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​ACCOUNTANCY- PAGE 1


1:-Goodwill is an example of
 A:-Tangible asset
 B:-Intangible asset
 C:-Wasting asset
 D:-Fictitious asset
Ans: A

2:-L. F. column in the journals is filled at the time of __________
 A:-Journalising
 B:-Posting
 C:-Balancing
 D:-Trial balance
Ans: B

3:-The double entry system of book keeping was developed by
 A:-Stevenson
 B:-Wilson
 C:-Luca Paciolo
 D:-Churchil
Ans: C

4:-Purchase of machinery on credit is recorded in
 A:-Sales day book
 B:-Journal proper
 C:-Purchase day book
 D:-Purchase return book
Ans: B

5:-Goods returned by customers are recorded in
 A:-Sales book
 B:-Purchase book
 C:-Purchases return book
 D:-Sales return book
Ans: D

6:-On 1st January 2003, Ravi draws a bill on Somu for 3 months, its due date is
 A:-31st  March 2003
 B:-1st April 2003
 C:-4th April 2003
 D:-10th April 2003
Ans: C

7:-The balance of cash book indicates
 A:-Net income
 B:-Cash in hand
 C:-Difference between debtors and creditors
 D:-None of the above
Ans: B

8:-Goods taken by the proprietor for domestic use should be credited to
 A:-Proprietor's drawings account
 B:-Sales account
 C:-Purchase account
 D:-None of the above
Ans: C

9:-Source document for material transfer from one department to another is
 A:-Invoice
 B:-Credit note
 C:-Material transfer note
 D:-Debit note
Ans: C

10:-In which year the audit of companies in India was made compulsory ?
 A:-1911
 B:-1931
 C:-1913
 D:-1948
Ans: C

11:-Which of the following highlights the correct order of the stages in the accounting cycle ?
 A:-Journalizing, final accounts, posting to the ledger and trial balance
 B:-Journalizing, posting to the ledger, trial balance and final accounts
 C:-Posting to the ledger, trial balance, final accounts and journalizing
 D:-Posting to the ledger, journalizing, final accounts and trial balance
Ans: B

12:-Unearned Revenues is what type of account ?
 A:-Liability
 B:-Owners equity
 C:-Asset
 D:-None of the above
Ans: C

13:-Accounting entries involve a minimum _________ accounts.
 A:-One
 B:-Three
 C:-Two
 D:-Five
Ans: C

14:-Stock in trade are to be recorded at cost or market price whichever is less is based on __________ principle.
 A:-Going concern
 B:-Money measurement
 C:-Cost concept
 D:-Conservatism
Ans: D

15:-Accounting is the process of matching.
 A:-Revenue and costs
 B:-Benefits and cost
 C:-Cash inflow and out flow
 D:-Potential and real performance
Ans: B

16:-Which of the following event is subject matter of accounting ?
 A:-Death of the manager of the company
 B:-Strike of employees
 C:-Marriage of daughter of MD of the company
 D:-Payment of Salary Rs. 5,000
Ans: D
17:-Which of the following cannot be a cause for debiting bank account ?
 A:-Cheques deposited for collection
 B:-Cheque sent to bank dishonoured
 C:-Paid into bank
 D:-Cheque given to suppliers dishonoured
Ans: B

18:-The word 'audit' is derived from the Latin word audire which means
 A:-To check
 B:-Verify
 C:-Watch dog
 D:-To hear
Ans: D

19:-_____________ audit is conducted by the employees of the business itself.
 A:-Independent audit
 B:-Statutory audit
 C:-Internal audit
 D:-Government audit
Ans: C

20:-_____________ is auditors plan of action.
 A:-Audit note book
 B:-Audit working papers
 C:-Audit programme
 D:-Audit files
Ans: C

21:-Which of the following is illegal ?
 A:-Tax planning
 B:-Tax avoidance
 C:-Tax evasion
 D:-All of them
Ans: C

22:-Some times a person deducts tax at source but does not deposit it in government treasury, such person is called
 A:-Ordinary assessee
 B:-Deemed assessee
 C:-Assessee in default
 D:-None of these
Ans: C

