SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics

Which of the given statements is/are correct in the context of account balances of the Ledger?

(i) A debit balance of a personal account means that the party owes that amount to the business.
(ii) All real accounts show a debit balance.
(iii) Nominal accounts are not usually balanced, but closed by transfer to the Profit and Loss Account, at the time of preparing the final accounts.

Generally non-profit organisations prepare which of the following?
i) Receipt and Payment Account
ii) Income and Expenditure Account
iii) Balance Sheet

Identify the correct pair of the causes of depreciation with its types.

Which accounting conventions are related to the following actions?
i) Closing stock is valued at lower of the cost or realizable value.
ii) Some stationary items purchased in a year and used for a number of years are treated as an expense and not as an
asset.

In amended cash book, which of the following will be recorded?

Which of the following statements is/are correct in the context of the Trading Account?
(i) Trading Account is prepared for ascertaining the net profit.
(ii) Cost of goods purchased includes all expenses incurred till goods are brought to the place of business.

A machine is purchased for ₹7,00,000. Expenses incurred on its cartage and installation are ₹3,00,000. Depreciation is charged @ 20% p.a. according to the Straight Line Method for the first year ending on 31 March 2022. Calculate the difference in the amount of depreciation for the $$1^{st}$$ year, if this machine was purchased on 1 April 2021 and if the machine was purchased on 1 July 2021.

Which of the following is (are an example (s) of fictitious assets?
(i) Debit balance of Profit and Loss account
(ii) Goodwill

Which option shows the correct accounting treatment given in the nonprofit organization accounting?
(i) Small donations - revenue receipts
(ii) Subscriptions - revenue receipts

AS 2 excludes certain costs and recognize them as expenses in the period in which they are incurred, while valuing inventories. Which of the following are such costs?
i) abnormal amounts of wasted materials,
ii) storage costs, unless those costs are necessary in the production process prior to a further production stage;
iii) administrative overheads that do not contribute to bringing the inventories to their present location and condition