· PDF file1/25/2017 Staff Selection Commision 3/35

1/25/2017 StaffSelectionCommision
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QID:02501Creatingprovisionforbad&doubtfuldebtsisanapplicationofwhichofthefollowingprinciples/concepts:
/?Options:1)RealisationPrinciple2)FullDisclosure3)Conservatism4)MoneyMeasurementCorrectAnswer:ConservatismCandidateAnswer:RealisationPrincipleQID:02502AcompanyhasamachinerycostingRs.5,00,000.Depreciationischargedasfollows:Yr2010Rs.50,000Yr2011Rs.30,000Yr2012,2013Rs.50,000Whichprincipleisviolated?
5,00,000201050,000201130,0002012,201350,000?Options:1)Materiality2)Substanceoverform3)ConsistencyPrinciple4)TimelinessCorrectAnswer:ConsistencyPrincipleCandidateAnswer:ConsistencyPrincipleQID:02503Ifaliabilityisdecreased,thenfortheassettobeconstant,therewillbeacorresponding:
,
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REGISTRATIONNUMBER:EXAMDATE:2December2016EXAMNAME:SSCExamination2016TOTALMARKS:200
CANDIDATENAME:KnowledgePhilic.comEXAMSTARTTIME:14:45:00EXAMDURATION:02:00Hrs
TOTALNOOFQUESTIONS:100
http://thepracticetest.in/csdecjan17/logout.php?appid=1368062d74107fc05177712c90c3885chttp://164.100.78.55/challengesystem/sendrollno.jsp?rollno=3010093876KnowledgePhilic.com1.ashutoshtiwari@gmail.comTypewritten textSSC CGL 2016 Tier 2 AAO Paper

