Accounts Officer – Question Paper – Rajasthan -2018

  1. Depreciation arises because of:
    (a) Fall in the market value of the asset
    (b) Fall in the value of money
    (c) Physical wear and tear of the asset
    (d) None of the above
  2. A promissory note does not require :-
    (a) noting
    (b) Discounting
    (c) Acceptance
    (d) None of the above
  3. Which of the following accounts will have credit balance ?
    (a) Sale Returns
    (b) Bills Receivable
    (c) Carriage Inwards
    (d) Outstanding Wages
  4. Which of the following errors is an error of omission?
    (a) Sale of Rs.5,000 was written in the purchases journal
    (b) Wages paid to Shyam has been debited to his account
    (c) The total of the sales journal has not been posted in the sales account
    (d) None of the above
  5. Prepaid salary has a :-
    (1) Credit balance
    (2) Debit balance
    (3) Negative balance
    (4) None of the above
  6. Change in the method of depreciation is change in : –
    (1) accounting estimate
    (2) accounting policy
    (3) measurement discipline
    (4) none of the above
  7. Credit balance in the cast book means :-
    (1) overdraft as per pass book
    (2) favourable balance as per pass book
    (3) both (1) and (2)
    (4) none of the above
  8. Sale of scrap of raw materials appearing in the trial balance are shown
    (1) trading account
    (2) manufacturing account
    (3) profit and loss account
    (4) none of the above
  9. Joint venture account is :
    (1) personal account
    (2) real account
    (3) nominal account
    (4) none of these
  10. When money is withdrawn from the bank, the bank……….the account of the customer : –
    (1) credits
    (2) debits
    (3) either (1) or (2)
    (4) none of the above
  11. The cash discount allowed to a debtor should be credited to : –
    (1) discount account
    (2) customer’s account
    (3) sales account
    (4) none of the above
  12. A machine purchased on 1st January 2008 at Rs. 15,00,000 having useful life of 15 years was depreciated on straight line basis. On 1st January 2011, the same machine was revalued upward by Rs. 3 lacs. The amount of depreciation for the year 2011 will be :-
    (1) Rs. 1,25,000
    (2) Rs. 1,00,000
    (3) Rs. 1,20,000
    (4) Rs. 1,50,000
  13. At the end of the accounting year, material A costing Rs. 10,000 was having net realizable value of Rs. 9,000 only, while material B costing Rs. 12,000 was having a net realizable value of Rs. 14,000 in the market and material C costing Rs. 15,000 was having net realizable value of Rs. 14,500 only . The total amount of closing stock will be :-
    (1) Rs. 37,000
    (2) Rs. 35,500
    (3) Rs. 36,500
    (4) Rs. 38,000
  14. If repair cost of a building Rs. 25, 000, whitewash expenses are Rs. 10,000, cost of extension of building is Rs. 5,00,000 and cost of improvement in electrical wiring system is Rs. 25,000. The amount to be expended is : –
    (1) Rs. 60,000
    (2) Rs. 5,25,000
    (3) Rs. 35,000
    (4) Rs. 5,60,000
  15. There was difference in the bank column of cash book and pass book by Rs. 1,000. On scrutiny it was found that interest of Rs. 200 charged directly by the bank was not entered in the cash book. The same was adjusted in the cashbook before reconciliation statement. Now in the bank reconciliation statement, this interest of Rs. 200 is to be :-
    (1) added to the cash book balance
    (2) subtracted form the cash book balance
    (3) ignored while preparing bank reconciliation statement
    (4) none of the above
  16. Opening stock of raw material of a manufacturing concern is Rs. 10,000, purchase during the year is Rs. 2,00,000, wages Rs. 50,000, Carriage Rs. 5,000, Factory Overheads Rs. 1,25,000 and closing stock of raw material is Rs. 15,000. The amount to be transferred to : –
    (1) Rs. 3,75,000 to cost of goods manufactured account
    (2) Rs. 3,75,000 to cost of goods sold account
    (3) Rs. 3,75,000 to cost of sales account
    (4) Rs. 3,75,000 to cost to company account
  17. Santa bought goods of the value of Rs. 50,000 and consigned them to Banta to be sold by them on a joint venture, profits being divided equally. Santa draws a bill on Banta for a amount equivalent to 80% of cost on consignment. The amount of bill will be : –
    (1) Rs. 40,000
    (2) Rs. 50,000
    (3) Rs. 10,000
    (4) cannot be determined
  18. X draws a bill on Y for Rs. 50,000 on 1.1.12 for 3 month. On 4.2.12, X got the bill discounted at 12%. The amount of discount will be :
    (1) Rs. 1,500
    (2) Rs. 1,000
    (3) Rs. 500
    (4) None of these
