…………….fund is for the purpose of construction of building for the business of
the Society.
A.
building fund
B.
Reserve fund
C.
Education Fund
D.
Loans and advances
Answer»
A. building fund
102.
The………………Fund cannot be utilized for payment of dividend as bonus.
A.
building fund
B.
Reserve fund
C.
Education Fund
D.
Loans and advances
Answer»
B. Reserve fund
103.
A co-operative Society may createout of its net profit for payment of bonus to
person who are not its members.
A.
bonus equalization fund
B.
Reserve fund
C.
Education Fund
D.
Loans and advances
Answer»
A. bonus equalization fund
104.
Reserve for doubtful debts is stands for …………
A.
RDD
B.
Reserve fund
C.
Bad debts
D.
Loans and advances
Answer»
A. RDD
105.
…………….are not formed for earning profit.
A.
co-operative society
B.
Public Company
C.
HUF
D.
Private Company
Answer»
A. co-operative society
106.
Deposits from Society and individuals should be shown separately to the ……..
side of balance sheet.
A.
Liabilities
B.
Current Assets
C.
Education Fund
D.
Fixed Assets
Answer»
A. Liabilities
107.
The primary objective in the formation of Co-operative credit Society is ………
A.
promoting of saving
B.
To Maintain Stock Register
C.
A and C only
D.
to get maximum profit
Answer»
A. promoting of saving
Chapter: Computarised Accounting Practices
108.
…………..is the source of Government to increase their revenue.
A.
Tax
B.
Profit
C.
memorandum
D.
Expenses
E.
8th July 2019
Answer»
A. Tax
109.
GST stands for………….
A.
Goods and service tax.
B.
Government Service tax
C.
God down Surcharge
D.
B and C
E.
8th July 2019
Answer»
A. Goods and service tax.
110.
……………is the motive given to the parliament and legislation of every state
A.
. one nation one tax
B.
Live and let live
C.
Health is Wealth
D.
learn and earn
E.
8th July 2019
Answer»
A. . one nation one tax
111.
…………….collected by central government on an Intra state sale.
A.
CGST
B.
SGST
C.
IGST
D.
GST
E.
8th July 2019
Answer»
A. CGST
112.
………….Collected by the State Government on an Intra state sale.
A.
CGST
B.
SGST
C.
IGST
D.
GST
E.
8th July 2019
Answer»
A. CGST
113.
………….Collected by the Central Maharashtra for Inter state sale.
A.
CGST
B.
SGST
C.
IGST
D.
GST
E.
8th July 2019
Answer»
A. CGST
114.
……….and will share revenue equally between the central and State.
A.
CGST & SGST
B.
SGST &IGST
C.
IGST & CGST
D.
GST & IGST
E.
8th July 2019
Answer»
A. CGST & SGST
115.
on…………………..the GST law came into the force.
A.
1st July 2017
B.
2nd June 2018
C.
1st June 2017
D.
18th July 2019
E.
8th July 2019
Answer»
A. 1st July 2017
116.
…………..is an Indirect Tax which has replaced many indirect taxes in India.
A.
GST
B.
Income Tax
C.
IGST
D.
Service Tax
E.
8th July 2019
Answer»
A. GST
117.
The online version of collecting tax was introduced in the year…………
A.
2004
B.
2006
C.
2005
D.
2015
E.
8th July 2019
Answer»
A. 2004
Chapter: Branch Account
118.
………….method of branch accounting is usually adopted when the branch is of
the small size.
A.
Treading.
B.
Balance sheet
C.
memorandum
D.
debtors
Answer»
D. debtors
119.
The normal and abnormal stock of goods doesn’t appear in branch account as
the closing stock is at the…………….figure.
A.
Adjusted
B.
profit.
C.
balance.
D.
loss
Answer»
A. Adjusted
120.
Stock and Debtors method of branch accounting is generally used where
branch turnover is substantially
A.
loss
B.
lower
C.
High.
D.
Profit
Answer»
C. High.
121.
Loading on surplus in stock is………….to Branch Adjustment Account.
A.
debit.
B.
credit.
C.
liability.
D.
treading
Answer»
B. credit.
122.
Under Stock and Debtors System general income is credited to ………..account
A.
balance sheet
B.
branch stock account
C.
stock and Debtor System
D.
branch profit and loss
Answer»
D. branch profit and loss
123.
In Branch Accounting the balance on stock reserved Account at the end of the
period is shown in the balance sheet by the way of deduction from
A.
opening stock.
B.
reserved stock.
C.
closing stock.
D.
profit or loss
Answer»
C. closing stock.
124.
Goods sent by the head office at the end of the year but not received by Branch
before the year ended is known as
A.
goods in transit
B.
loss by fire
C.
shortage.
