Kush Ma 1

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer Question Essentials for effective implementation of budgetary control system are :Correct Answer Continuous budget education , Commitment of top management , Clearly defined objectives Your Answer Commitment of top management , Clearly defined objectives , Continuous budget education Select The Blank Question The process of recording the business transactions in a defined set of records is referred to as ________. Correct Answer Balance sheet Your Answer

Profit and Loss Account

True/False Question

Balance sheet indicates the financial status of the business at given period. Correct Answer True Your Answer

True

Select The Blank Question Interest on capital is an allowable expenditure for partnership firms, as per the provisions of the ________ . Correct Answer Income Tax Act, 1961 Your Answer

Income Tax Act, 1961

True/False Question

Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. Correct Answer True Your Answer

True

Multiple Choice Single Answer Question Double entry system of accounting follows the principle of :Correct Answer Every debit has corresponding credit Your Answer

Every debit has corresponding credit

Select The Blank Question Number of days inventory is held can be calculated by dividing number of days in a year by ________. Correct Answer Inventory turnover ratio Your Answer

Average stock