Which of the following is an INCORRECT pair, in the context of the Adjustment Account given in General Ledger under self-balancing ledger system?
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Which of the following is an INCORRECT pair, in the context of the Adjustment Account given in General Ledger under self-balancing ledger system?
Which of the option shows the correct recording of the trade discount received on purchases in the books of accounts?
Which of the following statement is INCORRECT in the context of Profit and Loss account?
Which of the following statements is/are INCORRECT in the context of the Bank Reconciliation Statement?
(i) When balance as per the Pass Book is the starting point, direct deposits by customers are added.
(ii) When balance as per the Pass Book is the starting point, uncollected cheques are added.
(iii) When balance as per the Cash Book is the starting point, unpresented cheques are added.
Which of the following options DO NOT relate to examples of revenue expenditure?
a) Repair expenses
b) Insurance expense
c) Installation expenses
d) overhauling expenses of second-hand machinery
Ind AS 1 requires financial statements to comprise of SOCIE, a concept which was not there under Indian GAAP. SOCIE refers to
_______ convention is an exception of the full disclosure concept.
Which of the following pairs is NOT correctly matched in the context of account balances shown in the Trial Balance?
Which of the following options is an INCORRECT pair considering a firm's balance sheet?
Failure to differentiate between capital and revenue expenditure results in Errors of ___ .
Which of the given statement(s) is(are) correct in the context of manufacturing account?
(i) A manufacturing Account is prepared for finding out the cost of goods produced (also called Cost of Production)
(ii) Sale of scrap and the closing work-in-progress are shown on the credit side of the manufacturing Account .
Which of the following is the correct match of the types of accounts and the rules?
(i) For personal accounts - a) Debit the receiver and credit the giver
(ii) For real accounts - b) Debit all expenses and credit all losses
(iii) For nominal accounts - c) Debit what comes in and credit what goes out
Which of the following are accounting limitations?
(i) Accounting system records only historical events.
(ii) Accounting ignores the effect of inflation on the value of fixed assets.
(iii) Accounting information does not include the costs of pollution and employee accidental injuries.
Which of the following is not considered as inventory under AS 2?
Krishna Ltd. purchased raw material 'R' . The cost price is ₹1,000. The other information is as follows:
Freight: ₹50
Unloading charges: ₹20
Trade discount: ₹15
Determine the cost of purchase for inventory valuation.
Which of the following can be an arrangement in case of accommodation bill?
(i) A bill is drawn for accommodation of the drawer only
(ii) A bill is drawn and the proceeds are shared by drawer and drawee.
A trial balance shows
(i) Credit balances
(ii) Debit balances
Which of the following is/are INCORRECT match(es) of the account maintained in the context of self-balancing ledgers?
(i) Bought ledger adjustment account - Total creditors account
(ii) Sales ledger adjustment account - Total debtors account
Which of the following is/are example(s) of a two-sided error while recording a business transaction?
(i) ₹100 received from Deshmukh was posted to his account as ₹10.
(ii) The Purchases Book is overcast by ₹1,000.
(iii) A credit sale of ₹1,080 to Anand was wrongly recorded in the Sales Book for ₹1,800.
Which of the following statement is TRUE in the context of type of errors made while recording a business transaction?
i) A sale of Rs.500 made to Kamal has been posted on the debit side Of Kishore's Account is an example of one-sided
error.
ii) A payment of Rs.1,000 towards interest was posted twice to Interest Account is an example of one-sided error.
The _______ Account shows the distribution of profit after the same has been earned and computed by a partnership firm .
When the holder of a bill endorses the bill to a third party, the bill is said to be endorsed. The party to whom the bill is endorsed is called a/an _______?
Which of the following is INCORRECT in the context of bills of exchange?
Consider the given statements and select the correct option in the context of the cost concept.
Assertion (A): The cost concept is applicable only to fixed assets and not to current assets.
Reason (R): If a firm does not pay anything for a fixed asset, it would not be recorded in the books of accounts.
A machine is purchased for Rs7,00,000. Expenses incurred on its cartage and installation Rs 3,00,000. Calculate the amount of depreciation @ 20% p.a. according to Straight Line Method for the first year ending on 31st March 2022, if this machine is purchased on 1st July 2021.
In the context of single-entry system, which of the given statement (s) is (are correct)?
(i) It is known as partial and incomplete recording of transactions.
(ii) This system is generally adopted by small traders, petty shop-keepers, doctors, advocates, and other
professionals.
(iii) The limited companies cannot adopt it because they have to maintain complete records of all transactions.
The Sports Club of Orissa had received in 2022-2023 , ₹2,000 towards subscription. Subscriptions for 2021-22 unpaid on 1 April 2022 were ₹200. Subscriptions paid in advance on 31 March 2022 were ₹50 and the same on 31 March 2023 were ₹40. Subscriptions for 2022-2023 unpaid on 31 March 2023 were ₹90. How will this be reflected in the books of accounts of a non-profit organisation?
Consider the following statements in the context of the nature of financial accounting. How many statements are correct?
i) It records only economic events.
ii) It records information as per some specified rules.
iii) It records business transactions only on cash basis.
Under the single-entry system when rent is paid,
i) it will be recorded in the Cash Book
ii) entry will be made in the Rent account
Which of the above statements is/are true?
Which of the following is (are) the attribute(s) of accounting information?
i) It should help in making inter-firm comparisons but not necessarily inter-period comparisons
ii) It should show an accurate and fair view of the profitability of the firm
iii) The financial statements should be accompanied by all the source documents while reporting to the stakeholders.
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
The production possibility curve is a plot between:
Which of the statement is TRUE considering the Central problems of an economy?
What is constant along an isoquant .