23:-What will be the previous year in the case of assesse who closes his accounts on 31-3-2006 ?
 A:-2004-2005
 B:-2005-2006
 C:-2006-2007
 D:-2003-2005
Ans: B

24:-An individual is considered as Resident u/s 6(1) if he was India for a period ________ days or more in the previous year.
 A:-60 days
 B:-180 days
 C:-365 days
 D:-182 days
Ans: D
25:-Revenue - Expense =
 A:-Asset
 B:-Income
 C:-Liability
 D:-None of the above
Ans: B

26:-_____________ is a brief history of financial transaction of a particular person or item.
 A:-Account
 B:-Balance Sheet
 C:-Journal
 D:-Source document
Ans: A

27:-If both the aspects of the same transaction are appearing in one account it is ________.
 A:-Contra entry
 B:-Compound entry
 C:-Simple entry
 D:-One sided error
Ans: A

28:-Asset minus liability is ______________
 A:-Capital
 B:-Drawings
 C:-Credit
 D:-Debit
Ans: A

29:-Amount spend in order to produce and sell goods and service is called ___________
 A:-Expense
 B:-Income
 C:-Revenue
 D:-Asset
Ans: A

30:-Going concern assumption tell us the life of business is __________
 A:-Very long
 B:-Very short
 C:-Less than one year
 D:-For one year
Ans: A

31:-Money spent to upgrade machinery is known as
 A:-Revenue expense
 B:-Capital expense
 C:-Deferred revenue expenditure
 D:-Administrative expense
Ans: B

32:-Goods of Rs. 1,000 purchased from Mr. "A" were recorded in sales book. The rectification of this error will
 A:-Increase the gross profit
 B:-Reduce the gross profit
 C:-Have no effect on gross profit
 D:-None of the given options
Ans: B

33:-An amount of Rs. 5,000 received from Mr. "A" but credited to Mr. "B" would affect
 A:-Only B's account
 B:-Only cash account
 C:-Only A's account
 D:-Accounts of A and B
Ans: D

34:-What will be debited, if Anup commenced business with cash ?
 A:-Capital account
 B:-Cash account
 C:-Proprietors account
 D:-Drawings account
Ans: B

35:-Which among the following is not an element of computer system ?
 A:-Hardware
 B:-Software
 C:-People
 D:-Malware
Ans: D

36:-Withdrawal by proprietor would
 A:-Reduces assets and increases liabilities
 B:-Have no effect on the Balance Sheet
 C:-Reduces owners equity and increases assets
 D:-Reduces both assets and owners equity
Ans: D
​
37:-Any expense that gives benefit for a period of less than twelve months is called ______
 A:-Deferred expense
 B:-Revenue expense
 C:-Revenue receipt
 D:-Capital expense
Ans: C

38:-Prepaid rent given in the Trial Balance will be treated as a
 A:-Liability
 B:-Asset
 C:-Income
 D:-Expense
Ans: B

39:-If asset is 1,50,000 and owners equity is 45,000 then liability is
 A:-50,000
 B:-1,95,000
 C:-1,05,000
 D:-50,000
Ans: C

40:-Sale of goods to Manoj is wrongly debited to Madhu A/c instead of Manoj A/c. Both are debtors of business, this is an example of
 A:-Error of omission
 B:-Error of commission
 C:-Error of principle
 D:-Compensating error
Ans: B
41:-The total of all direct expenses is known as
 A:-Over head
 B:-Prime cost
 C:-Work cost
 D:-Cost of production
Ans: B

42:-__________ is that segment of activity of a business which is responsible for both revenue and expenses.
 A:-Cost centre
 B:-Profit centre
 C:-Work centre
 D:-Development centre
Ans: B

43:-Work cost = __________ + factory overhead.
 A:-Prime cost
 B:-Administration overheads
 C:-Selling overhead
 D:-Distribution overhead
Ans: A

44:-__________ type of costing is used to ascertain the effect of changes in volume or type of out put on profit.
 A:-Marginal costing
 B:-Uniform costing
 C:-Direct costing
 D:-Standard costing
Ans: A

