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Question Booklet Code: C Duration: 2 Hours
ATTEMPT ALL THE BELOW MENTIONED QUESTIONS:
1. How many steps are in the
systems development life cycle
(SDLC)?
A. 4
B. 5
C. 6
D. 10
2. The first step in the systems
development life cycle (SDLC) is:
A. Analysis.
B. Design.
C. Problem/Opportunity Identification.
D. Development and Documentation.
3. Most modern software
applications enable you to
customize and automate various
features using small custom-built
“miniprograms” called:
A. macros.
B. code.
C. routines.
D. subroutines.
4. The organized process or set of
steps that needs to be followed
to develop an information system is
known as the:
A. analytical cycle.
B. design cycle.
C. program specification.
D. system development life cycle.
5. Which of the following product
costs is both a prime cost and
conversion cost?
a. All of the following (a, b, and c).
b. Manufacturing overhead.
c. Direct material.
d. Direct labour.
6. The make-or-buy decision is
associated with the ____________
step in the SDLC.
A. Problem/Opportunity Identification
B. Design
C. Analysis
D. Development and Documentation
7. In the Analysis phase, the
development of the ____________
occurs, which is a clear statement
of the goals and objectives of the
project.
A. documentation
B. flowchart
C. program specification
D. design
8. Actual programming of software
code is done during the
____________ step in the SDLC.
A. Maintenance and Evaluation
B. Design
C. Analysis
D. Development and Documentation
CMJ UNIVERSITY, SHILLONG
TERM END EXAMINATION - 2013
Paper Code: 102108 Paper Name:
Course: eMBA Year: First Year
Quantitative Techniques for
Decision Making
2 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
9. Enhancements, upgrades, and bug
fixes are done during
the ____________ step in the SDLC.
A. Maintenance and Evaluation
B. Problem/Opportunity Identification
C. Design
D. Development and Documentation
10. The ____________ determines
whether the project should go forward.
A. feasibility assessment
B. opportunity identification
C. system evaluation
D. program specification
11. Technical writers generally provide
the ____________ for the new system.
A. programs
B. network
C. analysis
D. documentation
12. ____________ design and
implement database structures.
A. Programmers
B. Project managers
C. Technical writers
D. Database administrators
13. ____________ manage the system
development, assign staff, manage the
budget and reporting, and ensure that
deadlines are met.
A. Project managers
B. Network engineers
C. Graphic designers
D. Systems analysts
14. ____________ is the process of
translating a task into a series
of commands that a computer will use
to perform that task.
A. Project design
B. Installation
C. Systems analysis
D. Programming
15. Debugging is:
A. creating program code.
B. finding and correcting errors in the
program code.
C. identifying the task to be computerized.
D. creating the algorithm.
16. Translating the problem statement
into a series of sequential
steps describing what the program
must do is known as:
A. coding.
B. debugging.
C. creating the algorithm.
D. writing documentation.
17. Translating the algorithm into a
programming language occurs at
the ____________ step of the PDLC.
A. Debugging
B. Coding
C. Testing and Documentation
D. Algorithm Development
18. The problem statement should
include all of the following EXCEPT:
A. input.
B. output.
C. processing.
D. storage.
19. The problem statement includes
the ____________, which lists
specific input numbers a program
would typically expect the user to
enter and precise output values that a
perfect program would return for those
input values.
A. testing plan
B. error handler
C. IPO cycle
D. input-output specification
20. Which of the following is NOT
considered a part of financial
statements?
A. General Journal
B. Balance Sheet
C.Profit and Loss account
D. None of the given options
21. Which of the following contents
are included in the Cost of goods
sold?
A. Opening stock
B. Purchases
C. Freight in
3 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
D. All of the given options
22. Which of the following Journal
entry will be recorded when the bad
debts are recovered?
A. Cash account (Dr.) & Bad Debts
recovered account (Cr.)
B. Accounts Receivable (Dr.) & Bad
Debts recovered account (Cr.)
