INTERVIEW QUS ON ACCOUNTANCY

 

                                                 

1.	The only feasible purpose of financial management is
	a) Wealth Maximization	b) Sales Maximization
	c) Profit Maximization	d) Assets maximization
2	Capital A/c is a _______ A/c
	a) Personal	b) Real
	c) Nominal	d) None of these
3	Finance Function comprises
	a) Safe custody of funds only	b) Expenditure of funds only
	c) Procurement of finance only	d) Procurement & effective use of funds
4	Cash A/c is a ________ A/c
	a) Personal	b) Real
	c) Nominal	d) None of these
5	Mr. Customer purchased goods from Mr. Seller on credit. This is a/an
	a) Event	b) Transaction
	c) Both Event & Transaction	d) None of these
6	Sales – Gross Profit = ________
	a) Cost of goods sold	b) Net sales
	c) Gross Sales	d) Liabilities
7	The first step of accountancy is
	a) Journal Entry	b) Ledger Posting
	c) Balancing of Accounts	d) Trial Balance
8	Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the cost two air conditioners will be debited to
	a) Drawing account	b) Capital Account
	c) Fixed assets	d) Purchases account
9	Cash is an example of
	a) Personal Account	b) Real Account
	c) Nominal Account	d) Both Personal Account And Real Account
10	For every debit there will be an equal credit according to
	a) Matching concept	b) cost concept
	c) Money measurement concept	d) Dual aspect concept
11	A part of the profit distributed to the shareholders is known as
	a) Reserve & Surplus	b) Retained Earnings
	c) Dividend	d) Net Profit
12	The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed
	a) Going concern	b) Accrual
	c) Consistency	d) Materiality
13	The account which can never have a credit balance is
	a) Bank	b) Cash
	c) Debtor	d) Creditor
14	Profit and loss is calculated at the stage of
	a) Recording	b)  Posting
	c) Classifying	d) Summarising
15	The short description of a transaction written at the end of a journal entry is known as _______________.
	a) Summary	b) Narration
	c) Memo	d) Info
16	In what order do managers typically perform the managerial functions?
	a) organising, planning, controlling, leading	b) organising, leading, planning, controlling
	c) planning, organising, leading, controlling	d) planning, organising, controlling, leading
17	The basic unit of measurement of the accounting system is ______________.
	a) Money	b) Finance
	c) Weight	d) None of these
18	Who of the following is the industrial philanthropist?
	a) Frederick Taylor	b) Seebohm Rowntree
	c) Henry Ford	d) Max Weber
19	Which of the following events is not a transaction?
	a) Mr. Employer paid salary of Rs.9,000 to Mr. Employee	b) Rahul sold his bicycle to Rohan for Rs.600
	c) Abhijeet gifted a book, priced at Rs.800, to Amit.	d) None of these
20	What are the three interpersonal roles of managers?
	a) Figurehead, leader and liaison	b) Spokesperson, leader, coordinator
	c) Director, coordinator, disseminator	d) Communicator, organiser, spokesperson
21	Choose the odd one out
	a) Wages	b) Stationery
	c) Sales	d) Furniture
22	What is a social enterprise concerned with?
	a) Profit maximization	b) Maximising market share
	c) Providing public service	d) Running a business to create social benefits
23	Copyright is an example of
	a) Real Account	b) Asset
	c) Intangible Asset	d) All of these
24	In management process, the most misinterpreted word is
	a) Organizing	b) Delegating
	c) Controlling	d) Planning
25	WDV stands for
	a) Written Down Valuation	b) Write Down Value
	c) Written Down Value	d) Writing Down Value
26	The department(s) that an event management company will have is (are)
	a) Creative	b) Production
	c) Client servicing	d) All of these
27	WIP stands for
	a) Working Progress	b) What-in-Progress
	c) Work-in-Progress	d) Works-in-Progress
28	Which theory assumes that people are naturally lazy and will avoid work and responsibilities if possible?
	a) Theory X	b) Theory Y
	c) Theory Z	d) None of these
29	E. & O.E.
	a) Errors & Omissions Expected	b) Error & Omission Expected
