JAIIB-AFM QUIZ III

Match the Following:

1) JV a) Personal

2) Co-Ventures account b) Nominal Account

3) Goods supplied on JV A/c c) Real Account

4) Joint Bank A/c d) Personal Account

5) Cr Balance in JV A/c e) Profit on JV

6) JV ends f) Completion of venture

• 1(b)

  2(a)

  3(c)

  4(d)

  5(e)

  6(f)

• 1(a)

  2(b)

  3(c)

  4(d)

  5(e)

  6(f)

• 1(f)

  2(e)

  3(d)

  4(c)

  5(b)

  6(a)

• None of the above

Match the Following:

1) receipts & Payments A/c a) No intention of earning it profit

2) Income & Expense account b) Excess of expenditure over income

3) Deficit c) Income & Expense for the year

4) Non trading organization d) Actual receipts & payments in cash

• 1(b)

  2(c)

  3(d)

  4(a)

• 1(c)

  2(a)

  3(b)

  4(d)

• 1(a)

  2(c)

  3(b)

  4(d)

• 1(d)

  2(c)

  3(b)

  4(a)

Pass journal entry:

Rent paid for office premises Rs.30000/- out of which part amount of Rs.10000/- paid by cheque and rest by cash

• By Bank A/c Dr Rs.30000/-

  To cash Cr Rs.20000/-

  To Bank Cr Rs.10000/-

• By Capital A/c Dr Rs.30000/-

  To cash Cr Rs.20000/-

  To Bank Cr Rs.10000/-

• By Rent A/c Dr Rs.30000/-

  To cash Cr Rs.20000/-

  To Bank Cr Rs.10000/-

• None

Pass journal entry:

Purchased 1000 shares of Central Bank of India for Rs.32 per share.

• By Bank A/c Dr Rs.32000/-

  To Investment Cr Rs.32000/-

• By Investment A/c Dr Rs.32000/-

  To Bank Cr Rs.32000/-

• By Bank A/c Dr Rs.32000/-

  To central Bank of India Cr Rs.32000/-

• None

The type of accounting transactions deal with in Accounting Standards-11 is:

• Accounting for the Effects of Changes in Foreign Exchange Rates

• Depreciation Accounting

• Accounting for Government Grants

• Leases

All Significant policies adopted in preparation of Financial statements should be disclosed as per Accounting Standard

• AS-1

• AS-2

• AS-3

• AS-4

Inventories to be valued at:

• Higher of realizable value

• lower of cost & non realizable value

• 
  higherof cost & non realizable value

  
  

• none

Cheque deposited is recorded on_____________ side of cash book and when dishonored it is recorded on _________side of the cash book.

• Cash, credit

• Cash, Transfer

• Credit, Debit

• Debit, Credit

Debit balance in the Cash book shows..............

• Overdraft

• Favorable balance

• Neither of the two

• Both a & b

Rs.25000/- paid as salary to Mr. Ram has been debited to his personal account. The rectification entry will be....................

• Debit cash a/c & Credit salary a/c

• Debit Salary a/c & Credit Cash a/c

• Debit Ram a/c & Credit Cash a/c

• Debit Salary a/c & Credit Ram's a/c