Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2007 M.B.A Finance FA - Financial Accounting and Management - Question Paper
Monday, 10 June 2013 05:45Web
Page 9 of 17
a. True b. False
35. An artificial Account used to tally the trail Balance is known as:
a. Trading Account b. Trail Balance
c. Rectification d. Suspense Account
36. Complete the subsequent phrases complete correctly Rs 500 paid as salary to Ramnath should be debited to
a. Salary Account b. Ramnath Account
c. Sales Account d. None
37. Good worth Rs 300 taken y the proprietor his personal use should be debited to:
a. Drawing Account b. Purchase
c. Sales Account d. Cash Account
38. True or False:
a. Balances of ledger accounts are posted to trail Balance. (T)
b. A Trail balance can agree in spite rectification of all the errors. (T)
c. Suspense accounts is closed by after rectification of all the errors. (T)
d. Errors committed due to lack of knowledge are called errors of Omission. (F)
e. When a transaction is omitted from the books of account it is called as an errors of posting.(
39. _________ Assets include cash, assets that are likely to converted into cash with 1 year.
a. Current b. Intangible
c. Quick d. None of above
40. ________ Assets are those, which could be converted into cash very quickly.
a. Current b. Intangible
c. Quick d. None of above
41. ___________ is arrived at deducting the direct cost of goods sold from sale proceeds.
a. Net profit b. Gross profit
c. Coas d. Net Sales
42. Gross profit = Cogs - Sales.
a. True b. False
43. The profit & loss Account and Balance Sheet are together Called ________ .
a. Final Account b. Financial outcome
44. The profit & Loss Account is prepared to show Financial outcomes of a business during an accounting period.
a. actual b. False
45. In the profit & loss Account, the ________ reflects all expenses and losses, while the ______ indicates all income and gains.
a. Debit side, Credit side
b. Credit side, Debit side
c. None
46. One fault compensates the other fault by an identifical is also 1 of fault is Traid balance.
a. True b. False
47. Match the subsequent.
a. It indicates the Gross profit 1. Trading Account
b. It show the Net profit 2. Profit & loss Account
c. It indicates position of assets
Earning: Approval pending. |