D.
loss
Answer»
A. goods in transit
125.
The closing balance of book debts account is ascertained by preparing branch
………………Account.
A.
stock
B.
trading.
C.
Debtors
D.
adjustment
Answer»
C. Debtors
126.
The removal of loading from the items of branch stock is adjusted through
branch……………..Account
A.
adjustment
B.
debtor.
C.
Stock
D.
profit and loss
Answer»
A. adjustment
127.
A ………………is generally a physical part of the business established under the
same roof.
A.
Surplus.
B.
Depreciation
C.
Department
D.
Surplus
Answer»
C. Department
128.
A……………..system of departmental account is more convenient where the
number of department are very small
A.
Mutual.
B.
Branch.
C.
Debtor’s.
D.
Profit and loss
Answer»
A. Mutual.
129.
All items of stock in Trading and Profit and loss Account are to be converted
into cost price if these are given at an _
A.
Profit ratio.
B.
market price
C.
Balance.
D.
Invoice price
Answer»
D. Invoice price
130.
Foreign Branch almost invariably trade independently and records their
transaction in
A.
cost price
B.
Market value
C.
Foreign currency
D.
invoice price
Answer»
C. Foreign currency
131.
To fulfill the audit requirements under section of the company act 1956
A.
(B) 156
B.
228
C.
(a) i 30.
D.
200
Answer»
B. 228
132.
The branches which are totally dependent on head office are also termed as
Agency Branches.
A.
True
B.
False
C.
may be false
D.
may be a
Answer»
A. True
133.
The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses.
A.
true
B.
false
C.
may be false
D.
both a and b
Answer»
A. true
134.
Actual petty expenses paid by branch from petty cash are to br shown
separately in Branch Account.
A.
true
B.
false
C.
both a and b
D.
none of the above
Answer»
A. true
135.
The method of Branch Accounting varies with the nature and the status of
branch.
A.
true
B.
false
C.
neither true nor false
D.
none of the above
Answer»
A. true
136.
Dependent branch doesn’t keep any book of account as their entire
Accounting work is performed by the head office.
A.
true
B.
may be false
C.
neither true nor false
D.
may be true
Answer»
A. true
Chapter: Single Entry System
137.
……………system of book keeping is the only scientific method to record farming
transaction.
A.
Single entry
B.
Double entry
C.
Balance sheet
D.
Adjustment A/c
Answer»
B. Double entry
138.
In single entry system it’s difficult to detect
A.
Account
B.
Fraud.
C.
Profit.
D.
Gross profit
Answer»
B. Fraud.
139.
Single entry constitutes incomplete records rather than single entry
A.
credit.
B.
Profit.
C.
Accounting.
D.
Net profit
Answer»
C. Accounting.
140.
Under pure single entry system only……………..Account are kept.
A.
Personal
B.
double entry
C.
Assets
D.
None of these
Answer»
A. Personal
141.
Under the………………… entry system personal accounts, cashbook and other
subsidiary books are kept separately.
A.
Pure single
B.
Quasi single
C.
Simple single
D.
Double entry
Answer»
B. Quasi single
142.
Accounting is mainly concerned with the future management planning.
A.
Personal.
B.
Quasi single entry
C.
Pure single entry
D.
Management
Answer»
D. Management
143.
In…………………entry system no records are kept for real or nominal Account.
A.
Quasi single
B.
pure single
C.
Simple single
D.
Double entry
Answer»
B. pure single
144.
Most of the farming transactions are transacted on ……………..basis.
A.
Double entry
B.
Creditors.
C.
Surplus.
D.
Cash
Answer»
D. Cash
145.
In single entry system it’s difficult to operate …………….system
A.
Pure single
B.
Single entry
C.
Internal control
D.
Quasi single
Answer»
C. Internal control
146.
In single entry system it’s difficult to exercise control over .
A.
Asset
B.
Management
C.
Single entry
D.
Pure single entry
Answer»
A. Asset
147.
Under…………… entry system, Personal Accounts and Cash Book are kept separately.
A.
Simple single
B.
Pure s ingle.
C.
Quasi single.
D.
Double entry
Answer»
A. Simple single
148.
Under statement of affairs method which is also termed as .
A.
Single entry system
B.
Quasi single entry system
C.
Capital comparison method
D.
Double entry system
Answer»
C. Capital comparison method
149.
If the closing capital is more than the opening capital it’s shows an increase in capital which means a ……………
A.
Profit.
B.
Shares.
C.
Account.
D.
Operating capital
Answer»
A. Profit.
150.
Under single entry system arithmetical accuracy of the Accounting records can be checked.
A.
true
B.
false
C.
may be false
D.
both a and b
Answer»
B. false
151.
Single entry system is mixture of single entry, double entry and no entry.
