Store

Part 1 of 3

Q1. In Store bills, Advance payments can be made upto:-
भंडार बिलों में, _____ तक का अग्रिम भुगतान किया जा सकता है ।

a : 50%
b : 75%
c : 95%
d : 98%

Q2. RO Bills section deals with: -

a : Balance payment after confirming receipt of material
b : Payment of 100% bill
c : Both a and b
d : None of these

Q3. Stock verification by accounts refers to-

a : Verification of physical stock vis -a -vis book balance done by executive department
b : Verification of physical stock vis -a -vis book balance done by Accounts department Stock Verifiers
c : Verification of physical stock vis -a -vis book balance done by Stores department
d : Either a or b
e : Either b or c

Q4. During stock verification, a Stock Verifier issues a stock sheet
स्टाक सत्यापन के दौरान, स्टाक सत्यापक, एक स्टाक शीट को तब जारी करता है जब

a : When he finds shortages
वहाँ कमी हो
b : When he finds excesses
. वहाँ अधिकता हो
c : Either of the above
उपरोक्त में से कोई एक

Q5. A report by an ISA/ ASV detailing procedural irregularities in the maintenance of stock is called a

a : Narrative Report
b : Stock sheet
c : Stock Verification report
d : Stock Inspection Report

Q6. A shortage found during Stock Verification is-

a : Written off as a loss
b : Recovered from the Stockholder
c : Is passed on to the next incumbent if the current stockholder is promoted
d : None of the above

Q7. Balance Sale Value is a term in Auction that refers to-

a : Balance payment to be made after winning the bid
b : Balance payment that has to be made within 40 days of the bid
c : Both the above
d : None of these

Q8. Reverse Auction is a term used to mean-

a : Bids placed by purchaser of Railway scrap
b : Bids placed by Railway during purchase in IREPS
c : Bids of Railway suppliers during purchase of materials in IREPS
d : None of these

Q9. E-auction happens when Railway sells scrap; Reverse Auction happens-

a : When Railway counters purchaser’s bid
b : When Suppliers bid to become L1
c : When Railway counters suppliers bids
d : None of these

Q10. When does Railways use a 2 packet system for purchases?

a : When the purchase value is more than 50 lakhs
b : When the item is being purchased for the first time
c : When there is a global tender
d : None of the above

Q11. A two packet system of purchase ensures that-

a : The tender committee is not influenced only by the price bid
b : The technical qualifications of the tenderers is the primary criteria for selection of tenders
c : Both of the above
d : None of the above

Q12. A two packet system of tendering means-

a : There are two stages of evaluation , technical and financial
b : The tenderer submits only technical bid at first
c : The technical bid is evaluated first
d : a and b
e : a and c

Q13. When material enters Stock, the accounting entry is-

a : Stock Debit,Cheques and Bills Credit
b : Stock Debit, Bank Credit
c : Cheques and Bills Debit, Stock Credit
d : Stock Debit, Purchase Suspense Credit

Q14. PH 71 contains-

a : Only Stock Suspense
b : Only Purchase Grant
c : WMS
d : All Stock, including Suspenses

Q15. PH 72 contains -

a : Stock Suspense
b : WGR
c : WMS
d : None of the above

Q16. Purchase of HSD oil (Basic Price) is provided for under

a : Demand 10
b : PH 71
c : Both
d : Neither

Q17. When fuel bills are passed, the Basic price and Tax are charged to

a : Fuel Suspense (PH 71) and Demand 10 respectively
b : Demand 10 and Fuel Suspense respectively
c : To Fuel Suspense only
d : To Demand 10 only

Q18. In Fuel Accounting, a zonal Railway receives-

a : Debits for its locos fuelled in other Railways
b : Credits for miles earned by its locos
c : Both
d : Neither a or b

Q19. Debit balance in Purchase Suspense indicates-

a : Material received but bills not paid
b : Bills paid but material not received
c : Either a or b
d : Neither a or b

Q20. Credit balance in purchase Suspense indicates

a : Material received but bills not paid
b : Bills paid but material not received
c : Either a or b
d : Neither a or b

Q21. Sales Suspense is credited when-

a : Purchaser deposits money
b : When scrap material is delivered to supplier
c : When material is scrapped
d : Both a and b

Q22. Stores budget is a ‘derived’ budget because-

a : Stores department does not have its own budget
b : Stores department budgets for all other departments
c : All revenue and workshop stock items requirements are compiled in Stores budget
d : All of the above

Q23. In Stores budget, ‘ Issues to Revenue ‘ is linked with-

a : PU 27 of Demand 10
b : PU 27 of all demands
c : PU 27 of Demands 5,6,and 7

Q24. In WMS Budget, ‘Issues to Stores’ means-

a : Material manufactured by workshop to be stocked in depot
b : Material returned by shop floor as it is excess
c : Material got from other depots in cases of shortage

Q25. For purchases made through GeM, billing is done-

a : On GeM portal itself
b : On GeM portal and linked to IPAS
c : On IPAS which gets receipt details from IREPS

