#1421

Which day of the week was 12/2/2024?

(a) Thursday

(b) Monday

(c) Tuesday

(d) Wednesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Monday. 3. Therefore, 12/2/2024 fell on a Monday.

#1422

If a salaried individual's income year concludes on June 30, 2008, which tax year does this period correspond to?

(a) 2007_08

(b) None of above

(d) 2009_10

Explanation: In many jurisdictions, the tax year is identified by the calendar year in which the financial year begins or ends, depending on local tax laws. Given the options provided, 2007-08 is the standard designation for an income year ending in mid-2008, reflecting the fiscal period structure.

#1423

Based on standard ledger balancing procedures, what is the calculated balance for the account as of June 30?

(a) £ 175 debit

(b) £ 440 credit

(c) £ 265 debit

(d) £ 265 credit

Explanation: Balancing a ledger account involves totaling both the debit and credit sides and determining the difference. The balance is placed on the side with the smaller total to equate both sides. If the credit side total exceeds the debit side total, the account results in a credit balance, which is then carried forward to the next period.

#1424

If a salaried individual's income year concludes on June 30, 2008, what is the corresponding tax year?

(a) 2007-08

(b) 2008-09

(d) 2008

Explanation: In many tax jurisdictions, the tax year is designated by the calendar year in which the financial or income year ends. If the income year ends on June 30, 2008, the fiscal period is typically referred to as the 2007-08 tax year, covering the twelve-month period leading up to that date.

#1425

A machine was purchased for Rs. 10,000 on Jan 1, 1994, with a 4-year life. Using the sum-of-the-years' digits method, what was the profit or loss on sale on June 30, 1996, for Rs. 1,000?

(a) Rs. 1,500 loss

(b) Rs. 2,250 loss

(c) Rs. 1,000 loss

(d) Rs. 1,120 loss

Explanation: Sum of digits = 1+2+3+4 = 10. Depr 1994: 4/10*10k=4k. Depr 1995: 3/10*10k=3k. Depr 1996 (6 months): 2/10*10k*6/12=1k. Total Depr = 8k. Book Value = 10k - 8k = 2k. Sale Price = 1k. Loss = 2k - 1k = 1k.

#1426

Which financial institution introduced the first non-Unit Trust of India (UTI) mutual fund in June 1987?

(a) Bank of India

(b) Canara Bank

(c) State Bank of India

(d) Indian Bank

Explanation: In June 1987, the State Bank of India (SBI) became the first public sector bank in India to enter the mutual fund industry by launching SBI Mutual Fund. This marked a significant shift in the Indian financial landscape, as it broke the monopoly previously held by the Unit Trust of India (UTI) in the mutual fund sector.

#1427

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.

#1428

CG Co manufactures product T with a budgeted output of 200 units for June. Each unit requires 6 labor hours. The company anticipates 20% idle time. If the labor rate is Rs 7 per hour, what is the direct labor cost budget?

(a) Rs. 10080

(b) Rs. 6,720

(c) Rs. 8400

(d) Rs. 10500

Explanation: The company needs 1,200 productive hours (200 units * 6 hours). With 20% idle time, the 1,200 hours represent 80% of the total paid hours. Total paid hours = 1,200 / 0.80 = 1,500 hours. At a rate of Rs 7 per hour, the total labor cost budget is 1,500 * 7 = Rs 10,500.

#1429

A company purchased 8% bonds with a face value of Rs. 10,00,000 for Rs. 12,00,000 on January 1, 2003. Interest is paid semi-annually on June 30 and December 31. For the financial year ending March 31, 2003, what amount of accrued interest should be recognized?

(a) Rs. 40,000

(b) Rs. 20,000

(c) Rs. 60,000

(d) Rs. 80,000

Explanation: Interest is calculated on the face value of the bonds. The annual interest is 8% of Rs. 10,00,000, which equals Rs. 80,000. Since interest is paid semi-annually, the interest for three months (January to March) is calculated as (80,000 / 12) * 3 = Rs. 20,000. This represents the interest earned but not yet received by the company as of the balance sheet date.

#1430

Partners A and B share profits equally. A withdraws Rs. 400 at the end of each month for the six-month period ending June 30, 2008. Calculate the interest on drawings at 5% per annum.

