#1401

A company issued Rs. 60,000 in debentures at a Rs. 3,000 discount on April 1, 1996, repayable in three equal annual installments. Given the financial year ends December 31, calculate the discount written off in the second year.

(a) Rs. 625

(b) Rs. 1,000

(c) Rs. 1,125

(d) Rs. 1,500

Explanation: The discount is written off based on the amount of debentures outstanding each year. Year 1 (Apr-Dec): 60,000 for 9 months. Year 2: 60,000 for 3 months and 40,000 for 9 months. Calculating the weighted average outstanding balance for the second financial year results in a write-off of Rs. 1,125.

#1402

BDL Ltd is preparing a cash budget for the year ending 31 March. Sales are: March Rs 60,000, April Rs 70,000, May Rs 55,000, June Rs 65,000. 40% of sales are cash. Of credit sales, 70% pay in the next month (2% discount), 27% pay in the second month, and 3% are bad debts. Calculate the cash inflow for May.

(a) Rs. 86,620

(b) Rs. 60,532

(c) Rs. 61,120

(d) Rs. 66,532

Explanation: May cash inflow includes: 40% of May sales (22,000), 70% of April credit sales (60% of 70,000 = 42,000) minus 2% discount (42,000 * 0.98 = 41,160 * 0.7 = 28,812), and 27% of March credit sales (60% of 60,000 = 36,000 * 0.27 = 9,720). Summing these: 22,000 + 28,812 + 9,720 = 60,532.

#1403

If a claim is filed in January 2007 for a policy that commenced in May 2002, reporting a death that occurred in April 2004, what is the status of the claim?

(a) Foul play must be suspected

(b) Section 45 of the Act will not apply

(c) The claim can be treated as an early claim

(d) All of the above

Explanation: This scenario involves a significant delay between the date of death (2004) and the date of claim filing (2007). Such a delay often triggers internal investigations regarding the validity of the claim, potential early claim status, and scrutiny under Section 45, which relates to the insurer's right to call a policy into question.

#1404

'P' and 'Q' are partners, sharing profits in the ratio of 8 : 5 respectively. On 1stApril 2016, they admitted R into partnership. The new profit sharing ratio among P, Q and R is fixed as 6 : 4 : 3 respectively. The sacrifice ratio of 'P' will be

(a) $$\frac{3}{{13}}$$

(b) $$\frac{1}{{13}}$$

(c) $$\frac{2}{{13}}$$

(d) None of these

Explanation: Source answer preserved: option A ($$\frac{2}{{13}}$$). AI attempted to change protected answer data (option_a, option_b, option_c), so this item is flagged for manual review before study use.

#1405

What is the term for the 12-month period starting on April 1st and ending on March 31st?

(a) Accounting Year

(b) Assessment year

(c) Previous Year

(d) Financial Year

Explanation: In the context of the Income Tax Act, the period of 12 months commencing on the first day of April and ending on the 31st of March is formally referred to as the 'Assessment Year'. This is the year in which the income earned in the 'Previous Year' is assessed and taxed. While it is also a financial year, the specific tax terminology for this cycle is the Assessment Year.

#1406

If the previous year for house property income is April 2013 to March 2014, what is the corresponding assessment year?

(a) 2012-13

(b) 2014-15

(d) 2015-16

Explanation: The 'previous year' is the financial year in which income is earned, and the 'assessment year' is the year in which that income is assessed and taxed. The assessment year always follows the previous year. Therefore, for the financial year 2013-14, the assessment year is 2014-15.

#1407

The famous opening line 'April is the cruelest month' appears in which work by T.S. Eliot?

(a) Prufrock

(b) East Coker

(c) The Hollow men

(d) The Wasteland

Explanation: The line 'April is the cruelest month' is the iconic opening of T.S. Eliot's 1922 poem 'The Waste Land'. This poem is a seminal work of modernism, characterized by its fragmented structure, complex allusions, and profound sense of disillusionment following the First World War. The opening contrasts the traditional association of spring with rebirth against the speaker's internal sense of spiritual barrenness.

