BPSC PGT Commerce Accountancy Books & Online Coaching
Questions Summary – Topic-wise of TRE1.0 , TRE2.0 & TRE3.
| S. NO. | Topic | TRE 1.0 | TRE 2.0 | TRE 3.0 |
| 1 | Basics of Accounting | |||
| Accounting Terminology | 1 | 2 | – | |
| Rules of Double Entry Book–Keeping | – | 2 | 2 | |
| Classification of Accounts | 1 | – | – | |
| 2 | Accounting Process | |||
| Accounting Process – Introduction | – | 1 | – | |
| Vouchers | 1 | 2 | 1 | |
| Journal | – | – | 1 | |
| Subsidiary Books | – | 1 | – | |
| Ledger | 1 | 2 | 2 | |
| Trial Balance | 2 | 2 | 2 | |
| 3 | Rectification of Errors | – | 2 | 1 |
| 4 | Cash Book & Bank Reconciliation Statement | |||
| Cash Book | – | – | – | |
| Bank Reconciliation Statement | 6 | 2 | 3 | |
| 5 | Meaning and Scope of Accounting | 3 | 4 | 2 |
| 6 | Accounting Concepts, Principles and Conventions | 6 | 2 | 3 |
| 7 | Accounting Standards & Policies | 1 | 1 | 1 |
| 8 | Capital and Revenue Expenditure and Receipts | 2 | – | 4 |
| 9 | Depreciation Accounting | 2 | 5 | 3 |
| 10 | Final Accounts | 6 | 3 | 5 |
| 11 | Provision and Reserves | 3 | 7 | 2 |
| 12 | Accounting for Partnership – Basic Concepts | – | 2 | 4 |
| 13 | Valuation of Goodwill | – | 2 | 5 |
| 14 | Admission of a Partner | 6 | 1 | 2 |
| 15 | Retirement / Death of a Partner | 3 | 2 | 2 |
| 16 | Dissolution of Partnership Firm | – | – | 6 |
| 17 | Bill of Exchange and Promissory Note | 5 | 4 | 2 |
| 18 | Computers in Accounting | 9 | 2 | 3 |
| 19 | Issue, Forfeited and Reissue of Forfeited Shares | 2 | 4 | 5 |
| 20 | Redemption of Preference Shares; Buy Back of Equity Shares; Bonus Shares & Right Shares | 1 | – | 3 |
| 21 | Issue of Debentures | 1 | 3 | – |
| 22 | Financial Statements of a Company | – | 1 | – |
| 23 | Financial Statements Analysis | 1 | 2 | 1 |
| 24 | Accounting Ratios | 2 | 5 | 4 |
| 25 | Cash Flow Statement | 5 | 2 | 3 |
| 26 | Redemption of Debentures | – | – | 1 |
| Total | 70 | 68 | 73 | |
| Topics Not Covered in New Syllabus | Accounting for Not-For Profit Organization | 4 | 4 | 3 |
| Accounting for Incomplete Records | 3 | 2 | – | |
| Consignment | 1 | 2 | 3 | |
| Joint Venture | 2 | 2 | 1 | |
| Average Due Date & Account Current | – | 2 | – | |
BPSC PGT Commerce Accountancy 2024 (22-July-2024) TRE 03.0
Financial Accounting
- Which of the following is NOT a function of accounting?
(a) Maintaining records of business transactions
(b) Calculating profit or loss
(c) Providing information for decision-making
(d) More than one of the above
(e) None of the above - The convention of “Conservatism” requires:
(a) Anticipating no profits but providing for all possible losses
(b) Showing a true and fair view of the state of affairs
(c) Recording transactions at cost price
(d) More than one of the above
(e) None of the above - Which of the following is NOT a qualitative characteristic of accounting information?
(a) Relevance
(b) Reliability
(c) Comparability
(d) More than one of the above
(e) None of the above - The accounting principle which states that the same accounting treatment should be given to similar items is known as:
(a) Consistency Principle
(b) Full Disclosure Principle
(c) Materiality Principle
(d) More than one of the above
(e) None of the above - Fresh capital introduction will increase
(a) Assets and Liabilities
(b) Assets and Equity
(c) Liabilities and equity and bank balance
(d) More than one of the above
(e) None of the above - Which of the following is NOT a benefit of following the ‘Matching Concept’ in accounting?
(a) It helps in determining the true profit or loss for a period
(b) It ensures that related expenses are matched with their respective revenues
(c) It allows for better comparison of performance over different accounting periods
(d) More than one of the above
(e) None of the above - Which source document is used to record the allowance given to a customer for defective goods?
(a) Debit Note
(b) Credit Note
(c) Cash Memo
(d) More than one of the above
(e) None of the above - Among these transactions, which transaction will have no impact on stockholders’ equity?
(a) Net loss
(b) Investment of cash by stockholders
(c) Dividends to stockholders
(d) More than one of the above
(e) None of the above - Amount invested by the proprietor in the business should be credited to:
(a) Account Payable
(b) Capital
(c) Cash
(d) More than one of the above
(e) None of the above - Ledger is a principal book that contains:
(a) Real accounts only
(b) Personal accounts only
(c) All accounts
(d) More than one of the above
(e) None of the above - Which of the following items will appear on the credit side of the ledger account?
(a) Discount received
(b) Cash received
(c) Rent Expenses
(d) More than one of the above
(e) None of the above - What is the purpose of preparing a trial balance?
(a) To check the arithmetical accuracy of the ledger accounts
(b) To determine the profit or loss for the accounting period
(c) To find out the financial position of the business
(d) More than one of the above
(e) None of the above - Which of the following errors will not cause a disagreement in the trial balance?
(a) Error of omission
(b) Error of principle
(c) Compensating error
(d) More than one of the above
(e) None of the above - If the two sides of the trial balance do not tally, which account is opened?
(a) Suspense account
(b) Personal account
(c) Real account
(d) More than one of the above
(e) None of the above - Which of the following items is not considered in preparing the Bank Reconciliation Statement?
(a) Cheques deposited but not yet credited by the bank
(b) Interest on investments
(c) Direct deposits by customers
(d) More than one of the above
(e) None of the above - A bank reconciliation statement is:
(a) A part of the Pass book
(b) A statement Prepared by a customer
(c) A statement prepared by the bank
(d) More than one of the above
(e) None of the above - Favorable balance means:
(a) Credit balance in the cash book
(b) Credit balance in the bank statement
(c) Debit balance in the cash book
(d) More than one of the above
(e) None of the above - What is the purpose of providing depreciation on fixed assets?
(a) To reduce the book value of the asset
(b) To record the decrease in the market value of the asset
(c) To record the wear and tear of the asset
(d) More than one of the above
(e) None of the above - Which of the following is not a cause of depreciation?