A.
true
B.
may be false
C.
only true
D.
none of the above
Answer»
A. true
152.
They record a few translation completely just like the double entry system but a majority of the transactions are recorded only partially is known as incomplete records.
A.
true
B.
false
C.
both a and b
D.
none of the above
Answer»
A. true
153.
Under single entry system the profit and loss can be found out and also it’s comparison will be available.
A.
true
B.
false
C.
both and b
D.
only false
Answer»
B. false
154.
Profit and losses can’t be ascertained because Trading and Profit and loss account can’t be prepared.
A.
true
B.
false
C.
may be true
D.
may be false
Answer»
B. false
Chapter: Analysis Of Financial Statements
155.
When the concept of ratio is defined in respect to the item shown in the
financial statements, it is termed as
A.
Accounting ratio
B.
Financial ratio
C.
costing ratio
D.
none of the above
Answer»
B. Financial ratio
156.
The relationship between two financial variables can be expressed in:
A.
Pure ratio
B.
Percentage
C.
Rate or time
D.
all the above
Answer»
D. all the above
157.
Stock is considered as a liquid asset as anytime it can be converted into cash immediately.
A.
Yes
B.
No
C.
Only YES
D.
None of the above
Answer»
B. No
158.
Return on properties funds is also known as.
A.
Return on net worth
B.
Return on shareholders fun
C.
Return on the shareholders investment
D.
All the above
Answer»
D. All the above
159.
What will be the Gross Profit if , total sales is Rs 2,60,000,cost of net goods sold
is Rs 2,00,000 & sales return is Rs10,000 ?
A.
13 %
B.
28%
C.
26%
D.
20%
Answer»
D. 20%
160.
Liquid asset is determined by
A.
Current asset - stock - prepaid expense
B.
Current asset + Stock +prepaid expense
C.
Current asset + prepaid expense
D.
None of the above
Answer»
A. Current asset - stock - prepaid expense
161.
Which of the following is not included in current assets.
A.
Debtors
B.
Stock
C.
Cash at bank
D.
Cash in hand
Answer»
B. Stock
162.
Liquidity ratios are expressed in
A.
Pure ratio form
B.
Percentage
C.
Rate or time
D.
None of the above
Answer»
A. Pure ratio form
163.
Working capital turnover ratio can be determined by :
A.
( Gross profit / Working capital )
B.
( Cost of goods sold / Net sales )
C.
( Cost of goods sold / Working capital)
D.
None of the above
Answer»
A. ( Gross profit / Working capital )
164.
Determine Working capital turnover ratio if, Current asset is Rs 1,50,000, current liability is Rs 1,00,000 & cost of goods sold is Rs 3,00,000.
A.
5 times
B.
6 times
C.
3 times
D.
1.5 times
Answer»
B. 6 times
165.
The ratio analysis is helpful to management in taking several decisions, but as
a mechanical substitute for judgement and thinking, it is worse than useless.
A.
True
B.
False
C.
may be false
D.
both a and b
Answer»
A. True
166.
Profit for the objective of calculating a ratio may be taken as
A.
Profit before tax but after interest
B.
Profit before interest &tax
C.
Profit after interest & tax
D.
All the above
Answer»
D. All the above
167.
If sales is Rs 5,00,000 & net profit is Rs 1,20,000 Net profit ratio is
A.
24%
B.
416%
C.
60%
D.
None of the above
Answer»
A. 24%
168.
General profitability ratios are based on
A.
Investment
B.
Sales
C.
A & B
D.
None of the above
Answer»
B. Sales
169.
Financial Statement Analysis can be used for assessment of past performance
only.
A.
false
B.
true
C.
either true or false
D.
only true
Answer»
A. false
170.
Ratio analysis is an important means of expressing the relationship between two numbers.
A.
true
B.
false
C.
may be false
D.
a and b both
Answer»
A. true
171.
Ratio analysis helps in investment decision.
A.
true
B.
false
C.
may be true
D.
a & b both
Answer»
A. true
172.
Liquid Ratio is also known as 2:1 ratio.
A.
false
B.
true
C.
either true or false
D.
none of the above
Answer»
A. false
173.
Current ratio indicates the solvency position of the business.
A.
true
B.
false
C.
may be false
D.
a and b
Answer»
A. true
174.
An ideal Liquid ratio is considered as 1:1
A.
true
B.
false
C.
a and b both
D.
none of the above
Answer»
A. true
175.
The gross profit represents the net margin.
A.
false
B.
true
C.
both a and b
D.
may be false
Answer»
A. false
176.
Reliability of ratios depend upon the reliability of financial data.
A.
true
B.
false
C.
only a
D.
both a and b.
Answer»
A. true
177.
Ratio analysis ensures effective cost control.
