Commerce Ka Arjun Scholarship Test Sample Question Paper
Commerce Ka Arjun Scholarship Test is a competitive National-level examinations organized by Vidya Sagar Institute. The objective of this program is to award financial and educational aid to the young talented commerce minds in India. Download Commerce Ka Arjun Scholarship Test Sample Question Paper Here.
Commerce Ka Arjun Scholarship Test Sample Questions
01. Ascertainment of financial position by: (a) Journal (b) Ledger (c) Balance sheet (d) Profit & Loss a/c
02. Double entry book keeping has been developed in: (a) 15th century (b) 16th century (c) 19th century (d) 20th century
03. Which of the following does not follow dual Aspect? (a) Increase in one asset, decrease in other (b) Increase in both asset and liability (c) Decrease in one asset, decrease in other (d) Increase in one asset & Capital
04. The accounting equation is based on : (a) Dual aspect (b) Business Entity (c) Going concern (d) All of the above
05. Under which concept owner is treated as a creditor in business: (a) periodicity (b) Materiality (c) Business Entity (d) Consistency
06. Ram starts business with cash Rs. 90,000 and then buys goods from Shyam on credit for Rs. 23,000. The accounting equation based on assets = Capital + Liabilities will be: (a) 1,13,000 = 90,000 +23,000 (b) 1,13,000 = 1,13,000 + 0 (c) 90,000 = 67,000 + 23,000 (d) 67,000 = 90,000 – 23,000
07. Which of the following is not a transaction? (a) Goods are purchased on cash basis for Rs.1,000. (b) Salaries paid for the month of May, 2006. (c) Land is purchased for Rs.10 lacs. (d) An employee dismissed from the job
08. Credit balances in the ledger will be: (a) A revenue or an asset (b) An expense or an asset (c) A revenue or a liability (d) None of the three
09. “Debit the receiver and credit the Giver” is the golden rule for which type of account? (a) Real A/c (b) Personal A/c (c) Nominal A/c (d) None of these
10. Outstanding salary account is: (a) Real account (b) Personal account (c) Nominal account (d) None of the above
11. Proprietor’s account is ___________ Account: (a) Real (b) Nominal (c) Personal (d) None of these
12. Drawings are deducted from ________ (a) Sales (b) Purchases. (c) Expenses. (d) Capital
13. Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business will be : (a) Rs. 1,00,000 (b) Rs. 15,000 (c) Rs. 75,000 (d) Rs. 50,000
14. In ledger there are _______ columns: (a) 4 (b) 6 (c) 8 (d) 10
15. In case of debit balance, the words ______ are written on the debit side: (a) To balance b/d. (b) To balance c/d. (c) By balance b/d. (d) By balance c/d.
16. The concept that “an accountant shouldn’t anticipate profit, but must provide for all losses” is known as: (a) conservatism concept (b) consistency concept (c) materiality concept (d) realization concept
17. After the preparation of ledgers, the next step is the preparation of: (a) Trading account (b) Trial balance (c) Profit and loss account (d) None of the above
18. The trial balance checks: (a) Valuation of closing stock (b) valuation of assets (c) valuation of liabilities (d) Arithmetical accuracy of books of accounts.
19. The accountant of the firm M/s ABC is unable to tally the following trial balance. S. No. Account heads Debit (Rs.) Credit (Rs.) 1 Sales 15,000 2 Purchases 10,000 3 Miscellaneous expenses 2,500 4 Salaries 2,500 Total 12,500 17,500
The above difference in trial balance is due to: (a) wrong placing of sales account (b) wrong placing of salaries account (c) wrong placing of miscellaneous expenses account (d) Wrong placing of all accounts
20. The adjustments to be made for prepaid expenses is : (a) Add Prepaid expenses to respective expenses and show it as an asset (b) Deduct prepaid expenses from respective expenses and show it as an asset (c) Add prepaid expenses to respective expenses and show it as a liability (d) Deduct prepaid expenses from respective expenses and show it as a liability
21. Goods sold for cash Rs. 10,000, plus 10% sales tax. Sales a/c will be credited by: (a) Rs. 11,000. (b) Rs. 10,000. (c) Rs. 9,000 (d) None of the above
22. Calls in advance are shown under which head of the Balance Sheet? (a) Addition to Share Capital (b) Separately under Head Share Capital (c) Current Liability (d) Fixed Liability
23. If the debit and credit aspects of a transaction are recorded in the cash Book, it is a: (a) Contra entry (b) Simple entry (c) Double entry (d) Single entry
24. Material costing Rs.700 in the erection of the machinery and the wages paid for it amounting to Rs. 400 should be debited to: (a) Material account (b) Wages account (c) Purchases account (d) Machinery account
25. When shares are forfeited ,the share capital account is debited with _____and the share forfeiture account is credited with________: (a) Paid-up capital of share forfeited; Called up capital of share forfeited (b) Called up capital of share forfeited; Calls in arrear of shares forfeited (c) Called up capital of share forfeited ; Amount received on shares forfeited (d) Calls in arrears of share forfeited ; Amount received on share forfeited
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