Monday, May 9, 2011

Accounts Practice paper Model test B.Com. standard for Jr. Accountant in SAI

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Accounts Practice paper Model test B.Com. standard for Jr. Accountant in SAI

Accounts Practice paper Model test B.Com. standard for Jr. Accountant in SAI
Sports Authority of India (SAI), Jr Accounts Jobs Accounts practice test
Accounts objective Questions of BCOM Standard
1. Franking Machine is a—
(A) Duplicating machine
(B) Dictating machine
(C) Calculating machine
(D) Mailing machine
Ans. (D)
2. Given: Current Ratio = 3: 1
Quick Ratio = 1:1
Current Liabilities = Rs. 30, 000
What is the value of stock in trade?
(A) Rs. 45,000
(B) Rs. 60,000
(C) Rs. 90,000
(D) Rs. 50,000
Ans. (B)
3. When a supervisor is re-designated as section officer under the need hierarchy theory of motivation, it satisfied—
(A) Social needs
(B) Esteem needs
(C) Self- actualisation needs
(D) Economic needs
Ans. (B)
4. Principle of indemnity does not apply to—
(A) Life insurance
(B) Fire insurance
(C) Marine insurance
(D) Theft insurance
Ans. (A)
5. Cash sales are recorded in—
(A) Cash Book
(B) Sales Book
(C) Journal
(D) Ledger
Ans. (A)
6. Which one of the following is not a capital market instrument?
(A) Debentures
(B) Shares
(C) Public Sector Bonds
(D) Treasury Bills
Ans. (C)
7. Fixed Cost is known as—
(A) Special cost
(B) Direct cost
(C) Prime cost
(D) Overhead cost
Ans. (D)
8. Demand for electricity is—
(A) Inelastic
(B) Elastic
(C) Less elastic
(D) None of the above
Ans. (B)
9. The second largest agro-based industry in India is—
(A) Sugar industry
(B) Textile industry
(C) Food processing industry
(D) Poultry
Ans. (A)
10. Which of the following banks is known as a ‘lender of last resort’?
(A) SBI
(B) RBI
(C) NABARD
(D) IDBI
Ans. (B)
11. The primary objective of India’s monetary policy has been—
(A) Maintenance of price stability
(B) Granting more autonomy to the RBI
(C) Purchasing and selling of Govt. securities
(D) Financing unlimited deficit of the Central Govt.
Ans. (A)
12. Which of the following has always remained in focus as the main objective of India’s Five Year Plans?
(A) Poverty
(B) Removal of unemployment
(C) Economic growth
(D) Reduction in income inequities
Ans. (C)
13. Finance Commission is constituted every—
(A) Three years
(B) Six years
(C) Four years
(D) Five years
Ans. (D)
14. Which of the following is not a method of calculating national income?
(A) Income method
(B) Export-Import method
(C) Production method
(D) Expenditure method
Ans. (B)
15. Trade Credit is source of—
(A) Short-term finance
(B) Medium-term finance
(C) Long-term finance
(D) None of the above
Ans. (A)
16. Fiscal Policy is related to—
(A) Issue of currency
(B) Credit creation
(C) Public revenue and expenditure
(D) All of the above
Ans. (C)
17. SIDO is related to the development of—
(A) Small industries
(B) Soap industries
(C) Software industry
(D) Sugar industry
Ans. (A)
18. The world’s largest private employer is—
(A) Ford Motors
(B) Suzuki
(C) General Motors
(D) General Electric
Ans. (A)
19. ‘Street’ is a motorcycle brand of ?
(A) Escorts Ltd.
(B) Bajaj Auto
(C) Hero Honda Motors
(D) TVS Suzuki
Ans. (C)
20. The word ‘MODVAT’ is associated with—
(A) Medical Science
(B) Judiciary
(C) Banking
(D) Taxation
Ans. (D)
21. Fishing has been classified as—
(A) Extractive industry
(B) Genetic industry
(C) Manufacturing industry
(D) None of these
Ans. (A)
22. Which of the following is the top administrative organ of the company?
(A) Shareholders
(B) Managing Director
(C) General Manager
(D) Board of Directors
Ans. (D)
23. The founder of modern scientific management is—
(A) Henry Fayol
(B) McFarland
(C) F. W. Taylor
(D) Dickinson
Ans. (C)
24. The importer can not take delivery of goods unless he produces the—
(A) Bill of Sight
(B) Bill of Lading
(C) Shipping Bill
(D) Certificate of Origin
Ans. (B)
25. A statutory meeting requires a notice of at least—
(A) 7 days
(B) 4days
(C) 21 days
(D) 30 days
Ans. (C)
26. In which method amount of depreciation decreases every year—
(A) Straight line method
(B) Sum of years digit method
(C) Annuity method
(D) Sinking fund method
Ans. (B)
27. Under the Companies Act, a company must have—
(A) Board of Directors
(B) Managing Director
(C) Manager
(D) All of these
Ans. (A)
28. The most important clause in the Memorandum of Association of a company is—
(A) Name Clause
(B) Objects Clause
(C) Registered Office Clause
(D) Liability Clause
Ans. (B)
29. Trading A/c is a—
(A) Personal A/c
(B) Real A/c
(D) All of the above
(C) Nominal A/c
Ans. (C)
30. Working of a Stock Exchange is governed by—
(A) Govt. of India