(a) Efflux of time
(b) Physical factors
(c) Depletion
(d) More than one of the above
(e) None of the above - If the scrap value of an asset is higher than its book value, what will be the depreciation for that year?
(a) Positive value
(b) Negative value
(c) Zero
(d) More than one of the above
(e) None of the above - Which of the following is a characteristic of a provision in accounting?
(a) Increases shareholder equity
(b) Covers known liabilities
(c) Represents future profits
(d) More than one of the above
(e) None of the above - What is the primary purpose of creating reserves in accounting?
(a) Covering unexpected expenses
(b) Distributing dividends to shareholders
(c) Financing expansion projects
(d) More than one of the above
(e) None of the above - Which of the following is a capital expenditure?
(a) Purchase of machinery
(b) Payment of rent
(c) Payment of salaries
(d) More than one of the above
(e) None of the above - Which of the following is a revenue expenditure?
(a) Purchase of land
(b) Payment of wages
(c) Purchase of goodwill
(d) More than one of the above
(e) None of the above - Which of the following is a capital receipt?
(a) Sale of goods
(b) Interest income
(c) Sale of a patent
(d) More than one of the above
(e) None of the above - Which of the following is a revenue receipt?
(a) Issue of shares
(b) Commission earned
(c) Sale of a building
(d) More than one of the above
(e) None of the above - Which financial statement summarizes the revenue and expenses of a business for a specific period?
(a) Trading Account
(b) Profit & Loss Account
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - Which of the following items is not included in a Trading Account?
(a) Opening Stock
(b) Purchases
(c) Direct Expenses
(d) More than one of the above
(e) None of the above - Which financial statement represents the financial position of a business at a specific point in time?
(a) Trading Account
(b) Profit & Loss Account
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - Which of the following is not a component of a Balance Sheet?
(a) Fixed Assets
(b) Current Assets
(c) Revenues
(d) More than one of the above
(e) None of the above - An accounting information system processes the financial transactions and events based on:
(a) Governing Principles
(b) Accepted Principles
(c) Generally Accepted Accounting Principles
(d) More than one of the above
(e) None of the above - According to Garner Vs. Murray in absence of any contract to contrary deficiency arising on account of a partner becoming insolvent shall be borne by solvent partners in their
(a) Profit and loss ratio
(b) Capital ratio obtained after dissolution of firm
(c) Capital ratio before the dissolution of firm
(d) More than one of the above
(e) None of the above - Which of the following is not a characteristic of a partnership firm?
(a) Unlimited liability of partners
(b) Separate legal entity
(c) Mutual agency
(d) More than one of the above
(e) None of the above - Which of the following accounts is not maintained in the books of a partnership firm?
(a) Capital Accounts
(b) Current Accounts
(c) Share Capital Account
(d) More than one of the above
(e) None of the above - Which of the following is not a method of calculating the value of goodwill in a partnership firm?
(a) Capitalization of Average Profits
(b) Super Profits Method
(c) Capitalization of Super Profits
(d) More than one of the above
(e) None of the above - Which of the following is not a method of valuing the share of a partner in a partnership firm?
(a) Net Asset Method
(b) Revaluation Method
(c) Capitalization Method
(d) More than one of the above
(e) None of the above - When the profit-sharing ratio among existing partners is changed, which of the following accounts is not affected?
(a) Capital Accounts
(b) Current Accounts
(c) Cash Accounts
(d) More than one of the above
(e) None of the above - Which of the following is not a step in the process of changing the profit- sharing ratio among existing partners?
(a) Recording the revised profit-sharing ratio
(b) Revaluing the assets and liabilities
(c) Transferring the reserves and accumulated profits/losses
(d) More than one of the above
(e) None of the above - If the total reserves and accumulated profits/ losses are transferred to the partners’ Capital Accounts, which account is closed?
(a) Profit and Loss Account
(b) Reserves Account
(c) Current Accounts
(d) More than one of the above
(e) None of the above - Which of the following is not a method used to calculate the value of goodwill for a new partner?
(a) Capitalization of Average Profits
(b) Super Profits Method
(c) Capitalization of Super Profits
(d) More than one of the above
(e) None of the above - If the new partner brings in cash for their share of capital and premium for goodwill, which account is credited?
(a) Cash Account
(b) Goodwill Account
(c) Capital Account
(d) More than one of the above
(e) None of the above - Which of the following accounts is not affected when a partner retires?
(a) Capital Accounts
(b) Current Accounts
(c) Cash Accounts
(d) More than one of the above
(e) None of the above - The provision for discount on debtors is calculated on the amount of debtor
(a) After deducting the provision for doubtful debts
(b) Before deducting provision for doubtful debts
(c) Before deduction of actual debts and provision for doubtful debts
(d) More than one of the above
(e) None of the above - When the time of withdrawals is not mentioned, interest on drawings is charged _______
(a) For 8 months
(b) For 6 months
(c) For 12 months
(d) More than one of the above
(e) None of the above - If the retiring partner’s dues are paid in cash, which account is debited?
(a) Cash Account
(b) Goodwill Account
(c) Capital Account
(d) More than one of the above
(e) None of the above - Which of the following is not a reason for the dissolution of a partnership firm?
(a) Retirement of a partner
(b) Death of a partner
(c) Insolvency of a partner
(d) More than one of the above
(e) None of the above - Which of the following accounts is not prepared during the dissolution of a partnership firm?
(a) Realization Account
(b) Partners’ Capital Accounts
(c) Partners’ Current Accounts
(d) More than one of the above
(e) None of the above - Which account is credited with the sale proceeds of assets during the dissolution process?
(a) Realization Account
(b) Partners’ Capital Accounts
(c) Cash Account
(d) More than one of the above
(e) None of the above - Which of the following is not a step in the dissolution process of a partnership firm?
(a) Revaluation of assets and liabilities
(b) Settlement of liabilities
(c) Distribution of remaining assets or losses among partners
(d) More than one of the above
(e) None of the above - If the partners’ Capital Accounts have a debit balance after the dissolution process, it indicates:
(a) A profit to be distributed among partners
(b) A loss to be borne by partners
(c) A surplus to be transferred to partners’ Current Accounts
(d) More than one of the above
(e) None of the above - Partnership deed is also called _______
(a) Articles of Association
(b) Articles of Partnership
(c) Principles of Partnership
(d) More than one of the above
(e) None of the above
Corporate Accounting
- According to AS-3 Cash Flow Statement is mandatory to:
(a) All enterprises
(b) Companies listed on stock exchange
(c) Enterprises having turnover exceeding Rs. 50 crores
(d) More than one of the above
(e) None of the above - Lower the Debt Equity ratio
(a) Lower the protection to creditors
(b) Higher the protection to creditors
(c) It does not affect the creditors
(d) More than one of the above
(e) None of the above - The measure of how efficiently a company utilizes its asset resources is referred to as:
(a) Liquidity ratio
(b) Leverage ratio
(c) Activity ratio
(d) More than one of the above
(e) None of the above - Which is not included in quick assets
(a) Inventory
(b) Trade Receivables
(c) Cash at bank
(d) More than one of the above
(e) None of the above - Sale of trade investment indicates:
(a) Changes in Current Assets
(b) Application of Funds
(c) Sources of Funds
(d) More than one of the above
(e) None of the above - Which of the following is not a cash inflow?