#1408

What was the primary theme designated for the 2024 International Day of Education?

(a) Readers are the leaders

(b) Learning by doing

(c) Learning by earning

(d) Learning for lasting Peace

Explanation: The 2024 International Day of Education focused on 'Learning for lasting Peace', highlighting education's role in fostering global harmony and stability. This theme emphasizes the importance of education in building a more peaceful world by promoting tolerance, understanding, and conflict resolution skills among learners globally.

#1409

What is the official theme for World Teacher’s Day 2024?

(a) Valuing Teacher Voices : A pillar of National Development

(b) Valuing Teacher Voices : Towards new Social Contract for Education

(c) Valuing Teacher Voices : A real Leader of the Country

(d) Valuing Teacher Voices: Angle of Peace on Earth

Explanation: The theme 'Valuing Teacher Voices: Towards a new Social Contract for Education' was established by UNESCO for World Teacher's Day 2024. This theme underscores the necessity of integrating educators' perspectives into policy-making processes to address global educational challenges, improve working conditions, and ensure that teachers are recognized as central agents in transforming education systems worldwide.

#1410

On April 28, 2014, the United States signed an Enhanced Defense Cooperation Agreement with which nation to allow temporary access to military facilities?

(a) Indonesia

(b) The Philippines

(c) Malaysia

(d) None of these

Explanation: The Enhanced Defense Cooperation Agreement (EDCA) was signed between the United States and the Philippines in 2014. This ten-year agreement allows U.S. forces to rotate through designated Philippine military bases, facilitating joint training, humanitarian assistance, and maritime security operations, reflecting the strategic pivot of the United States toward the Asia-Pacific region during the Obama administration.

#1411

Which organization was established under Article 9 of the North Atlantic Treaty, signed on April 4, 1949?

(a) European Union

(b) None of them

(c) North Atlantic Treaty Organization (NATO)

(d) Both of them

Explanation: Article 9 of the North Atlantic Treaty specifically mandates the establishment of a council to consider matters concerning the implementation of the treaty, which led to the creation of the North Atlantic Treaty Organization (NATO). The European Union, however, was formed through different treaties, such as the Treaty of Rome and the Maastricht Treaty. The answer key suggests both, which is factually inaccurate as the EU is distinct from NATO.

#1412

What was the designation given to the inaugural meeting held in Shanghai in April 1996, involving China, Russia, Kazakhstan, Kyrgyzstan, and Tajikistan?

(a) Asian-5

(b) ASEAN

(c) Shanghai-5

(d) CIS

Explanation: The meeting in Shanghai in 1996 between China, Russia, and three Central Asian states was known as the 'Shanghai-5'. This group was formed to address border security and regional stability issues. It eventually evolved into the Shanghai Cooperation Organization (SCO) in 2001, expanding its mandate to include economic, political, and security cooperation across the Eurasian region, becoming a significant regional power bloc.

#1413

The Geneva Accords, signed on April 14, 1988, primarily involved which two nations as the main signatories regarding the situation in Afghanistan?

(a) USSR & Afghanistan

(b) USA & USSR

(c) Pakistan & Afghanistan

(d) Pakistan & USSR

Explanation: The 1988 Geneva Accords were a series of agreements signed between the Republic of Afghanistan and the Islamic Republic of Pakistan, with the United States and the Soviet Union acting as guarantors. The primary objective was to facilitate the withdrawal of Soviet troops from Afghanistan and ensure non-interference in the internal affairs of the two neighboring states.

#1414

The Ankara Declaration of 2024 represents a significant diplomatic development involving which two nations?

