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

FINANCIAL & MANAGEMENT ACCOUNTING\
M.B.A first SEM
MODEL TEST PAPER

Q1. The liabilities of a firm are of Rs 3,000 capital of the proprietor is Rs 7,000 . The total assets are
A) 7,000 B) 10,000
C) 4,000 D) 3,000

Q2. The assets of a business on 31 march 2006 are worth Rs 5,000 &its capital is Rs 35,000.Its liabilities on that date shall be.
A) Rs 85,000 B) Rs 15,000
C) RS 35,000 D) Rs 5,000

Q3.In double entry system of book keeping every business tranction affects.
a.Two accounts b.Two sides of the identical account
c. The identical account on 2 various dates
d.One account

Q4.A sale of good to Ram for cash should be debited to
a.Ram b. cash
d.sale d. None of all

Q5.A wihhdrawal of cash from
business by the proprietor should be credited to
a. Drawing b. Capital
c. cash d. Profit & loss a/c

Q6.cash account is a
a.Personal a/c b.Real a/c
c.Nominal a/c d. none

Q7.Goods worth Rs 1,000 taken by proprietor for personal use should be credited to
a. sales a/c b. proprietor’s personal a/c
c. purchase a/c d. expenses a/c

Q8. Bad debts account is a
A. personal a/c b.real a/c
c. nominal a/c d.none

Q9.The profit & loss a/c indicates
a.The financial position of the concern b. Profit earned or loss suffered by the firm
c. The capital invested in business d. The asset of business

Q10.The cash book records
a. All cash receipts b. All cash payments
c. All cash receipts & payments d. cash & credit sales of goods

Q11.The balance in the petty cash book is
A. An expence b. A profit
c.An asset d .none

Q12. If Ram has sold books for cash the entry will be recorded
a.In the cash book b.In the sales book
c. In proper journal d.none

Q13.In the purchase book the record is in respect of
a.cash purchase of goods b. credit purchase of goods dealt in
c.all purchase of goods d. none

Q14.The sales return book records
a. The return of goods purchased b. Return of anything purchased
c. Retun of goods sold d. Return of anything sold

Q15.The sales book is
a. a part of journal b. a part of ledger

Earning:   Approval pending.