All India Management Association (AIMA) 2007 M.B.A Marketing Management Accounting for ision Making – I - Question Paper
Friday, 01 February 2013 11:00Web
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10. According to which of the subsequent accounting concepts, are the shareholders treated as creditors for the amount they pay on shares?
(a) Cost concept
(b) Duality concept
(c) Going concern concept
(d) Money measurement concept
(e) Business entity concept.
( 1 mark)
11. Every year inventory should be valued on the identical basis. This is based on
(a) Cost concept
(b) Consistency concept
(c) Conservatism concept
(d) Matching concept
(e) Accounting period concept.
( 1 mark)
12. The subsequent are the external users of financial statements, other than
(a) Government agencies
(b) Lenders
(c) Customers
(d) Investors
(e) Board of Directors.
( 1 mark)
13. Which of the subsequent is not an objective of accounting?
(a) Maintenance of records for business transactions
(b) Ascertaining whether the business operations have been profitable or not
(c) Depicting the financial position of the business
(d) Providing info to the users of financial info
(e) Maintenance of the records of human resources of the company.
( 1 mark)
14. Which of the subsequent is not a qualitative characteristic of financial statements?
(a) Understandability
(b) Relevance
(c) Reliability
(d) Comparability
(e) Periodicity.
( 1 mark)
15. Death of the Chairman of a company is not recorded in the books of accounts in recognition of
(a) Money measurement concept
(b) Cost concept
(c) Time period concept
(d) Revenue recognition concept
(e) Duality concept.
( 1 mark)
16. Which of the subsequent is the accurate order for arranging the liabilities in a balance sheet prepared according to permanency order?
(a) Capital, long-term liabilities, short-term liabilities and current liabilities
(b) Long-term liabilities, short term liabilities, current liabilities and capital
(c) Current liabilities, long-term liabilities, short term liabilities and capital
(d) Current liabilities, short term liabilities, long-term liabilities and capital
(e) Capital, short term liabilities, current liabilities and long-term liabilities.
( 1 mark)
17. The subsequent is the data pertaining to Axon Ltd., as on March 31, 2008:
Particulars Rs.
Reserves & surplus 22,500
Closing stock 37,500
Fixed assets 2,70,000
Sundry debtors 22,500
Sundry creditors 34,000
Cash and bank 26,500
Share capital 3,00,000
The total of the ‘Sources of Funds’ in the balance sheet of Axon Ltd., as on March 31, 2008 was
| Earning: Approval pending. |
