STPGT TRB Tripura Commerce 2017 Paper
Which one of the following is an exception to the convention of conservatism ?
(a) Making provision to doubtful debts in anticipation of actual bad debtors
(b) Valuation of stock at market price or cost price whichever is higher
(c) Charging of small capital itme as revenue
(d) Adopting written-down value method of depreciation as against straight-line method
Which one of the following is correct accounting equation ?
(a) Asset = Owner’s equity
(b) Asset = Liabilities + Owner’s equity
(c) Asset = Liabilities – Owner’s equity
(d) Assest + Liablilities = Owner’s equity
Which one of the following pairs is NOT a perfect match ?
(a) Suppression of invoice – Window dressing
(b) Overcharging of depreciation – Secret reserve
(c) Omission of cash receipts from debtors – Understatement of sales
(d) Omission of credit sales – Understatement of debtors
Which one of the following is CORRECT with respect to going concern convention ?
(a) The enterprise is not going to terminate its operation in the period ahead
(b) The enterprise may go out of business in the next accounting period
(c) The enterprise may not divert or diversify its operational spheres
(d) The enterprise may not revalue its asset during the current accounting period
Which one of the following items is considered as revenue expenditure ?
(a) Expenditure by the way of maintenance for increased producitivity
(b) Repair of a car engine for enhancement of oeprational life
(c) Complete overhaul of a machine, spending around 22% of its value
(d) Changing a small component of a machine to maintain its operation efficiency
During shifting to their new building, M/s. XYZ Ltd. has spend Rs. 20,000/- for pulling down the old structure and Rs. 2,000/- for shifting of stock to new building. These expenditures are to be classified as
(a) capital expenditure
(b) revenue expenditure
(c) capital expenditure and revenue expenditure respectively
(d) deferred revenue expenditure
Preparation of Trial Balance helps mainly in
(a) summarising business transactions
(b) verifying that ‘GAAP’ has be observed
(c) finalising the sources and uses of fund’s statement
(d) locating errors, if any, in the books of accounts
If Opening stock = Rs. 2,45,000/- , Purchase =Rs.15,00,000/- and Sales = 17,40,000/- and the rate of gross profit = 20% on cost of goods sold, then the closing stock would be
(a) Rs. 3,53,000/-
(b) Rs. 2,95,000/-
(c) Rs. 2,45,000/-
(d) Rs. 1,95,000/-
Income earned but not yet received is treated as
(a) asset
(b) liability
(c) loss
(d) Capital
The capital of a firm is Rs. 80,000/-. The reasonable return in the industry is 7.5%. If the profits earned by the firm during last five years were Rs.8000/-, Rs. 9000/-, Rs. 7000/-, Rs. 8500/- and Rs. 10,000/- then the superprofit of the firm is
(a) Rs. 2,000/-
(b) Rs. 2,500/-
(c) Rs. 3,000/-
(d) Rs. 3,500/-
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