Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2007 M.B.A Financial and Management Accounting - Question Paper

a)Simple petty cash book
b)Two column cash book
c)Analytical petty cash book
d)Three column cash book
Ans: B

43 Sales – Gross Profit = ________
a)Total cost
b)Net Income
c)Cost of sales of goods purchased
d)Cost of goods sold
Ans : D

44Sales book records
a.Sale of goods on credit
b. Total sales
c.Cash sales
d.Both A) and C)
Ans : A

45The principle of the business is an artificial entity distinct from its proprietor(s) presumed by
a.Money measurement concept
b.The Cost concept
c.The Going Concern concept
d.None of the above.
Ans : D


46The inherent concept involved in accrual accounting is called
a.Matching concept
b.Accrual concept
c.Concept of prudence
d.None of the above.
Ans : D




47_______ records all residual transactions
a.Cash book
b.Bills receivable book
c.Journal proper
d.Bills payable book

Ans : C

48______ is a formal record of a particular kind of transaction.
a.Posting
b.Ledger
c.Account
d.Sundry Debtors Account
Ans :D

49Error of posting the amount in 1 account instead of a different account is called
a.Compensating fault
b.Error of commission
c.Error of omission
d.Error of principle
Ans : B

50______ indicates the distribution of partnership profits among partners
a.P & L Appropriation A/c
b.P & L A/c
c.Balance Sheet
d.None of the above.
Ans : A




51Secured loan is an example for
a.Source of Fund
b.Loan Fund
c.Application Fund
d.Both A) and B)
Ans : D

52________ report is an essential part of the Annual Report

a.Financial outcome
b.Auditor’s
c.Director’s
d.None of the above.
Ans : A


53The direct costing is also called

a.Fixed Costing
b.Semi Variable
c.Variable Costing
d.All of the above.
Ans : C

54______ created for a few unforeseen events in future.

a.Provision
b.P & L A/c
c.Reserve
d.Share Capital
Ans : A


55Loans found against hypothecation of an asset or assets is called

a.Loan
b.Secured Loan
c.Unsecured Loan
d.Overdraft
Ans: C


57.Every business entity should follow a uniform year i.e., financial year for_
a.Accounting Purpose.
b.Cost Purpose
c.Text Purpose
d. Both a & b
e. Both b & c
Ans. D


Q58The inherent concept involved in “Accrual Accounting” is called -

Earning:   Approval pending.