GS: Hindi / English · Language questions stay in their original language.
120 questions · 120 marks · 2 hours
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Correct answer: (E) None of the above
The right matching is—secured debentures are secured by a charge on the assets (a-3), bonds are a form of long-term debt security (b-1), bearer debentures are treated as negotiable instruments (c-4) and naked debentures carry no charge (d-2). No code given holds that order.
Correct answer: (C) 7:3
B's 3/10 was shared between A and C in the ratio 2 : 1, that is 2/10 to A and 1/10 to C. So A = 5/10 + 2/10 = 7/10 and C = 2/10 + 1/10 = 3/10—a new ratio of 7 : 3.
Correct answer: (A) 19:11:10
Z's 1/4 came equally from X and Y, that is 1/8 from each. So X = 3/5 − 1/8 = 19/40, Y = 2/5 − 1/8 = 11/40 and Z = 10/40—a new ratio of 19 : 11 : 10.
Correct answer: (A) Net Profit + Increase in Outstanding Expenses
To find the cash from operations, the increase in outstanding expenses is added back to the net profit, since the expense entered the books but no cash went out.
Correct answer: (C) Increase in cash
A rise in bills payable means a payment has been put off, so that much cash stays with the business for the time being—that is, an increase in cash.
Correct answer: (D) More than one of the above
In a cash flow statement an operating loss and the tax paid are both applications of cash, while interest received is a source of it. Two options being right, the answer is ‘more than one’.
Correct answer: (A) Relevance, timeliness, accuracy, completeness and summarization
The criteria of an effective accounting report are relevance, timeliness, accuracy, completeness and summarization. ‘Globalization’ is no criterion of a report.
Correct answer: (A) High-level programming languages
COBOL, BASIC, FORTRAN, C, C++ and JAVA are all high-level programming languages—close to human language, and turned into machine language by a compiler.
Correct answer: (B) Creating data
A DBMS is a tool for organizing, retrieving and processing data, but it does not create the data—that is entered by the user.
Correct answer: (C) Generally Accepted Accounting Principles
An accounting information system processes financial transactions and events on the basis of the Generally Accepted Accounting Principles, so that the statements stay comparable.
Correct answer: (D) More than one of the above
A server database is built for multiuser applications and it also ensures the reliability of the data—both are its advantages. It is not cheaper than a desktop database.
Correct answer: (A) a-2, b-3, c-2, d-1
Paying salaries and wages and paying income tax are both operating activities (a-2, c-2), cash from issuing shares at a premium is a financing activity (b-3), and the tax deducted at source on interest from a subsidiary goes with investing (d-1).
Correct answer: (E) None of the above
A company may buy its own equity shares by way of buy-back, issuing shares at a discount is now barred, and under Table F the rates of interest on calls-in-arrear and calls-in-advance differ. All three statements being wrong, the answer is ‘None of the above’.
Correct answer: (C) ₹2,400
A discount of 33⅓% is a third of the marked price, and that third is ₹1,200, so the marked price is ₹3,600. The selling price = 3,600 − 1,200 = ₹2,400.
छूट अंकित मूल्य का 33⅓% है और वह ₹1,200 है, इसलिए अंकित मूल्य = 1200 × 3 = ₹3,600। प्रश्न विक्रय मूल्य पूछता है, जो अंकित मूल्य में से छूट घटाकर मिलता है: 3,600 − 1,200 = ₹2,400। आयोग की अंतिम उत्तर-कुंजी में विकल्प A (₹3,600) दिया गया है, जो वास्तव में अंकित मूल्य है, विक्रय मूल्य नहीं; इसलिए यहाँ विकल्प C रखा गया है।
Correct answer: (B) a-2, b-4, c-1, d-3
The matching runs—a demand report is one made on being asked for, such as an inventory valuation report (a-2), a responsibility report covers the various aspects of purchases (b-4), a summary report is the Profit & Loss A/c (c-1), and an exception report is the inquiry about overstocking (d-3).
Correct answer: (D) More than one of the above
Profit on the sale of an asset is a capital reserve, but a contingency reserve and a dividend equalization reserve are both made out of revenue profit and so are not instances of capital reserve. Two options being of that kind, the answer is ‘more than one’.
Correct answer: (D) More than one of the above
Prepaid rent is a personal account and interest on drawings is an income of the firm—both true; and the cost of a licence to carry on business is capital expenditure—also true. Accrued income and income due but not received are not the same. More than one statement being true, that is the answer.
Correct answer: (D) More than one of the above
A Bank Reconciliation Statement is no part of the cash book, nor of the bank account, nor of the passbook—it is a separate statement drawn up apart from them. By the key more than one of the options is taken not to hold, and that answer is kept.
Correct answer: (D) More than one of the above
A secret reserve is created by undervaluing stock and goodwill, by charging excessive depreciation and by writing capital expenditure off to the Profit & Loss A/c—more than one of the ways given is right.
Correct answer: (C) 01.04.2017
The new AS-10, ‘Property, Plant and Equipment’, came into effect from 1 April 2017.