CAREER SUCCESS No. 1 Coaching Institute for all Govt. Jobs JKSSB JKBANK and Other Govt. Jobs with higher number of selections Visit our Office: Opposite Science College, Canal Road, Jammu Contact No: 9419145317 QUESTION BOOKLET Q.B Number Post: Panchayat Accounts Assistant 1 12345679 INSTRUCTIONS Q.B Series Roll Number: Please read the following instructions carefully. 7) Each objective question is followed by four 1) Mark carefully your Roll Number, Question Booklet responses. Your task is to choose the correct response Number and series of the paper on the OMR answer and mark your response on the OMR Answer sheet sheet and sign at the appropriate place. Write your and NOT on the Question Booklet Roll number on the question booklet. 8) All questions are compulsory. Each question carries 2) Strictly follow the instructions given by the Centre 1 mark and there will be NEGATIVE MARKING of 0.25 supervisor/ Room invigilator and those given on the marks for every wrong answer. Question Booklet. Please ensure your fill at the required details and shade the bubbles correctly on the OMR Answer sheet. 9) For each answer as shown in the example below. 3) Please mark the right responses ONLY with The CORRECT and the WRONG method of darkening Blue/Black ball point pen. USE OF PENCIL AND GEL- the CIRCLE on the OMR sheet are given below. PEN IS NOT ALLOWED. 4) Candidates are not allowed to carry any papers, notes, books, calculators, cellular phones, scanning devices, pagers etc. to the Examination Hall. Any candidate found using, or in possession of such unauthorized material, indulging in copying or impersonation or adopting unfair means, is liable to be summarily disqualified and many be subjected to penal action. 10) In view of the tight time span, do not waste your time on a question which you find to be difficult. Go 5) After finishing the examination, hand over the OMR on solving questions one by one and come back to the Answer sheet to the Room-Invigilator. Candidates are difficult questions at the end. allowed to carry the Question Booklet with them, after the examination is over. 11) DO NOT make any stray marks anywhere on the OMR Answer sheet. DO NOT fold or wrinkle the OMR 6) The test is of objective type. This Question Booklet Answer sheet. Rough work MUST NOT be done on the contains a total of 120 questions and the total time answer sheet. Use your question booklet for this allotted is 2 hours. purpose. Follow us on: www.careersuccessjammu.com Facebook Page: Careersuccessjammu YouTube Channel: Careersuccessjammu Page 1 CAREER SUCCESS No. 1 Coaching Institute for all Govt. Jobs JKSSB JKBANK and Other Govt. Jobs with higher number of selections Visit our Office: Opposite Science College, Canal Road, Jammu Contact No: 9419145317 Section 1 – Accountancy and Book-keeping 1. Who invented Double Entry System? (b) Debit all expenses and losses, credit all incomes and gains (a) Marshall (c) Debit the receiver, credit the giver (b) Karl Pearson (d) None of these (c) J. R. Batliboi 8. Total amount spent for advertisement (d) Lucas Pacioli expenses be verified from the - (a) Receipts from the media or advertisement 2. Expenses on installation of new machinery: agency (a) Capital Expense (b) Fixed assets register (c) Debtor’s books (b) Capital Loss (d) None of these (c) Revenue Expense (d) Revenue Loss 9. Un favourable bank balance means: 3. Assets are increase by: (a) Credit balance in Cash book (a) Selling goods for cash (b) Credit balance in Pass book (b) Selling goods on credit (c) Debit balance in Cash book (c) Purchasing machinery on credit (d) Favourable balance in Cash book (d) Purchasing machinery for cash 4. Liabilities are Rs. 50, 000 and capital is Rs. 15, 10. Which of the following transaction is not to be 000. State the amount of assets? entered in Cash book? (a) Rs. 35, 000 1. Goods sold for cash (b) Rs. 65, 000 2. goods purchased from ram (c) Rs. 25, 000 (d) None of these 3. Stationery expenses paid 4. Depreciation charged on machinery 5. If a firm borrows a sum of money, there will be- (a) 1 and 2 (a)Increase in capital (b) 2 and 3 (b) decrease in capital (c) 3 and 4 (c) No effect on capital (d) 2 and 4 6. According to the rules of debit and credit for 11. Book –keeping was first introduced in: balance sheet accounts? (a) England (a) Increase in assets, liabilities and owner equity recorded by debit (b) America (b) Decrease in asset and liability are (c) India recorded by credit (d) Italy (c) Increase in asset and owner’s equity are recorded by debit 12. On March 2012 