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SOLVED CAIIB COMBINED PAPER 21:

1. The transactions in the bank column on the credit side of the 'Three Columnar Cash Book' indicates ......
(i) Amount withdrawn from the bank,
(ii) Amount deposited into the bank

a. Only (i)
b. Only (ii)
c. Neither (i) nor (ii)
d. Both (i) and (ii)

Ans - a

2. What does the 'Three Column Cash Book' record?
(i) Cash transactions,
(ii) Bank transactions,
(iii) Discounts

a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)

Ans - d

3. The payment of Promissory Note is made by its...

a. Maker
b. Payee
c. Bank
d. None of above

Ans - a

4. Cost of the goods - Rs. 99000, Opening Stock - Rs. 13500, Purchases - Rs. 75000, Sales - Rs. 112500. Find other expenses.

a. 10000
b. 10500
c. 13500
d. 24000

Ans - b

5. Trial Balance is prepared to detect ......

a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above

Ans - d

6. Cash in hand in Trial balance indicates a ......

a. Debit Balance
b. Credit Balance
c. Either Debit or Credit Balance
d. Neither Debit nor Credit Balance

Ans - a

7. Ledger is a book of ...... entry.
(i) Original, (ii) Final

a. Only (i)
b. Only (ii)
c. Neither (i) nor (ii)
d. Both (i) and (ii)

Ans - b

8. Journal is not a ...... entry.
(i) Original, (ii) Final, (iii) Duplicate entry

a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)

Ans - c

9. Wrong balancing of an account is an ......

a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above

Ans - a

10. Bank Reconciliation Statement is ......

a. Part of the cash book
b. A statement prepared to know the cause for the difference between balance as per bank column of cash book and passbook
c. A ledger account
d. All the above

Ans - b

11. Cost of the goods - Rs. 89000, Opening Stock - Rs. 13500, Purchases - Rs. 75000, Sales - Rs. 112500. Find the gross profit.

a. 10000
b. 23500
c. 24000
d. 37500

Ans - b

​12. Expenditure on advertisement for a product is a ......

a. Capital Expenditure
b. Revenue Expenditure
c. Deferred Revenue Expenditure
d. None of the above

Ans - c

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