Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2006 M.B.A Financial Management FINANCE

d. The accounts of properties and assets are called the ________accounts.
e. ________ accounts are those of people.
f. Sales Tax Account is a ______ account.
g. Manufacturing wages Account is a _______ Account.
h. Dividend Received Account is a ________ Account.
i. Audit Fees Account is a _________ Account.
j. Bombay University Account is a _________ Account.
k. Live Stock Account is neither a ________ Account nor a ______Account.
l. Investment Account is a _________ Account.
m. Insurance Premium Account is a __________

2. State whether the subsequent statements are actual or false
a. The left hand side of an account is called the credit side.
b. Nominal accounts are fictitious accounts.

3. The subsequent journal entries are passed by Mr. Bramess book-keeper. As an expert book-keeper, you are needed to pass accurate entries wherever you think
them to be wrong.
a. Purchased goods for cash from Dube.
Purchase A/c
To Dube’s A/c

4. Fill up the blanks with suitable words selecting from the brackets:
a. Rent paid to Landlord is debited to ___________ Account. (Landlord, Rent, Cash)
b. The amount withdraw by a trader for his personal use is debited to ________ Account. (Personal, Capital, Drawings)
c. The amount invested in business by the proprietor is credited to ________ Account (Capital, Cash)
d. Cash purchase of goods from Smita should be debited to _______ Account (Sumita’s, Goods, Cash)
e. A credit sale of goods to Diana should be credited to ________ Account (Goods, Diana’s Sales)
f. Drawings Account is a ________ Account (Real, Personal)
g. Loan Account is a _________ Account (Nominal, Personal)

5. State whether the subsequent classification is accurate or not. provide the accurate classifications, if necessary:
a. Machinery Account Nominal Account
b. Conveyance Account Real Account
c. Bank Account Real Account
d. Goods Account Nominal Account
e. Building Account Real Account
f. Capital Account Personal Account
g. Drawings Account Real Account
h. Loan Account Real Account
i. Alpha Stores Account Nominal Account

6. Say yes or no, stating your reasons:
a. State Bank of India is a Nominal Account.
b. Machinery is a Real Account
c. Life insurance Corporation is a Personal Account.
d. Proprietor’s Capital Account is a Personal Account

Earning:   Approval pending.