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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

Team Careers360 7th Jan, 2024

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. 

 

13 Views

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

Team Careers360 19th Jan, 2024

Correct Answer: Scholars who published documents


Solution : The second option is correct.

  • Let's have a look at the 10th sentence from the given paragraph:
    • "Thousands of contracts, accounts, letters, and official documents survive 'on papyrus' and have been published by scholars who are called 'papyrologists'"
  • Upon perusal of the above statement, it can be concluded that papyrologists were the scholars who published documents.

Hence, the correct answer is scholars who published documents.

9 Views

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%
 

Team Careers360 8th Jan, 2024

Correct Answer: 15%
 


Solution : According to the data of 2011-12, Casual workers accounts for 15% of work force.
Hence Option B is correct.

14 Views

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

Team Careers360 5th Jan, 2024

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.

10 Views

Question : The emoluments and allowances of the President and other expenditures relating to his office are charged on the ____________of India.

Option 1: contingency fund

Option 2: estimates fund

Option 3: consolidated fund

Option 4: public accounts fund

Team Careers360 12th Jan, 2024

Correct Answer: consolidated fund


Solution : The correct answer is Consolidated Fund.

The emoluments and allowances of the President and other expenditures relating to his office are charged to the Consolidated Fund of India. The budget consists of two types of expenditure - the expenditure 'charged' upon the Consolidated Fund of India and the expenditure 'made' from the Consolidated Fund of India.

703 Views

Question : Cake and Muffin are partners sharing profits and losses in the ratio of 5: 4. On 1st April, 2016, they admit Cookie as a new partner for 1/6th share in the profits of the firm and the new ratio agreed upon is 3: 2: 1.

Goodwill, at the time of Cookie's admission is to be valued on the basis of capitalisation of the average profits of the last three years. Profits for the last three years were :
Year ended 31st March, 2014 Rs.39,000 (including an abnormal loss of Rs. 9,000).
Year ended 31st March, 2015 Rs.83,000 (including an abnormal gain of Rs.8,000).
Year ended 31st March, 2016 Rs.72,000.

On 1st April, 2016, the firm had assets of Rs.8,00,000. Its creditors amounted to Rs.3,60,000. The firm had a Reserve Fund of Rs. 40,000 while Partners' Capital Accounts showed a balance of Rs.4,00,000.

The normal rate of return expected from this class of business is 13%.

Cookie brings in Rs.2,00,000 for her capital but is unable to bring in cash for her share of goodwill.

The amount of cookie brought his share of goodwill will be .....

Option 1: Rs 60,000

Option 2: Rs 50,000

Option 3: Rs 10,000

Option 4: None of the above

Team Careers360 23rd Jan, 2024

Correct Answer: Rs 10,000


Solution : Answer = Rs 10,000
(i) Calculation of Cookie's Share of Goodwill in the firm :

Calculation of Average Normal Profit:

Year ended Profit Rs.
31st March, 2014 (Rs. 39,000+Rs .9,000) 48,000
31st March, 2015 (Rs 83,000- Rs 8,000) 75,000
31st March, 2016   72,000
    1,95,000

Average normal profit=$\frac{71,95,000}{3}$= Rs 65,000

Capitalised value of average profits= $\frac{\text { Average Normal Profit }}{\text { Normal Rate of Return }} \times 100$= $\frac{3,65,000}{13}$×100= Rs 5,00,000.

Capital employed (Net assets)= Total assets - Outside liabilities = Rs 8,00,000 - Rs 3,60,000= Rs 4,40,000.

Goodwill = Capitalised Value of Average Profits - Net Assets = Rs 5,00,000-Rs 4,40,000= Rs 60,000.

Cookie's share of goodwill= Rs 60,000×$\frac{1}{6}$= Rs 10,000.
Hence, the correct option is 3.

3 Views

Question : According to the data of 2011-12, Regular salaried employees accounts for __ of work force  in rural areas .
 

Option 1: 2%
 

Option 2: 5%
 

Option 3: 9%
 

Option 4: 8%
 

Team Careers360 21st Jan, 2024

Correct Answer: 9%
 


Solution : According to the data of 2011-12, Regular workers accounts for 9% of work force in rural areas.
Hence Option C is correct.

25 Views

Question : Which section of the Partnership Act specifies the mode of settlement of accounts on the dissolution of a partnership firm?

Option 1: Section 48

Option 2: Section 43

Option 3: Section 45

Option 4: Section 47

Team Careers360 7th Jan, 2024

Correct Answer: Section 48


Solution : According to Section 48 of the Indian Partnership Act, 1932:
(a) Loss Provision: Losses, including capital deficits, are to be covered first out of profits, then out of capital, and last, if required, by each partner individually in the percentage of profits that they were entitled to.
(b) Application of assets provision - The firm's assets, including any funds donated by the partners to make up capital shortfalls, shall be applied in the following manner and order:
1. Repayment of loans obtained from outside sources,
2. The repayment of advances and loans made by the partners,
3. Partners' capital payments,
4. In accordance with the profit-sharing ratio, the partners will split the remaining funds.
Hence, the correct option is 1.

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