	c) Errors & Omissions Entered	d) Errors & Omissions Excepted
30	Who is the person you have to give importance under the company’s checklist before making call to the consultant.
	a Managers	b) Employees
	c) Customer	d) All of these
31	Term "Credit" means_______ by the business.
	a) Receiving of benefits	b) It has no effect on business
	c) Providing of benefits	d) It depends upon items
32	The word________denotes a function, a task, a discipline.
	a) Management	b) Leadership
	c) Motivation	d) None of these
33	When a Liability is reduced or decreased, it is recorded on the:
	a) Left or credit side of the account	b) Right or debit side of the account
	c) Right or credit side of the account	d) Left or debit side of the account
34	Adequate motivation of employees results in:
	a) fostering in-disciplines among the subordinates	b) boosting the morale of the subordinates
	c) decreasing the productivity of subordinates	d) all of these
35	Which of the following is NOT an example of intangible assets?
	a) Franchise rights	b) Goodwill
	c) Patents	d) Land
36	Establishing standards, comparing actual results with standards and taking corrective actions are the steps included in the process of
	a planning	b) controlling
	c) directing	d) organizing
37	Deewali advance given to an employee is
	a) Revenue Expenditure	b) Capital Expenditure
	c) Deferred Revenue Expenditure	d) Not an Expenditure
38	Successful coordination of activities results from effectively carrying out the function:
	a) planning	b) organizing
	c) staffing	d) all of these
39	The process of recording financial data upto trial balance is
	a) Book keeping	b) Classifying
	c) Summarising	d) Analyzing
40	Calculate the gross profit if; Sales Rs. 6,000; cost of sales Rs. 5,000; opening stock Rs. 1,000; purchases Rs. 4,000; wages Rs. 2,000 and office rent Rs. 1,000
	(a) Loss Rs. 2,500	(b) Loss Rs. 1,500
	(c) Profit Rs. 2,500	(d) Profit Rs. 1,000
41	The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
	a) Money measurement	b) Cost
	c) Entity	d) Dual aspect
42	A balance sheet is designed to show::
	(a) The financial position of an enterprise under accounting conventions	(b) What the enterprise could be sold for
	(c) The performance of the enterprise for the year	(d) What it would cost to set up a similar enterprise
43	If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____
	a) Dr Drawing A/c & Cr Purchases A/c	b) Dr Office Expenses A/c & Cr Motor Car A/c
	c) Dr Motor Car A/c & Cr Purchases A/c	d) Dr Motor Car & Cr Sales A/c
44	A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is:
	(a) Debit Salaries Payable, $12,000; credit Cash, $12,000	(b) Debit Salary Expense, $12,000; credit Drawing, $12,000
	(c) Debit Salaries Payable, $12,000; credit Cash, $12,000	(d) Debit Salary Expense, $12,000; credit Drawing, $12,000
45	If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited.
	a) Wages, Cash	b) Premises, Cash
	c) Cash, Wages	d) Cash, Premises
46	Earnings are the result of the difference between:
	(a) Revenue and assets	(b) Revenue and liabilities
	(c) Revenue and expenses	(d) Liabilities and expenses.
47	Which of the following is not a Real Account?
	a) Cash A/c	b) Investments A/c
	c) Out standing rent A/c	d) Purchases A/c
48	Which of the following is true for every adjusting entry
	(a) They affect only income statement accounts	(b) They affect balance sheet account and an income statement account
	(c) They affect only balance sheet accounts	(d) They affect only accounts with normal debit balance
49	Small items like, pencils, pens, files, etc. are written off within a year according to_________ concept.
	a) Materiality	b) Consistency
	c) Conservatism	d) Realisation
50	The long-run objective of financial management is to
	(a) Maximize the value of the firm's common stock	(b) Maximize return on investment
	(c) Maximize earnings per share	(d) Maximize market share

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