A.
true
B.
false
C.
none of the above
D.
may be both
Answer»
A. true
178.
An ideal current ratio is considered as 1:2
A.
false
B.
true
C.
may be true
D.
both a and b
Answer»
A. false
179.
The ratios which reveal the final result of the managerial policies and performance is…………..
A.
turnover ratios.
B.
profitability ratios.
C.
short term solvency ratio.
D.
long term solvency ratio.
Answer»
B. profitability ratios.
180.
Return on investment is a .
A.
turnover ratios.
B.
short term solvency ratio.
C.
profitability ratios.
D.
long term solvency ratio.
Answer»
C. profitability ratios.
181.
Net profit ratio is a .
A.
turnover ratio.
B.
long term solvency ratio.
C.
short term solvency ratio
D.
profitability ratio.
Answer»
D. profitability ratio.
182.
Stock turnover ratio is a .
A.
turnover ratio.
B.
profitability ratio.
C.
short term solvency ratio.
D.
long term solvency ratio.
Answer»
A. turnover ratio.
183.
Current ratio is a
A.
short-term solvency ratio.
B.
long-term solvency ratio.
C.
profitability ratio.
D.
turnover ratio.
Answer»
A. short-term solvency ratio.
184.
Proprietary ratio is a .
A.
short-term solvency ratio.
B.
long-term solvency ratio.
C.
profitability ratio.
D.
turnover ratio.
Answer»
B. long-term solvency ratio.
185.
Fixed assets ratio is a
A.
short-term solvency ratio.
B.
long-term solvency ratio.
C.
profitability ratio.
D.
turnover ratio.
Answer»
B. long-term solvency ratio.
186.
Fixed assets turnover ratio is a
A.
short-term solvency ratio.
B.
long-term solvency ratio.
C.
profitability ratio.
D.
turnover ratio.
Answer»
D. turnover ratio.
187.
The ratio which measures the profit in relation to capital employed is known as
A.
return on investment.
B.
gross profit ratio.
C.
operating ratio.
D.
operating profit ratio.
Answer»
A. return on investment.
188.
The ratio which determines the profitability from the shareholder’s point of
view is .
A.
return on investment.
B.
gross profit ratio.
C.
return on shareholders funds.
D.
operating profit ratio.
Answer»
C. return on shareholders funds.
189.
Return on equity is also called
A.
return on investment.
B.
gross profit ratio.
C.
return on shareholders funds.
D.
return on net worth.
Answer»
D. return on net worth.
190.
Preliminary expenses is an example of
A.
fixed assets.
B.
current assets.
C.
fictitious assets.
D.
current liabilities.
Answer»
C. fictitious assets.
191.
Prepaid expenses is an example of .
A.
fixed assets.
B.
current assets.
C.
fictitious assets.
D.
current liabilities.
Answer»
B. current assets.
192.
The ratio which is calculated to measure the productivity of total assets is
A.
return on equity.
B.
return on share holders funds.
C.
return on total assets.
D.
return on equity share holders’ funds.
Answer»
C. return on total assets.
193.
The ratio which shows the proportion of profits retained in the business out of
the current year’s profits is
A.
retained earnings ratio.
B.
pay out ratio
C.
earnings per share.
D.
price earnings ratio.
Answer»
A. retained earnings ratio.
194.
The ratio which indicates earnings per share reflected by the market price is .
A.
retained earnings ratio.
B.
pay out ratio.
C.
earnings per share.
D.
price earnings ratio.
Answer»
D. price earnings ratio.
195.
The ratio establishes the relationship between profit before interest and tax
and fixed interest charges is .
A.
interest cover ratio.
B.
fixed dividend cover ratio.
C.
debt service coverage ratio.
D.
dividend yield ratio.
Answer»
A. interest cover ratio.
196.
The ratio shows the preference dividend as a proportion of profit available for
shareholders is
A.
interest cover ratio.
B.
fixed dividend cover ratio.
C.
debt service coverage ratio.
D.
dividend yield ratio.
Answer»
B. fixed dividend cover ratio.
197.
The dividend is related to the market value of shares in .
A.
interest cover ratio.
B.
fixed dividend cover ratio.
C.
debt service coverage ratio.
D.
dividend yield ratio.
Answer»
D. dividend yield ratio.
198.
Turnover ratio is also known as .
A.
activity ratios.
B.
solvency ratios.
C.
liquidity ratios.
D.
profitability ratios.
Answer»
A. activity ratios.
199.
Inventory or stock turnover ratio is also called .
A.
stock velocity ratio.
B.
debtors velocity ratio.
C.
creditors velocity ratio.
D.
working capital turnover ratio.
Answer»
A. stock velocity ratio.
200.
Which ratio is calculated to ascertain the efficiency of inventory management
in terms of capital investment?
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