“THE HOME OF SUCCESS”
OMTEXCLASSESI ST PRELIMINARYEXAMINATION
BOOK KEEPING &ACCOUNTANCYGROUP:
TIME: - 3 HRS DATE: - 16.11.2010 DAY - TUESDAYMARKS: -100
Q1. Answer Any four of the following. (20 marks)A. Answer the following. (5)
What is Balance Sheet?Ans. A balance sheet is a statement showing the financial position of the business in theform of its assets and liabilities on a particular date.2.
Who is co
venture?Ans. A co
venture is a temporary partner of joint
venture business only.3.
What is Super Profit?Ans. Super profit is the profit earned over and above the normal return on the capitalemployed by the business firm.4.
What is Endorsement of Bill?Ans.
Endorsement of a bill is the holder’s signing on its back with the intention of
transferring its title or ownership to another.5.
What is Good will of the firm?Ans. Goodwill is the monetary value of the reputation of a firm as measured in terms of its expected future profits.
B. Write word/term/phrase which can substitute each of the followings: (5)
Reputation of a firm expressed in terms of money.Ans. Goodwill.2.
Payment of expenses before they have become due.Ans. Prepaid Expenses.3.
Payment of bill of exchange before its due date at rebate.Ans. Retirement of Bill of Exchange.