ACCOUNTANCY TEST 2

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ACCOUNTANCY TEST 2

OBJECTIVE TYPE ONLINE EXAMINATION
PLUS ONE COMMERCE SCORE :20

Name *

School : *

District: *

1. GAAP represents .......................... *

1 point

Generaly Accepted Accounting Principles

Government Accepted Accounting Priciples

Government Accepted Accounting Policies

None of these

2. Qualitative transactions are not recorded in the books of accounts due to *

1 point

Dual concept

Accrual concept

Money measurement concept

Convention of materiality

3. Making provisions for doubtful debts is based on the convention of *

1 point

Consistency

Full Disclosure

Materiality

Conservatism

4. If a firm purchases a building for Rs.1000000, which had a market value of Rs.1500000, at what cost the building should be recorded? *

1 point

1000000

1500000

1250000

2500000

5. If a company does not mention about a major law suit filed against it ,which accounting principle is violated here . *

1 point

Cost principle

Conservatism

Materiality

Full disclosure

6.Life insurance premium of owner, though paid out of business funds is not charged to profits as per which concept *

1 point

Business entity

Conservatism

Cost

Materiality

7. If the cost of four small files , Rs.20 each,is charged to expense, though they had a useful life of several years, this follows the ....................... principle. *

1 point

Conservatism

Historical cost

Full disclosure

Materiality

8. A limited company follows Fixed instalment method for charging depreciation every year, even though some other methods are also available. The underline principle is ................................. *

1 point

Consistancy

Prudence

Timeliness

Substance over legal form

9.Adjustments are made for outstanding salary every year. The related principle is ...................... *

1 point

Money measurement

Dual aspect

Business entity

Matching principle

10.Double entry system is based on ..................... concept. *

1 point

Dual aspect

Money measurement

Matching

Historical cost

11.Final accounts are prepared at the end of financial year to know the result of business ,even though the business continue over a long period. Which accounting concept is applicable here? *

1 point

12.Revenue is generally deemed to be realised at the point of time *

1 point

When cash is received

When sale is effected

When production is completed

None of these

13.A land valued Rs.15 crores acquired at a concessional rate from Government at Rs. 5 crores, the company wants to record it at present market value.Which concept is violated here ? *

1 point

Full Disclosure

Historical Cost

Dual Aspect

Going Concern

14. GST stands for *

1 point

Goods & Service Tax

Government Sector Tax

Goods & Sales Tax

None of these

15. VAT, Service Tax, Excise Duty etc. are replaced by ..... *

1 point

Income Tax

Wealth tax

GST

Value Added Tax

16. ..............is income of the Central Govt. *

1 point

SGST

CGST

Both a & b

None of these

17. GST includes

1 point

CGST

SGST

IGST

All

Clear selection

18. IGST stands for *

1 point

Indian Goods & Service Tax

International Goods & Service Tax

Integrated Goods & Service Tax

None of these

19.Tax collected through IGST is *

1 point

the income of Central Govt.

the income of State Govt.

shared by Central and State Govt.

incom of RBI

20. GST is applicable to *

1 point

Goods only

Services only

Goods and Services

Income only

Prepared by ULLAS G Principal Govt. H S S Muttom Thodupuzha

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