Which of the following statements is INCORRECT in the context of accounting concepts?
SSC CGL Tier-2 28th January 2022 Assistant Audit Officer
For the following questions answer them individually
Which of the following errors will reflect in the trial balance?
Which of the following is NOT a business transaction?
Which of the following accounts will typically have a debit balance in the trial balance?
Depreciation is not impacted on things like scissors, pencil and these are considered as a expenditure for the company. This statement is related to which accounting standard?
Which of the following costs is NOT included while calculating the cost of the inventory?
In case a Provision for Depreciation Account is NOT maintained, the correct journal entry for recording the amount of depreciation is:
Match the following.
Which of the following statements is true?
When an income is received in advance, the treatment in the Profit & Loss account and balance sheet, respectively, will be:
Receipts and payments account includes which of the following?
(i) All receipts and payments related to the current year.
(ii) All receipts and payments related to the previous or future year(s).
(iii) All receipts and payments irrespective of the natural (both revenue and capital).
Mr. A draws a 6-month trade bill on B for ₹25,000 ou 1 January 2021. After hold ing the bill for 2 months, A decided to discount the bill with the bank at the rate of 10% p.a. The amount of discount on the bill is __ approximately (select the answer with the closest value).
Which of the following statements is correct?
What will be the journal entry for recording this transaction?
Returned goods to Mr. B of ₹500 aud paid to Mr. B ₹4,000 in full settlement for buying goods worth ₹5,000.
X and Y are partners in a partnership firm without any agreement. X has withdrawn ₹ 55,000 out of his capital as drawings. What is the interest on drawings that may be changed from X by the firm?
Which of the following statements is correct?
A machine is purchased for ₹8,000 and is wrongly recorded in the purchases account. Due to this error, the trial balance will:
A laptop worth ₹ 12,000 purchased for the daughter of a partner was debited to the general expenses account with ₹2,000. In the rectifying entry, the drawings account should be debited with:
Which of the following statements is INCORRECT for financial accounting?
A state of deterioration, damage done to a building or other property during tenancy can be referred to as:
The methods of depreciation prescribed by the sec 32 of the Income Tax Act 1961, are:
i) Units of production method
ii) Written down value method
iii) Sum of years' digits method
Which of the following statements is true in the context of capital and revenue expenditure?
A not-for-profit organisation pays a rent for the building as ₹1.000 per month. However, the rent for the last two months has not been paid. What will be the amount shown in the receipt & payment account and income & expenditure account, respectively?
Which of the following statements is INCORRECT in the comext of Not-for-profit organisations?
The bank passbook of Mr. P showed a credit balance of ₹924 as on 31 March 2021 . When checked with cashbook the fllowing points were noted.
1. Payment of a utility bill of ₹200 as per Mr. p's standing instructions was made, which was not retlec1ing in the
cash book.
2. A cheque of ₹65 deposited in the bank on 28 March 2021 was not cleared till 4 April 1021.
3. Cheque drawn by and posted to a parry for ₹46 by Mr. P on 31 March 2021 was presented to the bank on 12
April, 2021.
What will be the bank balance as per cash book as on 31 March 2021?
Cost of goods sold is equal to:
When manufacturing and trading accounts are prepared separately, manufacturiring account deals with:
The general acceptable accounting principles (GAAPs) fillfils the conditions of
(i) Relevance
(ii) Objectivity
(iii) Feasibility
Match the following accounting concepts with the meaning/implications.
Which of the following options is a revenue expenditure?
Which of the following statements is correct in the context of single-entry system?
A credit balance in the bank passbook indicates a/an ____ balance, and debit balance in the cash book
indicates a/an ___ balance.
A firm purchased land by paying entire money to the seller. However, still legal proceedings are remaining. As per which principle firm can show this transaction in accounts without the completion of legal proceedings?
Calculate the profit by the method of statement of affairs with the help of the below given data.
Mr. A is the owener of one general store. He is not using dual system account. Capital at 31st march 2020 was Rs. 75000. He took Rs. 12000 for his person use. He invested new capital of Rs. 12500. On 31st march 2021, total libability is Rs. 90000, total asset is Rs. 126500, stock value is Rs. 24570 and in bank Rs. 25000 cash.
Which of the following statements is correct in the context of a trading account?
Which of the following statements is INCORRECT for self-balancing ledgers?
which of the following statements is INCORRECT in the context of a journal?
In balance sheet, when finance are at top level and current liabilities at the bottom level. What is said this thing.
Which of the following is/are control account(s) maintained in the self-balancing ledger system?
(i) Bought ledger adjustment account
(ii) Sales ledger adjustment account
(iii) General ledger adjustment account
Paying a bill before due date is called _____________
The real GDP growth of the Indian economy is impacted negatively by which of the following?
I) Rise in inflation
2) Low domestic manufacturing activity
3) Increased government spending on infrastructure
Technological progress is expected to shift the supply curve of a firm to the ________, Imposition of unit tax is expected to shift the supply curve of a form to the _______.
Match the following for the percentage share of stake held in regional rural banks.
The Guidotti-Greenspan-IMF rule entails:
Which of the following statements is correct?
