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Q.2)	Which of the following is one of the basic accounting principle ?

A.	Profit Concern

B.	Going Concern

C.	Online concern

D.	Own concern

Q.3)	A change in accounting policy is justified

A.	To comply with accounting standard

B.	To ensure more appropriate presentation of the financial statement of the enterprise

C.	To comply with law

D.	All of the above

Q.4)	Which of the following should be considered while slecting and applying accounting policies.

A.	Consistency

B.	Going Concern

C.	Substance over form

D.	All of the above

Q.5)	Depreciation on assets is calculated as per Straight line method at rate specified in Companies Act 1956 - is an

A.	Accounting concept

B.	Accounting Standard

C.	Accounting convention

D.	None of the above

Q.6)	A bill has been drawn on 20.02.2008 payable after 90 days the due date of the bill will be

A.	20.05.2008

B.	24.05.2008

C.	23.05.2008

D.	22.05.2008

Q.7)	Material of Rs. 500 used in the installation of the machinery and wages paid for it amounting to Rs. 600 should be debited to

A.	Purchases account

B.	Machinery account

C.	Petty expenses account

D.	Material account

Q.8)	Carriage Inward is debited to

A.	Trading Account

B.	Profit & Loss Account

C.	P&L Appropriation Account

D.	None of the above

Q.9)	Amount spent, for the construction of temporary huts, which were necessary for construction of the factory and demolished when the factory was ready is a

A.	Capital Expenditure

B.	Revenue Expenditure

C.	Prepaid Expenditure

D.	Deferred Revenue Expenditure

Q.10)	Difference of totals of both debit and credit side of the trial balance is transferred to

A.	Difference Account

B.	Adjustment Account

C.	Suspense Account

D.	Profit & Loss Account

Q.11)	Identify correct statement

A.	Capital is equal to assets minus liabilities

B.	Capital is equal to assets plus liabilities

C.	Assets are equal to liabilities minus capital

D.	Liabilities is equal to capital plus assets

Q.12)	All of the following have debit balance except one. That account is

A.	Advances Given

B.	Outstanding Expenses

C.	Prepaid Expenses

D.	Deferred Revenue Expenses

Q.13)	Which of the statement is true wih reference to WDV method

A.	Dep amount remains constant

B.	Dep amount declines even if rate remains same

C.	Dep rate changes every year

D.	All of above

Q.14)	Closing balance of cash book is written as

A.	By balance b/d

B.	By balance c/d

C.	To balance b/d

D.	To balance c/d

Q.15)	A company has received a penalty order from excise department. Penlaty imposed is Rs. 15.00 Lacs. Order was received on 15.01.2008 and company has filed appeal on 10.02.2008, result of which is pending as on 31.03.2008. The company should

A.	Disclose the fact in financial statements by recognising liability

B.	Not disclose anything

C.	Disclose it as continegent liability

D.	Should put this matter in Board of directors meeting

Q.16)	Purchase has been overcast by Rs. 1000. Rectification entry before preparation of trial balance will be

A.	Purchase A/c debit and Suspense A/c Credit

B.	Suspense A/c Debit and Purchase A/c Credit

C.	Overcasting of Purchase book Debit and Purchase A/c Credit

D.	Rectification A/c Debit and Purchase Account Credit

Q.17)	A credit sale Rs. 1000/- was recorded in purchase day book & credit purchase of Rs. 2000/- was entered in sales day book. Rectification entry will be

A.	Purchase Dr. 3000 To Sales 3000

B.	Purchase Dr. 1000 Sales Dr. 1000 To Sundry Drs. 1000 To Sundry Crs. 1000

C.	Sales Dr. 3000 To Purchase 3000

D.	None of above

Q.18)	Difference in cash book & bank book may be due to

A.	Error of principle

B.	Error of vision

C.	Timing difference

D.	All of above

Q.19)	Insurance premium directly paid by bank will be

A.	Added to Balance as per cash book

B.	Added to Balance as per bank pass book

C.	Deducted from balance as per pass book

D.	Added to suspense account

Q.20)	Which of the following technique is used to value inventory not ordinarily interchangable

A.	Historical cost

B.	Specific identification method

C.	Both A & B

D.	None of the above

Q.21)	Accrued interest is an exmaple of

A.	Increase in asset & decrease in owner's liability

B.	Increase in liability & decrease in owner's liability

C.	Decrease in liability & owner's liability

D.	Increase in assets & owner's liability

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