​45:-_______ is an irrecoverable cost and is caused by complete abandonment of a plant.
 A:-Sunk cost
 B:-Imputed cost
 C:-Differential cost
 D:-Marginal cost
Ans: A
46:-The financial statement that reports the assets, liabilities and stockholder's (owner's) equity at a specific date is the
 A:-Balance Sheet
 B:-Income Statement
 C:-Statement of Cash Flows
 D:-Trading Account
Ans: A

47:-Under the accrual basis of accounting, revenues are reported in the accounting period when the
 A:-Cash is received
 B:-Service or goods have been delivered
 C:-Cash paid
 D:-Stock is reduced
Ans: B

48:-Accounting begins where ________________ ends.
 A:-Book keeping
 B:-Balance sheet
 C:-Journal
 D:-Trial balance
Ans: A

49:-Creditors are shown on the ____________ side of balance sheet.
 A:-Asset
 B:-Liability
 C:-Debit
 D:-Credit
Ans: B

50:-Which type of audit is conducted throughout the year ?
 A:-Annual audit
 B:-Interim audit
 C:-Complete audit
 D:-Continuous audit
Ans: D

51:-__________ is the examination by the auditor documentary evidences relating to the recording of transactions in support and thus cheeks the authenticity of such records.
 A:-Vouching
 B:-Confirming
 C:-Footing
 D:-Physical examination
Ans: A

52:-The method of costing used in a refinery is
 A:-Process costing
 B:-Job costing
 C:-Service costing
 D:-Batch costing
Ans: A

53:-In automobile industry, cost unit is
 A:-Batch
 B:-Tonne
 C:-Number
 D:-None of these
Ans: C

54:-Under ____________ costing it is the practice of charging all costs, both variable and fixed to operations, process or products.
 A:-Absorption costing
 B:-Direct costing
 C:-Standard costing
 D:-Marginal costing
Ans: A

55:-________ is the advantage, in measurable terms, which has been forgone due to not using the facility in the manner originally planned.
 A:-Notional cost
 B:-Differential cost
 C:-Opportunity cost
 D:-Replacement cost
Ans: C

56:-Under cost accounting stocks are valued at
 A:-Cost price or market price whichever is less
 B:-Market price
 C:-Replacement price
 D:-Cost price
Ans: D

57:-A set of programmes designed in such a way that they perform certain supporting operations in computer like format a disk, duplicate a disk, physically recognise stored data and programmes is called
 A:-Application software
 B:-System software
 C:-Connecting software
 D:-Utility software
Ans: D

58:-Contingent liabilities are shown as foot note in the balance sheet as per ______ accounting principle.
 A:-Full disclosure
 B:-Objectivity
 C:-Materiality
 D:-Consistency
Ans: A

59:-Depreciation accounting is __________ as per accounting standard issued by ICAI.
 A:-Accounting standard 1
 B:-Accounting standard 10
 C:-Accounting standard 20
 D:-Accounting standard 6
Ans: D

60:-__________ is a fictitious asset.
 A:-Under writing commission
 B:-Oil field
 C:-Plant and machinery
 D:-Patent
Ans: A
61:-The first stock exchange in India to have a screen based automated ring less trading screen       
A:-IDBI        B:-UTI       
C:-OTCEI        D:-IFCI       
Ans: C

62:-The market for a very short period loan is called       
A:-Money market        B:-Collateral loan market       
C:-Call money market        D:-Bill market       
Ans: C

63:-The panel at the top of MS-Word document is called       
A:-Menu        B:-Ribbon        C:-Programme        D:-Taskbar       
Ans: A

64:-The combination of a column coordinate and a row co-ordinate make up a       
A:-column address        B:-cell address        C:-row address        D:-none of these       
Ans: B

65:-DBMS means       
A:-Data Base Maintenance System        B:-Data Base Module System       
C:-Data Base Monitoring System        D:-None of these       
Ans: D

66:-What is used to retrieve specific data from a database and to answer s about the date in MS ACCESS?       
A:-Tables        B:-Forms        C:-Queries        D:-Reports       
Ans: C

