Oriental College of commerce and management

Oshiwara, Adarsh nagar, Andheri (W).

Marks : 20 Duration: 1hours Sub: F.A/C Class: F.Y. BMS
Q.1 MATCH THE FOLLOWING COLUMNS (5)

Column A Column B
1. Balance sheet a) Grouping
2. The books containing all Accounts b) Recording
3. Writing down details for future use c) Year-end financial position
4. Income and expenses are recorded d) Entity
when due e) Accrual
5. The business is separate and distinct
from the owners of the entity.

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(a) Recommendatory (b) mandatory (c) optional (d) no longer valid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. Types of Accounts
2. Personal accounts
3. Debit and Credit
4. Journal
5. Trade Discount
6. Cash discount

Q.4 STATE WHETHER TRUE OR FALSE, GIVING REASONS IN BRIEF (5)

1. Every transaction is first recorded in the Ledger.

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