Explore topic-wise InterviewSolutions in Current Affairs.

Correct option is 

1 (c) Shown on Liability side of the Balance Sheet ₹1,50,000

2 (d) Credited to Partners Capital A/c ₹40,000

3 (d) Credited to Partners Capital A/c ₹1,20,000

4 (a) Debited to Revaluation A/c ₹10,000

c. A is correct but R is wrong 

Correct option is c. A is correct but R is wrong

Correct option is c. A is correct but R is wrong

c. A is correct but R is wrong 

Correct option is c. A is correct but R is wrong

It is an important item in the cash flow statement related to sales and purchase of long-term fixed assets like land and building, plant and machinery, furniture etc.

Science not Rule of Thumb: According to this principle, there should be scientific study and analysis of each element of a job, in order to replace the old rule of thumb approach or hit and trial method. Taylor believed that there was only one best method to maximize efficiency. This method can be developed through study and analysis.

Harmony, Not Discord: According to this principle, there should be complete harmony and proper understanding between management and workers and they should work together for organizational goals. To get such harmonious relations, Taylor stressed on ‘Mental Revolution’, i.e. complete change in their mental outlook.

Science not rule of thumb: 

Taylor pioneered the introduction of the method of scientific inquiry into the domain of scientific inquiry into the domain of management practice. We have already referred to the limitations of the rule of thumb approach of management. As different managers would follow their indigenous rules of thumb. It is but a statement of the obvious that all would not be equally effective. Taylor believed that there was only one best method to maximise efficiency. This method can be developed through study and analysis. The method so developed through study and analysis. The method so developed should substitute ‘Rule of Thumb’ throughout the organisation. Scientific method involved investigation of traditional methods through work-study, unifying the best practices and developing a standard method.

Harmony, not discord: 

Factory system of production implied that managers served as a link between the owners and the workers. Since as managers they had the mandate to ‘get work done’ from the workers. Taylor recognised that this conflict helped none, the workers, the managers or the factory owners. He emphasised that there should be complete harmony between the management and workers. Both should realise that each one is important. To achieve this state, Taylor called for a complete Mental Revolution on part of both management and workers. It means that management and workers should transform their thinking. Management should share the gains of the company with the workers. At the same time workers should work hard and be willing to embrace change for the good of the company.

Development of each and every person to his or her greatest efficiency and prosperity:

As such, scientific management also stood for worker development. Worker training was essential also to learn the ‘best method’ developed as a consequence of the scientific approach. Taylor was of the view that the concern for efficiency could be built in right from the process of employee selection. Each person should be scientifically selected. Then work assigned should suit her/his physical, mental and intellectual capabilities. To increase efficiency, they should be given required training. Efficient employees would produce more and earn more. This will ensure their greatest efficiency and prosperity for both company and workers.

There are specific situations in a firm where consequence like an omission of an entry, a mistake in accounting, change in profit sharing ratio (PSR) with retrospective effect, etc., Few adjustments examples are:

• When there is a single error: Under this scenario, an adjustment table is prepared and an adjusting journal entry is outlined to correct the error
• When there are multiple errors: In this scenario, the enterprise outlines the Profit and Loss Appropriation account, which is a part of the final account, in working notes along with the specific table. Subsequently, necessary changes will be made in the journal entry

Occasionally, a few exclusions or errors in the preparation of statements are initiated after the final a/c have been outlined and the profits allocated among the partners. The exclusion may be in respect of interest on drawings, interest on capital, partner’s salary, interest on partners’ loan, outstanding expenses or partner’s commission. There may be some differences in the provisions of partnership deed or structure of accounting possessing influence with retrospective effect. All these acts of exclusion and commission require adjustments for rectification of their influence. Instead of modifying the old account, required adjustments can be made either:

• Through ‘Profit and Loss  Appropriate A/c’
• Directly in the Capital A/c of the particular partners

1. In a Static RAM, each bit that stores data is made up of four or six transistors that make up a flip-flop.

2. In a dynamic RAM, uses separate capacitors to store each bit. Capacitors when not charged represent the value 0 of a bit and when charged represent the value 1.

