Guwahati High Court Junior Accounts Assistant Accountancy 2021 paper
Which of the following rules of accountancy are correct ?
(i) Debit the receiver and credit the giver.
(ii) Debit what comes in and credit what goes out.
(iii) Debit all incomes and credit all expenses.
(a) (i) only
(b) (i) & (ii)
(c) (i), (ii) & (iii)
(d) None of the above
Wrong posting either of amount or on the wrong side are called –
(a) Errors of commission
(b) Errors of omission
(c) Errors of principle
(d) Compensating errors.
Nominal Accounts deals with
(a) Accounts of Creditors
(b) Accounts of Customers
(c) Accounts of Assets and Liabilities
(d) Accounts of Incomes and Expenses
Choose the correct option which is to be filled up in the blanks given in the following phrase as per modern accounting rule –
Liabilities _____________on the ___________side
(a) Increases, DEbit
(b) Increases, Credit
(c) decreases, Credit
(d) decreases, liability
What type of account is a Salaries Outstanding Account ?
(a) Asset
(b) Liability
(c) Expense
(d) Revenue
Which of the following appear in the credit side of the Profit and Loss Account ?
(a) Discount Allowed
(b) Rent
(c) Insurance
(d) Bad Debts Recovered
If the opening stock of a firm is Rs. 20,000/- purchases made during the year is Rs. 1,00,000/- and sales made during the year is Rs. 2,00,000/-, what shall be the gross profit for the year ?
(a) Rs. 80,000/-
(b) Rs. 3,20,000/-
(c) Rs. 1,20,000/-
(d) Rs. 2,80,000/-
Net profit or loss is transferred to which of the following ?
(a) Cash A/C.
(b) Capital A/C.
(c) Profit & Loss A/C.
(d) Revenue & expense A/C.
What is the full form of IASC ?
(a) International Accounting Solution Committee
(b) International Accounting standard Committee
(c) International Accounting Solutions Committee
(d) International Accounting standards Committee
Which of the following equation is correct ?
(a) Capital + Assets = Liabilities
(b) Assets + Liabilities = Capital
(c) Capital + Liabilities = Assets
(d) Capital = Assets = Liabilities
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