PLEASE LIKE OUR OFFICIAL PAGE https://facebook/pearlaccnts01?ref=hl AND SUPPORT US.. 1. When the balance as per Cash Book is the starting point, direct deposits by customers are: (a)Added (b) Subtracted; (c) Not required to be adjusted (d) None of these CORRECT ANSWER (A) 2.A Bank Reconciliation Statement is a (a) Part of Cash Book; (b) Part of Bank Account; (c) Part of financial statements, (d)None of the above. CORRECT ANSWER (D) 3.When balance as per Pass Book is the starting point, interest allowed by Bank is (a) Added (b) Subtracted (c) Not required to be adjusted. (d)None of the above. CORRECT ANSWER (B) 4.A Bank Reconciliation Statement is prepared with the help of: (a) Bank statement and bank column of the Cash Book. (b) Bank statement and cash column of the Cash Book (c) Bank column of the Cash Book and cash column of the Cash Book (d) None CORRECT ANSWER (A) 5.Debit balance as per Cash Book of ABC Enterprises as on 31.3.2011 is Rs. 1,500. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but not presented of Rs.150. The bank allowed interest amounting Rs.50 and collected dividend Rs.50 on behalf of ABC Enterprises. Balance as per pass book should be (a)1,600 (b)1,450 (c)1,850 (d)1,650 CORRECT ANSWER (D) 6. The cash book showed an overdraft of Rs.1,500, but the pass book made up to the same date showed that cheques of Rs.100, Rs.50 and Rs.125 respectively had not been presented for payments; and the cheque of rs.400 paid into account had not been cleared. The balance as per the pass book will be (a)1,100. (b)2,175. (c)1,625. (d)1,375. CORRECT ANSWER (C) 7. When drawing up a Bank Reconciliation Statement, if you start with a debit balance as per the Bank Statement, the unpresentedcheques should be: (a) Added; (b) Deducted; (c) Not required to be adjusted. (d) None of these. CORRECT ANSWER (A) 8. A debit balance in the depositor’s Cash Book will be shown as: (a) A debit balance in the Bank Statement. (b) A credit balance in the Bank Statement. (c) An overdrawn balance in the Bank Statement. (d)None of the above. CORRECT ANSWER (B) 9.When preparing a Bank Reconciliation Statement, if you start with a debit balance as per the Cash Book, cheques issued but not presented within the period should be: (a)Added (b) Deducted (c) Not required to be adjusted (d) None of the above. CORRECT ANSWER (A) 10.When the balance as per Pass Book is the starting point, direct payment by bank are: (a)Added in the bank reconciliation statement (b) Subtracted in the bank reconciliation statement (c) Not required to be adjusted in the bank reconciliation statement. (d)Neither of the above. CORRECT ANSWER (A) 11. The most important element in partnership is: (a) Business (b) Sharing of Profits (c) Agreement (d) Business to be carried on by all or any of them acting for all. CORRECT ANSWER (D) 12. The maximum number of partners is mentioned in (a) The Partnership Act (b) The General Clauses Act (c) The Companies Act (d) The Societies Registration Act CORRECT ANSWER (C) 13. A firm is the name of: (a) The Partners (b) The minors in the firm. (c) The business under which the firm carries on business (d) The collective name under which it caries on business CORRECT ANSWER (D) 14. In the absence of agreement to the contrary all partners are: (a) Not entitled to share profits (b) Entitled to share in capital ratio (c) Entitled to share in proportion to their ages (d) Equally CORRECT ANSWER (D) 15. A minor is: (a) A partner of a firm (b) Representative of the firm (c) Entitled to carry on the business of the firm (d) Entitled to the benefits of the firm CORRECT ANSWER ( D) 16. A partnership at will is one: (a) Which does not have any deed (b) Which does not have any partner (c) Which does not provide for how long the business will continue (d) Which cannot be dissolved. CORRECT ANSWER (C) 17. Active partner is one who: (a) Takes part in the business of the firm (b) Actively participates in co-curricular activities (c) Actively shares the profits (d) Makes a show of authority CORRECT ANSWER (A) 18. Every partner has the right to: (a) Take part in the business of the firm (b) To share exclusive profits (c) To use the property of the firm for personal purposes (d) Pay taxes CORRECT ANSWER ( A) 19. Partners are: (a) Principles at well of agents (b) Agents of the firm (c) Representatives of the firm (d) Co-partners of the firm CORRECT ANSWER (A) 20. A partner can retire on: (a) Reaching the age of superannuation (b) On the balance in the capital account reaching a certain amount (c) In accordance with the Partnership Deed (d) On the condition of his nominee becoming a partner CORRECT ANSWER (C) 21. Which of the following is considered production in Economics? (a) Tilling of soil. (b) Singing a song before friends. (c) Preventing a child from falling into a manhole on the road. (d) Painting a picture for pleasure. CORRECT ANSWER (A) 22. Identify the correct statement : (a) The average product is at