Answer any Eight questions, each question carries ONE mark. 1. Business organisations does not involve economic events. (State True or False) 2. Accounting is basically concerned with a) Forecasting b) Measurement c) Management d) None of the above 3. GST is a destination based tax on ____ of goods and services. 4. State any one system of Accounting. 5. The process of recording transactions in journal is called __________ 6. Ledger records transaction in a) Chronological order b) Analytical order c) Both (a) & (b) d) None 7. Give an example for error of principle. 8. Name any one party to a bill of exchange. 9. Decreasing in the value of fixed assets is called . 10. The opening capital is ascertained by preparing: a] Cash book b] Creditors A/c c] Debtors A/c d] Opening Statement of Affairs 11. Expand PIN. 12. State any one accounting packages.
Answer any FIVE questions, each question carries TWO marks. 13. Name any two users of Accounting. 14. Mention any two Accounting concepts. 15. State the rules of debit and credit of liabilities 16. State any two reasons for the difference between cash book balance and pass book balance. 17. Name any two methods of preparing the trial balance. 18. State any two types of Reserves. 19. Mention any two differences between capital receipts and revenue receipts. 20. Write any two limitations of computer system.
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