WorksheetsLPU previous year Questions
Total questions: 60
Worksheet time: 2hrs 30mins
Accounting does not record non-financial transactions because of
Accrual concept
Cost concept
Continuity concept
Money measurement concept
During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept
Accounting period
Matching
Conservation
Going Concern
Which of the following Accounting Equation is not correct?
Assets = Liabilities + Capital
Assets - Liabilities = Capital
Assets + Liabilities = Capital
Assets - Capital = Liabilities
Which of the following errors are not disclosed by the trial balance?
Error of casting
Wrong balancing of account
Double posting in one account
Compensating errors
The amount of depreciation charged on a machinery will be debited to
Machinery A/c
Depreciation A/c
Cash A/c
Repair A/c
A sold goods to B for Rs 20,000. A will grant 5% discount to B. B requested A to draw a bill. The amount of bill will be
Rs 20,000
Rs 19,000
Rs 19,500
Rs 21,000
The Adjustment of Interest on drawings in financial statements will be Credited to _______ and will be Deducted from ________.
P&L A/c, Drawings
P&L A/c, Capital
Trading A/c, Capital
Trading A/c, Drawings
Rent expense of a non-profit organization paid in advance is an ________.
Expense
Liability
Equity
Asset
To hide the name of the Company you need to define
Report Voucher
Conventional Voucher
Unconventional Voucher
Both report and conventional voucher
In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of
6%
12%
5%
9%
At the time of admission of a new partner the firm is
Re-organized
Continued
Not effected
Dissolved
Under Garner Vs Murray Rule, the insolvency loss should be borne by solvent partners according to
Capital ratio
Profit sharing ratio
Final claims ratio
Maximum loss ratio
When debentures are issued as collateral security, the final entry for recording the transaction in the books is __________.
Credit debentures a/c. and debit cash a/c.
Debit debenture suspense a/c. and credit cash a/c.
Debit debenture suspense a/c. and credit debentures a/c.
Debit cash a/c. and credit the loan a/c. for which security is given.
In the vertical analysis of income statement, all the accounts are expressed as a percentage of which of the following?
Net sales
Gross sales
Net income
Total expenses
Which of the following is not included in Quick assets?
Debtors
Cash at bank
Stock
Cash in hand
Cash Flow Statement is based upon
Cash basis of accounting
Accrual basis of accounting
Credit basis of accounting
None of these
What type of technology do businesses use to inspect financial transactions and to ensure that they are in compliance with government regulations?
Virtual auditors
Domain computing
Cyber mapping
Simulation browsers
DBMS stands for
Drawing Board Management Software
Dividend Based Marking System
Data Base Management System
Data Base Marketing Software
The main benefit of XBRL for accountants is that it offers
An improved way to display web pages to publish financial statements.
A common format for publishing financial statements across many countries.
A programming language which can be used to enhance the development of accounting software.
A common set of meanings and format for accounting data to facilitate data interchange.
The maximum amount with which the company is registered is called
Authorized Share Capital
Issued Share Capital
Paid up capital
Called up capital
Select the answer choice that identifies the noun in the sentence. Sharks and lampreys are not true fish because their skeletons are made of cartilage rather than bone.
true
because
their
bone
What does 'they' refer to? Those flowers on the tables look like little trumpets. What are they called?
Flower
Tables
Trumpets
Both a & c
Choose the correct order of adjectives to fill the blank. He recently married a ________ woman.
young beautiful Greek
beautiful Greek young
beautiful young
young Greek beautiful
Which kind of adverb is the word in capitals? "He is so gentle that he NEVER shoots at animals."
Adverb of Place
Adverb of Time/Frequency
Adverb of Degree
Adverb of Manner
Choose the right option to fill the gap. At two o'clock tomorrow, she ________ at Golden Hawk Gym.
Exercise
will be exercising
exercising
Both b & c
Choose the right option to fill the gap. By the time Mr. Obama arrives, ________ the oration?
Will you have preparing
Will you prepare
Will you preparing
Will you have prepared
Choose the right option to fill the gap. The panellists _________ Germany a day after tomorrow.
Will reach
Will have been reaching
Shall be reached
Both a & b
Choose the right modal verb. This is impossible, it __________ be a mistake!