(B) Controller of Capital Issue
(C) Governing Board of that Stock Exchange
(D) Finance Minister
Ans. (C)
31. Internal audit helps in—
(A) Internal check
(B) Audit in depth
(C) Statutory audit
(D) Internal control
Ans. (D)
32. Day-today cash transactions of a club are recorded in—
(A) Receipts and Payments A/c
(B) Income and Expenditure A/c
(C) Cash Book
(D) Journal
Ans. (B)
33. An entry of Rs, 320 has been debited to Rajesh’s account, as Rs. 230. It is an error of—
(A) Commission
(B) Omission
(C) Principle
(D) None of these
Ans. (A)
34. An expense of Rs. 200 on cartage of a new machine purchased should be debited to—
(A) Cash A/c
(B) Machine Ale
(C) Cartage A/c
(D) None of these
Ans. (B)
35. A customer’s cheque returned dishonoured is recorded in—
(A) Purchase Return Book
(B) Sales Return Book
(C) Cash Book
(D) Journal
Ans. (C)
36. Machinery purchased on account is recorded in—
(A) Purchase Book
(B) Cash Book
(C) Journal
(D) Ledger
Ans. (B)
37. Prepaid Insurance Account is—
(A) An expense
(B) A revenue
(C) An asset
(D)) None of the above
Ans. (C)
38. The credit balance in the bank account is—
(A) An asset
(B) A liability
(C) A capital
(D) A revenue
Ans. (A)
39. Stock Exchange deals with—
(A) Second hand securities
(B) Issue of equity shares
(C) Issue of preference shares
(D) Issue of debentures
Ans. (A)
40. A Public Corporation is created by—
(A) Ministry of Finance
(B) Ministry of Industry
(C) Special Act of Parliament
(D)) Ministry of Corporation
Ans. (C)
41. Chamber of Commerce is a form of—
(A) Trade Association
(B) Federation
(C) Merger
(D) Consolidation
Ans. (A)
42. Experts or specialists are attached to managers in—
(A) Line Organisation
(B) Line and Staff Organisation
(C) Functional Organisation
(D) None of these
Ans. (B)
43. When dividend is declared, it must be paid within—
(A) 30 days
(C) 45 days
(B) 42 days
(D) 60 days
Ans. (A)
44. Management is—
(A) An Art
(B) A Science
(C) An Art as well as a Science
(D) None of these
Ans. (C)
45. ‘Esprit de corps’ principle of management states that—
(A) There is need for team-work
(B) Labour turnover should be minimised
(C) Discipline should be maintained
(D) There should be only one superior for each subordinate
Ans. (A)
46. Which theory of motivation assumes that average human being dislike work?
(A) Theory ‘X’
(B) Theory ‘Y’
(C) Maslow’s theory
(D) Equity theory
Ans. (A)
47. The most rigorous test of liquidity is—
(A) Current ratio
(B) Acid test ratio
(C) Stock turnover ratio
(D) Debtors turnover ratio
Ans. (B)
48. Which of the following is a Public corporation?
(A) TISCO
(B) TELCO
(C) ONGC
(D) DCM
Ans. (C)
49. Which of the following assets does not depreciate?
(A) Machinery and equipments
(B) Patents
(C) Land
(D) Furniture
Ans. (C)
50. Of the following organisation, the easiest to wind up is the—
(A) Public Ltd. Company
(B) Multinational Corporation
(C) Private Ltd. Company
(D) Partnership Firm
Ans. (D)
51. The statutory meeting of a company is convened—
(A) Once in a year
(B) Once in the life time of the company
(C) Once in six months
(D) Once in three months
Ans. (B)
52. Secret reserves may be created by—
(A) Under-valuation of liabilities only
(B) Under-valuation of assets only
(C) Over-valuation of assets only
(D) Over-valuation of liabilities and under-valuation of assets
Ans. (D)
53. The current ratio of a firm is 2: 1. If it pays Rs. 5000 to it creditors, it will—
(A) Increase the current ratio
(B) Decrease the current ratio
(C) Increase working capital
(D) Neither increase nor decrease
Ans. (D)
54. E-commerce means—
(A) Economics Commerce
(B) Electronic Commerce
(C) Engineering Commerce
(D) Electrified Commerce
Ans. (B)
55. Which of the following is not a media of oral communication?
(A) T.V. Transmission
(B) Interview
(C) Questionnaire
(D) None of above
Ans. (D)
56. Which of the following is not the form of body language?
(A) Facial expression
(B) Eye contact
(C) Gestures
(D) Oral
Ans. (D)
57. “According to the principle of minimum sacrifice the total direct real burden on the tax-payers as a whole is as small as possible.”
(A) Dalton
(B) Musgrave
(C) Lindall
(D) Pigou
Ans. (A)
58. Density of population means—
(A) No. of person living in per sq. km.
(B) No. of person living in per km.
(C) No. of person living in each city
(D) No. of person living below poverty line
Ans. (A)
59. Ex-officio Chairman of Planning Commission is—
(A) President
(B) Prime Minister
(C) Agriculture Minister
(D) Finance Minister
Ans. (B)
60. Trade-tax is levied upon—
(A) Import of goods
(B) Export of goods
(C) Sale of goods
(D) Income of trader
Ans. (C)

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