Question : Which of the following are the objectives and significance of the current ratio?

Option 1: Current ratio is used to assess the firm’s ability to meet its short-term liabilities on time. 

Option 2: According to accounting principles, a current ratio of 2:1 is supposed to be an ideal ratio. It means that the current assets of a business should, at least, be twice its current liabilities.

Option 3: The higher the ratio, the better it is, because the firm will be able to pay its current liabilities more easily.

Option 4: All of the above.

Question : R, M and P were partners in a firm. P died on 29th February, 2020. His  share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death.  Profits for the years ended 31st March, 2017, 2018 and 2019 were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively. 

Question:-
If profit-sharing ratio of remaining partners changes and new ratio being 3: 2. Then 

Option 1: Profit and loss suspense account debited by Rs 27,500

Option 2: Profit and loss suspense account credited by Rs 27,500

Option 3: Debited R’s capital account with RS 22,000 and M’s capital account Rs 5500 credited P’s capital account Rs 27,500

Option 4: None of the above

Question : In National income accounting, GVA stands for:

Option 1: general vesting added

Option 2: general visited account

Option 3: gross value accounting

Option 4: gross value added

Question : For making a trial balance it is not necessary to make a ________ in computerized accounting system -

Option 1: Ledger Accounts

Option 2: Jounral

Option 3: Capital account

Option 4: None of the above

Question : Which of the following are the objectives and significance of the current ratio?

Option 1: Current ratio is used to assess the firm’s ability to meet its short-term liabilities on time. 

Option 2: According to accounting principles, a current ratio of 2:1 is supposed to be an ideal ratio. It means that the current assets of a business should, at least, be twice its current liabilities.

Option 3: The higher the ratio, the better it is, because the firm will be able to pay its current liabilities more easily.

Option 4: All of the above.

Question : ---------------may be expressed as an arithmetical relationship between two accounting variables.

Option 1: Ratio 
 

Option 2: Accounting ratio

Option 3: Ratio Analysis

Option 4: None of the above 

Question : Common-size Balance Sheet shows the percentage relation of each asset/equity and liability…………

Option 1: One accounting period

Option 2: Two or more accounting period

Option 3: To the total of assets/total of equity and liabilities

Option 4: None of the above

Question :

Under computerised accounting, data means

Option 1:

Users

Option 2: A logical sequence of actions to perform a task

Option 3: The raw fact (as input) for any business application

Option 4: Computer, associated peripherals, and their network

Question : What is/are the features of an accounting computerised system?

Option 1: Data Security

Option 2: Improved Reporting

Option 3: Accuracy and Speed

Option 4: All of the above

Question : Sentences of a paragraph are given below in jumbled order. Arrange the sentences in the correct order to form a meaningful and coherent paragraph.
A. In fact, he began his career as a peon in a small firm.
B. Before he joined us as the accounts officer, he was a junior clerk.
C. He learnt typing, accounting and even graduated.
D. But he gradually improved his qualifications.

Option 1: CDAB

Option 2: BADC

Option 3: CBAD

Option 4: BCDA