(a) Decrease in Trade receivables
(b) Issue of shares
(c) Decrease in Trade payables
(d) More than one of the above
(e) None of the above - As per the provisions of the Companies Act, 2013, the minimum application amount to apply for shares must be at least % of the face value of the share.
(a) 5%
(b) 3%
(c) 10%
(d) More than one of the above
(e) None of the above - Vertical analysis is also known as:
(a) Dynamic analysis
(b) Static analysis
(c) Internal analysis
(d) More than one of the above
(e) None of the above - The gross profit ratio is calculated by:
(a) (Revenue – Cost of goods sold) / Revenue
(b) (Revenue – Cost of goods sold) / Cost of goods sold
(c) Cost of goods sold / Revenue
(d) More than one of the above
(e) None of the above - Which account is credited when a company issues shares at par?
(a) Share Capital Account
(b) Securities Premium Account
(c) Cash Account
(d) More than one of the above
(e) None of the above - Which of the following statements is not correct?
(a) Forfeited shares can be re-issued.
(b) Before forfeiture of shares, it is necessary to give a notice of 14 days to the shareholders.
(c) The profit on re-issue of forfeited shares is transferred to the General Reserve Account.
(d) More than one of the above
(e) None of the above - Which of the following is not a type of share issue?
(a) Issue of shares for cash
(b) Issue of shares for consideration other than cash
(c) Issue of bonus shares
(d) More than one of the above
(e) None of the above - From what is the amount transferred every year to the sinking fund for redemption of debenture account?
(a) From savings account
(b) From profit and loss account
(c) From surplus account
(d) More than one of the above
(e) None of the above - Which of the following is a correct journal entry for recording goodwill on acquisition?
(a) Debit Goodwill, Credit Cash
(b) Debit Goodwill, Credit Capital Reserve
(c) Debit Net Assets, Credit Goodwill
(d) More than one of the above
(e) None of the above - Which account is credited when a company issues redeemable preference shares?
(a) Share Capital Account
(b) Preference Share Capital Account
(c) Securities Premium Account
(d) More than one of the above
(e) None of the above - Which of the following is a source of funds for the redemption of preference shares?
(a) Proceeds from a fresh issue of shares
(b) Profits from the sale of assets
(c) Accumulated profits
(d) More than one of the above
(e) None of the above - Which of the following is not a condition for the redemption of preference shares?
(a) Preference shares must be fully paid-up
(b) Preference shares must be redeemable
(c) Redemption must be out of profits
(d) More than one of the above
(e) None of the above
Advance & Miscellaneous Accounting
- Which of the following is not a type of bill of exchange?
(a) Trade Bill
(b) Accommodation Bill
(c) Demand Bill
(d) More than one of the above
(e) None of the above - If a bill of exchange is dishonored, the holder can take legal action against:
(a) The drawer
(b) The drawee
(c) The endorser
(d) More than one of the above
(e) None of the above - Over-riding commission is calculated on:
(a) Cash sales
(b) Credit sales only
(c) Sales at higher price
(d) More than one of the above
(e) None of the above - Consignment stock account is a:
(a) Representative personal account
(b) Real account
(c) Nominal account
(d) More than one of the above
(e) None of the above - In a consignment transaction, the consignor’s share of profit is determined by:
(a) Total sales proceeds
(b) Total sales proceeds less consignee’s commission
(c) Total sales proceeds less consignee’s commission and other expenses
(d) More than one of the above
(e) None of the above - In a joint venture, the co-venturers share:
(a) Profits and losses only
(b) Resources and risks only
(c) Decision-making responsibilities only
(d) More than one of the above
(e) None of the above - What are the types of a computerized accounting system?
(a) Ready-to-use Software
(b) Customized Software
(c) Tailor-made Software
(d) More than one of the above
(e) None of the above - Who is the developer of Tally?
(a) Wally Feurzeig
(b) John G. Kemeny
(c) Shyam Sunder Goenka
(d) More than one of the above
(e) None of the above - Outstanding Subscription is classified as a/ an______
(a) Capital
(b) Liability
(c) Asset
(d) More than one of the above
(e) None of the above - An Income and Expenditure Account reveals:
(a) Cash position
(b) Surplus or Deficit
(c) Capital Fund
(d) More than one of the above
(e) None of the above - Which of the following statements is true regarding Income and Expenditure Account?
(a) It does not show non-cash items.
(b) It includes only items of revenue nature of the current accounting period
(c) It follows cash system of accounting
(d) More than one of the above
(e) None of the above - Which type of codes are usually assigned to source documents for facilitating document search?
(a) Range codes
(b) Mnemonic Codes
(c) Sequential Codes
(d) More than one of the above
(e) None of the above
BPSC PGT Commerce Accountancy 2023 TRE 02.0
Financial Accounting
- The qualitative characteristic of accounting is
(a) Information system
(b) Calculating profit or loss
(c) Relevance
(d) More than one of the above
(e) None of the above - The main objective of accounting includes
(a) Keeping systematic record of business transaction
(b) Calculating profit and loss of business
(c) Depicting financial position of business
(d) More than one of the above
(e) None of the above - Which of the following is not a branch of accounting?
(a) Management accounting
(b) Financial management
(c) Cost accounting
(d) More than one of the above
(e) None of the above - Which of the following is a fixed asset?
(a) Cash at bank
(b) Short-term loan
(c) Inventories
(d) More than one of the above
(e) None of the above - The documentary evidence in support of a business transaction is called as
(a) Purchases
(b) Sales
(c) Vouchers
(d) More than one of the above
(e) None of the above - The features of assets include
(a) Assets are acquired at a money cost
(b) Assets are owned by the business
(c) Assets are valuable resources
(d) More than one of the above
(e) None of the above - Which of the following is the theory base of accounting?
(a) Principles of accounting
(b) Concepts of accounting
(c) Rules of accounting
(d) More than one of the above
(e) None of the above - A concept that a business enterprise will not be liquidated in the near future is known as
(a) monetary concept
(b) Accounting period concept
(c) going-concern concept
(d) More than one of the above
(e) None of the above - Who is called the father of double-entry system of accounting?
(a) William Pickles
(b) Luca Pacioli
(c) J. R. Batliboi
(d) More than one of the above
(e) None of the above - Which accounting system is recognized under the Companies Act, 2013?
(a) Cash basis of accounting
(b) Payment basis of accounting
(c) Accrual basis of accounting
(d) More than one of the above
(e) None of the above - Choose the correct equation of the following.
