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
1. ln accounting, profit prior to incorporation is treated as: a) Revenue Reserve b) Secret Reserve c) Capital Reserve d) General Reserve 2. Receipts and Payments Account is prepared by: a) Manufacturing concerns b) Non-Trading Concerns c) Trading Concerns d) Companies registered under Companies Act 1956 3. Owners equity stands for: a) Fixed Assets minus
1. Local audit may be distinguished from inspection in that its purpose is to audit the initial accounts maintained in certain Government institutions and offices on the ________. (a) Desk (b) Table (c) Allegations (d) Spot 2. Here the duties of audit are not confined merely to seeing whether the initial accounts are maintained in
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. In accounts recording is made of: A. Only financial transactions B. Financial as well as non—financial transactions C. Only non—financial transactions D. Details of personal transactions of the proprietor. 2. Of the following, who is not an external user of accounting information? A. Investors B. Officers C. Banks D. Government 3. IF Accounting information
1. Income Tax paid by a sole trader is reflected in his financial statement: A. As an addition to his Capital B. On the credit side of his profit and loss account C. As an item of assets in the Balance sheet D. As a deduction from Capital 2. If closing stock appears in trial
1. The amount which is primarily intended for meeting emergent contingent expenditure is termed as _________. (a) Secured Advance (b) Temporary Advance (c) Permanent Advance (d) Lump-sum Advance 2. The quantum of permanent advance for any organization should not as a rule exceed the monthly average of contingent expenditure for the preceding __________ months. (a)
1. “Civil Accounts Officers” means an Accounts Officer subordinate to the __________. (a) President of India (b) Comptroller and Auditor General (c) Prime Minister of India (d) Finance Minister of India. 2. “Comptroller and Auditor General” means the ____________. (a) Controller General of Accounts (b) Controller of Accounts (c) Director of Accounts (d) Comptroller and
