LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer

Question Essentials for effective implementation of budgetary control
system are :-
Correct Answer Continuous budget education , Commitment of top management
, Clearly defined objectives
Your Answer Commitment of top management , Clearly defined objectives ,
Continuous budget education

Select The Blank

Question The process of recording the business transactions in a defined
set of records is referred to as ________.
Correct Answer Balance sheet

Your Answer Profit and Loss Account

True/False
Question Balance sheet indicates the financial status of the business at
given period.
Correct Answer True

Your Answer True

Select The Blank

Question Interest on capital is an allowable expenditure for partnership
firms, as per the provisions of the ________ .
Correct Answer Income Tax Act, 1961

Your Answer Income Tax Act, 1961

True/False
Question Accounting refers to the process of analyzing & interpreting the
information already recorded in the books of accounts.
Correct Answer True

Your Answer True

Multiple Choice Single Answer

Question Double entry system of accounting follows the principle of :-

Correct Answer Every debit has corresponding credit

Your Answer Every debit has corresponding credit

Select The Blank

Question Number of days inventory is held can be calculated by dividing
number of days in a year by ________.
Correct Answer Inventory turnover ratio

Your Answer Average stock