(a) Capital = Assets – Liabilities
(b) Capital = Assets + Liabilities
(c) Liabilities = Capital + Assets
(d) More than one of the above
(e) None of the above - Source documents include
(a) Cash memo
(b) Invoice
(c) Receipt
(d) More than one of the above
(e) None of the above - Which of the following is a subsidiary book?
(a) Cashbook
(b) Trial Balance
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - The book in which the transaction is recorded for the first time is called
(a) purchases journal book
(b) sales journal book
(c) Journal
(d) More than one of the above
(e) None of the above - Ledger is a
(a) Principal book
(b) Subsidiary book
(c) Special purpose book
(d) More than one of the above
(e) None of the above - In all, how many columns are there in a ledger?
(a) Four
(b) Six
(c) Eight
(d) More than one of the above
(e) None of the above - A Trial Balance is
(a) a statement
(b) a summary
(c) an account
(d) More than one of the above
(e) None of the above - Trial Balance helps in preparing
(a) Trading A/c
(b) Profit & Loss A/c
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - An error which is committed due to wrong posting of a transaction is called
(a) Error of commission
(b) Error of principle
(c) Error of omission
(d) More than one of the above
(e) None of the above - Goods purchased from Shyam Rs. 5,000 is recorded as Rs. 500. It is
(a) an error of omission
(b) an error of commission
(c) a compensatory error
(d) More than one of the above
(e) None of the above - A Bank Reconciliation Statement is prepared to
(a) reconcile the balance of cashbook
(b) reconcile the balance of passbook
(c) make favourable the balance of cashbook
(d) More than one of the above
(e) None of the above - Which of the following is a feature of depreciation?
(a) Depreciation is a cash expense
(b) Depreciation is a future cost
(c) Depreciation is a continuous process
(d) More than one of the above
(e) None of the above - Depreciation arises due to
(a) Wear and tear
(b) Obsolescence
(c) Constant use of asset
(d) More than one of the above
(e) None of the above - Depreciation is charged on
(a) Land
(b) Current assets
(c) Intangible assets
(d) More than one of the above
(e) None of the above - A machine costing Rs.1,00,000 has a scrap value of Rs.10,000 after five years. The rate of depreciation charged under straight-line method will be
(a) 18%
(b) 20%
(c) 25%
(d) More than one of the above
(e) None of the above - When the amount of depreciation is transferred to Profit & Loss A/c, which account is debited?
(a) Asset A/c
(b) Depreciation A/c
(c) Profit & Loss A/c
(d) More than one of the above
(e) None of the above - Bank Reconciliation Statement is prepared by
(a) Bank
(b) Account holder of bank
(c) Debtor of a firm
(d) More than one of the above
(e) None of the above - Provision is made for
(a) known liability
(b) unknown liability
(c) contingent liability
(d) More than one of the above
(e) None of the above - Creation of provisions
(a) strengthens the financial position of the firm
(b) weakens the financial position of the firm
(c) increases profits of the firm
(d) More than one of the above
(e) None of the above - Which of the following is an example of provisions?
(a) Provision for depreciation
(b) Provision for doubtful debt
(c) Provision for taxation
(d) More than one of the above
(e) None of the above - Reserves are created to
(a) Meet known liability
(b) Meet expected loss in future
(c) Strengthen the financial position of the business
(d) More than one of the above
(e) None of the above - Capital Reserves include
(a) Profit on sale of fixed assets
(b) Profit prior to incorporation
(c) Profit on reissue of forfeited shares
(d) More than one of the above
(e) None of the above - Which of the following is an example of General Reserve?
(a) Profit on redemption of debentures
(b) Profit on revaluation of assets and liabilities
(c) Profit earned on acquisition of another business
(d) More than one of the above
(e) None of the above - Dividend Equalization Reserve comes under
(a) General Reserves
(b) Specific Reserves
(c) Capital Reserves
(d) More than one of the above
(e) None of the above - Financial statement provides summary of
(a) Accounts
(b) Assets
(c) Liabilities
(d) More than one of the above
(e) None of the above - Trading A/c gives the overall result of
(a) Purchases
(b) Sales
(c) Trade
(d) More than one of the above
(e) None of the above - A Balance Sheet is a statement of
(a) Assets, liabilities and capital
(b) Purchases, sales and profit
(c) Debtors, creditors and assets
(d) More than one of the above
(e) None of the above - The characteristics of a partnership firm include
(a) Relations between persons
(b) Agreement between persons
(c) Carrying on business
(d) More than one of the above
(e) None of the above - Which of the following statements is true?
(a) Partnership deed is mandatory by law.
(b) Partnership deed is not an agreement.
(c) Partnership deed regulates the rights, duties and liabilities of partners.
(d) More than one of the above
(e) None of the above - The need for valuation of goodwill in the case of partnership firm arises due to
(a) Admission of new partner
(b) Retirement of a partner
(c) Sale of partnership business
(d) More than one of the above
(e) None of the above - A, B and C are partners. They share profits in the ratio of 2 : 3 : 1. C retires from the partnership. The new profit sharing ratio between A and B will be
(a) 2 : 1
(b) 3 : 2
(c) 1 : 1
(d) More than one of the above
(e) None of the above - In the event of death of a partner, the accumulated profits are shared by the partners in their
(a) Capital ratio
(b) Old profit-sharing ratio
(c) New profit-sharing ratio
(d) More than one of the above
(e) None of the above - The valuation of goodwill is influenced by
(a) Statutory concept
(b) Economic concept
(c) Accounting concept
(d) More than one of the above
(e) None of the above - A and B are partners in a firm. They share profit in the ratio of 3 : 2. C is admitted in the firm and given 1 6 share of profits. The new profit-sharing ratio of partners would be
(a) 3 : 2 : 1
(b) 3 : 3 : 2
(c) 3 : 1 : 1
(d) More than one of the above
(e) None of the above - Which of the following Accounting Standards (AS) is related to cash flow statements?
(a) AS–2
(b) AS–4
(c) AS–6
(d) More than one of the above
(e) None of the above
Corporate Accounting
- Financial statement is
(a) estimated facts
(b) recorded facts
(c) anticipated facts
(d) More than one of the above
(e) None of the above - Which of the following companies is formed by a special Act of the Parliament or Legislature?
(a) Registered Company
(b) Public Company
(c) Private Company
(d) More than one of the above
(e) None of the above - The shares of a company can be issued at a
(a) premium
(b) Discount
(c) Face value
(d) More than one of the above
(e) None of the above - When shares are forfeited, the Share Capital A/c is debited by
(a) called-up amount
(b) Paid-up amount
(c) Face value of shares
(d) More than one of the above
(e) None of the above - Authorized share capital is also called as
(a) subscribed share capital
(b) registered share capital
(c) paid-up share capital
(d) More than one of the above
(e) None of the above - Which of the following statements is not true?
