Tuesday, May 17, 2011

sample paper Accountant Jobs


sample paper Accountant Jobs
Practice test For BCOM Jobs
Objective Solved Questions For Accounts Recruitment
1. Inventory is valued at lower of the cost or net realizable value on account of the accounting principle of—
(A) Realization
(B) Consistency
(C) Conservatism
(D) None of the above
Ans. (A)
2. In the period of rising prices, LIFO method may result in—
(A) Lowering the profit
(B) Raising the profit
(C) Raising the tax liability
(D) None of the above
Ans. (B)
3. Given
Total assets turnover 4
Net Profits 10%
Total Assets Rs. 50000
Net profit will be—
(A) Rs. 15000
(B) Rs. 10000
(C) Rs. 25000
(D) Rs.20000
Ans. (D)
4. A company auditor addresses his audit report to
(A) Board of directors
(B) Members
(C) Managing director
(D) Company secretary
Ans. (B)
5. Bonus shares means shares issued to—
(A) Workers
(B) Existing equity shareholders
(C) Preferential shareholders in lieu of dividend
(D) Debenture holders in lieu of interest
Ans. (B)
6. Which of the following does not call for physical verification?
(A) Stock
(B) Plant
(C) Loose tools
(D) Goodwill
Ans. (D)
7. Cash from operations is equal to—
(A) Net profit + increase in current assets
(B) Net profit + decrease in current liabilities
(C) Profit from operation ± Adjustment of increase and decrease in current assets and liabilities
(D) Fund from operation ± Adjustment of increase and decrease in current assets and current liabilities
Ans. (C)
8. Average profit of a firm is Rs. 9000 Firm’s capital is Rs. 60000 and normal return on business is expected at 10%. The goodwill by capitalization method will be-
(A) Rs. 30000
(B) Rs. 20000
(C) Rs. 25000
(D) Rs. 40000
Ans. (A)
9. Which of the following is not a current liability?
(A) Bank overdraft
(B) Redeemable debentures
(C) Account payable
(D) Provision for bad debts
Ans. (B)
10. Amount of under writing commission payable on the issue of debentures is limited to—
(A) 2%
(B) 2.5%
(C) 3%
(D) 5%
Ans. (B)
11. Which of the following acid test ratio can be said to be satisfactory?
(A) 2: 1
(C) 1: 1
(B) 1: 2
(D) None of these
Ans. (C)
12. The two factor theory of motivation was propounded by—
(A) Peter Drucker
(B) Herzberg
(C) McGregor
(D) Maslow
Ans. (B)
13. Which of the following leadership styles is most commonly found now days?
(A) Autocratic
(B) Democratic
(C) Free rein
(D) Participative
Ans. (B)
14. Deciding in advance what is to be done in future is called—
(A) Management
(B) Coordination
(C) Planning
(D) Decision-making
Ans. (C)
15. The organisation structure where there is direct vertical relationship is called—
(A) Line organisation
(B) Chain organisation
(C) Command organisation
(D) All the above
Ans. (D)
16. When managers devote their attention only to those events where results are highly deviated from normal; ft is called—
(A) Management by objective
(B) Management by exception
(C) Management by crisis
(D) Management by choice
Ans. (B)
17. Under delegation of authority—
(A) Authority is given to subordinates
(B) Authority flows from the top to bottom
(C) Delegator of authority is not received of accountability
(D) All the above happens
Ans. (D)
18. The process of determining by observation and study and reporting pertinent information relating to the nature of specific job is called—
(A) Job specification
(B) Job evaluation
(C) Job analysis
(D) Job description
Ans. (C)
19. In case of a private company—
(A) There is restriction on the right to transfer of shares
(B) The number of members is restricted
(C) Invitation to public for the subscription of shares is prohibited
(D) All of the above
Ans. (D)
20. A person at anyone time can not be DIRECT of more than—
(A) 1 Company
(B) 7 Companies
(C) 15 Companies
(D) 20 Companies
Ans. (C)
21. Certificate of commencement of business is not required by a—
(A) Public company
(B) Any type of company
(C) Private company
(D) Private company subsidiary to a public company
Ans. (C)
22. Henry Fayol is known for—
(A) Scientific management
(B) Rationalization
(C) Industrial psychology
(D) Principles of managements
Ans. (D)
23. The principle of unity of command implies—
(A) Unity of thought and action
(B) Unity amongst subordinates
(C) Instructions from staff authority
(D) Instructions from line authority
Ans. (D)
24. A company has equity capital of Rs. 200000. Preference capital of Rs. 100000, 12%
debentures of Rs. 100000, long term loan of Rs. 200000 and short term loan of Rs. 100000. The capital gearing ratio will be—
(A) 1:1
(B) 0.5: 1
(C) 0.4: 1
(D) None of the above
Ans. (C)
25. In case of a company, total assets less outside liabilities is called—
(A) Net working capital
(B) Gross working capital
(C) Deferred liabilities
