A Trial Balance may be prepared according to Totals Method and _____ Method.
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A Trial Balance may be prepared according to Totals Method and _____ Method.
______ appears on the credit side of Manufacturing Account.
According to the ____ concept of accounting, the life of the business is divided into appropriate segments for studying the results shown by the business after each segment.
On account of ____ convention, the inventory is valued ‘at cost or market price whichever is less’.
If the net sales are Rs.35,000, Net Purchases Rs.25,000 and the Closing Stock is Rs.5,000, what will be the amount of Gross Profit?
Under ____ method of Inventory valuation, the issues of materials are made at the price of materials or goods which have been ordered but not yet received.
A businessman can find out what his business owns and what it owes from ______.
The maker of a Bill Of Exchange is called the _____.
_____ system of depreciation is followed in case of those assets which are of small values or where the life of the asset cannot be ascertained with certainty.
If a machine (having a scrap value of Rs.1,000) is purchased for Rs.10,000 and it has an effective life of 10 years of 1000 hours each, what will be the amount of depreciation per hour?
The ____ concept of accounting presumes that an enterprise will continue in operation long enough to charge against income, the cost of fixed assets over their useful lives, to amortize over appropriate period other costs which have been deferred under the actual or matching concept, to pay liabilities when they become due and to meet the contractual commitments.
The ______ of a Non-Profit Organisation gives a list of revenue receipts (for past, current and future periods) as well as capital receipts.
If the two sides of the Trial Balance tally, it is an indication that ____.
In case of a Bill of Exchange, ‘Legal Due Date’ is a date which is arrived after adding three days of grace in the _____.
Self -balancing entries will only be made for those transactions which affect ____.
Which one of the following is a revenue expenditure?
Kohler defines Single Entry System as , “A System of book-keeping in which as a rule only records of _____ and of personal accounts are maintained”.
Recording of business transactions are done in a chronological manner in _____.
“Debit all Expenses and Losses, Credit all Gains and Income” is the principle to record journal entry for______ Accounts.
A trade mark is an example of _____.
What will be the amount of credit purchases, if the opening balance of creditors is Rs.7,600; cash paid to creditors Rs.20,000; discount allowed by them Rs.500; Returns Outward are Rs.2,400; Bills payable accepted Rs.4,600 and the closing balance of creditors is Rs.9,500?
_____ is / are charged to the Profit & Loss Account.
A club received Rs. 40,000 as subscriptions during the year 2018-19 of which Rs.6,000 relate to year 2017-18 and Rs.4,000 to 2019-20, and at the end of the year 2018-19 Rs.12,000 are still receivable. What will be the income from subscriptions for the year 2018-19?
When a number of transactions on the same date or relating to one particular account/nature are recorded by means of a single journal entry, such an entry is called as ____.
If the account of Mr.Jay was debited by Rs.495 instead of being credited by Rs.459, the rectification will be done by_____.
The technique of finding out the net balance of a ledger account, after considering the totals of both debit and credit sides, is known as _____.
_______is historical in nature and reflects the past position of business organization.
Which one of the following is a limitation of Financial Accounting?
In case of a Partnership Firm, a _____ is prepared to show the distribution of profits among different partners.
The funds raised by Non-Profit Organisations are credited to capital fund or ______.
In periods of rising prices, ____ method of inventory valuation will result in production being relatively undercharged.
The convention of conservatism has become a target of serious criticism on the ground that it goes against the convention of ____.
Wages paid for erection of a new plant or machinery are taken as _____.
The original cost of an asset is Rs.1,00,000 with an estimated scrap value of Rs.16,000 at the end of its useful life of 5 years. The depreciation on the asset for its whole life is Rs.84,000, what will be the amount to be charged to the Profit & Loss A/c, if the Sinking Fund table shows that Re.0.180975 if invested yearly @5 % p.a. produces Re.1 at the end of 5 years?
Errors committed because of failure to make a proper distinction between revenue and capital items are called ____.
If a firm purchases 100 units of goods on 1st Jan.@ Rs.4 p.u; 200 units on 8th Jan. @ Rs.5 p.u., 200 units on 24th Jan.@ Rs.6 p.u., and sold 200 units on 31st Jan, What will be the value of inventory sold on 31st Jan. according to the Weighted Price method when the firm follows Periodic Inventory System?
The objective of preparing a Bank Reconciliation Statement is to _____.
If the balance as per Cash Book is Rs.5,800; cheques amounting to Rs.2,000 are issued but not yet presented; cheques of Rs.1,500 sent for collection, but not yet collected, and amount of Rs.200 is wrongly debited by the bank, what will be the balance as per Pass Book?
According to Section 5 of the Negotiable Instruments Act, 1881, a _____ is defined as, an instrument in writing containing an unconditional order, signed by the maker, directing a certain person, to pay a certain sum of money only to, or to the order of, certain person or to the bearer of the instrument.
Which one of the following entry will be passed for ‘credit sales’ under self balancing ledger system?
