SOLVED JAIIB COMBINED PAPER 22:
1. In case of a bad debt, the amount should not be debited to......
(i) Bad debt account,
(ii) Customer account,
(iii) Discount account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
2. Credit sale of Rs. 50000 to Anand wrongly debited to Ramesh's account. Trial balance Crebit side presently shows a total of Rs. 2458650. Actually it should be ......
a. 2408650
b. 2508650
c. 2458650
d. None of the above
Ans - c
3. Wages outstanding in Trial balance will show a ......
a. Debit Balance
b. Credit Balance
c. Either Debit or Credit Balance
d. Neither Debit nor Credit Balance
Ans - b
4. Personal expenses of Rs. 4200 by the proprietor debited to Office Expenses account. It is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - c
5. Cash discount is ......
(i) The allowance to expedite cash receipts and payments within a specified period,
(ii) It is a loss for the firm receiving the payment and again for the firm making the payment,
(iii) Discount allowed is entered on debit side and discount earned on the credit side of cash book.
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
6. Cash book is book of ......
(i) Prime entry, (ii) Final entry
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d
7. An entry of Rs. 4000 wrongly posted to inventory account instead of building account is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - c
8. The sale of business asset on credit is recorded in ...... (i) Sales journal , (ii) General journal
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
9. Luca De Bargo, an Italian monk in Venice gave birth to the modern concept of ......
(i) accounts, (ii) bookkeeping
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d
10. In ...... system of accounting, incomes and expenses are recognized as and when they are due irrespective of their actual receipt/payment.
(i) Mercantile, (ii) Cash
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - a
(i) Bad debt account,
(ii) Customer account,
(iii) Discount account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
2. Credit sale of Rs. 50000 to Anand wrongly debited to Ramesh's account. Trial balance Crebit side presently shows a total of Rs. 2458650. Actually it should be ......
a. 2408650
b. 2508650
c. 2458650
d. None of the above
Ans - c
3. Wages outstanding in Trial balance will show a ......
a. Debit Balance
b. Credit Balance
c. Either Debit or Credit Balance
d. Neither Debit nor Credit Balance
Ans - b
4. Personal expenses of Rs. 4200 by the proprietor debited to Office Expenses account. It is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - c
5. Cash discount is ......
(i) The allowance to expedite cash receipts and payments within a specified period,
(ii) It is a loss for the firm receiving the payment and again for the firm making the payment,
(iii) Discount allowed is entered on debit side and discount earned on the credit side of cash book.
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
6. Cash book is book of ......
(i) Prime entry, (ii) Final entry
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d
7. An entry of Rs. 4000 wrongly posted to inventory account instead of building account is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - c
8. The sale of business asset on credit is recorded in ...... (i) Sales journal , (ii) General journal
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
9. Luca De Bargo, an Italian monk in Venice gave birth to the modern concept of ......
(i) accounts, (ii) bookkeeping
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d
10. In ...... system of accounting, incomes and expenses are recognized as and when they are due irrespective of their actual receipt/payment.
(i) Mercantile, (ii) Cash
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - a