#1421

A firm with a financial year ending 30 April has a $800 insurance debit balance on 1 May 2018. On 31 October 2018, a $2,100 annual premium is paid. What is the insurance expense for the year ending 30 April 2019?

(a) $2 100

(b) $1 850

(c) $1 050

(d) $2 900

Explanation: The expense for the year is calculated by taking the opening balance ($800) plus the premium paid ($2,100), then subtracting the prepaid portion for the next year (6 months of the new premium: $2,100 * 6/12 = $1,050). Thus, $800 + $2,100 - $1,050 = $1,850.

#1422

On 19 October 20x2, goods worth £600 were sold to S Knight with a 2.5% cash discount if paid within 14 days. If payment is made on 25 October, what is the correct double-entry to record the discount?

(a) Debit and Credit = S Knight £15 and Discount received £15

(b) Debit and Credit = Discount received £30 and S Knight £30

(c) Debit and Credit = Discount allowed £15 and S Knight £15

(d) Debit and Credit = S Knight £30 and Discounts received £30

Explanation: The discount is calculated as 2.5% of £600, which equals £15. Since the seller is granting a discount to a customer, this is classified as a 'Discount Allowed'. In double-entry bookkeeping, an expense or loss like a discount allowed is debited, and the customer's account (S Knight) is credited to reduce the amount owed.

#1423

In which location was the Panchayati Raj system first inaugurated on October 2, 1959?

(a) Nagpur (Rajasthan)

(b) Lucknow (Uttar Pradesh)

(c) Bombay (Maharashtra)

(d) Patna (Bihar)

Explanation: The Panchayati Raj system was formally inaugurated by Prime Minister Jawaharlal Nehru on October 2, 1959, in Nagaur district, Rajasthan. This marked the first implementation of the three-tier democratic decentralization system in India, following the recommendations of the Balwant Rai Mehta Committee.

#1424

Which category of crops is characterized by a sowing period from October to December and a harvesting period from March to May?

(a) Kharif crops

(b) All of these

(c) Relay crops

(d) Rabi crops

Explanation: Rabi crops are planted during the winter season, from October to December, and are harvested during the summer season, from March to May. This specific planting and harvesting schedule defines Rabi crops, which rely on winter rains and cooler temperatures for optimal growth.

#1425

Which agricultural season spans from October 1st to March 31st, covering approximately 182 days?

(a) Monsoon season

(b) Kharif season

(c) Rabi season

(d) Wheat season

Explanation: The Rabi season is the winter cropping season in the Indian subcontinent. It typically begins in October, coinciding with the retreat of the monsoon, and ends in March. This period provides the necessary cool weather conditions for crops like wheat, mustard, and gram to thrive.

#1426

Which agricultural season spans from October 1st to March 31st, covering a duration of approximately 182 days?

(a) Kharif season

(b) Rabi season

(c) Wheat season

(d) Monsoon season

Explanation: The Rabi season, also known as the winter cropping season, typically begins in October and concludes in March. Crops sown during this period are harvested in the spring. This season is characterized by cooler temperatures and is essential for the cultivation of major crops like wheat, barley, mustard, and various pulses, which require these specific climatic conditions for optimal growth and development.

#1427

A company makes a final call of Rs. 50 per share due on August 31st. A shareholder holding 5,000 shares pays on October 15th. Under Table A, what is the interest on calls-in-arrears?

(a) Rs. 1,875

(b) Rs. 3,125

(c) Rs. 1,562.50

(d) Rs. 1,500

Explanation: Table A of the Companies Act typically prescribes an interest rate of 5% per annum on calls-in-arrears. The total call amount is 5,000 shares * Rs. 50 = Rs. 2,50,000. The delay is from September 1st to October 15th (1.5 months). Interest = 2,50,000 * 5% * (1.5/12) = Rs. 1,562.50. This calculation follows the standard interest application for delayed payments.

#1428

Which specific recommendations regarding corporate governance were diluted by the Narayan Murthy Committee in its October 2004 revision?

(a) (i), (ii), (iii) and (iv)

(b) (i), (ii) and (iii)

(c) (i), (ii) and (iv)

(d) (i) and (iii)

Explanation: The Narayan Murthy Committee, established by SEBI, provided significant recommendations for corporate governance in India. In the 2004 revision, the committee opted to make several previously mandatory requirements optional or diluted them to ease compliance burdens for companies. These included adjustments to director independence criteria, whistleblower policies, performance evaluation standards for non-executive directors, and the mandate for training non-executive directors.

#1429

Section 111A applies to Short Term Capital Gains (STCG) arising from the transfer of which assets on or after October 1, 2004, on a recognized stock exchange, provided Securities Transaction Tax (STT) is paid?