The Central Government has amalgamated three Regional Rural Banks - Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank into a single RRB with effect from.
Find out the best possible option which describes the formula to obtain Gross National Product.
Which of the following factor has a direct relationship with supply, other things remaining constant?
The quantity of demand by virtue of which it changes (increases or decreases) when ___changes (decreases or increases) is called Elasticity of Demand.
Which among the following is the main measuring scale to map the economic growth of a country?
Indifference curve theory states that:
_____ disequilibrium occur because of long-run and deep seated changes in an economy as it moves from one stage of growth to another.
The demand curve normally has a ____ slope.
Which one of the following is not a type of Economic Infrastructure?
As per the 2018-19 data published by the Ministry of Statistics & Program Implementation, the share of agriculture & allied sector is _____ % to the Gross Value Added in India.
Which one of the following is an element of capital account in the Balance of Payments?
The laws of _____ describe the technically possible ways of increasing the level of output.
The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 was enacted by the Parliament in ___.
Supply is said to be _____when a given percentage change in price leads to a larger change in quantity supplied.
The government of India has targated revenue deficit for the financial year 2019-20 to be ___ % of GDP.
The MRTP Act was repealed and replaced by the ___, with effect from September 1, 2009
Goods whose demand varies inversely with income are called ____ goods.
The Central public sector enterprises (CPSEs) viz. Indian Oil Corporation and Steel Authority of India Ltd. have the status of ____.
According to ____ method of measuring national income, the national income consists of measuring the output of all producers and to deduct from this total the intermediate purchases.
An important financial reform has been the reduction in Statutory Liquidity Ratio (SLR)which was as high as 39 per cent of deposits with the banks has been reduced to ____ per cent as on August, 2019
In the short run, the monopolist should make sure that the price should not go below _____.
Which one of the following is a primary function of commercial banks?
Functions of Comptroller and Auditor-General in the Case of Grants or Loans given to other Authorities or Bodies are specified in Section ____ of The Comptroller and Auditor General's (Duties, Powers and Conditions of Service) Amendment ACT, 1971.
The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at ___% of GDP.
The ______is/are constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
If the proportionate increase in the output is less than proportionate increase in the inputs it is said to be _____returns.
The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ______.
Because of price rigidity, firms under oligopoly face a ____demand curve.
"What to produce?" is a basic problem faced by an economy under which of the following central problem?
For the first time in the history of Indian planning there was an attempt to move beyond empowerment and recognize women as agents of sustained socio-economic growth and change, in the ____ Five Year Plan.
Which one of the following is a function of Finance Commission of India?
In Monopoly Market equilibrium, the trader gets________ in the long run (where all factors happen to be variable).
The law of ___ states that, other things remaining the same, the quantity supplied of a commodity is directly or positively related to its price.
Article ____ of the Constitutional Provisions of Comptroller & Auditor General of India relates to Audit Reports.
Macro economics is not a study of _____
The Long-Run Analysis of Production is done under which one of the following law of Production?
______unemployment attributable to the time required to match production activities with qualified resources.
The ____ is vested with the responsibility of conducting monetary policy of India.
_____have an income elasticity of demand of between 0 and +1.
In ____, India has signed an open sky agreement with Australia allowing airlines on either side to offer unlimited seats to six Indian metro cities and various Australian cities.
______refers to the willingness and ability of consumers to purchase a given quantity of a good or service at a given point in time or over a period in time.
______ is the portal which assists the corporate sectors in India with regard to the filing of various compliances in a seamless and transparent manner.
The classic economic resources i.e. land, labour and capital are called as _____.
In India, the first Metro Rail service was inaugurated on 24th October 1984 in ____.
___ has defined Economics as the science of wealth.
When even a negligible fall in the price of the commodity leads to an infinite extension in the demand for it, it is called ____.
According to the economic survey published in July 2019 by Govt. of India, GDP is expected to grow at ___% in 2019-20 due to growth of investment & consumption Service exports
According to ____ theory, a consumer will continue to buy such products that will deliver him the most utility or maximum satisfaction at relative prices.
In 2005, a expert group was constituted by the Planning Commission to review methodology for poverty estimation. It was chaired by_____.
While measuring the National Income, in order to avoid double counting of value of goods in computing GDP,the Final Goods Approach and the ____ is used.
The decades ____are referred to as the period of steady population growth in India.
________ is a kind of unemployment in which there are people who are visibly employed but are actually unemployed or not utilizing their proper skills to its maximum level.
_____ products have a zero cross elasticity.
The ____ is a hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, to the production of the other.
The ___ define national income as the value created in the sphere of material product alone.
The _____Oversees the Foreign Exchange Management Act, 1999.
_____ may be defined as a market situation in which market price is largely determined by the forces of total demand and total supply in the market.
The curve of production possibility is concave in nature because of _____.
Under _____ the cross elasticity of demand between the product of the firm and that of other commodity in the market is zero.
_____was the first payments bank to start its commercial operation in November 2016 on a pilot basis.
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