_________was launched by the Prime Minister of India in June 2015 with the focus to establish infrastructure that could ensure adequate robust sewage networks and waler supply for urban transformation by implementing urban revival projects.
A perfectly elastic supply curve means:
i. a horizontal supply cmve
ii. Price Elasticity of Supply = Infinity
_______ is an umbrella organisation for operating retail payments and settlement systems in India, an initiative of Reserve Bank of India (RBI) and India Bank's Association (IBA) under tl1e provisions of the Payment and Settlement Systems Act. 2007.
________in a market occurs when a small number of firms produce a _______ commodity.
Q = L + K (where Q is output, L is labour and K is capital), depicts a production function with:
Human wants are ____ but the means to satisfy them are_________.
Which of the following statements is correct?
On 23rd september 2013, swarna jayanti urban swarozgar yojana was changed to _____________.
Normative economics does NOT involve:
Marginal Product is defined as:
For a monopolist, profit is maximised at that level of output where:
The Comptroller and Auditor General of India takes oath as per the fonn mentioned in the ________ and the salary is determined as per the provisions mentioned in the __________ of the Constitution of India.
In case of inferior goods, income elasticity of demaand is __________.
The income elasticity of demand is expected to __________ be for _____________ goods.
Which of the following statements is INCORRECT?
In which of the following years was the annual plan initiated in India by the Planning Commission, Government of India?
Which of the following statements is INCORRECT in the context of budget and fiscal deficit?
Which of the following statements is INCORRECT in the context of demand function?
The Fiscal Responsibility and Budget Management Act, 2003, was assented to on ____ and commenced with
effect from __________.
_________________ suggested a poverty line of ₹75 per capita per year.
What is constant along an isoquant?
i. Level of Labour
ii. Level of Capital
Since independence, India has been a ______________.
The demand curve that a firm faces in a perfectly competitive market is perfectly __________ : it is a _________ straight line at the market price.
Under expansionism fiscal policy, government will _____________
The $$5^{th}$$ finance Commission bas recommended that for cities with a million plus population (Million-Plus cities), ____________ of the grants are perfomance-linked through the Million-Plus Cities Challenge Fund (MCF)
Problem of how to produce is NOT concerned with:
In which of the following cases will price elasticity of demand be relatively less elastic?
Money sent by a person who is working foreign country is included in ________________.
(i) tranfer to the people in terms of payment.
(ii)national income
The supply curve of cars is expected to shift rightwvards with:
1. an increase in the price of cars
ii. a decrease in fuel prices
____________ happens when a government sells only a part of its stake in a public sector company and retains tte majority of it.
_______________ monetary policy implimented when it is assumed that there is a need of high interest rates. Generally it is done to face the inflation or to stop the quick economic growth.
The supply curve of a normal good is ____ sloping. It depicts ___________ on !be x-axis and ___________ on they-axis.
which of the following is the last source of energy?
The full form of GIFT City, India's first International Financial Services Centre (IFSC) is:
which of the following statements is INCORRECT?
Which of the following statements is true?
The Method of measuring national income is also known as the 'flow of product' approach by Prof.
Samuelson.
As per the CAG (DPC's) Act, 1971, the Comptroller and Auditor General of India:
(i) audits all receipts into and expenditure from the Consolidated Fund of India and of each State and of each Union Territory, having a Legislative Assembly
(ii) audits all transactions of the Union and of the States relating to Contingency Funds, and Public Accounts
(iii) audits receipts and expeuditure of bodies or authorities substantially financed from Union or State revenue
(iv) audits accounts of bodies or authorities by request
Price elasticity of demand measures the extent to which quantity demanded of a commodity changes in response to change in:
The cross elasticity of demand means responsiveness of the quantity demanded of a good to a change in:
According to the theoyy of demographic transition, a country (underdeveloped and technologically backward) passes through three stages. Which of the following options is the first stage of this theory ?
India's health infrastructure and health care is a tier system comprising:
(i) Primary level
(ii) Secondary level
(iii) Tertiary level
Which of the following is a core concept studied in microeconomics?
i. Consumer Behaviour
ii. Behaviour of Firms
iii. Aggregate Level of Output and Inflation in the Economy
Vhich of the following is correct?
Which of the following is NOT an agency function of the bank?
______ was a policy incroduced to promote equity in Indian agriculture. The purpose was to _________
concentration of land ownership in a few hands.
Which of the following statements is correct in the context of Special Drawing Rights (SDR)?
The demand curve gives the quantity demanded by the consumer at each ___________.
Which of the following is NOT an assumption of production possibility curve?
The law of demand holds good when:
Which of the following is NOT a feature of indifference curves (for normal goods)?
Vhich of the following statements is/are true?
A - In perfect competition, average revenue is equal to market price.
B - In perfect competition, marginal revenue is equal to market price .
When an economy is operating inside the production possibility curve, it indicates that:
As per the 15th Finance Commission final report, submitted on 9 November 2020, the Commission has recommended that _______ of the net proceeds of Union taxes should be shared with the States.
Use of synthetic rubber leads to decline in the demand for natural rubber and thus causes _________
unemployment in rubber plantations.