C. Bad debts recovered account (Dr.)
and profit & loss account (Cr.)
D. Provision for doubtful debts account
(Dr.) & cash account (Cr.)
23. Which of the following is NOT
correct?
A. Decrease in Assets will be credit
B. Decrease in Liabilities will be credit
C. Decrease in Expenses will be credit
D. Decrease in Revenue will be debit
24. Particulars Rs. Opening written
down value of machine 1,00,000
Cost of new machine purchased
during the year 50,000 Depreciation
during the year 20,000 Closing
written down value (WDV) ?
A. Rs. 1, 30,000
B. Rs. 1, 50,000
C. Rs. 1, 20,000
D. Rs. 70,000
25. An accounting system is used by
a business to:
A. Analyze transactions
B. Handle routine bookkeeping tasks
C. Structure information
D. All of the given options
26. In an account if debit side > credit
side, the balance is known as the:
A. Negative Balance
B. Debit balance
C. Positive Balance
D. Credit balance
27. Details of individual accounts are
kept in a separate register / ledger
called:
A. Control Account
B. Subsidiary Ledger
C. General Journal
D. All of the given options
28. Which of the following statement/s
closing stock is/are shown?
A. Profit and loss account
B. Balance sheet
C. Income statement
D. All of the given options
29. Which of the following particular/s
is/are included in payment voucher?
A. Name of organization
B. Cash payment
C. Date
D. All of the given options
30. Which of the following appears in
both the Income Statement debit
column and the Balance Sheet credit?
A. Net income
B. Net loss
C. Dividends
D. Retained earnings
31. A book that keeps separate record
for each account is known as:
A. Trial Balance
B. Voucher
C. General Journal
D. General Ledger
32. Which of the following
Organization converts raw material
into finished goods?
A. Trading concern
B. Manufacturing concern
C. Merchandising concern
D. Service concern
33. Franchise rights, goodwill and
patents are the examples of:
A. Liquid assets
B. Tangible assets
C, Intangible assets
D. Current assets
4 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
34. Cost of goods sold + ending
finished goods – opening finished
goods=?
A. Total factory cost
B. Cost of goods manufactured
C. Prime cost
D. Conversion cost
35. accounting, which of the following
account will be credited if the bad
debts are recovered in cash?
A. Cash a/c
B. Bad debt recovered a/c
C. Doubtful debts a/c
D. Provision for bad debts a/c
36. What should be credited, if rent
paid in cash?
A. Landlord's account
B. Rent account
C. Cash account
D. Accounts receivable account
37. Sales to Mr. “A “of Rs. 336 have
been debited to Mr. “B “account, this
will be rectified by:
A. Debiting Mr. A's account and crediting
Mr. B's account
B. Debiting Mr. B's account and crediting
Mr. A's account
C. Crediting both accounts
D. Debiting both accounts
38. If cost of sales is Rs. 60,000,
income from sales Rs. 95,000 and
direct expenses Rs. 10,000. Calculate
Net profit.
A. Rs. 15,000
B. Rs. 35,000
C. Rs. 55,000
D. Rs. 60,000
39. Particulars Rs. Opening written
down value of machine 4, 10,000 Cost
of machine purchased during the year
50,000 Depreciation during the year
20,000 closing written down value
(WDV) of the Machines?
A. Rs. 4, 40,000
B. Rs. 4, 30,000
C. Rs. 4, 80,000
D. Rs. 70,000
40. Which of the following voucher is
used to record receipt of cash?
A. Journal Voucher
B. Receipt Voucher
C. Payment Voucher
D. Nominal Voucher
41. In double entry system discount
received is recorded as:
A. Creditors a/c (Dr.), Discount received a/c
(Cr.)
B. Discount received a/c (Dr.), Creditors a/c
(Cr.)
C. Debtor a/c (Dr.), Discount received a/c
(Cr.)
D. Discount received a/c (Dr.), Debtor a/c
(Cr.)