after sale of goods worth Rs. (d) Decrease in liability and owner’s equity 5000 he is left with closing stock of Rs. 8000. are recorded by debit This is: (a) An event 7. The rule regarding Personal account is: (b) A transaction (a) Debit what comes in, Credit what goes out Follow us on: www.careersuccessjammu.com Facebook Page: Careersuccessjammu YouTube Channel: Careersuccessjammu Page 2 CAREER SUCCESS No. 1 Coaching Institute for all Govt. Jobs JKSSB JKBANK and Other Govt. Jobs with higher number of selections Visit our Office: Opposite Science College, Canal Road, Jammu Contact No: 9419145317 (c) A transaction as well as an event (d) Old car sold credited to sales account (d) Neither a transaction nor an event 18. Cost of goods sold = opening stock + net 13. According to this concept, “Accounting records purchases + expenses on Purchases – sales. only those transactions which can be expressed Which part of the formula is wrong? in terms of money” (a) opening stock (a) Matching concept (b) net purchases (b) Dual Aspect Concept (c) expenses on purchases (d) Sales (c) Business entity concept (d) Money Measurement Concept 19. Adjustment entries are those entries which are passed: 14. Balance shown by Cash Book Rs. 10,000, (a) At the end of the year cheque issued but not presented for payment Rs. 4000, Cheque deposited but not yet (b) At the beginning of the year collected Rs. 3000. Balance as per Pass book (c) For suppressing profit will be: (d) In the middle of the year (a) Rs.9000 (b)Rs.10,000 20. The gross profit for the year ending 31.03.2011 is Rs. 17, 500, bad debts Rs. 1, 200, proprietor’s (c) Rs. 11, 000 personal expenses Rs. 7, 500, carriage (d) None of these outward Rs. 1750 , carriage inward Rs. 1,500. The amount of Net Profit will be: 15. In case of BRS is prepared from the debit (a) Rs. 14,550 balance of Cash book, we will get (b) Rs. 13,050 (a) Credit Balance or Overdraft as per Pass (c) Rs. 5,550 Book (d) Rs. 7,050 (b) Overdraft as per Cash Book 21. Calculate gross profit if rate of gross profit is (c) Debit balance as per Cash Book 20% on sales and cost of commodity is Rs. 1, (d) Debit or credit balance as per Cash Book 20, 000: (a) Rs. 24, 000 16. Suspense account is: (b) Rs. 30, 000 (a) Nominal account (c) Rs. 20, 000 (d) None of these (b) Real account (c) Personal account 22. Bad debts Rs. 3000, provision for bad debts Rs. (d) None of these 3500. At the end of the year doubtful debts Rs. 4000 then the amount debited to P & L a/c: 17. Which of the following is not an error of (a) Rs. 4000 principle: (b) Rs. 5000 (a) Purchase of furniture debited to (c) Rs. 6500 purchases account (d) Rs. 3500 (b) Repairs on the overhauling of second-hand machinery purchased debited to repairs 23. Adjustment entries means: account. (a) Any transaction which is not recorded in (c) Cash received from Manoj posted to Saroj the books Follow us on: www.careersuccessjammu.com Facebook Page: Careersuccessjammu YouTube Channel: Careersuccessjammu Page 3 CAREER SUCCESS No. 1 Coaching Institute for all Govt. Jobs JKSSB JKBANK and Other Govt. Jobs with higher number of selections Visit our Office: Opposite Science College, Canal Road, Jammu Contact No: 9419145317 (b) Any transaction which is not correctly (c) Both (a) and (b) recorded (d) True and fair view of business (c) Any transaction which is only one sided 29. In his traditional role the finance manager is recorded responsible for : (d) All of these (a) Proper utilization of funds (b) Arrangement of financial resources 24. Which of the following statement is true? (c) Acquiring capital assets of the organization (a) a minor cannot be admitted as a partner (d) Efficient management of capital (b) a minor can be admitted as a partner, only into the benefits of the partnership (c) a minor can be admitted as a partner but 30. Which of the following is independent his rights and liabilities are same of adult examination of the financial statements of partner entity (profit-oriented or not) irrespective of (d) none of the above the size of entity by auditors or audit firm? (a) Interim audit 25. At the time of dissolution of partnership firm, (b) Financial audit the amount of Bills Payable in the liability side (c) Periodical audit of Balance sheet is transferred to: (d) Internal audit (a) Capital accounts of Partners (b) Realisation Account (c) Cash account (d) Loan account of Partners 26. A, B and C are partners in 3: 4: 2. B wants to retire from the firm. The profit on revaluation on that date was Rs.36, 000. New ratio of A and C is 5: 3.