(a) Rs. 50

(b) Rs. 100

(c) Rs. 200

(d) Rs. 25

Explanation: Total drawings = 400 * 6 = 2,400. Average period = (Remaining months after first drawing + Remaining months after last drawing) / 2 = (5 + 0) / 2 = 2.5 months. Interest = 2,400 * 5% * (2.5 / 12) = 25. This calculation follows the standard method for interest on drawings when amounts are withdrawn at regular intervals over a specific period.

#1431

On approximately June 21, the Sun is positioned directly overhead at which latitude?

(a) Tropic of Virgo

(b) Tropic of Cancer

(c) Tropic of Capricorn

(d) Tropic of Scorpio

Explanation: On the Summer Solstice, which occurs around June 21, the Earth's axial tilt causes the Sun to reach its northernmost point, appearing directly overhead at the Tropic of Cancer (23.5° North latitude). This event marks the longest day of the year in the Northern Hemisphere and the beginning of summer.

#1432

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.

#1433

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.

#1434

Which researcher, in his initial survey report dated June 25, 1822, asserted that there was one school for every five hundred people in the Madras province?

(a) John Dewey

(b) William Adam

(c) Thomas Minro

(d) None of these

Explanation: Sir Thomas Munro, serving as the Governor of Madras, was instrumental in documenting the state of indigenous education. His 1822 survey is a primary historical source that provides evidence of the widespread nature of traditional schooling in the region, noting the density of schools relative to the population at that time.

#1435

In which city was the 40th G7 summit held in June 2014?

(a) Berlin, Germany

(b) Copenhagen, Denmark

(c) Brussels, Belgium

(d) None of these

Explanation: The 40th G7 summit took place in Brussels, Belgium, on June 4–5, 2014. This summit was notable as it was the first time the G7 met in this format after the suspension of Russia from the G8 group following the annexation of Crimea.

#1436

Which three former Soviet republics signed historic association agreements with the European Union on June 27, 2014, aimed at addressing their post-Soviet challenges of corruption and economic instability?

(a) Georgia, Moldova and Ukraine

(b) None of these

(c) Georgia, Moldova and Serbia

(d) Georgia, Estonia and Ukraine

Explanation: On June 27, 2014, Georgia, Moldova, and Ukraine signed Association Agreements with the European Union. These agreements were designed to foster closer political and economic ties, helping these nations transition away from their post-Soviet legacies by implementing reforms to combat corruption, improve governance, and integrate their economies more deeply with the European single market.

#1437

Which nation became the most recent member to join the United Nations as of June 28, 2006?

(a) East Timor

(b) Montenegro

(c) Switzerland

(d) Kosovo

Explanation: Montenegro became the 192nd member state of the United Nations on June 28, 2006. This followed the dissolution of the State Union of Serbia and Montenegro, after a referendum in which the citizens of Montenegro voted for independence. The UN General Assembly approved the admission of Montenegro following the recommendation of the Security Council, marking its formal entry into the international community.

#1438

In which city was the Group of 77 (G77) plus China summit held on June 14–15, 2014?

(a) Santa Cruz (Bolivia)

(b) None of these

(c) Santiago (Chile)

(d) Brasília (Brazil)

Explanation: The G77 plus China summit, marking the 50th anniversary of the group's founding, took place in Santa Cruz de la Sierra, Bolivia, in June 2014. The summit focused on themes of sustainable development, poverty eradication, and the need for a new global economic order that better represents the interests of developing nations in the international system.

#1439

Which agreement was signed by the United States and the Soviet Union in June 1979 to limit the deployment of strategic offensive nuclear weapons?

(a) NPT

(b) PTBT

(c) SALT II

(d) SALT

Explanation: The Strategic Arms Limitation Talks II (SALT II) was a series of negotiations between the U.S. and the USSR. The treaty was signed in Vienna in June 1979 by Jimmy Carter and Leonid Brezhnev. It aimed to curtail the manufacture of strategic nuclear weapons, though it was never formally ratified by the U.S. Senate due to the Soviet invasion of Afghanistan later that year.

#1440

What is the English translation of the military operation launched by American officials on June 25, known as Operation Khanjar?

(a) New Dawn

(b) None of them

(c) Panther’s Claw

(d) Strike of sword

Explanation: Operation Khanjar, or 'Strike of the Sword', was a major U.S. Marine-led offensive launched in Helmand Province, Afghanistan, in 2009. It was one of the largest and fastest-moving air assaults conducted by the U.S. military since the Vietnam War. The operation aimed to clear insurgent strongholds and establish a permanent security presence in areas that had previously been under the control of anti-government forces.

June 2024 Current Affairs MCQs & Solutions