6I^- + ClO₃^- + 6H₂SO₄ = Cl^- + 3I₂ + 6HSO₄^- + 3H₂O

• In the ion-electron method (also called the half-reaction method), the redox equation is separated into two half-equations - one for oxidation and one for reduction. 
• Each of these half-reactions is balanced separately and then combined to give the balanced redox equation.

The WTO was established to implement the final act of Uruguay Round agreement of GATT.

Gemmules are found in Sponge.

Land degradation is a process in which the value of the biophysical environment is affected by a combination of human-induced processes acting upon the land. It is viewed as any change or disturbance to the land perceived to be deleterious or undesirable.

Mineral processing like grinding of limestone for cement industry generates heavy amount of dust which is released in the atmosphere. Later, it settles down in the surrounding areas which retards the process of infiltration of water into the soil. This is how land gets degraded due to Cement industries.

(a) Colour variation can take place due to environment as well.

Asexual reproduction takes place through budding in 

(b) Yeast 

1. D) Ask eligible candidates to apply to fill the vacancy.

2. D) Should be proficient in English and teaching skills.

3. B) Vacancy at CBSE School.

4. A) Academically proficient with excellent teaching skills.

5. A) Salary negotiable.

1. b. For sale

2. d. 1,2,3,4 and 5

3. b. Available for sale

4. c. No, it can be negotiable

5. d. less space and more economical

Finance Commission determines The resources transfer to the states.

(c) Pollination, fertilisation, embryo, seedling 

1. c. For sale 

2. d. All of these

3. c. Available for sale 

4. b. No, it is not required 

5. b. Brief and to the point 

All the three sectors, primary, secondary and tertiary, are interdependent to each other in the following ways. 

• Primary sector makes possible the extraction of natural resource like iron. This iron is then taken to the secondary sector for manufacturing through the transportation system like trucks. The extraction process is supported by the financing and information technological institutions. 
• It is through the secondary sector that the natural resource iron is changed into other forms through the process of manufacturing. Manufacturing again need the support of the service sector in the form of engineers, electricians, etc. Iron is changed into iron sheets and then into vehicles for transportation. 
• Once manufactured, the vehicles are sold through various trading agencies. These vehicles are used for providing services in the tertiary sector and at the same time support the primary and the secondary sectors to carry out their processes.

The following are the features of the unorganized sector. 

• Working hours are more and harsh. 
• No job security is there. 
• No employment benefits are given. 
• Employees work in poor working conditions.

Disguised employment means that more number of people employed in an economic activity than required. If these extra people are removed, there will be no effect on the production. They seem to be employed but actually they are not. The workforce is not being used to its potential. They divide the work but do not increase production.

They do not help in increasing the productivity as their efforts are not economic. For example, in the rural areas, the entire family is engaged in the production of crops on the same piece of land. If there are ten people in the family, three people can manage the production. If the extra seven people ard removed the productivity will be the same. They seem to be making no contribution. Hence, it is truly stated that disguised or hidden employment does not help in productivity of a country

Solution :

Given :

Two years ago the son celebrated his tenth birthday ∴ Present age of the son = (10 + 2) years = 12 years

Calculations :

Let the present age of Father , Son and Daughter be F , S and D respectively.

Also the ratio of age of son to father six year from now is 3 : 7

Six year from now the ages of father and son be (F+6) and (S+6) respectively.

⇒ (S+6)/(F+6) = 3/7      ----(1)

⇒ Putting S = 12,  in equation (1),

⇒ (12 + 6)/(F+6) = 3/7

⇒ 3 F + 18 = 126

⇒ F = 36 years

It is given that, the sum of present ages of son and daughter is 14 years less than the father’s age.

