A
It recommended the replacement of diarchy with responsible government in the provinces.
B
It proposed the setting up of interprovincial council under the Home Department.
C
It recommended the creation of Indian Police Service with a provision for increased pay and allowances for British recruits as compared to Indian recruits.
D
It suggested the abolition of bicameral legislature at the Centre.
A
Ajanta
B
Badami
C
Mahabalipuram
D
Ellora
Kailashnath Temple is a famous temple, one of the 34 monasteries and temples, extending over more than 2 km, that were dug side by side in the wall of a high basalt cliff in the complex located at Ellora, Maharashtra, India. Of these 34 monasteries and temples, the Kailasa (cave 16) is a remarkable example of Dravidian architecture on account of its striking proportion; elaborate workmanship architectural content and sculptural ornamentation of rock-cut architecture. It is designed to recall Mount Kailash, the abode of Lord Shiva. It is a megalith carved out of one single rock. It was built in the 8th century by the Rashtrakuta king Krishna I.
Correct Answered :
Wrong Answered :
A
Decision making
B
Measurement
C
Forecasting
D
Ledger Posting
A
Records prepared uder book keeping process
B
Trial Balance
C
Balance Sheet
D
None of the above
Balance sheet is a known as the positional statement as it shows the financial position of the business. Balance sheet is prepared at the particular date usually at the end of financial year. Balance shows the lists of all assets and liabilities of the business.
Correct Answered :
Wrong Answered :
A
Assets expressd in monetary terms
B
Liabilities expressed in monetary terms
C
Only assetts expressed in non monetary terms
D
Assets and liabilities expressed in non mometary terms
A
Debtor account
B
Bad debts account
C
Cast account
D
Sales account
In the normal course of business, there are certain customer who does not pay the amount to the business despite regular follow ups. The unrecoverable amount is considered as bad debts. Bad debts is a loss to the organization and should be debited to profit & loss account by crediting the customer account.
Accounting entry will be as under:
Bad Debts A/c Dr.
To Customer (Debtor) A/c
Correct Answered :
Wrong Answered :
A
Overdraft as per passbook
B
Favourable balance as per passbook
C
Both A and B
D
None of the above
A credit balance in cash book is a overdraft as per pass book. The bank maintains the customer account which is further printed in the passbook. The passbook is made from the view point of the bank hence customer depositing money is a liability to the bank and is credited. Therefore when the balance is unfavourable it shows a debit balance because they will receive money from the customer. The debits and credit of pass book and cash book are opposite.
Correct Answered :
Wrong Answered :
A
as an income
B
as an expense
C
as an asset
D
as a liability
An expired cost is a cost that has been recognised as an expense. This happens when a business entity fully consumes or receives benefit from a cost . An expired cost may also be construed as the total loss in value of an asset.
Correct Answered :
Wrong Answered :
A
Capital is equal to assets minus liabilities
B
Capital is equal to assets plus liabilities
C
Assets are equal to liabilities minus capital
D
Liabilities is equal to capital plus assets
A
An expense
B
An income
C
An asset
D
A liability
A
Expenditure
B
Expense
C
Gain
D
None of the above
Interest on drawing is a gain for the firm. It is calculated at the agreed rate. The amount of interest on drawings will be credited to Profit and Loss Appropriation Account and will be debited to partner`s capital account/current account (individually).
Correct Answered :
Wrong Answered :
A
Land
B
Goodwil
C
Copyright
D
Patent rights
An intangible asset or resource is an asset that isn`t physical in nature. Patent rights, goodwill, brand acknowledgment, and protected innovation, like licenses, brand names, and copyrights, are largely a part of intangible resources. Tangible resources incorporate land, vehicles, hardware, and stock.
Correct Answered :
Wrong Answered :
A
Increased liability
B
Decrease assets
C
Decrease in total assets
D
No effect of total of assets
A
Compound journal entry
B
Separate journal entry
C
Posting
D
None of the above
A
Income tax account
B
Bank Account
C
Capital Account
D
Not to be shown in the business books
A
A credit to the cash received account of Rs 2100
B
A credit to the accounts receivable amount of Rs 2100
C
A debit to the cash account of Rs 1400
D
A debit to the accounts receivable account of Rs 1400
A
Dr. P & L a/c and Cr. Cash embezzlement a/c Rs 6000
B
Dr. Cash embezzlement a/c and cr. cash a/c Rs 6000
C
Dr. cash a/c and Cr. P & L a/c rs 6000
D
None of the above
A
Dr drawings and Cr. cash a/c Rs 1200
B
Dr. drawings and Cr. petty cash a/c Rs 1200
C
Dr income tax and Cr cash a/c Rs 1200
D
None of the above
A
Dr. plant repairs a/c and Cr. cash a/c rs 3000
B
Dr wages a/c and Cr. cash a/c 3000
C
Dr. plant a/c and Cr. cash a/c 3000
D
None of the above
A
Accured interest Dr. to customer
B
Accrued interest A/C dr To interest A/C.
C
Cash a/c Dr. to interest
D
None of the these
A
Credited to bad debts recovered account
B
Credited to debtors account
C
Debited to profit and loss account
D
None of the above
While journalizing for bad debts debtor`s personal account is credited and bad debts account is debited because bad debts written off are treated as a loss to the business and now when they are recovered it is seen as a fresh gain.
Correct Answered :
Wrong Answered :
A
Total cost of goods sold for the period.
B
The quantity of a particular product sold during the period.
C
The amount owed to a particular creditor.
D
The portion of total current assets that consist of cash
A
Trial balance
B
Journal
C
Ledger
D
Both B and C
All cash transactions are primarily recorded in it as soon as they take place; so it is a journal (a book of original entry). On the other hand, the cash aspect of all cash transactions is finally recorded in the Cash Book (no posting in Ledger); so a Cash Book is also a Ledger (a book of final entry).
Correct Answered :
Wrong Answered :
A
Credit sales return
B
Cash sales return
C
Both A and B
D
Purchase return
Goods sold on credit when returned by the customer is recorded in returned inward book or sales return book. Sales return book shows a debit balance as it is reverse to the sales, which has credit balance. When the goods are returned by the customer one note is prepared which is called as "Credit note". The returned outward book is used to record return of goods purchased on credit.
Correct Answered :
Wrong Answered :
A
Understanding local environment/environmental issues
B
Understanding global environment/environmental issues
C
To develop positive attitude towards environment
D
All of the above