for ....................
are after tax cash outflows and cash
inflows.
(A) Cash flow statement
(B) Fund flow statement
(C) Capital budgeting
(D) Flexible budgeting
36. Job analysis can be performed in all
of the following ways, except :
(A) Interviews conducted with
departing employees
(B) Analysing log books
(C) Observing hourly workers
(D) Giving workers checklist to
indicate which tasks on the list
are performed during the job

37. Under the Factories Act no worker
is permitted to work for more than
............................ hours in a day.
(A) 8
(B) 9
(C) 10
(D) 24
38. Which method of performance
appraisal makes use of critical
incidents to prepare rating scales ?
(A) Assessment centre
(B) Peer appraisal
(C) Self appraisal
(D) BARS
39. A progressive system of discipline
does not include this :
(A) Warning
(B) Discharge
(C) Slowdown
(D) Suspension

40. Who introduced the concept of
quality circles in India ?
(A) P.V. Rao
(B) Udai Pareek
(C) Dharani P. Sinha
(D) S.R. Udpa
41. Which one of the following is likely
to help in remedying an adverse
balance of payment ?
(A) Revaluation of currency
(B) Devaluation of currency
(C) Reduction in income taxes
(D) Reduction in excise duty
42. Balance of payment is an application
of ................................ .
(A) Single entry book-keeping
(B) Double entry book-keeping
(C) Either (A) or (B)
(D) Neither (A) nor (B)

43. Absolute Cost Advantage Theory
was propounded by ....................... .
(A) Adam Smith
(B) Ricardo
(C) Malthus
(D) Marshall
44. Globalisation of financial services is
being promoted by :
(A) World Trade Organisation
(B) International Finance
Corporation
(C) International Bank for
Reconstruction and
Development
(D) International Monetary Fund
45. In which year was the EXIM Bank
established ?
(A) 1983
(B) 1984
(C) 1982
(D) 1985

46. Comparative cost advantage
proposition in international trade
was propounded by :
(A) Adam Smith
(B) D. Ricardo
(C) J.A. Frankel
(D) J.M. Fleming
47. The item labelled ‘interest, profit
and dividends’ is included
in Balance of Payments as an entry
of ........................ .
(A) Capital Account
(B) Financial Account
(C) Current Account Visibles
(D) Current Account invisibles
48. Which of the following is not an
international financial institution ?
(A) UNESCO
(B) IMF
(C) IDA
(D) IBRD

49. When one country has lower
opportunity cost of producing a good
or service than others it is ........... .
(A) Comparative advantage
(B) Competitive advantage
(C) Advantage of situation
(D) Policy advantage
50. A ban on trade in a particular
commodity with a particular country
is called .............................. .
(A) Protection
(B) Embargo
(C) Dumping
(D) Trade treaty
51. Which of the Accounting Standard
(AS) has been withdrawn and
merged with another Accounting
Standard in 2003 by ICAI ?
(A) AS 11
(B) AS 8
(C) AS 7
(D) AS 3

52. ‘Social Accounting’ is concerned
with the measurement and discloser
of :
(A) Efforts to abolish caste system
(B) Cost and benefits to the society
as a result of the activities of
the business enterprise
(C) Attempts to seek welfare of
employees
(D) Donation to political parties
53. Exit Route of Venture capital is :
(A) Going public
(B) Upgrading the activities
(C) Further investment
(D) Diversion
54. Equity investment in high risk,
hi-tech and high potential proposal
is known as :
(A) Sweat equity capital
(B) Maiden equity capital
(C) Venture equity capital
(D) Promotor equity capital

55. The following estimations are given
by a firm for specific proposals :
Degree of Expected
Risk Return
Low 24%
Medium Low 28%
Medium 33%
Medium High 39%
High 42%
The firm has the following proposals
with it :
High Risk Expected Rate
Proposal of Return
Proposal A 39%
Proposal B 37%
Medium Risk Proposal
Proposal C 34%
Low Risk Proposal
Proposal D 22%
Which of the above proposal can be
accepted by the firm ?
(A) Project A
(B) Project B
(C) Project C
(D) Project D