(a) Debenture is a part of loan capital.
(b) Debenture carries a fixed rate of interest.
(c) Debenture holder has general voting right.
(d) More than one of the above
(e) None of the above - When interest on debentures is due, which account is debited?
(a) Debenture Holders’ A/c
(b) Interest on Debentures A/c
(c) Bank A/c
(d) More than one of the above
(e) None of the above - When debentures are issued as collateral security for Rs.10,000, which Account will be debited?
(a) Debentures A/c
(b) Bank A/c
(c) Debentures Suspense A/c
(d) More than one of the above
(e) None of the above - Which of the following is not a cash inflow?
(a) Decrease in debtors
(b) Issue of shares
(c) Decrease in creditors
(d) More than one of the above
(e) None of the above - Which of the following is a cash outflow?
(a) Sales of goods
(b) Issue of debentures
(c) Dividend received
(d) More than one of the above
(e) None of the above - Financial analysis is a process of
(a) identifying the strengths of the firm
(b) identifying the weaknesses of the firm
(c) identifying the strengths and weaknesses of the firm
(d) More than one of the above
(e) None of the above - Which of the following is a technique of financial analysis?
(a) Trend analysis
(b) Average analysis
(c) Cash flow statement
(d) More than one of the above
(e) None of the above - The main objectives of ratio analysis include
(a) useful in financial position analysis
(b) useful in effective control of the business
(c) useful in comparative study of financial efficiency
(d) More than one of the above
(e) None of the above - Current ratio is also called
(a) working capital ratio
(b) operating ratio
(c) liquid ratio
(d) More than one of the above
(e) None of the above - Liquid ratio is also called
(a) Profitability ratio
(b) Quick ratio
(c) net profit ratio
(d) More than one of the above
(e) None of the above - Turnover ratios help management in
(a) Management of resources
(b) Evaluation of performance
(c) Planning of finance
(d) More than one of the above
(e) None of the above - Debt-equity ratio is a
(a) Solvency ratio
(b) Profitability ratio
(c) Sales ratio
(d) More than one of the above
(e) None of the above
Advance & Miscellaneous Accounting
- A Bill of Exchange has _____ parties.
(a) three
(b) two
(c) four
(d) More than one of the above
(e) None of the above - Which of the following is a feature of Bill of Exchange?
(a) A written document
(b) An order to make payment
(c) Unconditional order
(d) More than one of the above
(e) None of the above - A bill drawn and accepted for a genuine trade transaction is called
(a) time bill
(b) demand bill
(c) trade bill
(d) More than one of the above
(e) None of the above - Which of the following is related to promissory note?
(a) An order to make payment
(b) Drawn by the creditor
(c) Acceptance not required
(d) More than one of the above
(e) None of the above - Joint Venture A/c is a
(a) Nominal A/c
(b) Real A/c
(c) Personal A/c
(d) More than one of the above
(e) None of the above - When goods are purchased for the joint venture, the amount is debited to
(a) Venturer’s Capital A/c
(b) Joint Venture A/c
(c) Purchases A/c
(d) More than one of the above
(e) None of the above - Payment on average due date results in loss of interest to
(a) The debtor
(b) The creditor
(c) Neither party
(d) More than one of the above
(e) None of the above - The term ‘Red-Ink Interest’ is generally related to
(a) Partnership A/c
(b) Average Due Date
(c) Account Current
(d) More than one of the above
(e) None of the above - The consignor usually maintains _____ account(s).
(a) three
(b) Two
(c) One
(d) More than one of the above
(e) None of the above - Consignment A/c is a
(a) Personal A/c
(b) Nominal A/c
(c) Capital A/c
(d) More than one of the above
(e) None of the above - Modern computerized accounting systems are based on the concept of
(a) database
(b) accounting framework
(c) reporting system
(d) More than one of the above
(e) None of the above - The elements of accounting information system are
(a) Accounting and information
(b) Information and system
(c) Accounting, information and system
(d) More than one of the above
(e) None of the above - The financial statements of not for-profit organizations include
(a) Receipts & Payments A/c
(b) Income & Expenditure A/c
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - Receipts & Payments A/c is a
(a) Personal A/c
(b) Real A/c
(c) Nominal A/c
(d) More than one of the above
(e) None of the above - A not-for-profit organization prepares
(a) Trading A/c
(b) Profit & Loss A/c
(c) Capital A/c
(d) More than one of the above
(e) None of the above - Which of the following is related to Income & Expenditure A/c?
(a) It is a summary of the cashbook
(b) It starts with the opening balance
(c) It has no opening balance
(d) More than one of the above
(e) None of the above - The main features of the single-entry system include
(a) Maintenance of personal accounts
(b) Maintenance of cashbooks
(c) Dependence on original vouchers
(d) More than one of the above
(e) None of the above - In single-entry system, the capital in the beginning is ascertained by preparing
(a) Cash A/c
(b) Total Creditors’ A/c
(c) Closing Statement of Affairs
(d) More than one of the above
(e) None of the above
BPSC PGT Commerce Accountancy 2023 TRE 01.0
Financial Accounting
- Match list I with List II:
List I List II A. Events 1. Are the internal users of financial statements B. Book-keeping 2. Are the end result of transaction C. Management of business enterprise 3. Constitutes as base for accounting D. Purchase of goods worth Rs.7,000 4. Is a transaction Select the correct answer using the codes given below.
(a) A B C D
2 3 1 4
(b) A B C D
2 3 4 1
(c) A B C D
3 2 1 4
(d) More than one of the above
(e) None of the above - Professional people like doctors, lawyers, etc. ascertain their profit or loss under
(a) Accrual basis
(b) Cash basis
(c) Estimate basis
(d) More than one of the above
(e) None of the above - Which of the qualitative characteristic of accounting information is reflected when accounting information is clearly presented?
(a) Understandability
(b) Comparability
(c) Reliability
(d) More than one of the above
(e) None of the above - Prepaid Rent A/c is a
(a) Nominal A/c
(b) Real A/c
(c) Personal A/c
(d) More than one of the above
(e) None of the above - Economic life of an enterprise is split into the periodic interval as per
(a) Periodicity
(b) matching
(c) Going concern
(d) More than one of the above
(e) None of the above - The policy ‘anticipate no profit and provide for all possible losses’ arises due to
(a) Convention of consistency
(b) Convention of conservatism
(c) Convention of disclosure
(d) More than one of the above
(e) None of the above - “Advance received from a supplier is not taken as income or sales.” This comment is based on
(a) Realization concept
(b) Dual aspect concept
(c) Matching concept
(d) More than one of the above
(e) None of the above - The amount of closing stock would be, when
Sales—Rs.6,00,000
Opening Stock—Rs.50,000
Purchases—Rs.5,00,000
Productive Wages—Rs.10,000
Carriage Inwards—Rs.7,000
Rate of Gross Profit on cost—20%
(a) Rs.55,000
(b) Rs.67,000
(c) Rs.50,000
(d) More than one of the above
(e) None of the above - The preparation of Trial Balance is for
(a) Locating errors of commission
(b) Locating errors of principle
(c) Locating clerical errors
(d) More than one of the above
(e) None of the above - Ledger book is popularly known as
(a) Secondary book of accounts
(b) Principal book of accounts
(c) Subsidiary book of accounts
(d) More than one of the above
(e) None of the above - Which of the following statements are true?