42. The expenses which are NOT paid
out of Gross Profit is classified as:
A. Direct Expenses
B. General Expenses
C. Financial Expenses
D. Selling Expenses
43. Which of the following account(s)
would be decreased with a debit?
A. Capital
B. Retained Earnings
C. Revenues
D. All of the given options
44. Which of the following is fiscal Year
of Government of Pakistan?
A. 1st January to 31st December
B. 1st June to 31st May
C. 1st July to 30th June
D. 1st October to 30th September
45. Which of the following is/are
inventory valuation method(s)?
A. FIFO
B. LIFO
C. Weighted average
D. All of the given options
5 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
46. Which of the following assets is
most likely to appreciate rather than
depreciate?
A. Land
B. Motor vehicles
C. Plant and machinery
D. Fixtures and fittings
47. Which of the following item needs
to be entered in the Cash Book in order
to bring it in line with the entries on
the Bank Statement?
A. A bank charges
B. An error on the Bank Statement
C. An uncredited deposit
D. An unpresented cheque
48. Wages paid to laborers working in
the manufacturing department is
treated as an expense of:
A. Cost of goods sold
B. Administrative expenses
C. Selling expenses
D. Marketing expenses
49. Bad debts written off (given in
adjustment) always affect the:
A. Debtors account
B. Creditors account
C. Cash account
D. Capital account
50. Carriage paid Rs. 50 for the newly
purchased machinery if debited to
carriage account will effect:
A. Only carriage account
B. Only machinery account
C. Both carriage and machinery account
D. None of the given options
51. Cost of goods manufactured -
opening work in process + ending
work in process =?
A. Cost of goods sold
B. Prime cost
C. Conversion cost
D. Total factory cost
52. If cost of sales is Rs. 95,000,
income from sales Rs. 200,000 and
operating expenses Rs. 300,000. What
will be net result?
A. Rs. 1, 95,000 Losses
B. Rs. 1, 95,000 Profits
C. Rs 1, 05,000 Profits
D. Rs1, 05,000 Losses
53. What is the proper order of the
following steps in the accounting
process? I. Prepare and analyze the
trial balance II. Record relevant
transactions and events in a journal
III. Analyze each transaction and
event from source documents IV. Post
journal information to ledger accounts
A. III. IV. I. II.
B. I. II. III. IV.
C. III. II. IV. I.
D. III. II. I. IV.
54. Machine lubricant used on
processing equipment in a
manufacturing plant would be
classified as a:
A. period cost/manufacturing overhead.
B. period cost/SG&A.
C. product cost/manufacturing overhead.
D. product cost/SG&A.
55. Which of the following expenses
are called financial expenses?
A. Payment of rent & Salary expense
B. Markup on loan& Bank Charges
C. Interest & advertisement expense
D. Wages and Depreciation expense
56. Cash and other resources that are
expected to turn to cash or to be used
up within one year of the balance sheet
date are called:
A. Current liability
B. Current assets
C. Fixed assets
D. Long-term assets
6 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
57. Money spent to acquire or upgrade
physical assets is known as:
A. Revenue Expense
B. Capital Expense
C. Administrative Expense
D. Operating Expense
58. Which of the following might be a
reason, when a Bank Statement show
greater balance then Cash Book
balance at the end of specified period?
A. Unpresented cheques
B. Unrecorded bank charges
C. Uncredited cheques
D. None of the given options
59. Which of the following particular is
NOT included in journal voucher?
A. Name of organization
B. Bank receipt number
C. Debit amount
D. Credit amount
60. Consider the following data:
Particulars Rs. Assets? Owner's equity
35,000 Liabilities 90,000
A. Rs. 35,000
B. Rs. 55,000
C. Rs. 1, 25,000
D. Rs. 1, 05,000
61. If, Cost of machine = Rs.400, 000
Useful life = 5 years Residual value is
Rs.25, 000 Sale price = Rs.40, 000
Rate of depreciation = 40% What will
be depreciation of machine after one
year’s using diminishing balance
method?
