1. Which of the following is not a sub-field of accounting?

(management accounting / book- keeping / cost accounting / Financial

accounting)
2. On 31st December , 2010, Vinayak Ltd purchased a machine from H limited for
Rs. 10,75,000. This is ( year ending on 31st December ):
(A transaction / An
event / none of these / both transaction as well as event)
3. Financial statements users include:
(Shareholders / government / vendors / all
of these)
4. If owners capital is Rs. 1,50,000 ; liability is Rs. 30,000 and fixed assets is Rs.
1,00,000 then what is the value of current assets?
(Rs. 10,000 / Rs. 40,000 /
Rs. 80,000 / Rs. 1,00,000)
5. Rs. 20,000 paid as rent of office premises is an/a:
(event / transaction / both /
none)
6. The problems related to price rise are handled under:
(financial accounting / cost accounting / inflation accounting / management
accounting)
7. Which of these is not available in financial statements of companies:
(total sales / cost of production / capital / total profit and loss)
8. Which of the following is correct? Owners Equity =
(current assets fixed assets) (current liabilities + long term liabilities) /
(current assets + fixed assets) + (current liabilities + long term liabilities) /
(Current assets + fixed assets) Current liabilities + long term liabilities / none)
9. Double accounting system owes its origin to:
(Adam Smith / Kohler / Lucas
Pacioli / Carl Marx)
10.The main objectives of book keeping are:
(complete record of transactions / ascertainment of financial effects on the
business / analysis and interpretation of data / both a and b)
11.At the end of the financial year, after sale of goods worth Rs. 2,00,000 there was
a closing stock of Rs. 70,000. This is:
(a transaction / an event / both event as
well as a transaction / none of these)
12.Financial statements are a part of:
(book keeping / accounting / both a and b
/ none of these)
13.--------of American Institute of Certified Public Accountants enumerated
function of accounting:
(accounting standards board / accounting principles board / accounting concepts
board / none)
14.Management accounting:
(is a clerical work / is accounting for future / is an analysis of the past business
activities / is a recording technique of the management related transactions)
15.The direct advantage of accounting does not include:
(preparation of financial statements / ascertainment of profit or loss /
competitive advantage / information to interested groups)