Might
must
ought to
shouldn't
Choose the correct use of modal verb.
Any child will grow up to become Prime Minister of the country
Any child can grow up to become Prime Minister of the country
Any child will be grow up to become Prime Minister of the country
Any children could be grown up to become Prime Minister of the country
Identify the error in the sentence and choose the correct sentence as an option. You need not come unless you want to.
You did not required to come unless you want to
You don't need to come unless you want to
You come only when you want to
You come unless you don't want to
Identify which part of the sentence has the error. The teacher says that (1)/ there is (2)/ many important documents (3)/ to assemble before this gets over. (4)
1
2
3
4
Pick the right meaning for the following phrase. Baker's dozen
Twelve
Thirteen
Ten
Fifteen
Identify the correct meaning of the idiom. Play devil's advocate
To argue the opposite, just for the sake of argument
Saving money for later
To spoil something
Postpone a plan
Choose one word for the following. A notice of a person's death
Obituary
Observatory
Ablution
Death Warrant
In the following question, a related pair of words or phrases is followed by five pairs of words or phrases. Choose the pair that best expresses a relationship similar to that in the original pair. Warm is to hot as Old is to?
Antique
Oldest
New
Obsolete
Choose the correct form of the verb to fill the gap so as to make a meaningful sentence. Infant's _________ when they are hungry.
Cries
Cried
Are crying
Choose the correct form of the verb to fill the gap so as to make a meaningful sentence. Johana _________ her black pants today, but usually she wears a long dress or a skirt.
wears
wearing
wear
Choose the correct form of the verb to fill the gap so as to make a meaningful sentence. __________ you ever been to Newcastle?
are
were
do
have
Fill in the blank with correct word. She wanted to improve her piano playing _______ she wanted to win the competition.
so
but
therefore
Choose the most suitable interjection to complete the sentence. __________! that's really great news.
Hey
Ah
Yay
Wow
Board of directors and CEOs occupy position at
Top Level
Middle level
Lower level
None of these
Deciding in advance about the future course of action.
Decision making
Planning
Directing
Controlling
Which of the following is NOT one of the Fayol's Principles of Management?
Division of Work
Unity of Command
Discipline
Impersonalization
Decision making is done by
Top management
Middle management
All management
Lower management
What is span of management?
No. of employees effectively controlled by the boss
Levels of management
Informal management
Recruitment
Job analysis means _______
Job description
Job specification
Both job description and specification
None of these
Identify the learning opportunity designed to improve skills and abilities of employees.
Training
Development
Recruitment
Selection
What are the functions of directing?
Inspire
Influence
Motivate
All of these
Establishing standards, comparing actual results with standards and taking corrective actions are the steps included in the process of
Planning
Controlling
Directing
Organizing
In the PEST framework for environmental analysis what does the letter E stand for?
Ethical
Ecological
Educational
Economic
When a company taken over another one and clearly becomes the new owner, the action is called
Merger
Acquisition
Strategic Alliance
None of these
In which leadership style, employees play no role in decision-making?
Autocratic
Participative
Free-rein style
None of these
Need for food can be included under which class for need?
Physiological needs
Social needs
Safety needs
Ego needs
Organisation establishes relationship between
People, work and resources
Customer, work and resources
People, work and management
Customer, work and management
A notice circulated in English was poorly translated in Tamil. Name the type of barrier relating to this
Semantic barrier
Psychological barrier
Organisational barrier
Personal barrier
Which is not the most commonly used methods of long-term finance?
Issue of Shares
Issue of Debentures
Loans from financial institutions
Mutual funds
Chimney Sweeps employs people to clean fireplaces and chimneys in homes and
apartments. The firm is primarily the marketer of which one of the following?
An image
A service
A good
An idea
Consumer protection act is applicable to
Immovable goods
Movable goods
Specific goods
All goods and services
Who suggested product, pricing, place, promotion all these in a company represents “Market Mix”?
Philip Kotler
Stephen Morse
Neil Borden
Neilsen
Promotion mix includes Sales Promotion, Personal Selling, Advertising and
Marketing
Publicity
Sales
None of these
