Which of the following statements are true? 1. When the amount deposited by the customer exceeds his withdrawal, it indicates an overdraft. 2. At the end of each year, the bank prepares the Bank Reconciliation Statement. 3. A Bank Reconciliation Statement is prepared with the help of the Passbook and Cash Column of the Cashbook. 4. Passbook always shows a credit balance. Code:
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 52
Favourable balance of Cashbook means
उत्तर देखें
सही उत्तर: (A) Debit balance as per Cashbook
1 अंक · 2023 · सेट A
प्रश्न 53
While preparing a Bank Reconciliation Statement, the balance as per Passbook will have to be _____ or the balance as per Cashbook _____ by the amount of direct payment by customers into the trader’s A/c with the banker.
उत्तर देखें
सही उत्तर: (C) Decreased, increased
1 अंक · 2023 · सेट A
प्रश्न 54
For charging depreciation on which of the following assets is the depletion method adopted?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 55
Which of the following statements is true?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 56
If the due date is a public holiday, what will be the due date of the bill?
उत्तर देखें
सही उत्तर: (B) Preceding day
1 अंक · 2023 · सेट A
प्रश्न 57
On dishonour of a discounted bill, which account is credited by the drawer?
उत्तर देखें
सही उत्तर: (B) Bank A/c
1 अंक · 2023 · सेट A
प्रश्न 58
Under what circumstance are the drawer and payee of a Bill of Exchange the same person?
उत्तर देखें
सही उत्तर: (A) When the drawer retains the bill till maturity
1 अंक · 2023 · सेट A
प्रश्न 59
Consignment stock will be recorded in the Balance Sheet of the consignor on the assets side at
उत्तर देखें
सही उत्तर: (B) Invoice price less stock reserve
1 अंक · 2023 · सेट A
प्रश्न 60
Abdul and Binny enter into a joint venture for purchase and sale of Smart Board. Abdul purchased Smart Board costing ₹10,00,000; repairing expenses were ₹1,00,000 and printing expenses were ₹1,00,000. Binny sold it at a 20% margin on selling price. The sales value will be
उत्तर देखें
सही उत्तर: (B) ₹15,00,000
1 अंक · 2023 · सेट A
प्रश्न 61
Which of the following statements is true?
उत्तर देखें
सही उत्तर: (B) When a separate set of books is maintained, expenses paid by a venturer will be credited to the Venturer’s Capital A/c.
1 अंक · 2023 · सेट A
प्रश्न 62
“Legal expenses incurred to defend a suit for breach of contract to supply goods” is
उत्तर देखें
सही उत्तर: (B) Revenue Expenditure
1 अंक · 2023 · सेट A
प्रश्न 63
Business paid Mr. Anuj a cheque of ₹80,000 as salary on 25th June, 2023. Mr. Anuj went to the bank to deposit the cheque in his account on 3rd July, 2023. What entry is to be passed in the Balance Sheet on the date of Final A/c?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 64
Insurance premium paid by a firm on 1st December, 2021 for the year up to 30th November, 2022 was ₹18,000, and the premium paid on 1st December, 2022 for the year up to 30th November, 2023 was ₹30,000. What amount will be debited to Profit & Loss A/c for the year ended 31st March, 2023?
उत्तर देखें
सही उत्तर: (C) ₹22,000
1 अंक · 2023 · सेट A
प्रश्न 65
“The accountant of a firm desires that adjustments for outstanding expenses and prepaid expenses should not be made while preparing financial statements.” In the above statement, which accounting concept will be violated?
उत्तर देखें
सही उत्तर: (A) Accrual concept
1 अंक · 2023 · सेट A
प्रश्न 66
Control is the fourth sub-system of the Accounting Information System because it
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 67
Match List I with List II: List I: a. Executive Support Systems (ESS); b. Management Information Systems (MIS); c. Decision Support Systems (DSS); d. Transaction Processing Systems (TPS). List II: 1. Information systems at management level serving planning, controlling and decision-making by providing routine summary and exception reports; 2. Helps make decisions at the strategic level through advanced graphics and communications; 3. Computerized systems that perform and record daily routine transactions necessary to conduct business; 4. Information systems at the organization’s management level that combine data and analytical reports to support decisions. Select the correct answer using the codes given below.
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 68
Developing software according to the needs and specifications of users is called
उत्तर देखें
सही उत्तर: (D) More than one of the above
1 अंक · 2023 · सेट A
प्रश्न 69
When shares are forfeited, the Share Capital A/c is debited by
उत्तर देखें
सही उत्तर: (B) Called-up amount
1 अंक · 2023 · सेट A
प्रश्न 70
Which of the following statements is/are false? 1. The Receipts and Payments A/c records receipts and payments of revenue nature only. 2. Only revenue items are disclosed in the Income and Expenditure A/c. 3. Subscriptions received in advance in the current year are treated as assets of the not-for-profit organization. Code:
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 71
Donation received for a specific purpose
उत्तर देखें
सही उत्तर: (A) Should be credited to a separate account and shown on the liabilities side of the Balance Sheet
1 अंक · 2023 · सेट A
प्रश्न 72
Which one of the following is a Not-for-Profit Organization?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 73
A company sold 20% of the goods on a cash basis and the balance on a credit basis. Debtors are allowed 1½ months’ credit and their balances on 31st March, 2023 are ₹1,25,000. Assume sales are uniform throughout the year. Credit sales would be
उत्तर देखें
सही उत्तर: (B) ₹10,00,000
1 अंक · 2023 · सेट A
प्रश्न 74
The amount of closing stock would be, when Sales = ₹6,00,000; Opening Stock = ₹50,000; Purchases = ₹5,00,000; Productive Wages = ₹10,000; Carriage Inwards = ₹7,000; Rate of Gross Profit on cost = 20%.
