Oriental College of commerce and management

Oshiwara, Adarsh nagar, Andheri (W).

Marks : 20
BMS

Duration: 1hours

Sub: F.A/C

Class: F.Y.

Q.1 MATCH THE FOLLOWING COLUMNS

(5)

1.
2.
3.
4.
5.

Column A
Balance sheet
The books containing all
Accounts
Writing down details for future
use
Income and expenses are
recorded when due
The business is separate and
distinct from the owners of the
entity.

a)
b)
c)
d)
e)

Column B
Grouping
Recording
Year-end financial position
Entity
Accrual

Q.2 MULTIPLE CHOICES QUESTIONS

(5)
1. ____________concept is the basic idea that the business is separates from the
owner.
(a) Long life
(b) Continuity (c) entity (d) going concern
2. Income from sales is recorded when actually received, according to the Accounting
Concept of____________.
(a) Cost (b) Conversation (c) Materiality (d) Realisation
3. The last accounting Standard issued by ICAI upto 2014 is AS______________
(a) 9 (b) 26 (c) 31 (d) 32
4. Accounting Standard 1 is______________
(a) Recommendatory (b) mandatory (c) optional (d) no longer valid
5. Debit balance of a Personal A/c shows amount______________
(a) Paid (b) receivable (c) payable (d) received
Q.3 Write a Short Notes on Any Five
(5)
1.
2.
3.
4.
5.
6.

Types of Accounts
Personal accounts
Debit and Credit
Journal
Trade Discount
Cash discount

Q.4 STATE WHETHER TRUE OR FALSE, GIVING REASONS IN BRIEF

(5)

1.
2.
3.
4.
5.

Every transaction is first recorded in the Ledger.

Bank account is a personal account.
Trade discount is not recorded in the books of accounts.
The loan taken should be credited to Capital Account.
For cash purchase, suppliers account is credited.

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