Question : Which of the following describes the issue with the development of human capital? A: One of India's biggest issues with human capital production is the country's growing population. B: One of India's biggest issues with human capital building is brain drain. C: One of India's biggest issues with human capital building is its low academic standards.
Option 1: Only option a is correct
Option 2: Only option b is correct
Option 3: B and C are correct.
Option 4: All of the above are correct.
Correct Answer: All of the above are correct.
Solution : India has a variety of issues with the development of human capital. These are listed below: i. Growing Population: The growing population puts strain on the finite resources that are available. In other words, it decreases the number of amenities like housing, sanitization, education, power supply, etc. that are available per person. ii. Brain Drain: People migrate from one place to another in search of better job opportunities and handsome salaries. This puts a serious threat to the process of human capital formation. iii. Low Academic Standards: In order to spread education, various educational institutions are opening up regardless of the deficiency in their standards. iv: Improper Man Power Planning: India lacks proper man power planning. No major efforts have been taken to maintain the demand-supply balance of the rising labor force Hence option d is the correct answer.
Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018. Choose an appropriate journal entry to be passed for deficiency.
Option 1: Maanika's capital a/c Dr 1,50,000 Bhari's capital a/c Dr 50,000 To Komal's capital a/c 2,00,000
Option 2: Maanika's capital a/c Dr 2,00,000 To Komal's capital a/c 2,00,000.
Option 3: Komal's capital a/c Dr 4,00,000 To Maanika's capital a/c 2,40,000 To Bhari's capital a/c 1,60,000
Option 4: Maanika's capital a/c Dr 2,40,000 Bhari's capital a/c Dr 1,60,000 To Komal's capital a/c 4,00,000.
Question : A, B and C are equal partners in a firm whose books are closed on 31st March every year. If General Reserve of Rs. 40,000 at the time of retirement of partner B when 25% of the balance of General Reserve is to be transferred to Investments Fluctuation Reserve. Choose the correct option.
Option 1: General Reserve A/c ...Dr. 40,000 To A's Capital A/c 10,000 To B's Capital A/c 10,000 To C's Capital A/c 10,000 To Investments Fluctuation Reserve A/c 10,000
Option 2: General Reserve A/c ...Dr. 40,000 To A's Capital A/c 20,000 To B's Capital A/c 10,000 To C's Capital A/c 10,000
Option 3: General Reserve A/c ...Dr. 40,000 To A's Capital A/c 10,000 To C's Capital A/c 10,000 To Investments Fluctuation Reserve A/c 20,000
Option 4: None of the above
Question : Which of the following are the elements of economic development? A: Physical capital B: Human capital C: Technology
Option 1: Only A correct
Option 2: Only A and B are correct
Option 3: Only B and C are correct
Option 4: All are correct
Question : Choose the incorrect journal entry. When Present Adjusted Capital (after adjustments) is more than the Proportionate Capital:
Option 1: Concerned Partner's Capital A/c ...Dr. To Cash A/c or Bank A/c
Option 2: Concerned Partner's Capital A/c ...Dr. To Concerned Partner's Current A/c
Option 3: Cash A/c or Bank A/c or Concerned Partner's Current A/c.....Dr To Concerned Partner's Capital A/c .
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