COMMERCE

1. Accounting information free from error leads to:

a. Reliability b. relevance c. understandability d. all of these

2. Financial accounting provides information relating to:

a. Financial b. cost c. decision making d. none of these

3. The external user of accounting information may be :

a. Board of directors b. purchase manager c. sales manager d. tax authorities

4. Modern branches of accounting may be:

a. Social responsibility accounting b. tax accounting
b. c. human resources accounting d. all of these

5. Name a stakeholder who is interested for long-term solvency:

a. Lender b. society c. employees d. investors

6. An economic unit which performs various economic acitivities is called as:

a. Entity b. capital, c. event d. none of these

7. Intangible assets comprise of:

a. Patent b. goodwill c. trademark d. all of these

8. An evidence of a transaction is called as:

a. Voucher b. invoice c. memo d. none of these

9. A type of cost which never contributes for revenue is known as:

a. Expired cost b. lost cost c. unexpired cost d. none of these

10. What is the amount of net profit when merchandising cost=21650; expenses=480 and
sales=24900 ?
a. 2770 b. 3250 c. 47030, d.21170

11. What is the amount of gross profit when opening stock=18000, purchases=78000, cost
of goods sole=106000 sales=149000
a.53000 b.43000 c.17000 (loss) d. 53000(loss)

12. What is the amount of gross profit when net loss=2000, operating expenses=12000,
sales=48000 ?
a. 14000 b. 34000 c. 10000 d.36000
13. What is the amount of sales when merchandising cost=312400, gross profit=42100, net
profit=25400 ?
a.379900 b. 354500 c.337800 d. 287000

14. What is the amount of expenses of doing business (operating expenses) when
sales=150000, gross profit=15000 net loss=4000 ?
a. 11000 b. 131000 c. 19000 d.165000

15. What is the amount of gross profit when net purchases=50000, net sales=50000 and
sales returns=10000 ?
a. 30000 b 20000 c. 70000 d. 40000
16.

17. _________________ is the language of business

18. _____________________ is as old as money itself

19. ____________ ends where _____________ starts

20. _______________ reduces capital

21. Any value attaches to human resources is shown as a/an ____________..

22. Disbursement of cash for acquiring goods and services is _______

23. Reliability and relevance are regarded as __________- attributes of accounting

24. When accounting is regarded as language of business, books of accounts are regarded
as _____________

25. A type of cost which does not contriute fo revenue is called ____

26. Gains denote increase in equiryt due to _____________transactions

27. Book-keeping is a systematic record of all ______________ transctions

28. Scope of accountancy is __________ than that of book-keeping.

29. Accounting records can be produced as __________- in a court of law.

30. In every transaction at least ______ parties are involved.

31. The accounts of the properties which can be touched and seen are ____

32. _______________ is regarded as the father of modern accounting.

33. Relevance, ________________ understanding and ______________-- the qualititative

characteristics of accounting information.

34. Accounting is a _________ whereas Accountancy is a ________

35. Amount payable by the entity to the outsiders is termed as ____________

36. _____________ is the monetary value of the products or services sold to the customers
during the year.

37. __________ is the cost of goods sold plus selling and administrative expenses.

A, A ,D,D,C A,D,A,B,A B,C,B,C,A

16.ACCOUNTING, 17 ACCOUNTING, 18.BOOK KEEPING & ACCOUNTING 19.

DRAWING 20.ASSET 21.EXPENDITURE 22. QUALITATIVE 23. SCRIPTS
24. LOST COST 25. INCIDENTAL 26.FINANCIAL 27. BROADER 28. EVIDENCE
29.TWO 30 TANGIBLE REAL A/C 31LUCA FRIAR PACIDI 32 RELIABILITY
COMPARABILITY 33 DISCIPLINE, PROFESSION 34LIABILITY
35.REVENUE 36COST OF SALES