⇒ S + D = F – 14      ----(2)

Putting S = 12 and F = 36 in equation (2),

⇒ 12 + D = 36 – 14

⇒ D = 36 – 14 – 12

⇒ D = 10 years

Hence the present age of daughter is 10 years.

Ever since the service sector got liberalized in the year 1991, it has seen constant growth. The following are the reasons responsible for the growth of service sector in the Indian economy. 

• Increase in the income of people: Since the income level of the people has been increasing ever since, with increasing affluence there is increase in the demands of the services like maids, cooks, servants and gardeners. (h) Increase in population: With an increase in number of people in the country, the demand for service sector has increased. Demands for service like schools, health department and nursing homes have increased. 
• Increase in numbers of working women: With the passage of time there has been a massive increase in the number of working women in India. This has led to increase in demands in the service sector like household help, babysitters and cooks.

The employment generation part of service sector is not growing in importance. The service sector in india employs different kinds of people. At one end, there are a limited number of services that employ highly skilled and educated workers.

At the other end, there are a very large number of workers engaged in services such as small shopkeepers, repair persons cattle, owners transport drivers and electricians. These people barely manage to earn there living and yet they perform these services because no alternative opportunity for work are available for them.

Given:

C’s age – A’s age = 8 years

A’s age + C’s age = 40 years, when B’s age = 0 years

∴ C’s age = 48/2 = 24 years, when B’s age = 0 years

Given:

Maryam’s age – Nisha’s age, 4 years ago = 11 years

Ratio of Maryam’s age, 5 years hence and Nisha’s age 2 years ago = 2 ∶ 1

Calculation:

Let, present age of Maryam and Nisha be x and y respectively

x – (y – 4) = 11

⇒ x – y = 7     ----- (1)

5 years hence, Maryam’s age = x + 5 and 2 years ago, Nisha’s age = y – 2

(x + 5) = 2 (y – 2)

⇒ (x + 5) = 2y – 4

⇒ 2y – x = 9     ---- (2)

On equating, eqn. (1) and (2)

⇒ y = 16

⇒ x = 23

Present ages of Maryam and Nisha are 23 years and 16 years respectively

Therefore, sum of their present ages = 23 + 16 = 39 years

∴ Sum of their present ages is 39 years

Over the forty years, between 1970 and 71, and 2010 and 11, while production in all the three sectors has increased, it has increased the most in the tertiary sector. The following factors are making the tertiary sector important in India. 

• Basic services: In any country, several services such as hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defence, transport, banks and insurance companies, are required. These can be considered as basic services. In a developing country, the government has to take responsibility for the provision of these services. 
• Development of primary and secondary sector: The development of agriculture and industry leads to the development of services such as transport, trade and storage. The greater the development of the primary and secondary sectors, the more would be the demand for such services. 
• Rise in income levels: As income levels rise, certain sections of people start demanding many more services like eating out, tourism, shopping, private hospitals, private schools and professional training centres. We can see this change quite sharply in cities, especially in big cities. 
• Rise in information technology: Over the past decade or so, certain new services, such as those based on information and communication technology have become important and essential. The production of these services has been rising rapidly. 
• Globalization: Due to globalization, people have become aware of new services and activities, and communication because of which the tertiary sector has gained importance

Urban unemployment is characterised by the existence of both open unemployment, which in turn is an offshoot of rural unemployment itself, and the educated unemployment. Main causes of urban unemployment are insufficient economic development, defective system of education and slow growth of industrialisation. 

Urban unemployment can be increased in the following ways. 

• Reform of the educational system to make it vocational at the school stage. 
• Concrete action will have to be taken to promote decentralisation and dispersal of industrial activity.  Promotion of small-scale industries and encouragement to self-employment by banks. 
• Develop techniques of production that can be taken up with low capital intensity. 
• Provision of infrastructure like railways, roads, hospitals and schools which will not only create employment opportunities but also contribute to development.