(D) Net worth
Ans. (D)
26. If opening sales is Rs. 10000 purchases Rs. 30000 direct expenses Rs. 4000 and closing stock Rs. 5000 the costs of goods is sold would be—
(A) Rs. 39000
(B) Rs. 40000
(C) Rs.41000
(D) Rs. 44000
Ans. (A)
27. Premium on issue balance sheet as—
(A) An asset
(B) A liability
(C) An expense
(D) A revenue
Ans. (B)
28. Which of the following is known as ‘backbone of auditing’?
(A) Verification of assets
(B) Internal check
(C) Vouching
(D) Internal audit
Ans. (C)
29. The data obtained from a newspaper are—
(A) Primary data
(B) Secondary data
(C) Both (A) and (B)
(D) None of these
Ans. (B)
30. Sale of long term investments indicates—
(A) A change in current assets
(B) Application of funds
(C) Increase in working capital
(D) Source of funds
Ans. (D)
31. Net working capital refers to—
(A) Current assets
(B) Current assets minus current liabilities
(C) Equity share capital minus fixed assets
(D) Retired earnings.
Ans. (B)
32. If sales Rs. 6000 gross profit is 1/3 on cost, purchases are R. 4900 and the closing stock is Rs. 900, the opening stock will be—
(A) Rs.400
(B) Rs.500
(C) Rs. 1100
(D) Rs. 2000
Ans. (B)
33. The primary objective of audit is—
(A) Detection and prevention of frauds
(B) Detection and prevention of errors
(C) Detection of frauds and errors
(D) To ensure the final accounts and statements exhibit true and fair position of business
Ans. (D)
34. ‘An auditor is a watch dog and not a blood hound’. This was observed in case of— (A) London oil storage company
(B) Kingston cotton Mills Limited
(C) London General Bank
(D) Delightful Cigarette Company Ltd.
Ans. (B)
35. If two or more sugar mills combine together, it is known—
(A) Horizontal combination
(B) Vertical combination
(C) Lateral combination
(D) None of the above
Ans. (A)
36. Surrender value is related to—
(A) Marine insurance
(B) General insurance
(C) Life insurance
(D) Fire insurance
Ans. (C)
37. Over capitalization refer to—
(A) Excess of capital
(B) Excess rate of dividend payment, on shares
(C) Over estimation of rate of capitalization
(D) Raising more capital than is warranted by its earning power
Ans. (D)
38. Motivation refers to—
(A) Coordinate the people
(B) Guide the working people
(C) Terrorize the people
(D) Inducing people to work willing by
Ans. (D)
39. Which of the following is not a barrier in communication—
(A) Fear and distrust
(B) Affection
(C) Perception
(D) Noise
Ans. (B)
40. “Management is an art of getting things done through and with formally organized group.” This definition has been by—
(A) Peter Drucker
(B) Henry Fayol
(C) Harod Koontz
(D) F. W. Taylor
Ans. (C)
41. Foreign exchange for import of goods is sanctioned by—
(A) Exim Bank
(B) Reserve Bank of India
(C) State Bank
(D) Ministry of commerce
Ans. (B)
42. The cost of a machine having a span of life of 5 years is Rs. 10000. It has a scrap value of Rs. 1000. The amount of depreciation in the first year under the sum of year’s digit method will be—
(A) Rs. 1600
(B) Rs. 1800
(C) Rs. 2000
(D) Rs. 3000
Ans. (D)
43. Given:
Gross profit Rs. 60000
Gross profit ratio: 20%
Debtor’s velocity 2 months
The amount of debtors will be—
(A) Rs. 30000
(B) Rs. 50000
(C) Rs. 120000
(D) Rs.200000
Ans. (B)
44. Premium on issue of shares can be used for—
(A) Issue of Bonus shares
(B) Payment of Dividends
(C) Payment of operating expenses
(D) Redemption of debentures
Ans. (A)
45. If current ratio is 25, quick ratio (1)5 and net working capital Rs. 15000. This value of
inventory will be—
(A) Rs. 10000
(B) Rs. 15000
(C) Rs. 37500
(D) Rs. 52500
Ans. (A)
46. claimed dividend is shown on the liability side of the balance sheet under the heading—
(A) Revenue and surplus
(B) Provisions
(C) Current liabilities
(D) Miscellaneous items
Ans. (C)
47. Accounting standards in India are prescribed by—
(A) Company Law Board
(B) Institute of charted accountants of India
(C) Institute of coat and works accountants of India
(D) Indian standard Board
Ans. (B)
48. Which of the following is not correct —
(A) Purchase + Opening stock—Cost of goods sold = Closing stock
(B) Opening stock + Purchases — Closing stock = Cost of goods sold
(C) Closing stock + Cost of goods sold — Purchases = Opening stock
(D) Cost of goods sold — Closing stock + Purchases = Opening stock
Ans. (D)
49. A company bought assets worth Rs. 360000 and in lieu issued debentures of Rs. 100 each at a discount of 10%. The number of debentures issued will be—
(A) 3000
(B) 3600
(C) 3960
(D) 400
Ans. (D)
50. A person got insured his goods worth Rs. 10000 for Rs. 8000 against fire. Loss by fire to him was Rs. 9000. He can claim—
(A) Rs. 8000
(B) Rs. 9000
(C) Rs. 10000
(D) Rs. 7200
Ans. (D)


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