Which of the following is an INCORRECT match in the context of economics?
i Study of an individual firm an industry - macro economics
ii) Want satisfying capacity of a good - utility
iii) Exchange of apples with eggs - ceteris paribus
Which of the following pairs is INCORRECT considering the constitutional provisions of the Comptroller and Auditor General of India?
Which of the given options is INCORRECT in the context of fiscal deficit?
Which of the following is/are constant along a demand curve?
(1) Income of the consumers
(2) Price of related goods
Which of the following is/are true at equilibrium in a perfect competition?
(1)MR = MC
(2)AC = MC = AR = MR
(3)MC is falling
In the context of India's demographic transition, which year is known as the 'Year of the Great Divide'?
Identify the incorrect statement.
The foreign capital investment in India on the eve of independence concentrated on the following sectors of the economy
(i) railways
(ii) tea and coffee
(iii) coal and gold mining
Balance of Trade is measured as:
During the first stage of a total product curve, the total product is _______
Which of the following is NOT one of the recognised systems of medicines under AYUSH?
Market Stabilisation Scheme (MSS) was launched by the RBI in _______
The National Rural Livelihood Mission, a measure adopted by the Government to alleviate poverty, is also known as
Which of the following are features of India's Green Revolution from the mid-1960s to the mid-1980s?
( 1) Increase in crop productivity
(2) Rise in acreage
(3) Shift from commercial farming to subsistence farming
In 1991 under the external sector reforms Indian rupee ______
Which of the following is/are functions of a commercial bank?
1 Accepting deposits
2 Giving loans
3 Payments and settlements
What is the likely elasticity of supply when the supply curve is a straight line, vertical to the x-axis?
Which of the following pairs of goods is/are likely to have a positive cross price elasticity of demand?
(1) Cars and Petrol
(2) Tea and Coffee
(3) Rice and Air-tickets
Which of the following statements is true?
(1) The demand curve is a horizontal straight line in perfect competition
(2) Monopoly makes super-normal profits, with barriers to entry
Which of the following leads to an outward shift in the supply curve?
__________ was the fast Development Financial Institution of India set up to propel economic growth through development of infrastructure and industry in _______
What is constant along an indifference curve.
(1) Level of Utility
(2) Level of Output
(3) Level of Price
Which branch of economics deals with the study of the economic activities of individual units?
Marginal Rate of Transformation is the slope of ________
Jammu and Kashmir FRBM Act, 2006 has been passed as per the recommendation of __________
Delicensing means abolishing the requirement of an industrial license to
(i) set up a new unit
(ii) substantially expand an existing unit
(iii) change the location of an existing unit
(iv)) change the product mix of an existing unit
Identify the correct pair of social infrastructure in an economy
Which of the following statement is the objective(s) of setting up of Regional rural banks?
(i) development of agriculture, trade and other productive activities in rural area
(ii) provide credit and other facilities to the small and marginal farmers and small entrepreneurs .
When the demand curve is a horizontal straight line, it indicates that the price elasticity of demand is ________
Which of the following is time as per the law of supply?
(i) There is a negative relation between quantity supplied and price
(ii) There is a positive relationship between quantity supplied and factors of production
For the growth of the Indian economy, which among the following should OT be encouraged?
Which of the following grants are provided from the center's resources over the 2021-26 period?
i) Grants to local bodies
ii) Disaster risk management funds
iii) Sector specific grants
iv) Revenue deficit grants
Which of the following is CORRECT for perfectly competitive markets.
National Sample Survey Organisation (NSSO) provides estimates of magnitude of unemployment on the basis of different concepts. Which of the following is such a concept?
(i) Usual Status Unemployment
( ii) Current Weekly Status Unemployment
(iii) Current Daily Status Unemployment
Marginal utility to a consumer is ________ when the total utility is maximum.
Which of the following is true for a normal good when there is a decrease in consumer income?
Which of the following given options would result in increase in gross external debt, ceteris paribus?
Which of the following is/are included while calculating the national income using the income method?
(1) Wages and salaries in cash
(2) Employers' contribution to social security
Which of the following statements is true for a mixed economy ?
When the price ceiling is fixed below the equilibrium price, it leads to which of the following?
(1) Excess supply
(2) Excess demand
(3) Black marketing
Which of the following is the best indicator of an economy's total borrowings?
Which of the following is NOT the main type of audit that are conducted by Comptroller and Auditor General as per the Regulations on Audit and Accounts (Amendments) 2020?
A perfectly elastic demand curve is
A wholly owned subsidiary of the Reserve Bank is responsible for the production of bank notes and manages 2 presses, one each in Mysore and Salboni respectively. What is the name of the subsidiary?
The marginal cost curve is __________
Which of the following activities can be undertaken by a payment bank in India, as per RBI guidelines?
(i) Acceptance of demand deposits
(ii) Acceptance of time deposits
(iii) Issue of debit cards
(iv) Issue credit cards
______ may be defined as a situation in which the poor are unable to accumulate resources or earn enough to move out of the vicious cycle of poverty.
People who never move above the poverty line are referred as ______
Which of the following statements is INCORRECT about the Finance Commission?
Which of the following statements is FALSE?
_______ was an important growth strategy adopted by India prior to 1991.
Which of the following is true for income elasticity of demand?
(1) It measures the responsiveness of quantity demanded of a good with respect to consumers' income
(2) It is calculated by dividing percentage change in quantity demanded by percentage change in consumer income
Which of the following statements is true?
Which of the following statements is/are true?
1) Outsourcing of services is an outcome of globalisation.
(2)Privatisation implies supremacy of social interest over self interest.
For normal goods the demand curve has a/an _______ slope.
Which of the following is NOT a correct statement in the context of National income?
Which of the following is NOT a model of governance as proposed by Prof. Dr. Arie Halachmi?
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