उत्तर देखें
सही उत्तर: (B) ₹67,000
1 अंक · 2023 · सेट A
प्रश्न 75
Adesh and Bhadresh are partners sharing profits and losses in the ratio 3:2. Chandresh is admitted for a 20% share in profits, half of which is gifted by Adesh and the remaining half is acquired by Chandresh from Adesh and Bhadresh in equal proportion. What will be the new profit-sharing ratio?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 76
Mathur started a business by investing ₹6,76,000 as capital. After 4 months, Goyal joined the business by investing capital of ₹5,07,000. A total of ₹2,60,000, including 25% of the total profit, was given to Goyal for conducting business at the end of the year. How much profit will Mathur get?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 77
Mannu and Bhanu are partners. Bhanu wants to admit his son Channu into the business. Can Channu become a partner of the firm?
उत्तर देखें
सही उत्तर: (A) Yes
1 अंक · 2023 · सेट A
प्रश्न 78
L, S and D are partners sharing profits in the ratio 2/5, 3/7 and 3/10. If S retires from the firm, what will be the gain ratio of L?
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 79
Arjun, Bansi and Chelsi are partners in a firm. Chelsi died on June 30, 2023. Sales for 2022–23 were ₹30,00,000 and profits were ₹6,00,000. Sales from April 1, 2023 to June 30, 2023 were ₹7,50,000. What would be the deceased partner’s share in the current year’s profits?
उत्तर देखें
सही उत्तर: (A) ₹50,000
1 अंक · 2023 · सेट A
प्रश्न 80
Discount allowed on the reissue of forfeited shares cannot exceed
उत्तर देखें
सही उत्तर: (A) The amount received on the forfeited share
1 अंक · 2023 · सेट A
प्रश्न 81
Which technique(s) can be used in connection with analysis and interpretation of financial statements? 1. Funds Flow Statement 2. Net Working Capital Analysis 3. Cash Flow Statement 4. Ratio Analysis. Code:
उत्तर देखें
सही उत्तर: (D) More than one of the above
1 अंक · 2023 · सेट A
प्रश्न 82
Rate of return on equity share capital is calculated after deducting _____ and _____ from net profit before interest.
उत्तर देखें
सही उत्तर: (B) Interest, preference dividend
1 अंक · 2023 · सेट A
प्रश्न 83
Match List I with List II: List I (Useful ratio): a. Finished goods turnover ratio; b. Interest coverage ratio; c. Debt-service coverage ratio; d. Current ratio and quick ratio. List II (Symptom): 1. Liquidity crisis; 2. Inability to pay dues to financial institutions; 3. Inability to pay interest; 4. Falling demand for the product in the market. Select the correct answer using the codes given below.
उत्तर देखें
सही उत्तर: (A) a-4, b-3, c-2, d-1
1 अंक · 2023 · सेट A
प्रश्न 84
Furniture for a cloth dealer is a/an
उत्तर देखें
सही उत्तर: (B) Fixed asset
1 अंक · 2023 · सेट A
प्रश्न 85
Declared and paid dividend of ₹7,00,000 is
उत्तर देखें
सही उत्तर: (B) Cash used for financing activities: ₹7,00,000
1 अंक · 2023 · सेट A
प्रश्न 86
The basic function of financial accounting is to
उत्तर देखें
सही उत्तर: (D) More than one of the above
1 अंक · 2023 · सेट A
प्रश्न 87
Revenue from the sale of goods ordinarily is reported as part of the earnings in the period
उत्तर देखें
सही उत्तर: (A) The sale is made
1 अंक · 2023 · सेट A
प्रश्न 88
The statement containing various ledger balances on a particular date is known as
उत्तर देखें
सही उत्तर: (A) Trial Balance
1 अंक · 2023 · सेट A
प्रश्न 89
The note sent to a customer when he returns goods is known as
उत्तर देखें
सही उत्तर: (C) Credit Note
1 अंक · 2023 · सेट A
प्रश्न 90
Passbook is the statement of account of the customer maintained by the
उत्तर देखें
सही उत्तर: (A) Bank
1 अंक · 2023 · सेट A
प्रश्न 91
The statement prepared to reconcile the balance of Cashbook and Passbook is known as
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 92
For depreciation on leasehold property, the appropriate method of depreciation is
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 93
At the time of renewal of a bill, Interest A/c is debited in the books of the
उत्तर देखें
सही उत्तर: (C) Drawee
1 अंक · 2023 · सेट A
प्रश्न 94
The account maintained by a businessman with his bankers is known as
उत्तर देखें
सही उत्तर: (A) Current A/c
1 अंक · 2023 · सेट A
प्रश्न 95
Sales are equal to
उत्तर देखें
सही उत्तर: (E) None of the above
1 अंक · 2023 · सेट A
प्रश्न 96
Cash receipts from the sale of grass by a club are treated as
उत्तर देखें
सही उत्तर: (B) Revenue receipt
1 अंक · 2023 · सेट A
प्रश्न 97
In the case of the net-worth method of single entry, net profit is ascertained by
उत्तर देखें
सही उत्तर: (B) Comparing capital between the opening and closing period
1 अंक · 2023 · सेट A
प्रश्न 98
If the rate of Gross Profit is 25% on Cost of Goods Sold, it is _____ on sales.
उत्तर देखें
सही उत्तर: (A) 20%
1 अंक · 2023 · सेट A
प्रश्न 99
When the new partner brings his share of goodwill in cash, the amount is debited to
उत्तर देखें
सही उत्तर: (C) Cash A/c
1 अंक · 2023 · सेट A
प्रश्न 100
A and B are partners in the ratio 2:1. They admit C by giving him a 1/3 share. The new ratio will be