Rs. 42,800/ Rs. 41,600/ Rs. 44,600/ Rs. 48,000/ Rs. 50,000
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1 1. A money-lender finds that due to a fail in the rate of interest from 13% to 12.5%, His yearly income from interest falls by Rs His principal amount is- Rs. 42,800/ Rs. 41,600/ Rs. 44,600/ Rs. 48,000/ Rs. 50, A sum of Rs. 26,000 is lent out in two parts in such a way that the interest on one 10% for 5 years is equal to the on another 9% for 6 years. The sum lent out at 10% is- Rs. 10,500/ Rs. 11,500/ Rs. 12,500/ Rs. 13,500/ Rs. 14, In how many years will a sum of money double itself at 12% per annum simple Interest? 6 Years/ 6 Years 6 months./ 7 Years/ 8 Years/ 8 Years 6 months 4. The money borrowed from bank or any person is called- Principal Amount/ Interest/ Capital/ Financial Assistance None of the above. 5. A sum of money at simple interest amounts to Rs. 2,800 in 2 years and to Rs. 3,250 in 5 years. Find the sum and the rate of interest. Rs. 2,500 ; 4%/ Rs. 2,500; 5%/ Rs. 3,000 ; 4%/ Rs. 2,500 ; 6% 6. The money which amounts to Rs. 9,261 in 3 5%p.a. compound interest is Rs. 4,000/ Rs. 6,000/ Rs. 7,000/ Rs. 8, Mr. A borrowed Rs. 10,400. He wants to pay this in two annual equal instalmets. The rate of compound interest is 8% per annum. Find the amount of each instalment. Rs. 2,916/ Rs. 5,832/ Rs. 5,200/ Rs. 5,000/ 8. A sum of money was borrowed the paid back in 2 annual instalments of Rs. 1,864 and Rs1,740, respectively. If the rate of compound interest was 16% p.a. find out the sum borrowed. Rs.3,604/ Rs.3,202/ Rs. 2,900/ Rs.2,700/ Rs.2,000 / 9. Calculate the amount of an annuity of Rs. 12,000 for 15 years. Rate of interest is p.a. Rs. 2,49,912/ Rs. 1,24,956/ Rs. 1,00,000/ Rs. 1,12,000/ Rs. 1,60, A person borrowed Rs. 6,560 at 5% compound interest to repay in two equal Annual instalments. Find the amount of each instalment.
2 Rs. 2,835/ Rs., 3,285/ Rs, 3,320/ Rs. 3,528/ 11. Cash flow each year is equal to - Accounting profit only/ Accounting profit minus tax Accounting profit minus tax plus depreciation/ All of the above 12. The amount of depreciation charged on machinery will be credited to - Machinery a/c/ Depreciation a/c Cash a/c/ P & L a/c/ None of the above. 13.On a machinery, 10% is Rs. 30,000 for the first year, Rs. 27,000 for the second year. What will be amount of depreciation for the third year? Rs. 30,000/ Rs. 24,300 Rs. 20,400/ Rs. 22,600 Rs. 27, A company purchased a car for Rs. 2,00,000 on 1st January Depreciation is charged at 20% p.a. under written down value method. The car was sold on 1st July 2004 for Rs. 1,60,000. calculated the amount Profit/loss on the sale of the car. (-) Rs. 10,000/ (-) Rs. 12,000 Rs. 14,000/ Rs. 16,000 Rs. 18,000 / 15. On 1st January 2002, a firm purchased machinery worth Rs., 1 lakh, and on 1st July 2004, it buys additional machinery worth Rs. 20,000 and spends Rs. 2,000 and spends Rs. 2,000 on its erection. Annual depreciation is 10% on straight line method. What will be written down value at the end of 5th year? Rs. 66,000/ Rs. 66,500 Rs. 90,000/ Rs. 50,000 Rs. 1,00,000/ 16. The economic factors causing depreciation, are - depletion/ wear and tear effluxion of time/ obsolescence and inadequacy All of the above. / 17. Compliance of accounting standartds is the duty of Board of Directors/ Auditor
3 Company secretary/ Central Government 18. Point out accounting equation capital =Assets+Liabilities/ Assets= Capital _liabililties/ Capital =caprtal -Assets / Assets =Capital +liabilities Liabilities =Assets +capital 19. Ponit out the incorrect accounting equation capital =assets liabilities/ liabilities =assets +capital/ assets =capital +liabiliteis assets = liabilities +capital 20. what will be the capital of the propeitor if his her assets are Rs 1,90,00 and liabilities Rs 1,25,000 Rs 10,000/ Rs 65,000 RS 75,000/ Rs 1,90,000 none of the books / 21. Sales Account in ledger records- Only cash sales of merchandise/ Only credit sales of merchandise Both cash and credit sales of merchandise/ Only credit sale of old assets All of the above. / 22. Salary Outstanding Account is a personal account True/ False/ Incomplete statement/ All of the above 23. The amount of Rs. 5,000 paid to a transport company to carry a machine should be debited to - Cash a/c/ Machinery a/c The Transport Caompany's a/c/ Freight a/c 24. The discount column of a triple-column cash Book records- cahs discount/ bank discount/ trade discount seasonal discount
