Accounts
Since you already have a post-graduate degree and experience working in the accounts and finance department, you can pursue professional certifications in the field to get an increment in your salary. Certifications like CPA or CMA can enhance your skills leading to better salary prospect.
You can also consider courses in areas such as financial analysis, risk management, or taxation.
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Question : On firm dissolution, which one of the following accounts should be prepared at the last?
Option 1: Realization account
Option 2: Partner's capital account
Option 3: Partner's loan account
Option 4: Cash account
Correct Answer: Cash account
Solution : Answer = cash account The cash or bank account is prepared at last. The balance of the cash account and the receipts during the process of dissolution has to be equal to the payments to outsiders and partners. With the cash account, all the accounts will stand closed. It reflects the final disposition of cash assets after settling all liabilities, ensuring an accurate depiction of the firm's financial position at the close of its operations. Hence, the correct option is 4.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
Option 1: Rs. 5,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 40,000 Debited to Revaluation Account.
Option 3: Rs. 25,000 Debited to Revaluation Account.
Option 4: Rs. 40,000 Credited to Revaluation Account.
Correct Answer: Rs. 25,000 Debited to Revaluation Account.
Solution : Answer = Rs. 25,000 Debited to Revaluation Account
W. Compensation Reserve A/c Dr 20,000
Revaluation A/c Dr 25000
To Claim for Compensation - 45000 Hence, the correct option is 3.
Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).
R died on 1st April 2018. The firm’s profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). Determine the amount that should be credited to R in respect of his share of goodwill.
Option 1: Rs 90,000
Option 2: Rs 30,000
Option 3: Rs 45,000
Option 4: Rs 60,000
Correct Answer: Rs 45,000
Solution : Answer = Rs 45,000
Total Profits = 1,20,000 + 60,000 + (-20,000) + 80,000 = 2,40,000 R's Share of Profit = 2,40,000 * 3/8 = 90,000 Goodwill = 90,000 * 1/2 (50%) = 45000 Hence, the correct option is 3.
Question : Alberuni's travel accounts are particularly valuable for their insights into which area of study?
Option 1: Military tactics
Option 2: Philosophical thought
Option 3: Linguistic diversity
Option 4: Astrological beliefs
Correct Answer: Philosophical thought
Solution : Alberuni's travel accounts are particularly valuable for their insights into philosophical thought. He engaged with the intellectual traditions of the regions he visited, providing a unique perspective on the philosophical and scientific knowledge of the time.
Question : Comprehension:
Read the passage and answer the questions that follow.
The Roman Empire covered a vast stretch of territory that included most of Europe as we know it today and a large part of the Fertile Crescent and North Africa. The Roman Empire embraced a wealth of local cultures and languages; women had a stronger legal position then than they do in many countries today; but also that much of the economy was run on slave labor, denying freedom to substantial numbers of persons. From the fifth century onwards, the empire fell apart in the west but remained intact and exceptionally prosperous in its eastern half. Roman historians have a rich collection of sources to go on, which we can broadly divide into three groups: (a) texts, (b) documents and (c) material remains. Textual sources include letters, speeches, sermons, laws, and histories of the period written by contemporaries. These were usually called ‘Annals’ because the narrative was constructed on a year-by-year basis. Documentary sources include mainly inscriptions and papyri. Inscriptions were usually cut on stone, so a large number survived, in both Greek and Latin. The ‘papyrus’ was a reed-like plant that grew along the banks of the Nile in Egypt and was processed to produce sheets of writing material that was very widely used in everyday life. Thousands of contracts, accounts, letters, and official documents survive ‘on papyrus’ and have been published by scholars who are called ‘papyrologists’. Material remains include a very wide assortment of items that mainly archaeologists discover (for example, through excavation and field survey), for example, buildings, monuments and other kinds of structures, pottery, coins, mosaics, and even entire landscapes. Each of these sources can only tell us just so much about the past, and combining them can be a fruitful exercise, but how well this is done depends on the historian’s skill!
Question:
Who were papyrologists?
Option 1: People who processed papyrus into sheet
Option 2: Scholars who published documents
Option 3: Farmers who cultivated papyrus
Option 4: People who surveyed the reed like plants along the Nile
Correct Answer: Scholars who published documents
Solution : The second option is correct.
Hence, the correct answer is scholars who published documents.
Question : According to the data of 2011-12, Casual workers accounts for __ of work force in urban areas.
Option 1: 45%
Option 2: 15%
Option 3: 25%
Option 4: 35%
Correct Answer: 15%
Solution : According to the data of 2011-12, Casual workers accounts for 15% of work force. Hence Option B is correct.
Question : Which of the following accounts are opened when partners have fluctuating capital?
Option 1: Capital A/cs
Option 2: Current A/cs
Option 3: Both Capital A/cs and Current A/cs
Option 4: Either Capital of Current A/cs
Correct Answer: Capital A/cs
Solution : Only Capital A/c is opened when partners have fluctuating capital. Hence, the correct option is 1.
Question : On 1st April 2013, a Limited Company issued 11% Rs. 10,00,000 debentures at a discount of 6%, repayable at the end of 5 years at par. Assume that the accounts are closed on 31st March each year. Calculate the amount of discount to be written off at the end of March 31, 2016.
Option 1: Rs. 60,000
Option 2: Rs. 12,000
Option 3: Rs. 10,000
Option 4: Rs. 20,000
Correct Answer: Rs. 12,000
Solution : Answer = Rs. 12,000
Discount on issue of debentures = Rs.60,000. Amount of discount to be written off at the end of March 31, 2016, = $\frac{Rs.60,000}{5}$= Rs.12,000. Hence, the correct option is 2.
Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?
Option 1: Partner's Capital Account Debit with 28,000
Option 2: Partner's Capital Account Credit with 34,000
Option 3: Realisation Account Credit with 34,000
Option 4: Realisation Account debited with 34,000
Correct Answer: Partner's Capital Account Debit with 28,000
Solution : Answer = Partner's Capital Account Debit with 28,000 When an investment valued at Rs 34,000 is taken over by any partner by Rs 28,000. Partner capital account will be debited by Rs 28,000 and credited to the realisation account by Rs 28,000. Partner's capital a/c......Dr 28,000 To Realisation a/c 28,000. Hence, the correct option is 1.
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