1 Question Description When debentures are issued as collateral security, the final entry for recording the collateral debentures in the books is-----------
A Credit Debentures A/c and debit Cash A/c
B Debit Debenture Suspense A/c and Credit Cash A/c
C Debit Debentures Suspense A/c and Credit Debentures A/c
D Debit Cash A/c and Credit the loan A/c for which security is given
E None of the above
Correct Answer C
Marks 1
2 Question Description The accounting concept of money measurement is evident under which of the following circumstances?
A Making provision for doubtful debts and discount on debtors
B Recording all transactions at a price paid for it
C Recording non-monetary fixed assets at historical cost less accumulated depreciation
D Recording all events/transactions through a common denominator, namely the monetary unit
E None of the above
Correct Answer D
Marks 1
3 Question Description Which of the following statements is false?
A Credit side total of discount column of cash book is an income
B Credit balance of bank pass book is an overdraft
C Debit balance of bank column of cash book is an asset
D Debit balance of cash column of cash book is an asset
E None of the above
Correct Answer B
Marks 1
4 Question Description The interest on call-in-advance is paid for the period from the ----------
A Date of receipt of application money to the date of appropriation
B Date of receipt of allotment money to the date of appropriation
C Date of receipt of call-in-advance to the date of appropriation of the call
D Date of appropriation to the date of dividend payment.
E None of the above
Correct Answer C
Marks 1
5 Question Description According to section 78 of the Companies Act, the amount in the share premium account cannot be used for the purpose of
A Issue of fully paid bonus shares
B Writing off losses of the company
C Writing off preliminary expenses
D Providing premium payable on the redemption of preference shares or debentures of the company.
E None of the above
Correct Answer B
Marks 1
6 Question Description Income and expenditure account records transactions of:
A Revenue nature only
B Capital nature only
C Both revenue and capital nature
D Income of only revenue nature and expenditure of revenue and capital nature
E None of the above
Correct Answer A
Marks 1
7 Question Description Financial statements provide a true and fair view if
A It is free from any material error and bias.
B It is prepared using the appropriate accounting policy and applicable accounting standards.
C It is prescribed in the format prescribed by the regulator or, in the absence of a prescribed format, it is prepared in a manner that
facilitates analyses of the financial position and the performance of the reporting enterprise.
D It conforms to all of the above A, B and C.
E None of the above
Correct Answer D
Marks 1
8 Question Description When debentures are redeemed out of profits, the amount transferred to General reserve should be-----
A Premium payable on redemption
B Payable on redemption
C Nominal value of debentures redeemed
D Any one of the above
E None of the above
Correct Answer C
Marks 1
9 Question Description X and Y are partners sharing profits in the ratio of 4:3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of
goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be
A 4: 3: 5
B 2: 2: 1
C 1: 2: 2
D 2: 1: 2
E None of the above
Correct Answer B
Marks 1
10 Question Description Which accounting standard is applicable for cash flow statement?
A AS- 1
B AS-10
C AS-19
D AS-3
E None of the above
Correct Answer D
Marks 1
11 Question Description Which organization is responsible for developing and establishing the Generally Accepted Accounting Principles (GAAP) in the
United States?
A International Financial Reporting Standards Foundation (IFRSF)
B International Accounting Standards Board (IASB)
C Financial Accounting Standards Board (FASB)
D Securities and Exchange Commission (SEC)
E None of the above
Correct Answer C
Marks 1
12 Question Description Which financial statement is prepared based on the information presented in the Receipts and Payments Account?
A Income Statement
B Balance Sheet
C Cash Flow Statement
D Statement of Changes in Equity
E None of the above
Correct Answer B
Marks 1
13 Question Description Which financial statement is not specifically required under IFRS?
A Income statement
B Balance sheet (Statement of financial position)
C Statement of cash flows
D Statement of retained earnings
E None of the above
Correct Answer D
Marks 1
14 Question Description Which of the following teaching methods (s) is/ are contribute to the direct learning?
A. Interactive presentation
B. MOOCS and Heuristics
C. Simulation and Role playing
D. Lecture with or without use of audio-visuals.
E. Participation in workshop and assignments.
F. Team teaching and lecturing.
Choose the correct option from those given below:
A D, E and F
B B, C and E
C D, E and F
D A,E and F
E None of the above
Correct Answer B
Marks 1
15 Question Description A severe barrier to effective communication in the usage of words is ________
A Disturbance
B Discrimination
C Disorder
D Distortion
E None of the above
Correct Answer D
Marks 1
16 Question Description Which of the following tactics in a language class should be avoided if you want students with dyslexia to succeed?
A Setting strict deadlines for handwritten work submission
B Allowing voice recorders in place of taking notes in class
C Allowing typed and printed assignments instead of handwritten
D Providing opportunities for reading and writing at individual locations
E None of the above
Correct Answer A
Marks 1
17 Question Description Assessment should be ______
A A. Holistic and Continuous
B B. Teacher centered and discontinuous
C C. Standardised and exam centric
D D. Summative and norm referenced
E None of the above
Correct Answer A
Marks 1
18 Question Description As a means of communication, e-mails have features of the immediacy of ___ ___and ________
A Reading, Receiving
B Writing, Sending
C Calling, Receiving
D Receiving, Sending
E None of the above
Correct Answer D
Marks 1