1. The combined Finance and Revenue Accounts of the Union and State Governments are prepared by – (a) Indian Audit and Accounts Department (b) Central Accounting Organisations of the Union Government (c) Indian Accounts Department (d) Comptroller and Auditor General of India 2. The person whose duty it was to check such accounts became known
1. Book-keeping is mainly concerned with– (a) Designing the system of recording (b) Recording business data relating to its operation. (c) Interpreting the data for the users (d) Summarizing the business data and record preparation 2. Which of the following is not a business transaction – (a) Bought furniture for business – Rs. 5000 (b)
1. Registered suppliers are ordinarily exempted from furnishing – (a) Bid Security (b) Performance Security (c) Post Performance Guarantee (d) All of the above 2. Registered suppliers are approved for – (a) A fixed period of one year (b) A fixed period of three years (c) A fixed period between one to three years depending
1. “Accountant General” means the head of an office of accounts subordinate to the — (a) President of India (b) Comptroller and Auditor General of India (c) Prime Minister of India (d) Finance Minister of India. 2. “State”. except where it appears otherwise from the context, refers to State included in the – (a) First
1. Accountants treat a business as distinct from the persons who own it. This concept is termed as: (A) Business Entity Concept (B) Money Measurement Concept (C) Going Concern Concept (D) Dual Aspect Concept 2. The expenditure which results in the acquisition of an asset. tangible or intangible which can later be sold or converted
1. “Business unit is separate and distinct from the person who supply capital” is based on: (A) Money measurement concept (B) Going concern concept (C) Accounting entity concept (D) Dual aspect concept 2. Mr. A purchased it machinery costing Rs 1,00,000 on 15th November 2013. Transportation and installation charges were incurred amounting Rs 10,000 and
1. Corporate governance ensures that managers look after the interest of: (A) the government (B) the board of directors (C) the stakeholders (D) the general public 2. Outstanding expense is a: (A) personal account (B) real account (C) nominal account (D) none of these 3. The process of converting share certificates in physical form into
1. When shares issued at premium which of the following account is credited? A. Securities premium Reserve B. Share first call account C. Share allotment account D. Share forfeited account 2. The amount of capital mentioned in MOA is __________ A. Authorized capital B. issued capital C. Reserve capital D. Subscribed capital 3. Closing stock
1. Trading in securities beyond the official trading hours of the stock exchange is called A. Hammering B. Margin trading C. Short trading D. Kerb trading 2. A blue chip security is one which A. Gives assured high returns B. Almost every investor is willing to buy C. Offers the highest liquidity and sells always
1. Which of the following is not a current liability? A. Bank Overdraft B. Bills Payable C. Outstanding Expenses D. Equity Share Capital 2. Contingent Liability is shown owing to the A. Convention of conservatism B. Convention of materiality C. Convention of full disclosure D. Dual aspect concept 3. Revenue is generally recognized as being
