| Post Name | LOWER DIVISION ACCOUNTANT |
|---|---|
| Department | KSIDC LTD |
| Question Paper Code | 171/2015 |
| Date of Test | 16 September 2015 |
| Medium of Question | ENGLISH |
| Exam Type | OMR Examination |
| Total Questions | 100 |
1
Which of the following is not the objective of internal check?
Answer
D. Allow the staff to do any single work from beginning to end
2
Right shares enjoy preferential right as regards :
Answer
D. None of the above
3
Which of the following methods of inventory valuation result in higher valuation of inventory
when there is a decreasing trend in prices?
Answer
Question Cancelled
4
The amount of depreciation charged under annuity method :
Answer
A. remains fixed for all years
5
fh. The debit balance in the bank column of cash book indicates ;
Answer
C. Cash at bank
6
At the end of the accounting year nominal accounts are :
Answer
B. Not balanced and transferred to the P & Laj/e.
7
Premium on redemption of debenture is See ashe
Answer
A. Personal
8
Ifthe shares are forfeited, the share capital a/c is debited by :
Answer
A. call up value of shares
9
The process of recording financial data upto trial balance is :
Answer
A. Book keeping
10
Average profit = 3,72,000, Normal rate of return = 12%, Total asset = 68,00,000, outside
liabilities = 42,00,000. Calculate the value of goodwill under capitalisation method,
|
Answer
A. 5,00,000
11
The maximum number of partners is mentioned in :
Answer
A. Companies Act
12
An accounting system which presents the balance sheet into two parts is called :
Answer
B. Double Account system
13
Voyage account is ————————— account.
Answer
B. Nominal
14
In self balancing, bought ledger adjustment account is opened te
|
Answer
C. General ledger
15
Manufacturing a/c is prepared to find out :
Answer
B. Cost of goods produced
16
The amount paid to an author for the use of.copyright.is called :
|
Answer
D. Royalty
17
Where the loss of an asset has been identified by the bank, but the amount has not been
written off wholly or partly is known as:
Answer
C. . Loss asset.
18
Accounting principles are based on :
Answer
A. Objectivity
19
Valuation and presentation of inventory is :
Answer
D. IAS2
20
Find the odd one :
Answer
D. Cash book
21
If sales is 2 2,40,000, percentage of gross profit on sales 20%, purchase ¢ 1,75,000,
cloging stock * 30,000. Then opening stock will be :
Answer
A. 47,000 .
22
If cost of an asset is t 60,000 and life period is 4 years. The rate of depreciation is :
Answer
C. 25% :
23
- is against the principle of convention of conservation.
Answer
C. Provision for discount on creditors
24
The term is used to write off the value of lease hold properties: -
Answer
B. Depreciation:
25
Ram sends 50 table fan to Rahim costing = 300 per table fan to be sold at 20% above cost
price. Sales will be :
Answer
A. 18,000
26
Acid teat ia same as:
Answer
B. Quick test
27
Deferred cost is
Answer
C. Asset
28
The sale of a business asset on credit is recorded in :
Answer
B. General journal
29
Marshalling of balance sheet means :
Answer
C. The order in which assets and liabilities are shown
30
Which one of the following is not considered the permanent part of the accounting record?
Answer
Question Cancelled
31
Error due to wrong allocation as expenditure between capital and revenue is regarded as :
Answer
D. Error of principle
32
Depreciation in spirit is similar to :
Answer
Question Cancelled
33
The main object of an audit is :
Answer
D. to verify the account and to report whether account have been drawn properly
34
A sale of ‹ 50,000 to A was entered as a sale to B. This is an example of :
Answer
B. Error of commission
35
Auditing standards differ from audit procedures relate to :
Answer
B. acts to be performed
36
Professional skepticism requires that the auditor assume that management 1s:
Answer
A. Neither honest nor dishonest
37
Audit of banks is an example of :
Answer
D. All of the above
38
Which of the following schedule of the Companies Act, 1956 deals with depreciation?
Answer
A. Schedule XIV
39
Which of the following auditing assurance standard deals with dudit planning?
Answer
B. AAS-8
40
Concurrent audit is a part of:
Answer
C. Internal audit system
41
Which of the following is a revenue reserve’ |
Answer
C. Debenture redemption reserve
42
Who out of the following cannot be appointed as a statutory auditor of the company?
Answer
D. Only
43
The branch auditor is appointed by :
Answer
B. Shareholders in GM
-
44
The statutory auditor of a government company submits his report to:
Answer
B. TheC & AG
45
ol.
a2.
od.
The auditor is most likely to examine related party transactions very carefully while
vouching :
Answer
C. credit purchases
46
The creditors accounts, generally, have credit balance. Debit balance may be due to:
Answer
D. Any of these
47
The time lag between indenting and receiving material is called :
Answer
A. Lead time
48
Depreciation is based on: |
Answer
A. Economic life of asset
49
An endowment insurance policy can be taken in respect of :
Answer
C. Life insurance
50
Double entry book-keeping was fathered by :
Answer
C. Luea Pocioli
51
Which of the folowing ways can be used to create ‘Secret Reserves’?
