Inter Law and Accounts Scholarship Test 1

1. Bookkeeping mainly consists of ____________ part of the accounting process.

2. The ledger column that links the entry with the journal is called as.

3. The essence of Sub-Ordinate legislation can be found in which Article of the Constitution of India, 1950?

4. Case of appropriation of goods, which are the essential requirements:

5. A Share Certificate is a —

6. Which option gives a review report on the firm’s financial status at a specified date?

7. How many types of communication takes place in an organisation?

8. In a Book depot a catalogue of books enlisting the price of each book and specifying the place where the particular book is available is :

9. Business communications help in establishing ________________ when marketing?

10. A contract which is vitiated by undue influence is declared as which one of the following by the Indian Contract Act?

11. Which business communication usage provides a bird’s eye view on a matter?

12. Use of coupons and samples come under which mode of marketing communication?

13. A telephonic acceptance is complete when the offer is :

14. Section 19 of the Sale of Goods Act, deals with passing of property of ___________ goods.

15. Direct expenses are also known as ______________.

16. Communication that originates at a lower level and flows to a higher level is called -

17. CAS ____ Captive Consumption

18. A credit entry in a real account means

19. Determine Cost Of Goods Sold, Cost of production = 35000, Opening stock of finished goods = 5000, Closing Stock of Finished Goods = 10000, Delivery Van Expenses = 10000, Salesman Commission = 2000.

20. Which oh the following will not be included in the Factory Overheads

21. What is used in preparing trial balance?

22. A’ threatened to commit suicide if his wife did not execute a sale deed in favour of this brother. The wife executed the sale deed. This transaction is:

23. Which of the following is a real account

24. Under what Article of the Constitution of India, 1950 is The President of India empowered to make an Ordinance?

25. In which business communication, a speaker has to clearly speak for or against a topic?

26. The difference between an advertisement for sale and a proposal is :

27. An offer does not lapse if the :

28. Includes face to face interaction with customers for closing the sale?

29. Under the balance method, which one of the following is used to prepare the trial balance at the end of an accounting period:

30. Transfer of documents of title to the goods sold to the buyer, amounts to :

31. Which of the following is not a book of original entry.

32. Interest on own fund is a kind of

33. Over which of the following costs, management is likely to have least control -

34. Debit Note is issued for purchased goods returned to

35. which of the following items is excluded from cost Accounts?

36. A catalogue of the goods of a company for sale ________ a series of offers but only an invitation for offers.

37. Company B had ₹30000 account receivable from Company D. On 26^th February, Company D made a partial payment of ₹21000 to Company B. The journal entry made by Company D to record this transaction is _________.

38. Under section 118 of the Negotiable Instruments Act, 1881, it is presumed, until the contrary is proved, that every transfer of a negotiable instrument was made :

39. The undertaking contained in a promissory note, to pay a certain sum of money is :

40. What kind of acceptance is known as when the bill is accepted without any condition?

41. M and N enter into a joint venture where M supplies goods worth ₹6000 and spends ₹300 on expenses. N sells the entire lot for ₹7,800 meeting selling expenses amounting to ₹300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be:

42. At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

43. The term ‘Negotiable instrument’ is defined in the Negotiable Instruments Act, 1881, under section:

44. The unsold stock on consignment is valued at-

45. Money Bill is introduced in which House of the Parliament?

46. What is the minimum number of accounts affected by any business transaction?

47. Journal is also called a?

48. Misrepresentation means:

49. The general rule of Sale of Goods Act is, risk prima facie passes with :

50. Cost accounting system that determines cost in advance

51. Cheque is a __________.

52. In case of ________________ Costing, costs are ascertained only after they have been incurred.

53. X promises to supply Y one tola of gold brought from the sun. This is

54. Which of the following errors will be rectified through a suspense account?

55. Which Of the following is not the basis of classification of Cost

56. Second hand furniture worth ₹6,000 was purchased. It was repaired for ₹600 and installed by workmen to whom ₹200 was paid as wages. The furniture should be capitalised for

57. In a Passenger Transport ________________ is used as an appropriate cost unit.

58. If an organisation is following framework prescribed by IRDAI then the framework is

59. Sale of the old newspaper is ______.

60. Consignment Stock is valued

61. Rent paid by cheque is recorded in

62. Communication among employees at the same level in the organizational structure is called -

63. The receipt and the payment account are the summaries of which the following?

64. P sold goods to Q on consignment. Q sold the goods to R. R sold the goods to S. Who is the debtor in the books of P :

65. ”Nemo dat quad non habet”, means:

66. Under Sec.2(4) of the Sale of Goods Act, a delivery order enabling a person to obtain delivery on payment of price is :

67. What is the situation called when a bad image of the company is created?

68. The term ‘negotiation’ in section 14 of the Negotiable Instruments Act, 1881 refers to :

69. Which Article in the Constitution of India, 1950 has provisions for introduction of a bill in the Parliament of India?

70. Voluntary transfer of possession from one person to another is called as :

71. Soap industry use which costing method

72. What will be the current classification of Goodwill & bill discounted but not matured respectively

73. A person is deemed to be in a position to dominate the will of another if he:

74. With regard to the contractual capacity of a person of unsound mind, which one of the following statements is most appropriate?

75. The ₹1000 of the rent is debited to the landlord’s account; what will serve as a rectification entry for the above error?

76. Appropriation of goods means :

77. In a promissory note, the amount of money payable :

78. Presentation of Cost is known as

79. Bank reconciliation statement compares a bank statement with _________

80. Which of the following should be avoided in the Group discussion?

81. If an instrument may be construed either as a promissory note or bill of exchange, it is :

82. A system in which accounting entries are made on the basis of amounts having become due for payment or receipt is called

83. CAS on employee cost

84. While obtaining the consent of the promisee, keeping silence by the promisor when he has a duty to speak about the material facts, amounts to consent obtained by:

85. Which of the following accounts will be affected by a transaction where the company receives from a debtor?

86. What are the sources of law?

87. A Bill of Lading is a —

88. Among these transactions, which transaction will have no impact on stockholders’ equity?

89. The error which can be disclosed by trial balance is ________.

90. If a party stands in a fiduciary relation to the other:

91. A bill of exchange contains a/an :

92. The main objective of book keeping is to

93. Factors vitiating consent are:

94. Cash Account will be included in which type of ledger

95. If a minor draws, endorses, delivers or negotiates an instrument, such instrument binds :

96. Which bill is drawn and accepted in the same country?

97. Voidable contract is one :

98. Which of the following is true

99. Consider the following:

1. Active concealment of fact.
2. Promise made without any intention of performing it.
3. Breach of duty which gains an advantage to the person committing it.
4. Inducing mistakes as to subject matter. Which of the above amount to fraud?

100. When it is compared that how much benefit is derived by incurring some cost is known as