A. Rs. 1, 60,000
B. Rs. 11,840
C. Rs. 34,560
D. Rs. 34,860
62. If, Cost of machine = Rs.400, 000
Useful life = 5 years Residual value =
Rs.25,000 Sale price = Rs.40, 000 Rate
of depreciation = 40% What will be
book value of machine after four years
using straight line method?
A. Rs.35, 000
B. Rs.40, 000
C. Rs.55, 000
D. Rs.75, 000
63. Amount generated from sales in a
business is called:
A. Income
B. Net Income
C. Gross Profit
D. Operating profit
64. ___________= Gross profit <
Operating Expenses
A. Net Profit
B. Gross Profit
C. Net Loss
D. Gross Loss
65. Which of the following is an
example of operating expense?
A. Purchasing operating equipment
B. Purchasing cleaning services
C. Purchasing an investment in another
company
D. Purchasing a computer for the
accounting office
66. Net profit = Gross profit -
_________
A. Operating Expenses
B. Product Cost
C. Deferred Expenses
D. Direct Cost
67. which of the following statement/s
closing stock is/are shown?
A. Profit and loss account
B. Balance sheet
C. Income statement
D. All of the given options
68. If Gross profit Rs.16,500 and Cost
of goods sold Rs.183,500, what will be
the amount of Net Sales?
A. Rs. 183, 500
B. Rs. 167, 000
C. Rs. 200, 000
D. Rs. 230, 000
7 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
69. Cost of goods manufactured +
opening finished goods – ending
finished goods =?
A. Total factory cost
B. Cost of goods sold
C. Prime cost
D. Conversion cost
70.Goods sold to Mr. Salman for RS.
6,000 have been forgotten to enter in
books of accounts, this is an example
of:
A. Error of Omission
B. Error of Commission
C. Error of Principle
D. Error of Original entry
Question Booklet Code: C Duration: 2 Hours
ATTEMPT ALL THE BELOW MENTIONED QUESTIONS:
1. How many steps are in the
systems development life cycle
(SDLC)?
A. 4
B. 5
C. 6
D. 10
2. The first step in the systems
development life cycle (SDLC) is:
A. Analysis.
B. Design.
C. Problem/Opportunity Identification.
D. Development and Documentation.
3. Most modern software
applications enable you to
customize and automate various
features using small custom-built
“miniprograms” called:
A. macros.
B. code.
C. routines.
D. subroutines.
4. The organized process or set of
steps that needs to be followed
to develop an information system is
known as the:
A. analytical cycle.
B. design cycle.
C. program specification.
D. system development life cycle.
5. Which of the following product
costs is both a prime cost and
conversion cost?
a. All of the following (a, b, and c).
b. Manufacturing overhead.
c. Direct material.
d. Direct labour.
6. The make-or-buy decision is
associated with the ____________
step in the SDLC.
A. Problem/Opportunity Identification
B. Design
C. Analysis
D. Development and Documentation
7. In the Analysis phase, the
development of the ____________
occurs, which is a clear statement
of the goals and objectives of the
project.
A. documentation
B. flowchart
C. program specification
D. design
8. Actual programming of software
code is done during the
____________ step in the SDLC.
A. Maintenance and Evaluation
B. Design
C. Analysis
D. Development and Documentation
CMJ UNIVERSITY, SHILLONG
TERM END EXAMINATION - 2013
Paper Code: 102108 Paper Name:
Course: eMBA Year: First Year
Quantitative Techniques for
Decision Making
2 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
9. Enhancements, upgrades, and bug
fixes are done during
the ____________ step in the SDLC.
A. Maintenance and Evaluation
B. Problem/Opportunity Identification
C. Design
D. Development and Documentation
10. The ____________ determines
whether the project should go forward.
A. feasibility assessment
B. opportunity identification
C. system evaluation
D. program specification
11. Technical writers generally provide
the ____________ for the new system.
