FUNDAMENTALS OF ACCOUNT ( F.Y B.COM)

F.Y B.COM 

SEMESTER - I

MID SEMESTER EXAMINATION

FUNDAMENTALS OF ACCOUNT

SEPTEMBER - 2014 MCQS

(1) Which of the following is true ? ............

(A) Assets = Capital + Liabilities

(B) Capital - Liabilities = Assets

(C) Liabilities + Assets = Capital

(D) None of the above

(2) Valuing closing stock at market price or cost price whichever is less, is based on Convention of ........

(A) Consistency

(B) Conservatism

(C) Materially

(D) None of the above 

(3) Applying different methods of depreciation on an asset in different years is vilation of ..........

(A) Convention of Consistency

(B) Convention of full disclosure

(C) Going concern concept

(D) None of the above

(4) Outstanding rent is a type of .........

(A) Nominal A/c

(B) Real A/c

(C) Representative Personal A/c

(D) None of the above 

(5) External users of accounting information are .............

(A) Investors

(B) Supplies

(C) Government

(D) All of the above 

(6) IFRS stands for ..........

(A) Indian Financial Reporting Standards

(B) Indian Financial Reporting Structure

(C) International Financial Reporting Standards

(D) None of the above 

(7) Prime cost + Factory overheads is expressed as ............

(A) Total cost 

(B) Cost of sales

(C) Gross works cost of production

(D) None of the above 

(8) Accounting Standard Board (India) was constituted in the year .............

(A) 1987

(B) 1977

(C) 1967

(D) None of the above 

(9) The Concept of separate legal entity is applicable to which of the following types of business ? ............

(A) Sole proprietorship

(B) Partnership

(C) Joint stock company

(D) All of the above 

(10) The assets without physical substence are known as ............ assets.

(A) Tangible

(B) Intangible

(C) Immovable

(D) All of these

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