CLASS: B.Com. C.A.
14N/ 149
St. JOSEPH’S COLLEGE (AUTONOMOUS) TIRUCHIRAPPALLI – 620 002
SEMESTER EXAMINATIONS – NOVEMBER 2014
TIME: 40 Minutes
MAXIMUM MARKS: 30
SEM
SET
PAPER CODE
TITLE OF THE PAPER
I
2014
14UCC130201
FINANCIAL ACCOUNTING – I
SECTION – A
Answer all the questions:
Choose the correct answer:
30 x 1 = 30
1.
Transactions are initially recorded in the
a) Trial balance
b) Journal
c) Trading account
d) Ledger
2. Drawings are deducted from
a) Capital a/c
b) Personal a/c
c) Profit and loss a/c
d) Trading a/c
3. Unearned income is a
a) Asset
b) Liability
c) Expense
d) Income
4. Cash purchases are entered in
a) Purchases book
b) Sales book
c) Cash book
d) Journal proper
5. State which of the following errors will not be disclosed by the Trial balance.
a) Errors of complete omission
b) Errors of carrying forward
c) Wrong totaling of purchases book
d) None of these
6. Income earned during the accounting period but not received till the end of the accounting period is
called
a) Prepaid income
b) Accrued income
c) Respective income
d) None of these
7. Final accounts of non-trading concerns include
a) Income and Expenditure a/c
b) Profit and loss a/c
c) Manufacturing a/c
d) None
8. Endowment fund is a
a) Reserve fund
b) Gift fund
c) General reserve
d) None
9. Receipts and Payments account is a summary of
a) Income and Expenses
b) Cash receipts and payments
c) Debit and credit balance of ledger accounts d) None of these
10. Opening balance of cash in hand is shown in
a) Receipts and payments a/c
b) Income and Expenditure a/c
c) Balance sheet
d) Trading a/c
11. Amount given to non-trading concerns as per will of decreased person is
a) Donations
b) Legacy
c) Honorarium
d) Endowment fund
12. Surplus or deficit is the _____ of current years operation.
a) Opening balance
b) Net result
c) Closing balance
d) None of these
13. The sale proceeds of the consignment belongs to the
a) Consignee
b) Buyer
c) Consignor
d) Seller
14. A statement accompanying the goods sent on consignment is called
a) Profit or loss a/c
b) Proforma invoice
c) Account sales
d) Bank reconciliation statement
15. A statement sent by consignee to the consignor outlining the total sales is
a) Profit and loss a/c
b) Proforma invoice
c) Account sales
d) Bank reconciliation statement
16. ________ has no firm name.
a) Joint venture
b) Consignment
c) Partnership
d) None of these
17. Joint venture is take a
a) Partnership
b) Company
c) An agency
d) Consignment
18. Benefit given to the consignee for undertaking the risk of bad debts arising from credit sales
a) Commission
b) Over riding commission
c) Del credere commission
d) Bonus
19. Net worth method is also called
a) Single entry system
b) Double entry system
c) Conversion method
d) Statement of affairs method
20. Additional capital is ________ in the statement of profit.
a) Added to closing capital
b) Added to opening capital
c) Reduced from closing capital
d) Reduced from opening capital
21. Statement of affairs is a
a) Statement of income and expenditure
b) Statement of assets and liabilities
c) Summary of cash transactions
d) None of these
22. Single entry system is converted into double entry system by
a) Profit and loss a/c
b) Statement of affairs
c) Conversion method
d) All of these
23. Opening stock and closing stock can be identified by preparation of
a) Memorandum trading a/c
b) Profit and loss a/c
c) Statement of profit
d) Total debtors a/c
24. Net worth is the owner’s share of assets
a) Before providing for income tax
b) After providing for income tax
c) Before providing outside liabilities
d) After providing outside liabilities
25. Debtor’s ledger, creditors ledger and general ledger are opened in
a) Single entry system
b) Double entry system
c) Sectional balancing system
d) None of these
26. When a ________ is renewed the original bill is treated as dishonoured.
a) Bills payable
b) Bills receivable
c) Bill
d) None of these
27. ________ is the running statement of transactions between two parties for a given period of time.
a) Average due date
b) An account current
c) Debtors ledger
d) Creditors ledger
28. ________ is a mean date on which a single payment of a consolidate amount can be made in lien of
several payments.
a) Average due date
b) Grace day
c) An account current
d) None of these
29. ________ are the persons to whom goods sold on credit.
a) Creditors
b) Debtors
c) Sellers
d) Customers
30. Debtors ledger continuous the ________ account of all trade debtors.
a) Profit and loss
b) Trading
c) Personal
d) None of these
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