जीपीएससी परीक्षा पूर्वतयारी

1 Question Description What term refers to the process of automatically importing financial data from bank accounts into accounting software?

A Bank integration

B Data migration

C Data extraction

D Bank feed

E None of the above

Correct Answer D

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2 Question Description Which of the following activities would be categorized as a financing activity in a Cash Flow Statement?

A Purchase of equipment

B Sale of investments

C Issuance of shares

D Sale of products

E None of the above

Correct Answer C

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3 Question Description Which of the following is/are a limitation(s) of a Balance Sheet?

I. It does not contain certain assets and liabilities despite its claim to be the statement of all assets and liabilities.

II. The factors, which have a vital bearing on the earnings of the organization are not disclosed.

III. Personal judgment plays a great part in determining the figures of the balance sheet.

A Only (I) above

B Only (II) above

C Both (II) and (III) above

D All (I), (II) and (III) above

E None of the above

Correct Answer D

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4 Question Description Which of the following statements is true with respect to depreciation under diminishing balance method?

A The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing

B The amount of depreciation and the rate of depreciation decrease every year

C The amount of depreciation decreases while the rate of depreciation remains the same

D The amount of depreciation and the rate of depreciation increase every year.

E None of the above

Correct Answer C

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5 Question Description X,Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before

interest on partner’s capita was Rs.6,000 and Z demanded minimum profit of Rs.5000 as his financial position was not good.

However, there was no written agreement. Profits to be distributed to X, Y and Z will be:

A Other partners will pay Z the minimum profit and will suffer loss equally.

B Other partners will pay Z the minimum profit and will suffer loss in capital ratio.

C X and Y will take Rs.500 each and Z will take Rs.5,000

D Rs.2,000 to each the partner.

E None of the above

Correct Answer D

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6 Question Description If a shareholder does not pay his dues on allotment, for the unpaid amount there will be a

A Credit balance in share allotment account

B Debit balance in share forfeiture account

C Credit balance in share forfeiture account

D Debit balance in share allotment account

E None of the above

Correct Answer D

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7 Question Description Under which of the following conditions is a balance sheet said to be window dressed?

A When income is accounted for on accrual basis

B When prepaid expenses are considered and accounted for in the preparation of final accounts

C When an adequate provision for expenses and potential losses is not made

D When a provision for the probable loss is made in advance of its occurrence

E None of the above

Correct Answer C

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8 Question Description Which financial information is not readily available in Single Entry System Accounting?

A Total assets and liabilities

B Gross profit and net profit

C Total revenue and expenses

D Cash flow statement

E None of the above

Correct Answer D

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9 Question Description Arrange in the order of liquidity in the Balance Sheet—Cash, Building, Goodwill, Debtors, Machine.

A Debtors Cash, Building, Goodwill, Machine.

B Cash, Goodwill, Debtors, Machine, Building

C Cash, Building, Goodwill, Debtors, Cash Machine.

D Cash, Debtors, Machine, Building, Goodwill.

E None of the above

Correct Answer D

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10 Question Description Retiring partner is compensated for parting with the firm’s future profits in favour of remaining partners. The remaining partners

contribute to such compensation amount in

A Gaining Ratio

B Capital Ratio

C Sacrificing Ratio

D Profit-Sharing Ratio

E None of the above

Correct Answer A

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11 Question Description What does "ACID" stand for in the context of database transactions?

A Atomicity, Consistency, Isolation, Durability

B Automated, Converged, Isolated, Durable

C Aggregated, Comprehensive, Integrated, Durable

D Accelerated, Coordinated, Intelligent, Dynamic

E None of the above

Correct Answer A

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12 Question Description Which of the following is not true?

A Loss on reissue of shares cannot be more than the gain on forfeiture of those shares.

B Where all the forfeited shares are not reissued the share forfeited account will show a credit balance equal to gain on forfeiture of

share not yet re-issued.

C When the shares are forfeited, securities premium is debited along with share capital where premium has not been received.

D Where forfeited share are re-issued at premium, the amount of such premium is credited to capital reserve account.

E None of the above

Correct Answer D

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13 Question Description Which accounting software is known for its cloud-based approach and is popular for small businesses?

A QuickBooks

B Tally

C SAP

D Oracle Financials

E None of the above

Correct Answer A

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14 Question Description The value of the goodwill, according to the simple profit method, is

A The product of current year’s profit and number of years of purchase

B The product of last year’s profit and the number of years of purchase

C The product of average profit of the given years and number of years of purchase

D The product of expected average profit for future years and number of years of purchase

E None of the above

Correct Answer C

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15 Question Description What is the purpose of using a common size statement in financial analysis?

A To evaluate the solvency of a company.

B To calculate the tax liability of a company.

C To compare financial data over different periods or between companies.

D To determine the market value of a company's assets.

E None of the above

Correct Answer C

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16 Question Description If machinery account is debited with the amount of repairs incurred on the machine, this is an example of

A Compensating error

B Error of principle

C Error of commission

D Error of omission

E None of the above

Correct Answer B

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17 Question Description If debt is Rs.220, cash balance is Rs.20 and equity is Rs.300, the gearing ratio is

A 20%

B 40%

C 50%

D 30%

E None of the above

Correct Answer B

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