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Chandigarh University Admission [CUCET] Sample Papers

Wondering what a CUCET Examination seems like? The discipline-wise sample papers below will guide you with the knowledge of what to expect.

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Chandigarh University Admission [CUCET] Sample Questions

Subject: Accountancy
1.Financial statements are prepared:
• Only for publicly owned business organizations.
• For corporations, but not for sole proprietorships or partnerships.
• Primarily for the benefit of persons outside of the business organization.
• In either monetary or nonmonetary terms, depending upon the need of the decision maker.

2.The basic purpose of an accounting system is to:
• Develop financial statements in conformity with generally accepted accounting principles.
• Provide as much useful information to decision makers as possible, regardless of cost.
• Record changes in the financial position of an organization by applying the concepts of double-entry accounting.
• Meet an organization’s need for accounting information as efficiently as possible.

3.Information is cost effective when:
• The information aids management in controlling costs.
• The information is based upon historical costs, rather than upon estimated market values.
• The value of the information exceeds the cost of producing it.
• The information is generated by a computer-based accounting system.

4. Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the information needs of:
• Investors and creditors.
• Government agencies such as the Internal Revenue Service.
• Customers.
• Trade associations and labor unions.

5.All of the following are characteristics of managerial accounting, except:
• Reports are used primarily by insiders rather than by persons outside of the business entity.
• Its purpose is to assist managers in planning and controlling business operations.
• Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.
• Information may be tailored to assist in specific managerial decisions.

6.A complete set of financial statements for Hartman Company, at December 31, 1999, would include each of the following, except:
• Balance sheet as of December 31, 1999.
• Income statement for the year ended December 31, 1999.
• Statement of projected cash flows for 2000.
• Notes containing additional information that is useful in interpreting the financial statements.

7.In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is more likely to:
• Be used by decision makers outside of the business organization.
• Focus upon the operation results of the most recently completed accounting period.
• View the entire organization as the reporting entity.
• Be tailored to the specific needs of an individual decision maker.

8. The nature of an asset is best described as:
• Something with physical form that is valued at cost in the accounting records.
• An economic resource owned by a business and expected to benefit future operations.
• An economic resource representing cash or the right to receive cash in the near future.
• Something owned by a business that has a ready market value.

9. The balance sheet item that represents the resources invested by the owner is:
• Accounts receivable.
• Cash.
• Note payable.
• Owner’s equity.

10. Arguments that the cost principle is not a satisfactory basis for the valuation of assets in financial statements are usually based on:
• The lack of objective evidence to permit verification of cost data.
• Increased availability and capacity of computers.
• Stronger internal control structures.
• Continued inflation.

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