A. programs
B. network
C. analysis
D. documentation
12. ____________ design and
implement database structures.
A. Programmers
B. Project managers
C. Technical writers
D. Database administrators
13. ____________ manage the system
development, assign staff, manage the
budget and reporting, and ensure that
deadlines are met.
A. Project managers
B. Network engineers
C. Graphic designers
D. Systems analysts
14. ____________ is the process of
translating a task into a series
of commands that a computer will use
to perform that task.
A. Project design
B. Installation
C. Systems analysis
D. Programming
15. Debugging is:
A. creating program code.
B. finding and correcting errors in the
program code.
C. identifying the task to be computerized.
D. creating the algorithm.
16. Translating the problem statement
into a series of sequential
steps describing what the program
must do is known as:
A. coding.
B. debugging.
C. creating the algorithm.
D. writing documentation.
17. Translating the algorithm into a
programming language occurs at
the ____________ step of the PDLC.
A. Debugging
B. Coding
C. Testing and Documentation
D. Algorithm Development
18. The problem statement should
include all of the following EXCEPT:
A. input.
B. output.
C. processing.
D. storage.
19. The problem statement includes
the ____________, which lists
specific input numbers a program
would typically expect the user to
enter and precise output values that a
perfect program would return for those
input values.
A. testing plan
B. error handler
C. IPO cycle
D. input-output specification
20. Which of the following is NOT
considered a part of financial
statements?
A. General Journal
B. Balance Sheet
C.Profit and Loss account
D. None of the given options
21. Which of the following contents
are included in the Cost of goods
sold?
A. Opening stock
B. Purchases
C. Freight in
3 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
D. All of the given options
22. Which of the following Journal
entry will be recorded when the bad
debts are recovered?
A. Cash account (Dr.) & Bad Debts
recovered account (Cr.)
B. Accounts Receivable (Dr.) & Bad
Debts recovered account (Cr.)
C. Bad debts recovered account (Dr.)
and profit & loss account (Cr.)
D. Provision for doubtful debts account
(Dr.) & cash account (Cr.)
23. Which of the following is NOT
correct?
A. Decrease in Assets will be credit
B. Decrease in Liabilities will be credit
C. Decrease in Expenses will be credit
D. Decrease in Revenue will be debit
24. Particulars Rs. Opening written
down value of machine 1,00,000
Cost of new machine purchased
during the year 50,000 Depreciation
during the year 20,000 Closing
written down value (WDV) ?
A. Rs. 1, 30,000
B. Rs. 1, 50,000
C. Rs. 1, 20,000
D. Rs. 70,000
25. An accounting system is used by
a business to:
A. Analyze transactions
B. Handle routine bookkeeping tasks
C. Structure information
D. All of the given options
26. In an account if debit side > credit
side, the balance is known as the:
A. Negative Balance
B. Debit balance
C. Positive Balance
D. Credit balance
27. Details of individual accounts are
kept in a separate register / ledger
called:
A. Control Account
B. Subsidiary Ledger
C. General Journal
D. All of the given options
28. Which of the following statement/s
closing stock is/are shown?
A. Profit and loss account
B. Balance sheet
C. Income statement
D. All of the given options
29. Which of the following particular/s
is/are included in payment voucher?
A. Name of organization
B. Cash payment
C. Date
D. All of the given options
30. Which of the following appears in
both the Income Statement debit
column and the Balance Sheet credit?
A. Net income
B. Net loss
C. Dividends
D. Retained earnings
31. A book that keeps separate record
for each account is known as:
A. Trial Balance
B. Voucher
C. General Journal
D. General Ledger
32. Which of the following
Organization converts raw material
into finished goods?
A. Trading concern
B. Manufacturing concern
C. Merchandising concern
D. Service concern
33. Franchise rights, goodwill and
patents are the examples of:
A. Liquid assets
B. Tangible assets
C, Intangible assets
D. Current assets
4 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
34. Cost of goods sold + ending
finished goods – opening finished
goods=?
