1. Time consuming system failure, cost of training and fear of unemployment. These are the ——– of computerised accounting.

2. Ajantha Agencies imported a machine from china. Which of the following is not an element of the mechine’s cost?

3. In the fundamental accounting equation which is assets = liabilities + owner’s equity, the Owner’s equity refers to the ‘Capital’ of the business.

4. The gross loss (if applicable), which is transferred from the Trading account is shown on the debit side of the profits & loss account.

5. It is possible to check debt equity ratio in Tally ERP 9 from ratio analysis report.

6. Select the correct match for the following:
1. Patents
2. Bills receivable
3. Profit and loss account comes in liabilities side of balance sheet if.
4. Profit and loss account comes in assets side of balance sheet if.
a. Current assets
b. Company incurs loss
c. Company incurs profits
d. Fixed assets

7. Which of the following statement is not always true for a transaction?

8. On 28th dec 2016, Adarsh traders received a sales order worth 80,00,000. They delivered goods worth 43,00,000 on 31st dec 2016. The remaining supply was delivered on 2nd jan 2017. As per the ‘revenue realization concept’, the revenue from this transaction as on 31st dec 2016 will be 43,00,000 only. (Financial year = 1st april 2016-31st march 2017)

9. Which of the following cannot be termed as an asset?

10. Select the correct match for the following:
1. Business will not be dissolved in near future
2. Assets= liability + capital
3. Expenses incurred to earn the revenues must belong to the same accounting period
4. Transactions which can be expressed in terms of money are recorded in the books of accounts
A. Money measurement concept.
B. Dual aspect concept.
C. Going concern concept.
D. Matching concept.

11. Computerized accounting facilitates online input data and storage of accounting data.

12. _________ valuation method is adopted by the business when the cost of the items is increasing and this will result in lower taxable income.

13. A —– is one where money is paid later, but the benefits are enjoyed immediately.

14. Which of the following documents authorize a purchase transaction?

15. The difference between ‘total sales’ and ‘sales return’ is called_____.

16. Under —– valuation method it is assumed that item purchased last are sold first under the current financial year.

17. The entries made in Tally ERP 9 for ‘repairs on machinery ledger A/c’ will have a credit balance in the ‘Trial balance’?

18. The unfavorable balance of ‘Profit and loss’ account should be —-.

19. Look at the following statements:
1. Provision for bad debts are entered on the debit side of the P&L account.
2. Provision for bad debts are deducted from sundry debtors on the assets side of the balance sheet. Now, which of the following options is correct?

20. The business organization can be classified into size, work type industry sector and legal structure.

21. Tashi traders made a sale of 1,000 on credit and immediately showed the amount as revenue in their financial statement. Tashi traders is following which of the concepts of accounting for this activity?

22. In Tally ERP 9, the button bar can be used to view additional information for the balance sheet. It can be used to do the following items:
1. Make the summarized information detailed and condensed by pressing a button.
2. Change the period of the balance sheet.
3. View the effect of different stock valuations on the balance sheet.
4. Press the configure button and set the required parameters.
All the above statements are correct.

23. Cost of a fixed asset – accumulated depreciation expenses of the fixed asset = —–.

24. Amrapali industries acquired machinery for their factory by paying 50,00,000. As per the ‘going concern assumption’. the entire cost of acquisition must be reflection in the accounts of the same year as its acquisition?

25. No legal formalities while forming or closing the business, Owner has unlimited liability, Owner is a single recipient of all the risks and profits of the business, and the owner takes all the decisions independently. These are the features of ———.

26. Select the most appropriate explanation for ‘Dual aspect concept’?

27. Kamlesh traders borrowed Indian rupees one lakh from ABC bank. What is the correct classification for the loan account?

28. In the Ratio analysis report, working capital turnover is formulated as (Sales accounts/Closing stock) in Tally EPR 9.

29. Select the correct match for the following :
1. Contains all the transactions made by a business, irrespective or the type of transaction in Tally ERP 9.
2. Summary report of all ledger balances to check the figure are correct and balanced.
3. A periodic statement, which shows the net result of a business operations for a specified period.
4. A financial statement that reports a business financial position as on a specific date.
a. Balance sheet
b. Trial balance
c. Income & expenditure statement
d. Day book

30. Identify the accounting concept from this definition: ” This concept requires that income to expenditure is recorded when they become receivable or payable rather than when they are collected or paid.”

31. Select the correct match for the following:
1. Rent Outstanding a/c
2. Liabilities
3. Goodwill A/c
4. Drawings
A. Assets-Capital
B. Capital a/c
C. Representative Personal Account
D. Real Account

32. As per the double entry system of accounting, the receiving and giving aspects of a transaction must not be recorded in two different accounts in opposite sides for an equal value.

33. If a business has assets worth 2,50,000 and liabilities worth 75,000 we can reduce from the accounting equation then its capital would be 1,75,000.

34. In Tally.ERP.9 __________ voucher is a pure inventory voucher.

35. Bank overdraft limit can be set from which of the following accounting reports in Tally ERP 9?

36. Which of the following statement is not always true for a transaction?

37. High level of secrecy in one of the advantages of data to be maintained in computerised accounting?

38. Raman and co. purchased a machinery for 25,50,000 and its market value has come down to 18,00,000 at the time of preparing final accounts. As per the ‘Historical cost concept’ the value should be recorded as 18,00,000.

39. In Tally ERP 9, it is not possible to check the stock summary report with stock values affecting using the FIFO valuation method by default.

40. The entries made in the purchase voucher type in Tally ERP 9, will have a debit balance in the trial balance.

41. Which of the following cannot be termed as an asset?

42. In Tally ERP 9, ledger payment performance report of sundry debtors can be displayed form Ratio Analysis.

43. As per accounting period assumption it is essential for a business to close its accounts at regular intervals.

44. Average Cost Method is one of the stock Valuation Methods.