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SOLVED JAIIB COMBINED PAPER 23:

1. In LIFO method of inventory valuation
a. Issue of stocks to production is at latest price
b. Closing stock is at latest price
c. Both a & b
d. Neither a nor b

Ans - a

2. 
Which of the following will not affect Trial Balance
a. Goods sold on credit not recorded in books.
b. Overstating of sales register.
c. Rent account credited instead of debit.
d. Salary debited to the extent ½ the amount.

Ans - a

3. 
Freight expenses for moving new machinery to factory is
a. Revenue expenses
b. Deferred revenue expenditure
c. Capital expenditure
d. None of the above

Ans - c

4. 
In ...... method of accounting, profit represents excess of receipts over expenditure.
(i) Mercantile, (ii) Cash

a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)

Ans - b

5. 
...... system of recording transactions in books is not a scientific one.
(i) Single Entry, (ii) Doubly Entry

a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)

Ans - a

6. 
Sales - Rs. 110000, Gross profit - Rs. 35000, Net loss - Rs. 7500. Find Operating expenses.
a. 27500
b. 42500
c. 68500
d. 75000

Ans - b

7. 
In India, accounting standards are issued by the ...... under the Council of the Institute of Chartered Accountants of India.
(i) RBI, (ii) Accounting Standards Board

a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)

Ans - b

8. 
Compliance with accounting standard is the duty of the ......
(i) Company, (ii) Auditor

a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)

Ans - b

9. 
Consignee's Account is a......
a. Real Account
b. Personal Account
c. Representative Personal Account
d. Nominal Account

Ans - b

10. 
Assets kept for short term for converting into cash or for resale are called as......
a. Operating Assets
b. Fixed Assets
c. Current Assets
d. Liquid assets

Ans - c

11. 
The amount brought by the proprietor of the business is credited to
a. Proprietor's a/c
b. Cash a/c
c. Capital a/c
d. Drawings a/c

Ans - c

12. 
As per accounting standards which of the following is not a preferred method
a. LIFO
b. FIFO
c. WACM
d. All of them

Ans - a

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