A. Total factory cost
B. Cost of goods manufactured
C. Prime cost
D. Conversion cost
35. accounting, which of the following
account will be credited if the bad
debts are recovered in cash?
A. Cash a/c
B. Bad debt recovered a/c
C. Doubtful debts a/c
D. Provision for bad debts a/c
36. What should be credited, if rent
paid in cash?
A. Landlord's account
B. Rent account
C. Cash account
D. Accounts receivable account
37. Sales to Mr. “A “of Rs. 336 have
been debited to Mr. “B “account, this
will be rectified by:
A. Debiting Mr. A's account and crediting
Mr. B's account
B. Debiting Mr. B's account and crediting
Mr. A's account
C. Crediting both accounts
D. Debiting both accounts
38. If cost of sales is Rs. 60,000,
income from sales Rs. 95,000 and
direct expenses Rs. 10,000. Calculate
Net profit.
A. Rs. 15,000
B. Rs. 35,000
C. Rs. 55,000
D. Rs. 60,000
39. Particulars Rs. Opening written
down value of machine 4, 10,000 Cost
of machine purchased during the year
50,000 Depreciation during the year
20,000 closing written down value
(WDV) of the Machines?
A. Rs. 4, 40,000
B. Rs. 4, 30,000
C. Rs. 4, 80,000
D. Rs. 70,000
40. Which of the following voucher is
used to record receipt of cash?
A. Journal Voucher
B. Receipt Voucher
C. Payment Voucher
D. Nominal Voucher
41. In double entry system discount
received is recorded as:
A. Creditors a/c (Dr.), Discount received a/c
(Cr.)
B. Discount received a/c (Dr.), Creditors a/c
(Cr.)
C. Debtor a/c (Dr.), Discount received a/c
(Cr.)
D. Discount received a/c (Dr.), Debtor a/c
(Cr.)
42. The expenses which are NOT paid
out of Gross Profit is classified as:
A. Direct Expenses
B. General Expenses
C. Financial Expenses
D. Selling Expenses
43. Which of the following account(s)
would be decreased with a debit?
A. Capital
B. Retained Earnings
C. Revenues
D. All of the given options
44. Which of the following is fiscal Year
of Government of Pakistan?
A. 1st January to 31st December
B. 1st June to 31st May
C. 1st July to 30th June
D. 1st October to 30th September
45. Which of the following is/are
inventory valuation method(s)?
A. FIFO
B. LIFO
C. Weighted average
D. All of the given options
5 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
46. Which of the following assets is
most likely to appreciate rather than
depreciate?
A. Land
B. Motor vehicles
C. Plant and machinery
D. Fixtures and fittings
47. Which of the following item needs
to be entered in the Cash Book in order
to bring it in line with the entries on
the Bank Statement?
A. A bank charges
B. An error on the Bank Statement
C. An uncredited deposit
D. An unpresented cheque
48. Wages paid to laborers working in
the manufacturing department is
treated as an expense of:
A. Cost of goods sold
B. Administrative expenses
C. Selling expenses
D. Marketing expenses
49. Bad debts written off (given in
adjustment) always affect the:
A. Debtors account
B. Creditors account
C. Cash account
D. Capital account
50. Carriage paid Rs. 50 for the newly
purchased machinery if debited to
carriage account will effect:
A. Only carriage account
B. Only machinery account
C. Both carriage and machinery account
D. None of the given options
51. Cost of goods manufactured -
opening work in process + ending
work in process =?
A. Cost of goods sold
B. Prime cost
C. Conversion cost
D. Total factory cost
52. If cost of sales is Rs. 95,000,
income from sales Rs. 200,000 and
operating expenses Rs. 300,000. What
will be net result?