Q26. Force Majeure Clause, in certain ‘Acts of God’ situations, allows parties to-

a : Defer performance of their contractual obligations
b : End the contract without financial repercussions on either side
c : Both
d : Neither

Q27. To deal with Suspenses in Stores, which software would you go to?

a : IMMS
b : IPAS
c : E-Recon
d : IREPS

Q28. Stores Tendering is done on-

a : IREPS
b : IMMS
c : Both the above
d : IPAS

Q29. EMD exemption is given to the following categories of tenderers: -

a : MSMEs registered with DIC
b : MSMEs registered with NSIC
c : RDSO approved firms
d : All of the above
e : A and b

Q30. Make in India Policy stipulates that complete purchase shall be made only from local firms-

a : If tender value is less than 50 lakhs
b : If tender value is more than 50 lakhs
c : If tender value is less than 25 lakhs
d : If tender value is more than 25 lakhs

Q31. Purchase preference available to tenderers with Make in India certification is-

a : 25%
b : 28%
c : 45%
d : 50%

Q32. If a tenderer who is L2 has Make in India certification,-

a : He is awarded 50% quantity if he matches the price of L1.
b : He is awarded 50% quantity at his own rate
c : He is awarded 100% quantity if he matches the price of L1
d : He is awarded 100% quantity at his own rate

Q33. Purchase preference to tenderers who have MSME certification is-

a : 20%
b : 25%
c : 30%
d : 50%

Q34. Maximum amount of EMD to be taken from a tenderer irrespective of value of tender is-
निविदा मुल्य जितना भी हो, उसका ध्यान न किए बिना, बयाना राशि (ईएमडी) की अधिकतम राशि _________ है।

a : Rs. 10 lakhs
10 लाख रुपए
b : Rs. 30 lakhs
30 लाख रुपए
c : Rs. 35 lakhs
35 लाख रुपए
d : Rs. 50 lakhs
50 लाख रुपए

Q35. Security Deposit is to be deposited in which of the following forms?

a : Cheque
b : Demand Draft
c : Deducted from his first bill
d : a and b
e : b and c

Q36. Performance Bank Guarantee can be returned to the supplier-

a : On passing the final bill
b : On certification of satisfactory work completion by the consignee
c : Neither
d : Either

Q37. Option Clause in Stores contracts enables Railway to place an order of 30% above or below the PO quantity-

a : Railway can enforce this quantity
b : Supplier can request this additional quantity
c : Railway has to take supplier’s consent
d : A separate negotiation has to be done for this quantity

Q38. Option Clause in Stores contracts enables Railway to place an order of ---% above or below the PO quantity-

a : 25%
b : 30%
c : 35%
d : 40%

Q39. Direct Acceptance of tenders means

a : Stores Officer can place order on the firm without tender
b : Stores Officer can place order on the firm without Tender Committee
c : Stores Officer can place order on the firm on quotation basis
d : Stores Officer can place order on the firm with finance concurrence

Q40. Option Clause is applicable on Stores tenders of value-

a : More than 50 lakhs
b : Less than 50 lakhs
c : More than 75 lakhs
d : Less than 25 lakhs

Q41. Reverse Auction is compulsory in tenders of value-

a : More than 50 lakhs
b : Less than 50 lakhs
c : More than 25 lakhs
d : Less than 25 lakhs

Q42. Stores tenders are governed by-

a : IRS Conditions of Contract
b : GCC
c : Both
d : Neither

Q43. During Advance Payment of Stores bills, which head will be debited?

a : Purchase Suspense
b : Stock
c : Cheques and Bills
d : SIT(DT)

Q44. ‘Stock’ will be debited-

a : On passing of Advance bill
b : On passing of RO bill
c : After preparation of RO
d : On receipt of a debit from other zones

Q45. Stores Monthly Summary covers-

a : All material received in the depots
b : Material Issued on Sale basis
c : Material transferred between depots
d : All of the above

Q46. The difference between Sale Value and Book value of a scrap item will be booked to-

a : Stock Adjustment Account
b : Sundry Earning
c : Remittance into Bank
d : Sales Suspense

Q47. Turnover Ratio in Stores is calculated as-

a : Total Issues /Closing Balance*100
b : Closing Balance/Total Issues*100
c : Closing Balance /Total Receipt*100
d : Total Receipt /Closing Balance*100

Q48. Deduct Entry in Stores Budget refers to-

a : Deducting ‘Issues to Workshop’ from Stores Budget
b : Deducting ‘Receipts from Workshop’ from Stores Budget
c : Deducting ‘Issues to Workshop’ from Workshop Budget
d : Deducting ‘Receipts from Workshop’ from Workshop Budget

Q49. Deduct Entry in Stores Budget is operated-

a : To prevent double budgeting in Demand 16
b : Because both Workshop and Stores Suspenses are part of Capital Suspense
c : Neither a or b
d : Both a and b

Q50. Vetting of which category items has been discontinued in model SOP 2018-

a : A&B
b : B&C
c : None of the above

All question carefully copy paste from IRIFM - A Thousand and one question but if any mistake found please write on comment box. Also any suggestions write down in comment section. 

IRIFM- Thousand and one question