Answer all questions, each carries 1 Marks
Maximum Time : 30 Mts
1:Which of the following is correct?
A) Owner’s Equity = Liabilities + Assets
B) Liabilities = Assets + Owner’s Equity
C) Assets = Liabilities + Owner’s Equity
D) Assets = Owner’s Equity
2 : Which is the accounting concept that requires the practice of crediting closing stock in the trading account?
C) Going concern
3 : Unfavourable bank balance means :
A) Credit balance in Cash Book
B) Credit balance in Pass Book
C) Debit balance in Cash Book
D) Favourable balance in Cash Book
4:As per the RBI's clean note policy writing on a currency note is
A) An Offence
C)A Punishable Offence
D)The Notes becomes non legal tender
5:Which of the following shows summary of a company's financial position at a specific date?
A) Profit & Loss Account
B) Cash Flow Statement
C) Balance Sheet
D) Income & Expenditure Account
6:What type of expenses are paid out of Gross Profit?
A) General Expenses
B) Financial Expenses
C) Selling Expenses
D) All of the given options
7:Term "Credit" means_______ by the business.
A) Receiving of benefits
B) It has no effect on business
C) Providing of benefits
D) It depends upon items
8:We can say that the business is in profit, when:
A) Assets exceed Expenditure
B) Income exceeds Liabilities
C) Income exceeds Expenditure
D) Income exceeds Liabilities
9:A firm has not recorded the bad debts by mistake. Which of the following is the effect of bad debts omission?
A) Net profit would decrease
B) Net profit would increase
C) Gross profit would overstate
D) Gross profit would understate
10:Purchases+opening stock-closing stock=?
A) Amount of sales
B) Cost of goods sold
C) Gross profit
D) Net income
11:Which one of the following is NOT true about Capital Expenditure?
A) Creates future benefits
B) Incurred to acquire fixed assets
C) Incurred to increase the economic life of existing fixed assets
D) Reduce the profit of the concern
12:Prepaid interest given in the Trial Balance will be treated as a (an):
D) Deferred expense
13:Who regulates the money circulation in India?
(A) State Bank of India
(B) Reserve Bank of India
14:Who will settle the grievances of customers of banks?
(A) Reserve Bank of India
(B) Local Courts
(C) High Court of Concerned State
(D) Banking Ombudsman
15:The IFSC is an ------------ alpha numeric code
16:Which Ministry headed by Mr.Arun Jaitely in Union Cabinet?
A) Finance and Corporate Affairs
B)Law and Information Technilogy
17:The average wage of 500 workers was found to be Rs 200 . Later on , it was discovered that the wages of two workers were misread as 180 and 20 instead of 80 and 220 .The correct average wage is
A) Rs 200.10
18:What is full form of HTTP?
A)High Text Transfer Protocol
B)Hyper Text Transfer Procedure
C)Hyper Text Transfer Protocol
D)Hyper Typo Transfer Protocol
19:Demand for a commodity refers to:
A)Need for the commodity
B)Desire for the commodity
C)Amount of the commodity demanded at a particular price and at a particular time
D)Quantity demanded of that commodity
20:The effect of a crossing a cheque is
A) The payee can obtain payment only through a bank account
B)The payee Is compelled to open an account
C)The payee will have to endorse the cheque to a bank
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