A. Rs. 1, 95,000 Losses
B. Rs. 1, 95,000 Profits
C. Rs 1, 05,000 Profits
D. Rs1, 05,000 Losses
53. What is the proper order of the
following steps in the accounting
process? I. Prepare and analyze the
trial balance II. Record relevant
transactions and events in a journal
III. Analyze each transaction and
event from source documents IV. Post
journal information to ledger accounts
A. III. IV. I. II.
B. I. II. III. IV.
C. III. II. IV. I.
D. III. II. I. IV.
54. Machine lubricant used on
processing equipment in a
manufacturing plant would be
classified as a:
A. period cost/manufacturing overhead.
B. period cost/SG&A.
C. product cost/manufacturing overhead.
D. product cost/SG&A.
55. Which of the following expenses
are called financial expenses?
A. Payment of rent & Salary expense
B. Markup on loan& Bank Charges
C. Interest & advertisement expense
D. Wages and Depreciation expense
56. Cash and other resources that are
expected to turn to cash or to be used
up within one year of the balance sheet
date are called:
A. Current liability
B. Current assets
C. Fixed assets
D. Long-term assets
6 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
57. Money spent to acquire or upgrade
physical assets is known as:
A. Revenue Expense
B. Capital Expense
C. Administrative Expense
D. Operating Expense
58. Which of the following might be a
reason, when a Bank Statement show
greater balance then Cash Book
balance at the end of specified period?
A. Unpresented cheques
B. Unrecorded bank charges
C. Uncredited cheques
D. None of the given options
59. Which of the following particular is
NOT included in journal voucher?
A. Name of organization
B. Bank receipt number
C. Debit amount
D. Credit amount
60. Consider the following data:
Particulars Rs. Assets? Owner's equity
35,000 Liabilities 90,000
A. Rs. 35,000
B. Rs. 55,000
C. Rs. 1, 25,000
D. Rs. 1, 05,000
61. If, Cost of machine = Rs.400, 000
Useful life = 5 years Residual value is
Rs.25, 000 Sale price = Rs.40, 000
Rate of depreciation = 40% What will
be depreciation of machine after one
year’s using diminishing balance
method?
A. Rs. 1, 60,000
B. Rs. 11,840
C. Rs. 34,560
D. Rs. 34,860
62. If, Cost of machine = Rs.400, 000
Useful life = 5 years Residual value =
Rs.25,000 Sale price = Rs.40, 000 Rate
of depreciation = 40% What will be
book value of machine after four years
using straight line method?
A. Rs.35, 000
B. Rs.40, 000
C. Rs.55, 000
D. Rs.75, 000
63. Amount generated from sales in a
business is called:
A. Income
B. Net Income
C. Gross Profit
D. Operating profit
64. ___________= Gross profit <
Operating Expenses
A. Net Profit
B. Gross Profit
C. Net Loss
D. Gross Loss
65. Which of the following is an
example of operating expense?
A. Purchasing operating equipment
B. Purchasing cleaning services
C. Purchasing an investment in another
company
D. Purchasing a computer for the
accounting office
66. Net profit = Gross profit -
_________
A. Operating Expenses
B. Product Cost
C. Deferred Expenses
D. Direct Cost
67. which of the following statement/s
closing stock is/are shown?
A. Profit and loss account
B. Balance sheet
C. Income statement
D. All of the given options
68. If Gross profit Rs.16,500 and Cost
of goods sold Rs.183,500, what will be
the amount of Net Sales?
A. Rs. 183, 500
B. Rs. 167, 000
C. Rs. 200, 000
D. Rs. 230, 000
7 | P a g e Center for Collaboration of Industry and Institutions (CCII) – www.cmju.in
69. Cost of goods manufactured +
opening finished goods – ending
finished goods =?
A. Total factory cost
B. Cost of goods sold
C. Prime cost
D. Conversion cost
70.Goods sold to Mr. Salman for RS.
6,000 have been forgotten to enter in
books of accounts, this is an example
of:
A. Error of Omission
B. Error of Commission
C. Error of Principle
D. Error of Original entry
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