| Question No. 1
|
One of the following is not the purpose of accounting |
Option A
To calculate liablity |
Option B
To ascertain profit or loss |
Option C
To show good profits |
Option D
To Keep the record of business transactions
|
| Question No. 2
|
The policy of anticipate no profits and provide for all possible losses arises due to |
Option A
Consistency concept |
Option B
Conservatism Concept |
Option C
Disclosure Concept |
Option D
Time Period Concept
|
| Question No. 3
|
Accural basis of accouning is based on |
Option A
Consistency Concept |
Option B
Matching Concept |
Option C
Disclosure Concept |
Option D
Time Period Concept
|
| Question No. 4
|
Which one of the following is correct |
Option A
Net Worth = Capital + Assets |
Option B
Net Worth = Capital - Assets |
Option C
Net Worth = Assets - Liability |
Option D
Net Worth = Capital + Libility
|
| Question No. 5
|
Journal is the |
Option A
Book of original entry |
Option B
Final statement |
Option C
Permanent Record |
Option D
Incomplete Record
|
| Question No. 6
|
Double Entry means |
Option A
Same Aspect is entered twice |
Option B
Entry is made in two sided of books |
Option C
Both the aspects of the transaction are recorded |
Option D
Two Persons record the transaction
|
| Question No. 7
|
All the ledger accounts tabulated in summary form is known as |
Option A
Ledger Summary |
Option B
Trial Balance |
Option C
Reconciliation Statement |
Option D
Balance Sheet
|
| Question No. 8
|
The comparison of one accounting period with tht in the past is possible only when the _________ concept is followed |
Option A
Consistency Concept |
Option B
Cost Concept |
Option C
Time period Conept |
Option D
Going Concern Concept
|
| Question No. 9
|
Which of the following is not a captial expenditure for a business man selling garments |
Option A
Purchase of land to construct the shop |
Option B
Purchase of old computer for use in the office |
Option C
Repair of a recently purchased second hand car before using it |
Option D
None of the above
|
| Question No. 10
|
On which of the following assets depereciation is not provided |
Option A
Land |
Option B
Building |
Option C
Plant |
Option D
Furniture
|
| Question No. 11
|
Purchase of plant for cash |
Option A
Decreases total assets |
Option B
Increases total assets |
Option C
Keeps the total assets unchanged |
Option D
None of the above
|
| Question No. 12
|
The method used to find out what profit a petty trader has made is |
Option A
The straight line method |
Option B
The reducing balance method |
Option C
The control accounts method |
Option D
The increased net worth method
|
| Question No. 13
|
One of the following is not a correct statement |
Option A
Debit the reciever |
Option B
Credit what comes in |
Option C
Credit the giver |
Option D
Debit all assets
|
| Question No. 14
|
According to Generally Accepted Accounting Principles |
Option A
Adequate cash must be kept |
Option B
Losses should be provided fpr |
Option C
Profits can be anticipated and accounting for |
Option D
Undertake only those activities which result in profits
|
| Question No. 15
|
which of the following is a revenue expenditure |
Option A
Land purchased |
Option B
Salary paid |
Option C
Building Pruchased |
Option D
Goodwill Purchased
|
| Question No. 16
|
Payment received from the debtor |
Option A
Decreases the total assets |
Option B
Increases the total assets |
Option C
Increases the total liabilities |
Option D
Result in no change
|
| Question No. 17
|
Find the total sale if Debtor ( Opening ) = Rs 500 , Debtor ( Closing ) = Rs. 1000 , Receipts from the debtors = Rs. 200 |
Option A
Rs. 500 |
Option B
Rs. 600 |
Option C
Rs. 700 |
Option D
Rs. 800
|
| Question No. 18
|
Debit note is used to record the details of |
Option A
All credit purchases |
Option B
All Credit sales |
Option C
Goods returned by the firm |
Option D
Goods returned to the firm
|
| Question No. 19
|
Current Ratio is used to measure |
Option A
Profit of the organisation |
Option B
Liquidity position of the organisation |
Option C
Overall functioning of the organisation |
Option D
None of the above
|
| Question No. 20
|
Which of the following is true about stock turnover ratio |
Option A
It helps to know the closing Stock |
Option B
It helps to know the speed at which stock is sold |
Option C
It helps to know how quickly do we get payment from the debtors |
Option D
It helps to know the level of stock the firm should keep
|
| Question No. 21
|
Trade discount is given to |
Option A
All customers |
Option B
Relatives only |
Option C
Regular buyers |
Option D
Bulk buyers
|
| Question No. 22
|
Source document are generated |
Option A
Only in our organisation |
Option B
by outside agency |
Option C
Both a and b |
Option D
None of the above
|
| Question No. 23
|
The events that effect any organization are a result of its interaction with its environment , which includes |
Option A
Economic , social entities |
Option B
Econimic, social and politiacal entities |
Option C
Economic social political and regulatory entities |
Option D
Regularoty entities
|
| Question No. 24
|
GAAP stans for |
Option A
Govenrment accepted accounting principles |
Option B
Generally accepted accounting Principles |
Option C
Generally accepted accounting policies |
Option D
None of these
|