(i) When the amount deposited by the customer exceeds his withdrawal, it indicates an overdraft.
(ii) At the end of each year, the bank prepares the Bank Reconciliation Statement.
(iii) A Bank Reconciliation Statement is prepared with the help of Passbook and Cash Column of Cashbook.
(iv) Passbook always shows credit balance.
(a) (i) and (iii)
(b) (i), (ii) and (iii)
(c) (ii) and (iv)
(d) More than one of the above
(e) None of the above - Favourable balance of Cash book means
(a) Debit balance as per Cashbook
(b) Credit balance of Passbook
(c) Credit balance as per Cashbook
(d) More than one of the above
(e) None of the above - While preparing Bank Reconciliation Statement, balance as per Passbook will have to be _____ or balance as per Cashbook _____ by the amount of direct payment by customers into Trader’s A/c with the banker.
(a) Decreased, decreased
(b) increased, decreased
(c) Decreased, increased
(d) More than one of the above
(e) None of the above - For charging depreciation on which of the following assets, the depletion method is adopted?
(a) Plant and Machinery
(b) Building and Furniture
(c) Software
(d) More than one of the above
(e) None of the above - “Legal expenses incurred to defend a suit for breach of contract to supply goods” is
(a) Capital Expenditure
(b) Revenue Expenditure
(c) Deferred Revenue Expenditure
(d) More than one of the above
(e) None of the above - Business paid to Mr. Anuj a cheque of Rs. 80,000 as salary on 25th June, 2023. Mr. Anuj went to bank to deposit cheque in his account on 3rd July, 2023. What is the entry to be passed in the Balance Sheet on the date of Final A/c?
(a) Bank A/c … Dr.
To Outstanding Salary A/c
(b) Salary A/c … Dr.
To Outstanding Salary A/c
(c) Salary A/c … Dr.
To Anuj’s A/c
(d) More than one of the above
(e) None of the above - Insurance premium paid by firm on 1st December, 2021 for the year up to 30th November, 2022 was Rs.18,000 and Insurance Premium paid on 1st December, 2022 for the year up to 30th November, 2023 was Rs.30,000. What amount will be debited to Profit & Loss A/c for the year ended 31st March, 2023?
(a) Rs.18,000
(b) Rs.20,000
(c) Rs.22,000
(d) More than one of the above
(e) None of the above - “The accountant of a firm desires that adjustments for outstanding expenses and prepaid expenses should not be made while preparing financial statements.”
In the above statement, which accounting concept will be violated?
(a) Accrual concept
(b) Matching concept
(c) Prudence concept
(d) More than one of the above
(e) None of the above - Adesh and Bhadresh are partners sharing profits and losses in the ratio of 3: 2. Chandresh is admitted for 20% of share in profits out of which half of the share was gifted by Adesh and remaining was acquired by Chandresh from Adesh and Bhadresh in equal proportion. What would be new profit-sharing ratio?
(a) 12 : 8 : 5
(b) 9 : 7 : 5
(c) 12 : 9 : 4
(d) More than one of the above
(e) None of the above - Mathur started a business by investing Rs.6,76,000 as capital. After 4 months, Goyal joined the business by investing a capital of Rs.5,07,000. A total of Rs.2,60,000 including 25% of the total profit was given to Goyal for conducting business at the end of the year. How much profit Mathur will get?
(a) Rs.2,50,000
(b) Rs.2,60,000
(c) Rs.2,55,000
(d) More than one of the above
(e) None of the above - Mannu and Bhanu are partners. Bhanu wants to admit his son Channu into business. Can Channu become the partner of the firm?
(a) Yes
(b) No
(c) Yes, if Bhanu agrees to it
(d) More than one of the above
(e) None of the above - L, S and D are partners sharing profits in the ratio of 2/5, 3/7 and 3/10. If S retires from the firm, what will be the gain ratio of L?
(a) ¼
(b) 1/3
(c) 28/70
(d) More than one of the above
(e) None of the above - Arjun, Bansi and Chelsi are partners in a firm. On June 30, 2023, Chelsi died, the sales for the year 2022–23 was Rs.30,00,000 and profits were Rs.6,00,000. The sales for the period from April 1, 2023 to June 30, 2023 were Rs.7,50,000. What would be the share of deceased partner in the current year’s profits?
(a) Rs.50,000
(b) Rs.1,50,000
(c) Rs.75,000
(d) More than one of the above
(e) None of the above - Furniture for a cloth dealer is a/an
(a) Current asset
(b) Fixed asset
(c) Expense of revenue nature
(d) More than one of the above
(e) None of the above - The basic function of financial accounting is to
(a) recording all business transactions
(b) classifying all business transactions
(c) Summarizing all recorded transactions
(d) More than one of the above
(e) None of the above - Revenue from sale of goods ordinarily is reported as a part of the earning in the period
(a) The sale is made
(b) The cash is collected
(c) The goods is purchased
(d) More than one of the above
(e) None of the above - The statement containing various ledger balances on a particular date is known as
(a) Trial Balance
(b) Trading A/c
(c) Balance Sheet
(d) More than one of the above
(e) None of the above - The note which is sent to a customer when he returns the goods is known as
(a) Demand Note
(b) Debit Note
(c) Credit Note
(d) More than one of the above
(e) None of the above - Passbook is the statement of account of the customer maintained by the
(a) Bank
(b) Customer
(c) Business owner
(d) More than one of the above
(e) None of the above - The statement which is prepared to reconcile the balance of Cashbook and Passbook is known as
(a) Trial Balance
(b) Balance Sheet
(c) Profit Reconciliation Statement
(d) More than one of the above
(e) None of the above - For depreciation on leasehold property, the appropriate method of depreciation is
(a) Replacement Method
(b) Revaluation Method
(c) Fixed Installment Method
(d) More than one of the above
(e) None of the above - Sales are equal to
(a) Cost of Goods Sold + Profit
(b) Cost of Goods Sold – Gross Profit
(c) Gross Profit – Cost of Goods Sold
(d) More than one of the above
(e) None of the above - If the rate of Gross Profit is 25% on Cost of Goods Sold, hence it is _____ on sales.