  19. X Ltd. Issued 22,500, 15% debentures of Rs. 100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is :
    (1) Rs. 15,000
    (2) Rs. 30,000
    (3) Rs. 45,000
    (4) Rs. 22,500
  20. X,Y and Z are the partners sharing profits in the ratio 7:5:4. Z dies on 30th June 2012 and profits for the accounting year 2011-12 were Rs. 48,000. How much share in profits for the period 1st April 2012 to 30th June 2012 will be credited to Z’s account :-
    (1) Rs. 12,000
    (2) Rs. 3,000
    (3) Nil
    (4) Rs. 4,000
  21. The Capital Budgeting technique which uses Cost of Capital is :-
    (1) Accounting Rate of Return
    (2) Pay Back Period
    (3) Discounted Pay Back Period
    (4) Internal Rate of Return
  22. Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above cost a trade discount for 5%. The amount of sales will be
    (1) Rs. 627
    (2) Rs. 660
    (3) Rs. 570
    (4) Rs. 620
  23. Goods sold for case Rs. 10,000, plus 10% sales tax. Sale will be credited by : –
    (1) Rs. 11,000
    (2) Rs. 10,000
    (3) Rs. 9,000
    (4) None of the above
  24. Ganesh got a salary Rs. 10,000 per month and withdrew goods worth Rs. 2,500 for personal use and got salary Rs. 9,500 in cash . The excess payment of Rs. 2,000 will be debited to :-
    (1) Sales Account
    (2) Goods Account
    (3) Salary Account
    (4) Salary in advance account
  25. The capital budgeting technique which does not use cash flows is : –
    (1) Accounting Rate of Return
    (2) Pay Back Period
    (3) Discounted Pay Back Period
    (4) Net Present Value
  26. Which of the following is false ?
    (1) EOQ is that order size at which total of ordering cost and carrying cost is minimum.
    (2) Re-Order Level/Point means that level at which the fresh order should be placed to purchase the materials.
    (3) In ABC Analysis, “A” group of items consists of those materials, the value of which is high but which are used in small quantities.
    (4) At EOQ, the total ordering costs are not equal to carrying costs.
  27. Which of following Return cannot be revised?
    (1) Return of Loss
    (2) Belated Return
    (3) Revised Return
    (4) Return in response to Notice u/s 142 (1)
  28. Patent Right is in the nature of : –
    (1) Nominal Account
    (2) Real Account
    (3) Personal Account
    (4) None of these
  29. If Opening Entry is not passed :-
    (1) Trial Balance will not be tallied
    (2) Balance Sheet will not be tallied
    (3) Both trial balance & balance sheet will be tallied
    (4) None of these
  30. In case of payment of final dividend already declared , a Current Ratio of 2 will :-
    (1) Improve
    (2) Decline
    (3) Not change
    (4) None of the above
  31. Loss leads to a reduction in : –
    (1) liability
    (2) capital
    (3) income
    (4) none of the above
  32. Accounting standards are :-
    (1) basis for selection of a accounting policy
    (2) set of broad accounting policies to be followed by an entity
    (3) basis for establishing and managing an entity
    (4) all of the above
  33. The determination of the amount of bad debts is an accounting : –
    (1) Policy
    (2) Estimate
    (3) Parameter
    (4) None of the above
  34. What is the order in which the accounting transactions and events are recorded in the books ?
    (1) Journal, Subsidiary Books, Ledger, Balance Sheet, Profit and Loss Account
    (2) Ledger, Journal, Balance Sheet, Profit and Loss Account
    (3) Journal, Ledger, profit and Loss Account, Balance Sheet
    (4) Profit and Loss Account, Ledger, Balance Sheet, Journal
  35. The expired portion of capital expenditure is shown in the financial statements as :
    (1) as an income
    (2) as an expense
    (3) as an asset
    (4) as a liability
  36. According to money measurement concept, currency transactions and events are recorded in the books of accounts :
    (1) in the ruling currency of the country in which transaction takes place
    (2) in the ruling currency of the country in which books of account are prepared
    (3) in the currency set by the Ministry of Finance
    (4) in the currency set by the Government
  37. Trial Balance is a statement which shows the ………..or the………..of all the accounts.
    (1) Balance Totals
    (2) Opening balances, closing balances
    (3) Posted balances, Total of balances
    (4) Debit balance, Credit balance
  38. Bank pass book is also known as : –
    (1) bank book
    (2) bank account
    (3) bank column
    (4) bank statement
  39. The assumption underlying the fixed installment method of depreciation is that of …….of the asset over different years of its useful life.
