MB0025_Financial_and_Management_Accounting_M

MB0025_Financial_and_Management_Accounting_M - MODEL...

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MODEL QUESTION PAPER SUBJECT CODE: MB0025 SUBJECT : FINANCIAL AND MANAGEMENT ACCOUNTING SECTION A 1. Accounting was practiced through the means of cones, discs, spheres and pellets representing the token to measure commodities like sheep, clothing or bread. In which civilization this type of practice was prevalent? a. Indian civilization b. Babylonia c Rome d. America 2. One of the ingredients responsible for the creation of double entry book keeping is Private property. What does this mean? a. Power to transfer physical possession of goods b. Right to modify the ownership of goods c. Right to transfer ownership of goods from one person to another d. Right to transfer public property from one person to another. 3. What new branch of accounting did emerge from industrial revolution? a. Financial Accounting b. Management Accounting c. Government Accounting d. Cost Accounting 4. A business unit is set up to exist for a long time. It is a. Convention b. Concept c. Practice
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d. Luck 5. Building is an asset, depreciated usually under fixed installment method. Is it a. Unreasonable habit b. Concept c. Convention d. Necessity 6. Accounting Principles are based on a. Practicability b. Subjectivity c. Convenience d. Arbitrary practice 7. What do you understand by an 'Account'? a. It is an indicator of a head b. It is part and parcel of Accountancy c. It is a summary of transactions pertaining to a particular head d. It is commonly used accounting terminology 8. What is a personal account? a. Account relating to individuals and persons. b. It is a private account c. It is an individual transaction d. It is not real or nominal account. 9. What is a real Account? a. Account which is truthful b. Account which is existing c. Account which is tangible and can be felt d. Account which is not personal 10. What is a control entry a. Affecting may accounts b. Affecting cash and discount a/c
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c. Affecting cash and bank account in reverse opposite direction d. Affecting bank and discount a/c 11. What is the objective of allowing discount a. To encourage customers b. To build image of the business c. To encourage prompt payment of cash by customer d. Routine convention 12. Bank columns in a three column cash book indicate a. Banks transaction b. Cash transactions c. Receipts payments of cash by proprietor d. Cash transactions with and from banker 13. What is balancing of ledger account? a. Keeping equal amount on both sides of an account b. Equating both sides of an account with lower amount c. Finding excess of debit over credit or vice versa in order to equate the amount on both sides of an account d. Finding excess of debit over credit and vice versa 14. What is the need for balancing an account? a. To prepare trial balance
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MB0025_Financial_and_Management_Accounting_M - MODEL...

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