Financial Accounting
DSSSB 2014 Tire I
1. A sole trader purchased goods for home use and paid cash from office this transaction is recorded in
(a) Cash book
(b) Purchase Day Book
(c) Journal Proper
(d) No need of recording anywhere in books
2. Bank Reconciliation is a statement prepared to reconcile
(a) Trial Balance
(b) Cash Bank
(c) Bank A/c
(d) Cash as per cash book with bank balance as per bank pass book
3. Suspense A/c is generally opened to rectify
(a) Errors of principle
(b) One sided errors
(c) Compensating errors
(d) All types of errors
4. Find the cost of goods sold if goods are sold for Rs. 2,000 at 25% profit on cost:
(a) Rs. 1,600
(b) Rs. 1,500
(c) Rs. 1,000
(d) Rs. 1,800
5. Bad debts recovered is
(a) Credited to Profit and Loss A/c
(b) Debited to Profit and Loss A/c
(c) Reduced from debtors in Balance Sheet
(d) Added to debtors in Balance Sheet
6. Closing stock is generally valued at
(a) Cash price
(b) Market price
(c) Cost price or market price whichever is higher
(d) Cost price or market price whichever is lower
7. Which among the following statement is correct in relation with difference between a Trail Balance and Balance Sheet?
(a) Both are statements not accounts
(b) Trial Balance is the Balance of all ledger account while Balance Sheet is statement of financial position
(c) Trial Balance can be prepared at any time, but balance Sheet is prepared once in a financial year
(d) Trial Balance ensures arithmetical accuracy while Balance Sheet provide accounting accuracy
8. If opening stock is Rs. 10,000 net purchase Rs. 70,000 wages Rs. 2,500 carriage inward Rs. 500 and closing stock Rs. 15,000. what is the manufacturing cost
(a) Rs. 65,000
(b) Rs. 83,000
(c) Rs. 68,000
(d) Rs. 73,000
9. What is the correct sequence of the following actions required for the preparation of financial accounts?
1 Trading account
2 Making adjusting Entries
3 Balance Sheet
4 Profit and Loss A/c
Select the correct answer from the codes given below :
Codes :
(a) 4, 2, 1, 3
(b) 2, 4, 3, 1
(c) 2, 1, 4, 3
(d) 4, 2, 3, 1
10. X and Y are partners in a firm sharing profits in the ratio of 2:1. Z is admitted with a 1/3 profit sharing. What will be the new profit sharing ratio of X, Y and Z?
(a) 3 : 3 : 3
(b) 4 : 3 : 2
(c) 4 : 2 : 3
(d) 2 : 3 : 4
11. Provision for bad debt is made as per the
(a) Entity concept
(b) Conservatism concept
(c) Cost concept
(d) Going concern concept
12. Total profit means
(a) Cost – Profit
(b) Total Revenue – Total cost
(c) Price – Sales
(d) All of these
Answer Key
| 1 (a) | 2 (d) | 3 (b) | 4 (a) | 5 (a) | 6 (d) | 7 (b) | 8 (c) | 9 (c) | 10 (c) |
| 11 (b) | 12 (b) |
DSSSB 2015 Tire II
12. In case of rise in price levels, the most suitable method for valuing materials issued is
(a) LIFO
(b) FIFO
(c) Simple average
(d) Weighted average
Answer Key
| 12 (a) |
DSSSB 2021 Male
1. Fictitious assets are included in:
(a) Long term liabilities
(b) Capital
(c) Current liabilities
(d) Fixed liabilities
Answer Key
| 1 Drop |
H-TET 2020
1. Which of the following errors will cause the trial balance to be out of the order?
(a) Rs.550 the total of sales return book has been posted to the credit of the purchase returns accounts.
(b) The credit side total of Santosh’s Account overcast by Rs.100
(c) Sales book is undercast by Rs.50
(d) All of the above
2. A and B are sharing profits in the ratio 3:2. They admit C as a new partner with 1/5th share in the profits which he gets equally from A and B. Calculate the new profit-sharing ratio:
(a) 3:1:5
(b) 5:3:2
(c) 2:1:5
(d) 5:3:1
Answer Key
| 1 (d) | 2 (b) |
UP TGT 2015
Answer Key
| 1 (c) | 2 (d) | 3 (d) | 4 (b) | 5 (b) | 6 (b) | 7 (c) | 8 (b) | 9 (d) | 10 (c) |
| 11 (b) | 12 (d) | 13 (a) | 14 (c) | 15 (c) | 16 (a) | 17 (a) | 18 (d) | 19 (c) | 20 (c) |
| 21 (c) | 22 (b) | 23 (a) | 24 (c) | 25 (b) | 26 (c) |
PGT Commerce Jharkhand – 2017
Answer Key
| 1 (d) | 2 (b) |
Bihar STET– 2023 Shift-II
Answer Key
| 1 (c) |
BPSC School Teacher Examination 26.08.2023 (Series A)
Answer Key
| 1 (a) | 2 (b) | 3 (a) | 4 (e) | 5 (a) | 6 (b) | 7 (c) | 8 (e) | 9 (c) | 10 (b) |
| 11 (e) | 12 (a) | 13 (c) | 14 (e) | 15 (b) | 16 (e) | 17 (c) | 18 (e) | 19 (e) | 20 (b) |
| 21 (e) | 22 (c) | 23 (a) | 24 (b) | 25 (d) | 26 (a) | 27 (a) | 28 (c) | 29 (a) | 30 (e) |
| 31 (c) | 32 (a) | 33 (a) | 34 (c) | 35 (d) | 36 (c) | 37 (a) | 38 (c) | 39 (b) | 40 (d) |
| 41 (e) | 42 (d) | 43 (c) |
Financial Management
DSSSB – 2021 Female Shift I
Answer Key
| 1 (a) | 2 (d) | 3 (d) | 4 (a) | 5 (c) | 6 (c) | 7 (c) | 8 (d) | 9 (a) | 10 (c) |
| 11 (d) | 12 (c) | 13 (b) | 14 (a) | 15 (b) | 16 (b) | 17 (d) | 18 (b) | 19 (c) |