67:-Which one is used to transfer a webpage to user's computer?       
A:-HTTP
      B:-FTP       
C:-XML        D:-HLL       
Ans: B

68:-The altering of data so that it is not usable unless the changes are undone is       
A:-Bio-metrics        B:-Encryption        C:-Ergonomics        D:-Compression       
Ans: B

69:-VIRUS stands for       
A:-Very Intelligent Result Until Source        B:-Vital Information Resources Under Seize       
C:-Viral Important Record User Searched        D:-Very Interchanged Resource Under Search       
Ans: B

​70:-Which short cut key is used for calculator in Tally?       
A:-CTRL + P        B:-CTRL + C        C:-CTRL + N        D:-CTRL + A       
Ans: C

71:-__________ is that which meets the tests of public interest, commonly accepted customs and standards of conduct.       
A:-Propriety audit        B:-Operational audit        C:-Efficiency audit        D:-Special audit       
Ans: A

72:-Wages tribunals may order cost audit for a certain industrial unit to settle industrial disputes relating to higher wages, bonus etc. this is a type of External Audit of the form ________.       
A:-Cost audit on behalf of the government        B:-Cost audit on behalf of the customers or consumers       
C:-Cost audit on behalf of the trade associations        D:-None of the above       
Ans: D

73:-The auditor _____       
A:-Should distribute the audit work among his subordinates       
B:-Should assign difficult and technical works to senior clerks and easy and simple jobs to junior clerks       
C:-Should not distribute his work among his subordinates as it is confidential       
D:-Both (1) and (2) is true       
Ans: D

74:-A firm can reduce the needed cash balance if it can move the cash disbursement and cash collections into the same cash flow cycle. This is known as __________.       
A:-Accelerating Cash Receipts        B:-Synchronizing Cash Flows       
C:-Delaying Disbursements        D:-All of the above       
Ans: B

75:-_________ contains a copy of the audit program, audit tests, performed, a copy of trial balance, a copy of the annual final accounts.        A:-Permanent file        B:-Current file        C:-None of the above        D:-Both (1) and (2)       
Ans: B

76:-____________ is a built-in part of the accounting system under which the work of one employee is automatically checked by another employee.       
A:-Internal Audit        B:-Internal Check

C:-Internal Control        D:-External Audit       
Ans: B

77:-__________ is a technical term which refers to the inspection by the auditor of documentary evidence supporting and substantiating a transaction.       
A:-Vouching        B:-Checking        C:-Auditing        D:-None of the above       
Ans: A

78:-Misfeasance is a ___________ of a Company Auditor.       
A:-Civil Liability        B:-Criminal Liability        C:-Statutory Duty        D:-Contractual Duty       
Ans: A

79:-Among the following statements with regard to redeemable preference shares __________ is not true.       
A:-The articles of association of the company should provide for the redemption of these shares       
B:-They can be redeemed only out of profits of the company which would be otherwise available for dividend       
C:-Fully and partly paid shares can be redeemed       
D:-Any premium paid on the redemption must be paid either out of the company's share premium account or out of the profits of the company       
Ans: C

80:-When an auditor is satisfied with the affairs of the company and the fairness of the balance sheet and profit and loss account of the concern, he gives a _________ report.       
A:-Unqualified Report        B:-Clean Report        C:-Qualified report        D:-Both (1) or (2)       
Ans: D

81:-Municipal taxes in the following cases are deductible from the gross annual value of a property under sec. 23       
A:-Municipal taxes paid during the year for the current year        B:-Municipal taxes paid during the year for the previous year        C:-Municipal taxes paid during the year for the future period        D:-All of the above       
Ans: D

82:-When an assessee uses an asset which was earlier used for scientific research related to business, the cost of asset will be equal to        A:-The amount left after reducing the cost of research       
B:-The amount left after reducing the amount allowed as deduction for depreciation earlier       
 
C:-The amount of cost including the installation cost       
D:-None of the above       
Ans: B

83:-The transfer of one or more undertakings or assets for a lump-sum consideration without valuing the assets and liabilities individually is known as __________.       
A:-Slump Sale        B:-Pooling Purchase        C:-Bulk Sale        D:-Both (1) and (3)       
Ans: A

