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

a. Concept of Prudence
b. The Matching Concept
c. The Periodicity Concept
d. None
Ans.C

59. In the eyes of law, the proprietor & the business are not considered to have a separate existence.
a. Yes b. No
c. Data Not Clear d. None
Ans. A

60.Which concept distorts 1 actual worth of an asset?
a. Going Concern concept
b. The Cost Concept
c. Accrual Concept
d. Consistency Concept
e None
Ans. B

Q61.Does not demand that the revenue has to be received in cash.
a. The Periodicity Concept
b. The Realization Concept
c. The Accrual Concept
d. Concept of Prudence
Ans.B



62 "Every debit has an equal & opposite credit." This is the________of double entry concept.
a. Trial b. Crux
c. Process d. Method
Ans. B


63.The external events chart involve transfer. of value ranging from 2 entities 1 called
a. Transactions b. Transfer
c. Exchange d. None
Ans. A

Q64.Which voucher is drawn to record all. non- cash transactions & events?
a. Receipt Voucher b. Payment. Voucher
c. Journal Voucher d. All
e. None
Ans. C

Q65.In India, the term "Financial Statement" consists of -
a. Balance Sheet
b. P & L A\c
c. Scheduler & Notes Part thereof
d. All
e. Both a & b
Ans. C

Q66. Sale of goods on credit is an income because it leads to
a. Enhancement of Assets
b. Enhancement of Equity
c. Enhancement of Liabilities
d. reduce of Equity
e. Both a & b
Ans. E

Q67.Under Cash Book, which column is not balanced?
a. Cash Column b. Bank Column
c. Discount Column d. None
e. All
Ans. c
Q68.Petty Cash Book is maintained on_____
a. Imprest Cash Basis b. Accrual Basis
c. Mercantile Basis d. All
e. None
Ans. D

Q69. It is the book of Orphan Entries:
a. Journal
b. Ledgers
c. Cash Book
d. Sales day book
Ans. A

Q70.Which among the subsequent have a "Residual" Interest in profits-

Earning:   Approval pending.