Objective Type Questions: The following multiple-choice questions are taken from the question papers of various Government recruitments that occurred in the past. [1] In Accounting Money is the: (a) Measurement Value (b) Scale of Measurement (c) Scale of Soc1al Measurement (d) Store of Value ANSWER-(b) [2] Money is a measurement scale and has a universal denomination: … Read more
Unit 2: Accounting concepts, principles and conventions Objective Type Questions: The following multiple choice questions are taken from the question papers of various Government recruitments occurred in the past. [1] Omission of paise and showing the round figures in financial statements is based on: (a) Conservatism concept (b) Consistency concept (c) Materiality concept (d) Realization concept ANSWER-(c) … Read more
MCQs BASED ON “Reconstitution of A Partnership Firm-Change in Profit-Sharing Ratio among the Existing Partners“ 1. Increase in the value of assets on reconstitution of the partnership firm results into— (a) Gain to the existing partners (b) Loss to the existing partners (c) Neither a gain nor a loss to the existing Partners 2. … Read more
MCQs BASED ON “PARTNERSHIPS BASICS FUNDAMENTALS” 1. According to……., “The relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all”— (a) Batliboi (b) L.H. Haney (c) Spicer and Pegler (d) Indian Partnership Act,1932. 2. Main characteristics of Indian Partnership Act 1932, … Read more
MCQs BASED ON “TRIAL BALANCE” 1 A trail balance is prepared (a) after preparation financial statement (b) after rewarding transactions in subsidiary books (c) after posting to ledger is complete (d) after posting to ledger is complete and accounts have been balanced 2 Trial balance shows the (a) final position of accounts (b) standard position … Read more
MCQs BASED ON “CASHBOOK” 1 When affirm maintains a cash book, it does not need to maintain (a) Journal Proper (b) Purchases (Journal) Book (c) Sales (Journal) Book (d) Bank and cash account in the ledger 2 Double column cash book records (a) all transactions (b) cash and bank transactions (c) only cash transactions … Read more
MCQs BASED ON “FINANCIAL STATEMENTS” 1 The financial statements consist of (a) Tribal balance (b) Profit and Loss account (c) Balance sheet (d) Both (b) and (c) 2 Income statements includes (a) Trading account (b) Profit and Loss account (c) Both (a) and (b) (d) Balance sheet 3 Ram is the owner of a … Read more
MCQs BASED ON ” INTRODUCTION TO RECONCILIATION STATEMENT” A Bank Reconciliation Statement is prepared by a) Creditors b) Bank c) Account holder in bank d) Debtors 2. A Bank Reconciliation Statement is prepared with the Balance of a) Passbook b) Cashbook c) Both (a) and (b) d) None of the above 3. Passbook is copy … Read more
MCQs BASED ON “ACCOUNTING EQUATION, JOURNAL, and VOUCHER “ 1. Voucher is prepared for (a) cash received and paid (b) cash/credit sale (c) cash/credit purchase (d) All of the above 2. Voucher is prepare from a) documentary evidence b) journal entry c) ledger account d) All of the above 3. Which document is issued at … Read more
MCQs BASED ON TRADING ACCOUNT AND PROFIT LOSS ACCOUNT 1. Current liabilities are such obligation which are to be satisfied a) Within 2 year b) Within one year b) Within 3 year d) None of these 2. Computes owned by a firm are classified as a) Fixed assets b) Current assets c) Liquid assets d) … Read more
