The Global Open University 2012-1st Year M.B.A Global open University of Accounting and Financial Administration - Question Paper

c. French
d. Chinese
52. A business event, which can be
measured in terms of money and
must be recorded in books of
accounts is called
a. Condition
b. Transaction
c. info
d. Record
53. Which of the subsequent entry will
be recorded, when land is purchased
for cash?
a. Cash a/c debit, and Land a/c credit
b. Owner's Equity a/c debit, and Cash
a/c credit
c. Land and cash a/c debit
d. Land a/c debit, and Accounts
Payables a/c credit
54. Which of the subsequent expenses are called
financial expenses?
a. Payment of rent & Salary expense
b. Markup on loan and bank charges
c. Interest & advertisement expense
d. Wages and Depreciation expense
55. A Balance Sheet discloses the
financial position of a firm
a. For certain provided period
b. At a particular point of time
c. After the fixed date
d. None of the provided choices
56. What is the next step to
Journalizing in Accounting cycle?
a. Recording
b. Posting
c. Balancing
d. Analyzing
57. obtain out the missing value of an
Accounting formula with the help of
provided data: Total Assets Rs. 34,500
Accounts payable Rs. 1, 000 Other
liabilities Rs. 11,500 Owner's equity ?
a. 24,000
b. 45,000
c. 46,000
d. a and b
58. Consider the subsequent data:
Particulars Rs. Assets
1,05,000 Owner's equity 70,000
Liabilities ?
a. Rs. 35,000
b. 1,75,000
c. 7, 35,000
d. 1, 05,000
59. Which of the subsequent is NOT
correct?
a. reduce in assets will be debt
b. reduce in Liabilities will be debit
c. reduce in Expenses will be credit
d. reduce in Revenue will be debit
60. Which of the subsequent is NOT
considered a part of financial
statements?
a. General Journal
b. Balance Sheet
c. Profit and Loss account
d. None of provided choices
61. Which 1 of the subsequent will
outcome in increase in revenues?
a. Purchased fixed asset
b. Received discount
c. Payment to creditors
d. Return of goods, sold on credit
62. The basic accounting
principle/concept according to which
business record must be kept
separate from the personal records of
the owner is known as
a. Going-concern concept
b. Separate entity principle
c. Realization principle
d. Objectivity principle
63. In an account if debit side >
credit side, the balance is known as
the
a. Negative Balance
b. Debit balance
c. Positive Balance
d. Credit balance
64. obtain out the missing value of an
Accounting formula with the help of
provided data: Cash Rs.100, 000 Debtors
Rs.10, 000 Other Assets Rs. 1,000
Owner's equity Rs. 1, 000 Liabilities ?
a. Rs. 12,000
b. Rs. 11,000
c. Rs. 110,000
d. Rs. 111,000
65. obtain out the missing value of an
Accounting formula with the help of
provided data: Owner's equity Rs. 22,500
Total Liabilities Rs. 80, 385 Cash Rs.
1,000 Bank Rs. 2,000 Debtors Rs. 500
a. Rs. 102,885 other assets
b. Rs. 102,885 current liabilities
c. Rs. 99,885 current liabilities
d. Rs. 99,385 other assets
66. If Gross profit Rs.16,500 and Cost
of goods sold Rs.183,500, what will
be the amount of Net Sales?
a. 183,500
b. 200,000
c. 230,000
d. 167,000
67. Which of the subsequent is NOT
correct?
a. reduce in Assets will be credit
b. reduce in liabilities will be credit
c. reduce in Expenses will be credit
d. reduce in Revenue will be debit
68. Debit signifies
a. Increase in Asset account
b. reduce in liability account
c. reduce in capital account
d. All of provided choices
69. When total liabilities are
subtracted from total assets the
remaining amount is known as
a. Equity or net assets
b. Net income or net loss
c. Total expenses
d. Total revenue
70. obtain out the missing value of an
Accounting formula with the help of
provided data: Cash Rs. 22,500 Debtors
Rs. 500 Total Assets Rs. 80, 385
Accounts payable Rs. 1,000 Total
liabilities Rs. 20,000
a. Rs 60.385 owner's equity
b. Rs. 61,385 owner's equity
c. Rs. 99,885 owner's equity
d. Rs. 99,385 owner's equity

Earning:   Approval pending.