Given:

Ratio of present ages of Amrit and Abhi = 4 ∶ 5

Amrit – Kunal = 5 years

Kunal’s age, 3 years ago = 12 years

Concept used:

To convert any ratio to an exact value, we should have to multiply any constant value

The present age of Kunal = 15 years (12 +3)

∴ Age of Amrit = 15 + 5 = 20

Now, let present ages of Amrit and Abhi be 4x and 5x respectively

∴ 4x = 20

∴ x = 5

Present age of Abhi = 5 × 5 = 25

• Creation of infrastructure: Public sector promotes the economic development since it brings about creation and expansion of infrastructure and the infrastructure plays an important role in economic development. 
• Generates financial resources: Public Sector provides for various employment opportunities since major part of public sector depends on manpower and higher employment opportunities implies higher generation of financial resources for economic development. 
• Contributes to HDI: Public sector majorly contributes to the Human Development Index since health and education industries come under the purview of public sector. 
• Availability of goods: Public sector helps in availability of goods at moderate rates, which helps in maintaining financial security and thus helps in economic development. 
• Provides encouragement: It provides encouragement to small, medium and cottage production units. It also strives for the creation of welfare state

• Creation of infrastructure: Public sector promotes the economic development since it brings about creation and expansion of infrastructure and the infrastructure plays an important role in economic development. 
• Generates financial resources: Public Sector provides for various employment opportunities since major part of public sector depends on fhanpower and higher employment opportunities implies higher generation of financial resources for economic development. 
• Contributes to HDI: Public sector majorly contributes to the Human Development Index since health and education industries come under the purview of public sector. 
• Availability of goods: Public sector helps in availability of goods at moderate rates, which helps in maintaining financial security and thus helps in economic development. 
• Provides encouragement: It provides encouragement to small, medium and cottage production units. It also strives for the creation of welfare state.

1)management resources - the proper management is vital for the efficient and sustainable use of resources. 

2) the proper management of resources successfully link the human and resources resulting in it's judicious use.

3)Awareness - the awareness plays an important role in planning, management and use of resources.

The agricultural sector (Primary) is the largest employer in India. Nearly 51% of the population is engaged in this section in one way or the other. However, its share in the national GDP is very less because of the following reasons. 

The average size of the land holdings is very low which results in low productivity per holder. 

Less use of modern technology and knowhow among the farmers to increase crop productivity. 

The systems of providing financing and marketing facilities have been insufficient since independence. The farmers are not able to get benefits fr6m the loan facilities and access to large markets. 

Absence of alternate income generating activities in rural areas give rise to disguised unemployment where efficient labour force is not used to its optimum.

“The Bitter cry of outcast London” written by Andrew Means.

a. Due to the higher tax levied the price of Indian textiles exported to Britain increased. So the Indian textiles lost the British market. 

b. The British officers forced the weavers to work at meagre wages and to exchange the products to them at cheaper rate. Weavers gave, up their work due too the exploitation and fortune of the British officers. So they searched for other jobs.

Changes in the kind of work available to women in London between the nineteenth and the twentieth century were primarily based on industrial and technological advancements. Consequently, women had to work in households for a living, and this led to an increase in the number of domestic servants. Some women also began to earn by lodging out rooms, tailoring, washing or making matchboxes. With the coming of the First World War though, women once again joined the industrial sector.

After establishing political power, the East India Company successfully procured regular supplies of cotton and silk textiles from Indian weavers via a series of actions. These actions were aimed at eliminating competition from other colonial powers, controlling costs and ensuring regular supplies of cotton and silk goods for Britain.
Firstly, it appointed gomasthas or paid servants to supervise weavers, collect supplies and examine textile quality.
Secondly, it disallowed Company weavers from dealing with other buyers. This was ascertained by a system of giving advances to the weavers for procuring raw materials. Those who took these loans could not sell their cloth to anyone but the gomasthas.