(a) 20%
(b) 25%
(c) 30%
(d) More than one of the above
(e) None of the above - When the new partner brings his share of goodwill in cash, the amount is debited to
(a) Goodwill A/c
(b) Current A/c of partner
(c) Cash A/c
(d) More than one of the above
(e) None of the above - A and B are partners in the ratio of 2: 1. They admit C by giving him 1/3 share. The new ratio will be
(a) 4 : 2 : 3
(b) 4/9 : 2/9 : 1/3
(c) 2 : 1 : 1
(d) More than one of the above
(e) None of the above - A, B and C are partners in the ratio of 5 : 3 : 2. B retires and his shares were taken by A and C in the ratio of 2 : 1. The new ratio will be
(a) 5 : 2
(b) 2 : 1
(c) 7 : 3
(d) More than one of the above
(e) None of the above - X and Y are partners sharing profits in the ratio of 3: 2. Z was admitted with 1/4th shares which he acquires equally from X and Y. The new ratio will be
(a) 19 : 11 : 10
(b) 9 : 6 : 5
(c) 3 : 3 : 2
(d) More than one of the above
(e) None of the above - If the percentage of discount on marked price is 33+1/3 and the discount is Rs.1,200, what would be the selling price?
(a) Rs.3,600
(b) Rs.4,800
(c) Rs.2,400
(d) More than one of the above
(e) None of the above - Which of the following is not an example of Capital Reserve?
(a) Profit on sale of asset
(b) Contingency reserve
(c) Dividend equalization reserve
(d) More than one of the above
(e) None of the above - Which of the following statements are true?
(i) Prepaid rent is a Personal A/c.
(ii) Interest on Drawings is an income for the business.
(iii) Accrued income and income due but not received are same.
(iv) Cost of obtaining licence to carry out business is a capital expenditure.
Code :
(a) (ii) and (iii)
(b) (i), (ii) and (iii)
(c) (ii), (iii) and (iv)
(d) More than one of the above
(e) None of the above - A Bank Reconciliation Statement is a
(a) part of Cashbook
(b) part of Bank A/c
(c) part of Passbook
(d) More than one of the above
(e) None of the above - Ways of creating secret reserve
(i) by suppressing the sale
(ii) by undervaluing stock-in trade and goodwill
(iii) by charging excessive depreciation
(iv) by charging capital expenditure to Profit & Loss A/c
Code :
(a) (i), (ii) and (iv)
(b) (ii), (iii) and (iv)
(c) (ii) and (iv)
(d) More than one of the above
(e) None of the above - AS–10 (new) has come into effect from
(a) 01.04.2016
(b) 01.04.2018
(c) 01.04.2017
(d) More than one of the above
(e) None of the above - Which of the following statements is true?
(a) Capital Reserve is normally created out of free or distributable profits.
(b) Dividend Equalization Reserve is an example of General Reserve.
(c) General Reserve can be used only for some specific purposes.
(d) More than one of the above
(e) None of the above
Corporate Accounting
- When shares are forfeited, the Share Capital A/c is debited by
(a) Nominal value of shares
(b) Called-up amount
(c) Paid-up amount
(d) More than one of the above
(e) None of the above - Match List–I with List–II :
List-I List-II A. Secured debentures 1. are a form of long-term debt and can be referred as a debt security. B. Bonds 2. are debentures which do not carry any charge on the assets of the company. C. Bearer debentures 3. are secured by a charge on the whole or a part of assets of the company. D. Naked debentures 4. are treated as negotiable instruments and are transferable by delivery alone. Select the correct answer using the codes given below.
(a) A B C D
3 1 2 4
(b) A B C D
3 2 1 4
(c) A B C D
1 2 3 4(d) More than one of the above
(e) None of the above - Cash from Operation is equal to
(a) Net Profit + Increase in Outstanding Expenses
(b) Net Profit + Debtors
(c) Net Profit + Interest paid
(d) More than one of the above
(e) None of the above - Match List–I with List–II :
List-I List-II A. Cash payments of salaries and wages 1. Investing B. Cash proceeds from issuing shares at a premium 2. Operating C. Payment of income tax 3. Financing D. Tax deducted at source on interest received from subsidiary company Select the correct answer using the codes given below.
(a) A B C D
2 3 2 1
(b) A B C D
2 3 1 2
(c) A B C D
3 2 1 2
(d) More than one of the above
(e) None of the above - Increase in the amount of Bills Payable results in
(a) Decrease in cash
(b) no change in cash
(c) Increase in cash
(d) More than one of the above
(e) None of the above - Applications of cash in Cash Flow Statement include
(a) Operating loss
(b) Tax paid
(c) Interest received
(d) More than one of the above
(e) None of the above - Which of the following statements are true?
(i) A company cannot purchase its own equity shares.
(ii) A company can issue its shares at a discount by passing a special resolution.
(iii) The interest rate charged on calls-in-arrear and the interest rate payables on calls-in-advance are the same as per provisions of Table-F of Schedule-I of the Companies Act, 2013.
Code:
(a) (i) and (ii)
(b) (ii) and (iii)
(c) (i) and (iii)
(d) More than one of the above
(e) None of the above - Declared and paid dividend Rs.7,00,000 is
(a) Cash used for operating activities Rs.7,00,000
(b) Cash used for financing activities Rs.7,00,000
(c) Cash used for investing activities Rs.7,00,000
(d) More than one of the above
(e) None of the above - Discount allowed on the reissue of forfeited shares cannot exceed
(a) The amount received on forfeited share
(b) 10% of the paid-up capital
(c) Up to 10% of face value
(d) More than one of the above
(e) None of the above - Which technique(s) can be used in connection with analysis and interpretation of financial statements?
(i) Funds Flow Statement
(ii) Net Working Capital Analysis
(iii) Cash Flow Statement
(iv) Ratio Analysis
Code:
(a) (i), (iii) and (iv)
(b) (i) and (iii)
(c) (ii) only
(d) More than one of the above
(e) None of the above - Rate of return on equity share capital is calculated after deducting _____ and _____ from the net profit before interest.
(a) Interest, equity dividend
(b) Interest, preference dividend
(c) Interest, interest
(d) More than one of the above
(e) None of the above - Match List–I with List–II :
List-I List-II A. Finished goods turnover ratio 1. Liquidity crisis B. Interest coverage ratio 2. Inability to pay dues to financial institutions C. Debt-service coverage ratio 3. Inability to pay interest D. Current ratio and quick ratio 4. Falling demand for the product in the market Select the correct answer using the codes given below.
(a) A B C D
4 3 2 1
(b) A B C D
4 3 1 2
(c) A B C D
1 2 3 4(d) More than one of the above
(e) None of the above
Advance & Miscellaneous Accounting
- If the due date is a public holiday, what will be the due date of the bill?
(a) Following day
(b) Preceding day
(c) The same day only
(d) More than one of the above
(e) None of the above - On dishonour of a discounted bill, which account is credited by drawer?