(a) Preference shares

(b) Zero coupon bonds

(c) Units of debt oriented mutual fund

(d) Units of business trust

Explanation: Section 111A provides a concessional tax rate for STCG on the transfer of equity shares in a company or units of an equity-oriented fund or units of a business trust, provided the transaction is subject to STT. The inclusion of units of a business trust aligns with the legislative amendments made to the Income Tax Act to encourage investment in infrastructure and real estate trusts.

#1430

Which system, introduced on a trial basis in January 2020 and mandated from October 2020 for businesses with an annual turnover exceeding Rs. 100 crore, requires the electronic reporting of invoices?

(a) e-way bill system

(b) business system

(c) e-invoicing system

(d) e-commerce system

Explanation: The e-invoicing system was introduced by the government to standardize the reporting of business-to-business (B2B) invoices. By requiring large taxpayers to upload invoice details to the Invoice Registration Portal (IRP), the government aims to reduce tax evasion and simplify the compliance process for GST reporting.

#1431

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.

#1432

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.

#1433

Who served as the Viceroy of India during the partition of the Province of Bengal in October 1905?

(a) Curzon

(b) Rippon

(c) Lytton

(d) Mayo

Explanation: Lord Curzon served as the Viceroy of India from 1899 to 1905. During his tenure, he implemented the partition of Bengal in October 1905, citing administrative efficiency as the primary reason. This decision significantly impacted the political landscape of the subcontinent, leading to widespread protests and the Swadeshi movement, eventually influencing the trajectory of the independence movement and the eventual formation of Pakistan.

#1434

How should the goal 'Complete basement remodel by October 1 to provide extra bedroom for exchange student' be classified?

(a) A problem-solving goal

(b) An innovative goal

(c) none

(d) An essential goal

Explanation: This goal is categorized as a problem-solving goal because it identifies a specific deficiency—the lack of adequate housing space for an exchange student—and proposes a concrete, time-bound project to rectify that situation. By remodeling the basement, the individual is actively resolving a logistical challenge.

#1435

In October 1971, which nation was granted a permanent seat on the United Nations Security Council?

(a) Russia

(b) America

(c) China

(d) France

Explanation: For many years, the United States and its allies blocked the People's Republic of China from holding the permanent seat on the UN Security Council, favoring the Republic of China (Taiwan). However, in October 1971, the UN General Assembly passed Resolution 2758, which recognized the representatives of the People's Republic of China as the only legitimate representatives of China to the United Nations, thereby granting them the permanent seat.

#1436

Which international convention related to weapons of mass destruction did Pakistan sign on October 28, 1997?

(a) Chemical Weapons convention

(b) Missile Technology convention

(c) Nuclear Weapons convention

(d) none of these

Explanation: Pakistan signed the Chemical Weapons Convention (CWC) in 1997, committing to the prohibition of the development, production, acquisition, stockpiling, and use of chemical weapons. This treaty is monitored by the Organisation for the Prohibition of Chemical Weapons (OPCW). By signing, Pakistan aligned itself with the global consensus against the use of toxic chemicals as weapons of war.

#1437

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.

#1438

Which military operation was launched by the United States and the Northern Alliance on October 7, 2001, marking the beginning of the war in Afghanistan?

(a) Operation New Dawn

(b) Operation Panther’s Claw

(c) Operation Enduring Freedom

(d) Operation Strike of sword

Explanation: Operation Enduring Freedom was the official name used by the U.S. government for the military campaign in Afghanistan that began on October 7, 2001. This operation was initiated in response to the September 11 terrorist attacks, with the primary objectives of dismantling the Al-Qaeda terrorist organization and removing the Taliban regime from power in Afghanistan due to its support for Al-Qaeda.

#1439

By late October 1947, what were the outcomes of the tribal-led rebellion in Kashmir following the unrest of August and September?

(a) all of these

(b) capturing several towns

(c) advancing within four miles of the capital, Srinagar

(d) massacring large number of civilians

Explanation: The rebellion in Kashmir, fueled by local unrest and supported by tribal forces from the North-West Frontier Province, escalated rapidly. By late October 1947, these forces had captured various towns and advanced significantly toward Srinagar, the capital, causing widespread instability and civilian casualties, which ultimately prompted the Maharaja to seek military assistance from India.

#1440

What is the term for the first six-monthly crop inspection conducted in the month of October?

(a) Kharif Girdawri

(b) Both B and C

(c) Rabbi Girdawri

(d) Zaid Girdawri

Explanation: In the agricultural revenue system of Pakistan, Girdawari refers to the inspection of crops. The Kharif crop is sown in summer and harvested in autumn, with the inspection typically occurring in October. Conversely, the Rabi crop is inspected later in the spring. Therefore, the October inspection is specifically identified as the Kharif Girdawari.

October 2024 Current Affairs MCQs & Solutions