CLASS: B.Com. C.A.
15A/66
St. JOSEPH’S COLLEGE (AUTONOMOUS) TIRUCHIRAPPALLI – 620 002
SEMESTER EXAMINATIONS – APRIL 2015
TIME: 40 Minutes
MAXIMUM MARKS: 30
SEM
SET
PAPER CODE
TITLE OF THE PAPER
II
2014
14UCC230204
FINANCIAL ACCOUNTING – II
SECTION - A
Answer all the questions:
30  1 = 30
Choose the correct answer:
1.
2.
3.
4.
5.
A and B are sharing profits in the ratio of 2:5 C is admitted for ¼
share. The new ratio is _____.
a) 6:15:7
b) 12:6:7
c) 2:5:4
d) 15:7:6
Revaluation a/c is a _____.
a) Nominal a/c
b) Real a/c
c) Personal a/c
d) Impersonal a/c
Old profit ratio minus new profit ratio is equal to _____.
a) Capital ratio
b) Profit ratio
c) Sacrificing ratio
d) Gaining ratio
When goodwill is brought in cash by the new partner it is called
_____ method.
a) Revaluation
b) Premium
c) Memorandum revaluation d) None of these
Sec 37 of the partnership act provides interest on the account left
by retiring or deceased partner at
a) 5%
b) 6%
c) Bank rate
d) None of these
6.
7.
8.
9.
10.
11.
12.
13.
14.
A the time of Amalgamation, liabilities not taken over by new
firm is transferred to _____.
a) Capital a/c of partners
b) New firm a/c
c) Relationship a/c
d) Revaluation a/c
Garner Vs Murray rule is appolicable to
a) Admission of a partner
b) Retirement of a partner
c) Dissolution of a partner
d) Insolvency of a partner
The expenses of realization are _____ to realization a/c
a) Debited
b) Credited
c) Transferred
d) None of these
Proportionate capital method is otherwise called _____.
a) Relative capital method
b) Maximum loss method
c) Balance method
d) Capital method
On dissolution cash in hand is transferred to _____.
a) Realization a/c
b) Capital a/c
c) Cash a/c
d) Revaluation a/c
The sale of partnership firm to a company for a price called
_____.
b) Purchase consideration
a) Selling price
d) Cost price
c) Market price
Profit or loss on realization should be divided among partners in
the _____ ratio.
a) Profit sharing ratio
b) Equal ratio
c) Capital a/c
d) None of these
The difference between the hire purchase price and cash price is
_____.
a) Interest
b) Down payment
c) Advance payment
d) Profit
Hire purchase stock a/c is _____.
a) Nominal a/c
b) Real a/c
c) Personal a/c
d) Stock a/c
15. Under installment system, the ownership of goods passes on to the
buyer on _____.
a) Final payment
b) Initial payment
c) Down payment
d) Cash payment
16. The cost of goods sold on hire purchase is transferred to _____.
a) H.p trading a/c
b) Sales a/c
c) Purchase a/c
d) Good a/c
17. In _____ repossession, the vendor takes away only a part of goods
a) Complete
b) Asset
c) Default
d) Patial
18. Repossessed stock a/c is opened in _____ books
a) Hire purchaser
b) Hire vendor
c) Owner
d) None of these
19. The objective of Branch accounting is to know _____.
a) Profit / loss of head office b) Profit /loss of total business
c) Profit or loss of branch
d) None of these
20. Under stock and debtor system, branch stock a/c is usually
maintained at _____.
a) Cost price
b) Selling price
c) Purchase price
d) Invoice price
21. In departmental a/c Rent and Rates paid are apportioned between
departments on the basis of
a) Sales
b) Purchase
c) Space occupied
d) None of these
22. When goods are transferred from one department to another
_____.
a) Credit the receiving department
b) Debit the giving department
c) Both a and b
d) None of above
23. In case of Independent Branch, Branch a/c is in the nature of
_____.
a) Real a/c
b) Personal a/c
c) Nominal a/c
d) None of these
24. If the rate of G.P for dept A is 25% on cost and the sales is `
1,00,000 the gross profit is ______.
a) ` 25,000
b) ` 20,000
c) ` 33,333
d) ` 10,000
25. The average clause in a loss of profits policy protects the interest
of the _____.
a) Insured
b) Insurer
c) Workers
d) None of the above
26. Consequential loss policy indemnifies _____.
a) Loss of stock
b) Loss of profit
c) Loss of property
d) None of these
27. The difference between standard turnover and actual turnover
during the indemnity period is _____.
a) Short sales
b) Increased cost of working
c) Claim
d) Gross profit
28. A property of ` 40,00,000 is insured for ` 30,00,000. The property
is completely lost in fire. The amount of claim is _____.
a) ` 30,00,000
b) ` 20,00,000
c) ` 40,00,000
d) ` 10,00,000
29. ______ a/c is prepared to know the stock at the date of fire.
a) Trading a/c
b) Memorandum trading a/c
c) Profit and loss a/c
d) None of the above
30. Under loss of profit policy, insurance policy is taken for a
maximum period of ______.
a) 3 years
b) 2 years
c) 1 year d) none of the above
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