(a) Drawee’s A/c
(b) Bank A/c
(c) Payee’s A/c
(d) More than one of the above
(e) None of the above - Under what circumstance drawer and payee of Bill of Exchange is the same person?
(a) When drawer retains the bill till maturity
(b) When bill is discounted
(c) When bill is endorsed
(d) More than one of the above
(e) None of the above - Consignment stock will be recorded in the Balance Sheet of consignor on assets side at
(a) Invoice price
(b) Invoice price less stock reserve
(c) Lower than cost price
(d) More than one of the above
(e) None of the above - Abdul and Binny enter into a joint venture for purchase and sale of Smart Board. Abdul purchased Smart Board costing-Rs.10,00,000; repairing expenses-Rs.1,00,000; printing expenses -Rs.1,00,000. Binny sold it at 20% margin on selling price. The sales value will be
(a) Rs.12,50,000
(b) Rs.15,00,000
(c) Rs.10,00,000
(d) More than one of the above
(e) None of the above - Which of the following statements is true?
(a) When separate set of books is maintained, expenses paid by venturer will be credited to Joint Bank A/c.
(b) When separate set of books is maintained, expenses paid by venturer will be credited to enturer’s Capital A/c.
(c) When separate set of books is maintained, expenses paid by venturer will be credited to Joint Venture A/c.
(d) More than one of the above
(e) None of the above - Control is the fourth sub-system of Accounting Information System, because it
(a) Deals with the collection of data (b) Deals with the processing of data
(c) Is helpful for producing of data in the standard format
(d) More than one of the above
(e) None of the above
Select the correct answer using the codes given below.
(a) A B C D
2 3 4 1
(b) A B C D
3 4 1 2
(c) A B C D
1 2 3 4
(d) More than one of the above
(e) None of the above - Match List–I with List–II :
List-I List-II A. Executive Support Systems (ESS) 1. are the information systems at management level of an organization that serve the functions of planning, controlling and decision-making by providing routine summary and exception reports. B. Management Information Systems (MIS) 2. helps in making decisions at the strategic level through advanced graphics and communications. C. Decision Support Systems (DSS) 3. are the computerized systems that perform and record the daily routine transactions which are necessary to conduct the business. D. Transaction Processing Systems (TPS) 4. are the information systems at the organizations management level that combine data and analytical reports to support the decisions. Select the correct answer using the codes given below.
(a) A B C D
2 3 4 1
(b) A B C D
3 4 1 2
(c) A B C D
1 2 3 4
(d) More than one of the above
- Developing a software according to the needs and specifications of the users. This type of software is called
(a) Customized Software
(b) Tailor-made Software
(c) Ready to use Software
(d) More than one of the above
(e) None of the above - Which of the following statements is/are false?
(i) The Receipts & Payments A/c records receipts and payments of revenue nature only.
(ii) Only revenue items are disclosed in Income & Expenditure A/c.
(iii) Subscriptions in advance in the current year are treated as assets of the not-for profit organization.
(a) (i) and (ii)
(b) (ii) and (iii)
(c) (i) only
(d) More than one of the above
(e) None of the above - Donation received for specific purpose
(a) Should be credited to a separate account and shown on the liabilities side of the Balance Sheet
(b) Should be credited to Income & Expenditure A/c
(c) Should not be recorded at all
(d) More than one of the above
(e) None of the above - Which one of the following is the Not-for-Profit Organization?
(a) Housing Development Finance Corporation Ltd.
(b) TATA Consultancy Services
(c) TATA Steel Limited
(d) More than one of the above
(e) None of the above - A company sold 20% of the goods on cash basis and balance on credit basis. Debtors are allowed 1+1/ 2 months’ credit and their balances as on 31st March, 2023 is Rs. 1,25,000. Assume that the sale is uniform throughout the year. Credit sales would be
(a) Rs. 8,50,000
(b) Rs. 10,00,000
(c) Rs.12,50,000
(d) More than one of the above
(e) None of the above - Which of the following statements is true?
(a) Real and Nominal A/cs are maintained if books are kept according to single entry system.
(b) Capital at the beginning of the accounting year is ascertained by preparing Cash A/c.
(c) For ascertaining net profit according to net worth method of single entry, Profit & Loss A/c is prepared.
(d) More than one of the above
(e) None of the above - At the time of renewal of bill, Interest A/c is debited in the books of
(a) Drawer
(b) Endorsee
(c) Drawee
(d) More than one of the above
(e) None of the above - The account maintained by a businessman with his bankers is known as
(a) Current A/c
(b) Account Current
(c) Savings A/c
(d) More than one of the above
(e) None of the above - Cash receipts from sale of grass by a club is treated as
(a) Capital receipt
(b) Revenue receipt
(c) Assets
(d) More than one of the above
(e) None of the above - In case of net worth method of single entry, net profit is ascertained by
(a) Trading and Profit & Loss A/c
(b) Comparison of capital between opening and closing period
(c) Preparing Balance Sheet at the end
(d) More than one of the above
(e) None of the above - The criterion fulfilled by an effective accounting report is
(a) Relevance, timeliness, accuracy, complete and summarized
(b) Relevance, timeliness, accuracy, complete and globalized
(c) Relevance, legibility, speed and accuracy
(d) More than one of the above
(e) None of the above - 76. COBOL, BASIC, FORTRAN, C, C++, JAVA are examples of
(a) High-level programming languages
(b) Low-level machine languages
(c) Application software
(d) More than one of the above
(e) None of the above - DBMS does not serve as a tool for which of the following?
(a) Organizing data
(b) Creating data
(c) Processing data
(d) More than one of the above
(e) None of the above - An accounting information system processes the financial transactions and events based on
(a) Governing Principles
(b) Management Principles
(c) Generally Accepted Accounting Principles
(d) More than one of the above
(e) None of the above - Which of the following is an advantage of ‘server-database’?
(a) Oriented towards multiuser applications
(b) Ensure reliability of data
(c) Cheaper than desktop database
(d) More than one of the above
(e) None of the above - Match List–I with List–II :
List-I (Types of Report) List-II (Example) A. Demand Report 1. Profit & Loss A/c B. Responsibility Report 2. Inventory valuation report C. Summary Report 3. Inquiry of inventory status regarding overstocking D. Exception Report 4. Report regarding different aspects of purchases Select the correct answer using the codes given below.
(a) A B C D
1 4 2 3
(b) A B C D
2 4 1 3
(c) A B C D
2 4 3 1
(d) More than one of the above
(e) None of the above
BPSC PGT Commerce Accountancy 2023 TRE 01.0 : Link
BPSC PGT Commerce Accountancy 2023 TRE 02.0 : Link
BPSC PGT Commerce Accountancy 2024 (22-July-2024) TRE 03.0 : Link