its maximum when marginal product is equal to average product. (b) The law of increasing returns to scale relates to the effect of changes in factor proportions. (c) Economies of scale arise only because of indivisibilities of factor proportions. (d) Internal economies of scale can accrue only to the exporting sector. CORRECT ANSWER (A) 23. Which of the following is not a characteristic of land? (a) Its supply for the economy is limited. (b) It is immobile. (c) Its usefulness depends on human efforts. (d) It is produced by our forefathers. CORRECT ANSWER (D) 24. Which of the following statements is true? (a) Accumulation of capital depends solely on income. (b) Savings can also be affected by the State. (c) External economies go with size and internal economies with location. (d) The supply curve of labour is an upward slopping curve. CORRECT ANSWER (B) 25. In the production of wheat, all of the following are variable factors that are used by the farmer except : (a) the seed and fertilizer used when the crop is planted. (b) the field that has been cleared of trees and in which the crop is planted. (c) the tractor used by the farmer in planting and cultivating not only wheat but also corn and barley. (d) the number of hours that the farmer spends in cultivating the wheat fields. CORRECT ANSWER (B) 26. The marginal product of a variable input is best described as: (a) total product divided by the number of units of variable input. (b) the additional output resulting from a one unit increase in the variable input. (c) the additional output resulting from a one unit increase in both the variable and fixed inputs. (d) the ratio of the amount of the variable input that is being used to the amount of the fixed input that is being used. CORRECT ANSWER (B) 27. Diminishing marginal returns implies: (a) decreasing average variable costs. (b) decreasing marginal costs. (c) increasing marginal costs. (d) decreasing average fixed costs. CORRECT ANSWER (C) 28. The short run, as economists use the phrase, is characterized by: (a) at least one fixed factor of production and firms neither leaving nor entering the industry. (b) a period where the law of diminishing returns does not hold. (c) no variable inputs – that is all of factors of production are fixed. (d) all inputs being variable. CORRECT ANSWER (A) 29. The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except: (a) when total product is rising, average and marginal product may be either rising or falling. (b) when marginal product is negative, total product and average product are falling. (c) when average product is at a maximum, marginal product equals average product, and total product is rising. (d) when marginal product is at a maximum, average product equals marginal product, and total product is rising. CORRECT ANSWER (D) 30. To economists, the main difference between the short run and the long run is that : (a) in the short run all inputs are fixed, while in the long run all inputs are variable. (b) in the short run the firm varies all of its inputs to find the least-cost combination of inputs. (c) in the short run, at least one of the firm’s input levels is fixed. (d) in the long run, the firm is making a constrained decision about how to use existing plant and equipment efficiently. CORRECT ANSWER (C) 31. All possible outcomes of a random experiment forms the (a) events (b) sample space (c) both (d) none CORRECT ANSWER (B) 32. If one of outcomes cannot be expected to occur in preference to the other in an experimentthe events are (a) simple events (b) compound events (c) favourable events (d) equally likely events CORRECT ANSWER (D) 33. If two events cannot occur simultaneously in the same trial then they are (a) mutually exclusive events (b) simple events (c) favourable events (d) none CORRECT ANSWER (A) 34. When the number of cases favourable to the event A is then P(A) is equal to (a) 1 (b) 0 (c) ½ (d) none CORRECT ANSWER (B) 35. A card is drawn from a well-shuffled pack of playing cards. The probability that it is aspade is (a) 1/13 (b) ¼ (c) 3/13 (d) none CORRECT ANSWER (B) 36. A card is drawn from a well-shuffled pack of playing cards. The probability that it is aking is (a) 1/13 (b) ¼ (c) 4/13 (d) none CORRECT ANSWER (A) 37. A card is drawn from a well-shuffled pack of playing cards. The probability that it is theace of clubs is (a) 1/13 (b) ¼ (c) 1/52 (d) none CORRECT ANSWER (C) 38. In a single throw with two dice the probability of getting a sum of five on the two dice is (a) 1/9 (b) 5/36 (c) 5/9 (d) none CORRECT ANSWER (A) 39. In a single throw with two dice, the probability of getting a sum of six on the two dice is (a) 1/9 (b) 5/36 (c) 5/9 (d) none CORRECT ANSWER (B) 40. The probability that exactly one head appears in a single throw of two fair coins is (a) 3/4 (b) 1/2 (c) 1/4 (d) none CORRECT ANSWER (B)
Posted on: Mon, 24 Mar 2014 15:43:50 +0000
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