84:-Interest on income by way of winnings from horse race is tax deducted at source @ 30% in the following case.       
A:-The person is a resident in India        B:-The person is not a resident in India       
C:-Any other person        D:-All of the above       
Ans: D

85:-By virtue of sections 60 to 65 of the income tax act, clubbing of income is not done under the following situation.       
A:-Income from assets transferred with a condition of revocation       
B:-Income of spouse

C:-Income of daughter in law from an asset transferred to her without consideration       
D:-Income of physically handicapped minor       
Ans: D

86:-Short term capital loss can be set off against __________.       
A:-Short term Capital gains       
B:-Long term Capital gains       
C:-Short term and Long term Capital gains       
D:-None of the above       
Ans: C

87:-The following deductions are made to calculate the Gross Total Income of an assessee       
A:-Sum paid to LIC under annuity plan       
B:-Subscription to equity shares of a public company which is an eligible issue of capital approved by the Board       
C:-Brought forward losses       
D:-Both (1) and (2)       
Ans: C

88:-Donations to the following cases are not fully deductible       
A:-National Defence Fund        B:-ZilaSakshartaSamiti       
C:-Swatch Bharat Kosh        D:-Prime Minister's Drought Relief Fund       
Ans: D

89:-The following income is fully considered as agricultural income _________.       
A:-Growing and manufacturing of tea        B:-Growing  and manufacturing or rubber       
C:-Sale of green tea leaves        D:-Sale of rubber processed from own rubber plants       
Ans: C

90:-The following statement is false       
A:-Employer's contribution to the Recognized Provident Fund up to 12% of salary is not taxable       
B:-Education Allowance is exempt up to Rs. 100 per child, maximum of two children       
C:-Income on units of Mutual Fund is exempt up to 50%       
D:-Donation to National Foundation for Communal Harmony is eligible for 100% deduction without limit       
Ans: C

91:-Imputed costs are _______.       
A:-Cost of replacing an old asset        B:-Cost which can be eliminated       
C:-Cost which is a past cost        D:-Cost which is hypothetical       
Ans: D

92:-The following are tools for implementing Kaizen Costing I.     Stratification II.    Pareto chart III.   Cost Driver IV.   All of the above       
A:-I and III        B:-II and III        C:-I and II        D:-IV       
Ans: C


93:-Out of the following support activities of a company, the following can be associated with specific primary activities __________. I.    Procurement II.   Human Resource Management III.  Firm Infrastructure IV.  Technology development       
A:-I, II and III        B:-I, II and IV        C:-II, III and IV        D:-I, II, III and IV       
Ans: B

94:-__________ is not a characteristic of Process costing.       
A:-Production is continuous        B:-Products are not distinguishable in processing stage       
C:-Production is not for stock        D:-Cost is ascertained at the end of cost period       
Ans: C

95:-In the coke industry, the Benzol produced is a       
A:-By product        B:-Main product        C:-Joint product        D:-None of the above       
Ans: A

96:-__________ can be attained under the most favourable conditions.       
A:-Basic standards        B:-Current standards        C:-Expected standards        D:-Ideal Standards       
Ans: D

97:-Find labour efficiency variance. Std. hours - 3000 Std. rate of wages Rs. 200 Actual rate of wages Rs. 250 Actual hours - 2000        A:-2,00,000        B:-1,00,000        C:-(-) 1,00,000        D:-3,00,000       
Ans: A

98:-Under the following plan, the worker gets wages for actual hours worked and a bonus for the time saved.       
A:-Emerson's efficiency plan        B:-Halsey-Weir plan       
C:-Rowan premium plan        D:-Taylor's differential piece rate system       
Ans: C

99:-__________ determines the ratio in which the total long term capital is contributed by different sources.       
A:-Capitalisation        B:-Capital structure        C:-Financial Structure        D:-All of the above       
Ans: B

100:-__________ explains business risk.        
A:-Operating Leverage        B:-Financial Leverage

C:-Combined Leverage        D:-All of the above       
Ans: A
​
  • Accountancy
  • Accountancy -Page 1

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