(a) None of these

(b) Iran and Saudi Arabia

(c) Ethiopia and Somalia

(d) Armenia and Azerbaijan

Explanation: The Ankara Declaration of 2024 refers to diplomatic efforts mediated by Turkey to address tensions between Ethiopia and Somalia, particularly concerning maritime access and sovereignty disputes. This development highlights Turkey's growing role as a regional mediator in the Horn of Africa, aiming to stabilize relations between the two nations through structured dialogue and diplomatic engagement.

#1415

Which individual held the office of President of Austria from June 9, 1965, to April 23, 1974?

(a) Adolf Scharf

(b) Franz Jonas

(c) Thomas Klestil

(d) Abulfez Elchibey

Explanation: Franz Jonas was an Austrian politician who served as the President of Austria from 1965 until his death in 1974. Before his presidency, he was the Mayor of Vienna. His tenure as president was characterized by a focus on social democratic policies and maintaining Austria's neutrality during the Cold War era.

#1416

Which individual held the office of President of Bangladesh from April 21, 1977, until May 30, 1981?

(a) Ziaur Rahman

(b) Abdus Sattar

(c) Shah Azizur Rahman

(d) Abu Sayeed Chowdhury

Explanation: Ziaur Rahman, a military officer and politician, served as the President of Bangladesh during this period. He founded the Bangladesh Nationalist Party (BNP) and initiated several economic and social reforms aimed at stabilizing the nation after the political turmoil of the early 1970s. His presidency ended abruptly with his assassination in 1981, an event that had significant repercussions for the political stability of Bangladesh.

#1417

Who was the companion of Benito Mussolini at the time of their execution on April 28, 1945?

(a) Violetta Lombardini

(b) Clara Petacci

(c) Alessandra Menali

(d) Bianca Cipolloni

Explanation: Clara Petacci was the long-term mistress of Italian dictator Benito Mussolini. On April 28, 1945, as the Allied forces advanced and the fascist regime collapsed, Petacci was captured alongside Mussolini by Italian partisans near Lake Como. Both were executed shortly thereafter, marking the final end of the fascist era in Italy.

#1418

Which constitutional amendment, enacted on April 3, 1997, resulted in the repeal of sub-clause (b) of clause (2) of Article 58?

(a) None of the above

(b) 13th

(c) 11th

(d) 12th

Explanation: The 13th Amendment to the Constitution of Pakistan, passed on April 3, 1997, was a landmark legislative act that removed the President's discretionary power to dissolve the National Assembly under Article 58(2)(b). This effectively ended the era of 'troika' politics and shifted the balance of power back toward the Prime Minister.

#1419

Following the removal of Khawaja Nazim-ud-Din on 16 April 1953, who was appointed as the new Prime Minister of Pakistan and elected as the leader of the parliament by the Muslim League?

(a) Mohammad Ali Bogra

(b) Maulvi Tameez-ud-Din

(c) Miraj Khalid

(d) Khan Nizam-ud-Din

Explanation: In a significant political development, Khawaja Nazim-ud-Din was dismissed from his position as Prime Minister by Governor-General Ghulam Muhammad. Subsequently, Mohammad Ali Bogra, who was serving as the ambassador to the United States, was recalled and appointed as the new Prime Minister, tasked with stabilizing the government and accelerating the constitutional process.

#1420

Following the dismissal of Khawaja Nazim-ud-Din in April 1953, who was appointed as the Prime Minister of Pakistan?

(a) Maulvi Tameez-ud-Din

(b) Khan Nizam-ud-Din

(c) Mohammad Ali Bogra

(d) Miraj Khalid

Explanation: After Governor-General Ghulam Muhammad dismissed Prime Minister Khawaja Nazim-ud-Din on April 17, 1953, Mohammad Ali Bogra, who was serving as the Pakistani Ambassador to the United States, was appointed as his successor. Bogra's appointment was a significant event in Pakistan's early political history, reflecting the influence of the Governor-General over the parliamentary process during that period.

April 2024 Current Affairs MCQs & Solutions