4 25. The appropriate book to record credit purchase of furniture is - Journal/ Purchases Book Cash Book/ Petty Cash Book Sales Book./ 26.Ledger is a principle book in which - only real accounts are kept/ only personal accounts are kept only representative personal accounts are kept/ only nominal accounts are kept All account are kept / 27. Bills Receivable Book and Bills Payable book are- Principal Books/ Ledger Subsidiary Books/ Memorandum Books 28. The balance of Cash Account indicates Net loss for the period/ Net profit for the period Net cash on hand/ Net worth of the business 29. the amount and goods brought in by the proprietor in the business should be credited to - Drawings Account/ Cash account Capital Account/ Purchases Account 30. Cash discount allowed to a debtor should be credited to - Sales a/c/ Discount a/c Cash a/c/ Customer's a/c 31.Select the true statement from the follwing 31. Every transaction is recorded first in the cash Book Bank account is not a personal account Narration is necessary/ Drawing Accounts is a real acocunt Journal is a book of original entry. 32. Interest paid on borrowings is an example of - Real Account/ Personal account
5 Nominal Account/ All of the above. 33. Goodwill Account is an example of - Real (tangible)account/ Real (intangible) account Personal account/ Nominal account 34.The debit balance is cash Account indicates- Total cash received/ Total cash paid Net income/ Cash in hand 35. Debit entries will increaes the balance of - Purchaes Accounts/ Plant & Machinery Accounts (i) and (ii) both/ Sales Accounts 36. Debit entries will decrease the balance of - Salaries Accounts/ Furniture Account Bank Account/ Cash Account 37. Cash discount is allowed on - Purchases/ sales/ as a commission for sales prompt payment 38.Cash Books is a - subsidiary journal/ subsidiary journal and ledger account ledger account/ All of the above 39. The term 'Imprest System' is used in relation to - Purchases Book/ Sales Book Cash Book/ Petty Cash Book 40.. Double entry system of book-keeping refers to a system where - Each trasaction is recorded in two sets of account books. The number of accounts with a debit balance must agree with the number of accounts with credit balance. Each transaction is recorded twice-once in journal and then in ledger
6 Each debit and credit entries are passed for each transaction. All of the above. 41.Which of the following events is not a business transaction? Withdrawas of goods by the proprietor for domestic use Purchase of goods on credit/ Making promise to supply goods Loss of goods by theft/ Sale of goods for cash 42. A balance sheet discloses - Cash position of the business/ Financial position of the business Profit earning capacity of the busiess/ Risk taking capacity of the business 43.Cash column of the Cash Book always has a - debit balance/ credit balance either debit or credit balance/ neither debit nor credit balance 44. All credit transactions are recorded at...side of the cash Book. debit/ credit either debit or credit/ neither debit nor credit 45. Petty Cash Book records- Petty expenses/ Petty expenses paid in cash all expenses/ outstanding expenses 46.Errors detected before the preparation of trial balance will be rectifiedby opening suspense a/c/ without opening Suspense a/c by tranferring to Trading a/c/ by transferring to p&l a/c 47. Which one of the following is a true statement? Errors of principle affect the agreement of the trial balance If the two sides of trial balance tally, the books of accounts can be taken as absolutely accurate Errors of commission are commited in those case where proper distinction between revenue and capital items is not made All errors affect the agreement of the trial balance Errors of omission do not affect the agreement of the trial balance
7 48. Which one of the following is a false statement? In case of compensating error, one error neutralises the effect of the other error. Undercasting the purchases book is the error of commission Errors of principle cannot be detected by trial balance Errors of complete omission cannot be detected by trial balance All errors affect the agreement of the trial balance 49. A trial balance is a- real account/ personal account nominal account/ list of balance of all account list of assets and liablities 50. In trial balance, an outstanding expenditure account will show a- debit balance/ credit balance sometimes debit and sometimes credit balance only nil balance/ None of the above
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