Options:1)IncreaseinCapital
2)DecreaseinCapital
3)DecreaseinProfit
4)DecreaseinAsset
CorrectAnswer:IncreaseinCapital
CandidateAnswer:IncreaseinCapital
QID:02504Withdrawalofgoodsfromstockbytheownerofthebusinessforpersonaluseshouldberecordedby
?Options:1)DebitingStockAccountandCreditingCapitalAccount
2)DebitingCapitalAccountandCreditingDrawingAccount
3)DebitingDrawingAccountandCreditingStockAccount
4)DebitingStockAccountandCreditingDrawingAccount
CorrectAnswer:DebitingDrawingAccountandCreditingStockAccount
CandidateAnswer:DebitingStockAccountandCreditingDrawingAccount
QID:02505AsecondhandcarwaspurchasedforRs.2,00,000anddepreciationischarged@10%onwrittendownvaluemethodandcarissoldafter2yearsforRs.1,40,000.Findtheprofitorlossonthesaleofthecar.
2,00,00010%1,40,000?Options:1)LossofRs.20,00020,000
2)LossofRs.22,00022,000
3)LossofRs.11,00011,000
4)ProfitofRs.11,00011,000
CorrectAnswer:LossofRs.22,00022,000
CandidateAnswer:LossofRs.22,00022,000
QID:02506Whichofthefollowingistrue?
?
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Options:1)PaymentofliabilityCausesanincreaseinOwnersequity
2)TheCollectionofanAccountReceivablewillcausetotalassetstoincrease
3)TheaccountingequationisAssets+Liability=Owner'sequity:+=
4)Purchaseofanasset,eitherincashorCredit,doesnotchangetheownersequity
CorrectAnswer:Purchaseofanasset,eitherincashorCredit,doesnotchangetheownersequity
CandidateAnswer:TheCollectionofanAccountReceivablewillcausetotalassetstoincrease
QID:02507Whichofthefollowingistruewhendebtorpayshisdues?
?Options:1)AssetsideofTheBalancesheetwilldecrease
2)AssetsideofTheBalancesheetwillincrease
3)TheliabilitysideofTheBalancesheetwillincrease
4)Thereisnochangeintotalassetortotalliabilities
CorrectAnswer:Thereisnochangeintotalassetortotalliabilities
CandidateAnswer:AssetsideofTheBalancesheetwillincrease
QID:02508Onlysignificanteventswhichaffectthebusinessmustberecordedaspertheprincipleof
,?Options:1)SeparateEntity
2)Accrual
3)Materiality
4)GoingConcern
CorrectAnswer:Materiality
CandidateAnswer:SeparateEntity
QID:02509TreatmentofGoodsgivenasfreesamplesare
::
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Options:1)AddedtoCarriageInward2)AddedtoBadDebts3)DeductedfromAdvertisementExpenses4)DeductedfromPurchasesCorrectAnswer:DeductedfromPurchasesCandidateAnswer:DeductedfromPurchasesQID:02510ShyamboughtgoodshavingthelistpriceofRs.50,000fromRamless20%tradediscount&2%cashdiscountandpaid40%bycheque.WhatistheamountpaidbyShyam?
50,00020%2%40%?Options:1)Rs.16,00016,0002)Rs.15,68015,6803)Rs.19,60019,6004)Rs.15,60015,600CorrectAnswer:Rs.15,68015,680CandidateAnswer:Rs.15,68015,680QID:02511Whichofthefollowingistrue?
?Options:1)BankAccountisaPersonalAccount.2)StockofStationeryAccountisaNominalAccount.3)ReturnInwardAccountisapersonalAccount.4)OutstandingRentAccountisaNominalAccount.CorrectAnswer:BankAccountisaPersonalAccount.CandidateAnswer:ReturnInwardAccountisapersonalAccount.QID:02512PeriodictotalofPurchasedaybookispostedto
?
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Options:1)CreditorAccount
2)DebtorAccount
3)PurchaseAccount
4)PurchaseMemorandumAccount
CorrectAnswer:PurchaseAccount
CandidateAnswer:PurchaseAccount
QID:02513Whichofthefollowingstatementsistrue?
?Options:1)BankchargesincreasedebitbalanceshownasperBankcolumnofthecashBook
2)BankchargesincreasedebitbalanceasperBankpassBook
3)AcashsaleofanontradingassetisrecordedintheJournalproper
4)Cashdiscountallowedbythebusinesswillappearonthedebitsideofthedebtorsaccount
CorrectAnswer:BankchargesincreasedebitbalanceasperBankpassBook
CandidateAnswer:BankchargesincreasedebitbalanceasperBankpassBook
QID:02514AfterthepreparationofLedgers,thenextstepisthepreparationof
?Options:1)TradingAccount2)TrialBalance3)ProfitandLossAccount4)BalancesheetCorrectAnswer:TrialBalanceCandidateAnswer:BalancesheetQID:02515TotalofSaleBookwasnotpostedtotheledger.Whatisthekindoferror?
?
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Options:1)Errorofomission2)Errorofcommission3)Errorofprinciple4)CompensatingerrorCorrectAnswer:ErrorofomissionCandidateAnswer:ErrorofcommissionQID:02516Whichofthefollowingstatementsiscorrect?
?Options:1)InventoryvaluationaffectsonlytheIncomeStatement.
2)UndercastingorOvercastingofsubsidiaryBookisanerrorofcommission.
3)Capitalexpenditurewronglytreatedasrevenueexpenditureiserrorofcommission.
4)Inventoryshouldbevaluedatlowerofhistoricalcostandcurrentreplacementcost.
CorrectAnswer:UndercastingorOvercastingofsubsidiaryBookisanerrorofcommission.
CandidateAnswer:UndercastingorOvercastingofsubsidiaryBookisanerrorofcommission.
QID:02517
Options:1)A3,B2,C1,D4
2)A3,B2,C4,D1
3)A3,B4,C2,D1
4)A3,B4,C1,D2
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CorrectAnswer:A3,B4,C2,D1
CandidateAnswer:A3,B4,C2,D1
QID:02518Whichofthefollowingistruerelatingtoatrialbalance?
?Options:1)Ifatrialbalancetallies,notransactionisomitted.
2)Atrialbalancedoesnottallyifatransactionisomitted.
3)ItismandatorilypreparedtoensurecorrectnessofaBalancesheet.:
4)AtrialbalanceisasummaryoftheGeneralLedgerBalancesoutstandingonaparticulardate.,
CorrectAnswer:AtrialbalanceisasummaryoftheGeneralLedgerBalancesoutstandingonaparticulardate.,
CandidateAnswer:AtrialbalanceisasummaryoftheGeneralLedgerBalancesoutstandingonaparticulardate.,
QID:02519WhichofthefollowingerrorswillberevealedbytheTrialBalance?
?Options:1)Compensatingerror2)Errorsofomission3)Errorsofprinciple4)WrongbalancingofaccountsCorrectAnswer:WrongbalancingofaccountsCandidateAnswer:WrongbalancingofaccountsQID:02520PrepaidexpensesarevaluedinBalancesheetat
?Options:1)ReplacementCost
2)CurrentCost
3)Costtoacquirelessaccumulatedamortization
4)Costlessexpiredportion
CorrectAnswer:Costlessexpiredportion
CandidateAnswer:Costlessexpiredportion
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QID:02521Whichofthefollowingequationsiscorrect?
?Options:1)GrossProfit+Sales+Directexpenses+Purchases+Closingbalance=OpeningStock++++=2)GrossProfit+Sales+DirectExpenses+PurchasesClosingstock=OpeningStock+++=3)GrossProfit+Openingstock+DirectExpenses+PurchasesClosingstock=Sales+++=4)GrossProfitOpeningstock+DirectExpenses+Purchases+Closingstock=Sales+++=CorrectAnswer:GrossProfit+Openingstock+DirectExpenses+PurchasesClosingstock=Sales+++=CandidateAnswer:GrossProfit+Openingstock+DirectExpenses+PurchasesClosingstock=Sales+++=QID:02522Atthetimeoffinalizationofaccounts,baddebtrecoveredaccountwillbetran

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· PDF file1/25/2017 Staff Selection Commision 3/35