    (1) usage
    (2) equal usage
    (3) charge
    (4) none of the above
  40. A businessman purchased goods for Rs. 25,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2005. The market value of the remaining goods was Rs. 5,00,000. He valued the closing stock at Rs. 5,00,000 and not at Rs. 7,50,000 due to : –
    (1) money measurement
    (2) coservatism
    (3) cost
    (4) periodicity
  41. Capital expenditures are recorded in the …………..
    (1) Balance Sheet
    (2) Profit & Loss Account
    (3) Trading Account
    (4) Manufacturing Account
  42. A and B purchased a piece of land for Rs. 30,0400 and sold it for Rs. 60,000 in 2005. Originally A had contributed Rs. 12,20,00 and B Rs. 8000. The profit on venture will be :-
    (1) Rs. 30,000
    (2) Rs. 20,1000
    (3) Rs. 60,000
    (4) Nil
  43. Journal entry for Rs. 6,000 stolen from the ======firm will be :-
    (1) Dr. P & L a/c and Cr. Cash embezzlement a/c Rs. 6,00,000
    (2) Dr. Cash embezzlement a/c and Cr. Cash a/c Rs. 66,00,000===
    (3) Dr. Cash a/c and Cr. P & L a/c Rs. 6,000
    (4) None of the above
  44. After preparing the trial balance the account===== ========= total of the debit side is short by Rs. 1,000. This difference will be : –
    (1) credited to suspense account
    (2) debited to suspense account
    (3) adjusted to any of the debit balance account
    (4) adjusted to any of the credit balance account
  45. A sale of Rs. 100 to ‘A’ Recorded in the Purchase ==== affect : –
    (1) Sales Account
    (2) Purchases Returns Account
    (3) Sales Account, Purchases Account & ‘A’ Account
    (4) None of the above
  46. The following information pertains to X Ltd.
    (1) Equity share capital called up Rs. 5,00,000
    (2) Calls in arrear Rs. 40,000
    (3) Calls in advance Rs. 25,000
    (4) Proposed dividend 15%
    The amount of dividend payable is : –
    (1) Rs. 75,000
    (2) ………….
    (3) Rs. 71,250
    (4) ……….
  47. If 1,000 type writers costing Rs. 250 each are sent on consignment basis and Rs. 10,000 is spent for freight etx. , 20 type writers are damaged in transit beyond repair. The amount of loss will be : –
    (1) Rs. 5,000
    (2) Rs. 200
    (3) Rs. 5,200
    (4) None of the above
  48. Goods costing Rs. 5,00,000 sent out ot consignee at Cost +25%. Invoice value of the goods will be :-
    (1) Rs. 5,00,000
    (2) Rs. 6,25,000
    (3) Rs. 6,00,000
    (4) None of the above
  49. Legal fees paid to protect the title of a property is :-
    (1) revenue expenditure
    (2) capital expenditure
    (3) deferred revenue expenditure
    (4) none of the above
  50. Out of the following Bills, bill at sight is : –
    (1) Pay B Rs. 500 of presentment
    (2) Pay B Rs. 500 after sight
    (3) Pay B Rs. 500 after 3 months
    (4) none of these
  51. A cheque is : –
    (1) a Promissory not
    (2) a bill at sight
    (3) a bill after date
    (4) none of these
  52. General ledger Adjustment Account is opened under :-
    (1) Self-Balancing System
    (2) Sectional Balancing System
    (3) Both Self-Balancing System and Sectional Balancing System
    (4) None of these
  53. Unless otherwise stated, the preference shares are deemed to be:-
    (1) non-cumulative, non-participating and convertible
    (2) cumulative, non participating and convertible
    (3) cumulative, participating and convertible
    (4) none of the above
  54. A bill drawn on 21.11.2011 as payable 2 months after sight was accepted on 23.11.2011. The date of maturity of this bill will be:-
    (1) 25.1.2012
    (2) 26.1.2012
    (3) 27.1.2012
    (4) none of these
  55. Unpaid liability on partly paid debentures held as investments appears:-
    (1) under the Investments
    (2) under head secured loans
    (3) as contingent liability
    (4) no where
  56. Provision of Doubtful Debts Rs. 10,000, Provision for Discount on Debtors Rs. 1,000, Debtors Rs. 1,00,000, other current assets Rs. 1,00,000, current liabilities Rs. 50,000, creditors Rs. 10,000, credit sales rs. 8,88,000, current ratio and debtors turnover ratio will be :-
    (1) 2:1 respectively
    (2) 2:3 respectively
    (3) 2:2 respectively
    (4) none of the above
  57. Provision of doubtful debts Rs. 10,000, Provision for discount on Debtors Rs. 1,000, debtors Rs. 1,11,000. Other current assets. Rs. 1,00,000, currents liabilities Rs. 50,000, creditors Rs. 10,000, credit sales Rs. 8,88,000, current ratio and debtors turnover ratio will be : –
    (1) 8 times respectively
    (2) 8.8 times respectively
    (3) 9 times respectively
    (4) none of the above
  58. In the case of downward revaluation of an asset which is for the first time revalued, the account to be debited it : –
    (1) Fixed Asset
    (2) Revaluation Reserve
    (3) Profit & Loss account
    (4) General reserve
  59. A cheque which is payable across the bank counter is :
    (1) a crossed cheque
    (2) a bearer cheque
    (3) an order cheque
    (4) none of the above
  60. If articles are silent regarding interest on calls in advances, the minimum rate of interest which can be allowed on calls-in-advance is :-
    (1) 5% p.m
    (2) 6 % p.a
    (3) 5 & p.a
    (4) none of the above