Question 1 :
________ is the language of business and used to communicate financial and other information to different interested parties like creditors, investors, researchers, governments etc.

Question 4 :
Bond call provision that is not practiced even after several years of issuance is classified as ______________.<span><br/></span>

Question 6 :
The process of grouping transactions or entries of the same type at one place is known as _____________.

Question 7 :
Accounting is an art of recording, ________ and ______ in terms of money, transactions and events of a financial character and interpreting the result thereof.

Question 8 :
__________ is concerned with the preparation and presentation of the classified data in a manner useful to the internal and external users of financial statements.

Question 9 :
If the goods purchased are in transit , then the journal entry at the end of the period will be ____________________.

Question 10 :
Which of the following method of inventory valuation is generally accepted by tax authorities.

Question 12 :
_______ is the process of grouping transactions or entries of same nature at one place.

Question 17 :
The correct sequence in preparation of periodical financial statement would be.<br>$1$. Preparation of balance sheet<br>$2$. Preparation of cash flow statement<br>$3$. Preparation of trial balance<br>$4$. Preparation of Profit &amp; Loss A/c<br>Select the correct answer from the options given.<br>

Question 18 :
_______&#160; is concerned with the transmission of summarized, analysed and interpreted information to the end users to enable them to make rational decision.

Question 20 :
Accounting involves -<br/>(I) Recording<br/>(II) Classifying<br/>(III) Summarizing<br/>Select the correct answer from the options given below.

Question 21 :
__________ are costs which have been applied against revenue of particular&nbsp;accounting period.

Question 22 :
Retail method of inventory valuation is based on which of the following assumption.

Question 23 :
While preparing final account, to make provision for discount on debtors, which of the following adjustment entry will be passed?

Question 24 :
Accounting is :<br/>1. An art<br/>2. A science<br/>Select the correct answer from the options given below ___________.

Question 25 :
When a person selling goods on credit he becomes a _________ in the books of the buyer.

Question 29 :
When the Profit and Loss A/c and Balance sheet are prepared for various companies of a group of companies, this is called..........<span><br></span>

Question 30 :
From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.<br>Provisions for bad debts a/c as on $1-1-14$ Rs. $20,000$<br>Actual bad debts a/c as on $31-12-14$ Rs. $18,000$<br>Debtors balance as on $31-12-14$ Rs. $100,000$<br>Provisions for bad debts to be made @$5\%$ of total debtors.<br>

Question 33 :
From the following abstract of trial balance estimate the profit of the firm during $07-08$.<br>Capital Rs. $3,000$, Revenue Rs. $8000$, Liabilities Rs. $5,000$, Reserve Rs. $5,000$, Outstanding expenses Rs. $1,000$ Sundry assets Rs. $10,000$, Expenses Rs. $2,000$, Interest on bank loan Rs. $1,000$, Pre-paid expenses Rs. $1,500$. Closing stock Rs. $500$.<br>

Question 35 :
XYZ Associates is not maintaining full-fledged accounts on Double entry system basis. From the following details estimates the capital of the firm as on $31-3-2014$.<br>Capital as on $1-04-2013$ Rs. $80,000$<br>Capital added during the year Rs. $20,000$<br>Drawing during the year Rs. $35,000$<br>Profit credit to the capital A/c Rs. $60,000$<br>

Question 36 :
Under casting of the total of Sales A/c will affect .......

Question 37 :
<span>Which&nbsp;of these transaction effect both trading a/c and profit and loss a/c</span>

Question 44 :
Which of the following external influences will not affect the directors in the preparation of the financial statements?

Question 45 :
Accounting is defined as &#34;the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof&#34;.

Question 46 :
Book-keeping is concerned with the ______ of transactions while Accounting is concerned with the _______ of the recorded transactions.&nbsp;

Question 48 :
Opening Balance of Cash $=$Rs $4,000$, Closing balance $=$Rs $7,000$, Payment to creditors $=80,000$, B/P matured $=$Rs $3,000$, B/R discounted $=9,000$ Sundry expenses $=$Rs $3,000$ Drawings $=$Rs $12,000$<br/>What is the amount received from debtors?<br/>

Question 51 :
A company had a doubtful debt provision of $Rs. 14,000$ at $31-12-2014$. Its trade receivables at $31-12-2015$ were $Rs. 1,98,200$. The company considers that receivable totaling $Rs. 12,200$ will not be paid and in addition planned to make a doubtful debts provision for $10$% of its net receivables at $31-12-2015$. What is the charge for bad and doubtful debts in the income statement for the year ended $31-12-2015$?

Question 53 :
Which of these expense are part of profit and loss A/c

Question 54 :
The credit balance in the Profit &amp; Loss Account is ___________.

Question 55 :
In which method depreciation is charged according to hours used ________________.

Question 56 :
Which of the following accounts would not have balances after closing entries have been posted?

Question 58 :
Which of the following show the basic sequence of the accounting process?<span><br/></span>

Question 60 :
X &amp; Co. is in the business of trading. It is to receive $Rs.7,000$ from Vinod and to pay $Rs.8,000$ to Vinod. Similarly it is to pay $Rs.8,000$ to Sudhir and to receive $Rs.9,000$ from Sudhir. Except above but after all adjustment, the books of X &amp; Co. show the debtors balance at $Rs.72,000$ (Dr.) and creditors balance at $Rs.39,000$(Cr.). The correct value of debtors and creditors to be shown in balance sheet would be __________.

Question 62 :
Read the following which is taken from an income statement.<table class="wysiwyg-table"><tbody><tr><td></td><td>Rs.</td></tr><tr><td>Opening stock</td><td>$50,000$</td></tr><tr><td>Sales</td><td>$1,60,000$</td></tr><tr><td>Freight incurred</td><td>$10,000$</td></tr><tr><td>Sales retunrs</td><td>$10,000$</td></tr><tr><td>Gross profit on sales</td><td>$60,000$</td></tr><tr><td>Net loss for the year</td><td>$10,000$</td></tr><tr><td>Purchases</td><td>$1,00,000$</td></tr><tr><td>Purchases returns</td><td>$9,000$</td></tr></tbody></table>The amount of operating expenses will be ___________________.

Question 63 :
Sundry debtors before making following adjustment are Rs. $34,300$.<br>Adjustment:<br>-Two dishonoured cheque for Rs. $200$ &amp; Rs. $320$, respectively, from customer X and Y has not been entered in cash book. The first one for Rs. $200$ is bade and irrevocable. In case of second cheque for Rs. $320$, it is expected that Y will pay a dividend of Rs. $75$ paisa in the rupee.<br>-Included in sundry debtors Rs. $5,000$ due from J. Sen whereas sundry creditor included Rs. $2,000$ due to J. Sen.<br>In balance sheet debtors will appear at.<br>

Question 64 :
From the following details estimate the capital as on 1-1-2015.<br/>Capital as on 31-12-2015&#160; $Rs. 2,40,000$,<br/>Drawing during the year $Rs. 20,000$,<br/>Profit during the year $Rs. 25,000$.<br/>

Question 65 :
Determining the debit and credit parts of a transaction is called _______________.

Question 67 :
Which of the following account(s) will be affected, while rectifying the error of an amount Rs.200 received from Mr. "P" wrongly credited to Mr. "Q's" account?

Question 68 :
Which of the following accounts would not have zero balance after closing entries have been posted ?

Question 69 :
Which of the following accounts would have zero balance after closing entries have been posted ?