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a. The growth of EDP (electronic data processing) departments and emergence of MIS
(management information system) are two independent entities
i. 1 only
ii. 2 only
2. A company purchased 8% bonds at a cost of Rs. 12, 00, 000 (Face value Rs. 10, 00, 000)
on January 1, 2003. Half yearly interest is payable on this investment on June 30 and
December 31 each year. The Company closes its accounts on 31.3. 2003. The amount of
accured interest shown in profit and loss account for the year ended is
3. Goods worth Rs. 24, 000 were returned by X. The accountant, however, credited the sales
returns account by Rs. 42, 000. In order to rectify this error, what should be done?
4. A machine with a written down value of Rs. 10, 000 has been sold for Rs. 13, 000. The
amount realized is a
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a. Capital receipt and profit involved should be transferred to Capital. Reserve
b. Revenue receipt
Loss A/c
5. In case of winding up of a company, in what order does the official liquidator distribute
the amounts realized among the following different creditors?
b. Debenture holders
c. Unsecured creditors
a. 1 − 2 − 3
b. 3 − 2 − 1
c. 3 − 1 − 2
d. 1 − 3 − 2
6. Rs. 10, 000 spent on the replacement of worn-out parts of an electronic machinery is
treated as
a. Capital expenditure
b. Revenue expenditure
d. Capital loss
a. Revenue expenditure
b. Capital expenditure
8. Which of the following is/are capitalized along with the purchase of a fixed asset?
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a. Import duty
c. Cash discount
d. Cost of installation
a. 3 only
b. 2 and 3
c. 1, 2 and 4
d. 1, 2, 3 and 4
9. Match List I (Items) with List II (Standards) and select the correct answer using the codes
given below:
List-I List-II
A B C D
a. 2 3 4 1
b. 4 1 2 3
c. 2 1 4 3
d. 4 3 2 1
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a. Lower of historical cost and net realizable value
11. ABC Company purchased cassettes during three months as follows The Company sold
1600 cassettes at the rate of Rs. 100 each. What will be the value of closing stock if the cost
flow assumption of weighted average method is followed?
12. While making an adjustment entry in respect of interest on capital, credit is made to
a. Capital account
d. Interest account
13. Given the following data extracted from the book of Abdul Traders: (Rs.) Opening stock:
30, 000 Closing stock: 40, 000 Purchases: 1, 25, 000 Carriage inwards: 2, 000 Carriage
outwards: 3, 000 Return outwards: 5, 000 Sales: 1, 50, 000 The cost of goods sold will be
14. Consider the following statements: A credit purchase during the accounting year which
was not recorded in the books of account but included in the closing stock is to be
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d. added to the opening stock
a. 3 only
b. 1 and 2
c. 2 and 3
d. 2, 3 and 4
15. In which of the following ways Secretary of a company can be removed from his office?
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