56. Which of the following is not a tool
of sales promotion ?
(A) Sales contests
(B) Point of purchase display
(C) Public relation
(D) Free gifts
57. ................................. means charging
fairly low price for high quality
offering to win loyal consumers.
(A) Value Pricing
(B) Perceived Pricing
(C) Make-up Pricing
(D) Target-return Pricing
58. Which one of the following is not
related to business ethics ?
(A) Social responsibility of business
(B) Environmental ethics
(C) Development of Organisational
culture
(D) Ecological consciousness

59. ............................. is quoted as saying
that “everyone lives by selling
something”.
(A) Bill Gates
(B) Robert Louis Stevenson
(C) Arthur Miller
(D) Henry Ford
60. The way in which the product is
developed to meet the customers
need refers to :
(A) New product concept and
improvements
(B) Selling
(C) Advertising and promotion
(D) Place and distribution
activities
61. .............................. is a method of
evaluation of quantitative and
qualitative aspects of work done by
the employee.
(A) Merit rating
(B) Quality assessment
(C) Performance appraisal
(D) Work appraisal

62. Off the job tranining does not
include :
(A) Role Playing
(B) Lecture Method
(C) Coaching
(D) Conference or discussion
63. Which one of the following is not the
purpose of exit interview ?
(A) To try to uncover the real
reason behind the quitting by
an employee
(B) To locate the probable reasons
that contribute to turnover
(C) To assure the departing
employee of his rights and
benefits
(D) To facilitate the quick
termination of an employee

64. Match the pairs :
List I
(i) Productivity
(ii) Employee welfare
(iii) Trend analysis
(iv) Assessment centre
List II
(a) Technique that evaluates
employee potential
(b) Efforts to make life worth living
for workmen
(c) Study of firms past employment
needs to predict future needs
(d) Ratio of inputs to output
Consider the factors given in List I
and List II and select appropriate
order of option :
Codes :
(i) (ii) (iii) (iv)
(A) (a) (c) (d) (b)
(B) (b) (a) (c) (d)
(C) (c) (d) (b) (a)
(D) (d) (b) (c) (a)

65. The most common activities
performed by HR which are
outsourced, are :
(A) Recruitment and selection
(B) Occupational health, payroll,
pensions and training
(C) Human Resource Planning
(D) Assessment Centres
66. Which of the following is not the
function of WTO ?
(A) To facilitate multilateral trade
agreement
(B) To provide forum for
negotiation
(C) To administer trade policy
review mechanism
(D) To promote global economic
stability

67. ............................... is defined as
‘substitution of domestic source of
supply’ for foreign source of supply.
(A) Export substitution
(B) Import substitution
(C) Commodity substitution
(D) Trade substitution
68. Which of the following is not the
mode of foreign direct investment ?
(A) Wholly owned subsidiary
(B) Joint venture
(C) Franchisee
(D) Acquisition

69. Match the pairs and select the
correct answer from the codes given
below :
List I
(a) Multinational Corporation
(b) Subsidiary
(c) Associate
(d) Foreign Affiliate
List II
(i) Incorporated company in the
host country which holds more
than 50% voting power
(ii) Enterprise in the host country
in which investor owns at least
10% of the voting power
(iii) Investor who is resident of
another country and has lasting
interest in the management
(iv) Corporate enterprises
comprising of parent company
and its foreign affiliate
Codes :
(a) (b) (c) (d)
(A) (iv) (i) (ii) (iii)
(B) (i) (ii) (iii) (iv)
(C) (iii) (iv) (ii) (i)
(D) (i) (iii) (ii) (iv)

70. When a change in demand and
supply alters, the basic
circumstances under which earned
or spent abroad is called ........... .
(A) Structural disequilibrium
(B) Technological disequilibrium
(C) Secular disequilibrium
(D) Cyclical disequilibrium
71. Which of the following income from
land situated in India is an
agricultural income exempt from
income tax ?
(A) Income from Brick Making
(B) Prize from Govt. of
Maharashtra on account of
higher yield of crop
(C) Dividend from a company
engaged in agriculture
(D) Compensation received from
insurance company for loss of
crop due to flood

72. The maximum amount on which
income tax is not chargeable for
A.Y. 2012-13 in case of Registered
Partnership Firm is :
(A) ` 3,00,000
(B) ` 2,00,000 of Book profit
(C) ` 1,50,000 or ` 90% of book
profit whichever is more
(D) ` Nil
73. Education cess is leviable for A.Y.
2012-13 in case of :
(A) Individual and HUF
(B) Educational institutions only
(C) All assessees
(D) Recognised universities


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