GA) Writing off excessive depreciation
(3B) Charging capital expenditure to profit and loss a/c
(C) Showing contingent liability as an actual liability
(D) All of above
Which one of the following will lead to understatement of net profit?
Answer
D. Creation of general reserve
52
The word ‘credit’ has been derived from the Latin word ‘credere’ which means:
Answer
B. ‘to-give’
53
By-products should be valued at :
Answer
D. Cost or market value whichever is less
54
Which account is to be prepared when revised yalues-are not to appear in the new balance
sheet framed after the retirement or death of a partner?
Answer
D. - Profit and Loss Appropriation Account |
55
Payment of the trade creditors would : |
Answer
A. inerease the current ratio, but the acid test ratio would not be affected
56
§7. Which of the following results in the flow of funds?
Answer
Question Cancelled
57
The balance sheet is related to the income statement in the same way that :
Answer
D. A period of time is related to another period of time
58
The balance sheet is related to the income statement in the same way that :
Answer
B. A period of time is related to a point of time
59
Which of the following is the moet important reason for studying accounting?
Answer
A. The information provided by accounting is useful in making many economic
60
The difference between the balance of a fixed asset afe and the related accumulated
depreciation a/e is termed as :
Answer
C. Book value
61
Propriety audit is normally undertaken in case of :
Answer
D. b) Government Departments
62
Government may order for cost audit under :
Answer
C. Section 233 B z
63
Institute of Chartered Accountants of India was established on :
Answer
D. July 1, 1949
64
Payment for building purchased should be vouched with the help of :
Answer
A. Title deed
65
“Auditor is not valuer” was started in :
Answer
A. Kingston Cotton Mills Case
66
Incomplete contracts should be valued on the basis of :
Answer
D. None of the above
67
A government company auditor may be appointed by :
Answer
A. Central Government
68
The first auditor of company will hold office :
Answer
C. tall the conclusion of first annual general meeting
69
Labour turnover is measured by :
Answer
A. Number of workers replaced / Average number of workers
70
The allotment of whole items of cost to cost centres or cost units is called :
Answer
A. Cost allocation
71
If an auditor does something wrongfully in the performance of his duties resulting in
financial loss to the company he is guilty of :
Answer
B. Misfeasance
72
As an auditor, which of the following documents would you consider most reliable in respect
of a receipt from a customer?
Answer
D. Counterfoils of the receipts issued to them
73
Under Companies Act 1956, audit of annual financial statement is compulsory for :
Answer
D. All companies
74
Which of the following ratios indicates the short term solvency of a firm?
Answer
C. Current assets to current liabilities
75
The term ‘depletion’ used in relation to :
Answer
B. wasting assets
76
Which of the following is correct?
Answer
D. All of the above
77
Which famous case deals with the insolvency of a partner?
Answer
A. Garner Vs Murray
78
Super profit is :
Answer
C. the difference between average profit and normal profit
79
Provision for bad and doubtful debts is created in anticipation of actual bad debts on the basis of :
Answer
B. Conservation concept
80
Balance in a petty cash book is :
Answer
C. an asset
81
‘The person who introduced Mahatma Gandhiji to Keralities :
Answer
B. GLP. Pillai
82
The social reformer who gave leadership to ‘Kallumalasamaram’ :
Answer
A. Ayyankali
83
The Grand Old Man of Indian Journalism :
Answer
A. Thushar Gandhi Ghosh
84
The author of ‘Advaithachintha Padhathi':
Answer
D. Chattambi Swamikal
171/2015 12 A
85
The Sangam Epic, ‘Manimeghala’ belongs to which Sangam Writer :
Answer
C. c) Saptanar
86
ASEAN came into existence during the year :
Answer
C. 1967
87
State animal of Maharashtra : 7
Answer
B. Indian Giant Squirrel
88
The author of ‘Hungry Stones : '
Answer
D. Rabindranath Tagore
89
The portfolio of atomic energy comes under :
Answer
C. Union list
90
The right to property was excluded from fundamental rights during the tenure of the govt. headed by :
Answer
A. Moraji Desai
91
‘Ananda Maha Sabha’ was started by whom?
Answer
C. Brahmananda Sivayogi
92
Razia Sultana was the only woman monarch who ruled Delhi. Her rule lasted only for four years. When did she ascended the throne of Delhi?
Answer
B. A.D. 1236
93
The Constitutional Amendment deals with the anti-defection law :
Answer
D. 52
94
The first woman to became High Court Judge among Common Wealth Countries :
Answer
B. Anna Chandi
95
The Nishanth garden of Kashmir was built by :
Answer
A. Jahangir
96
National Judicial Academy is located at :
Answer
D. Bhopal
97
The Parliament of France is :
Answer
B. National Assembly
98
Disagreement between the two houses of Indian Parliament is finally resolved through :
Answer
D. A joint session of the two houses
99
Chronologically arrange the following battles : 1. Second battle of Panipat 2. Battle of Haldighati 3. Battle of Asirgarh 4. Battle of Kannauj
Answer
C. 3, 4, 2, 1
100
The famous Somanath Temple is in-:
Answer
A. Gujarat
Discussion
Ask a doubt or share a tip.
No comments yet — start the discussion.