Question : Statement 1: For efficient analysis and interpretation, the financial accounting data is categorised and codified.
Statement 2: The accounts are categorised according to their nature.

Option 1: Both the statements are true

Option 2: Both the statements are false

Option 3: Statement 1 is true and statement 2 is false

Option 4: Statement 1 is false and statement 2 is true

Question : What are the features of Computer Accounting Software (CAS)?

Option 1: Password Security

Option 2: Data Audit

Option 3: Data Vault

Option 4: All of the above

Question : Which of the following statements is true?

Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding

Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
 

Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'

Option 4: All  of the above 

Question : What are the factors to be considered while source accounting software?

Option 1: Flexibility

Option 2: Adaptability

Option 3: Interest of management

Option 4: Both 1 & 2

Question : Choose the correct statement with respect to the Share of Profit or Loss and the year of death will be?

Option 1: Deceased partner is entitled to his share in profit from the beginning of the accounting year up to the date of his death.

Option 2: He bears loss, if any incurred by the firm during this period.

Option 3: Both 1 and 2

Option 4: Neither 1 nor 2 

Question : Rearrange the parts of the sentence in the correct order.
A. newly
P. reflected on why he chose to work for his
Q. appointed division manager, trained in accounting,
R. company, despite better offers, and realised that
S. it was the friendly, collaborative, and ethical culture

Option 1: QPRS

Option 2: SPRQ

Option 3: SQRP

Option 4: RQPS

Question : Which of the following is correct for the objectives of Ratio Analysis:
A:To simplify the accounting information
B: To assess the operating efficiency of the business.
C:To help in comparative analysis
D:To analyze the profitability of the business.

Option 1: A, B and C 

Option 2: B, C, and D 

Option 3: A, C and D

Option 4: All of the above

Question : A, B and C were partners sharing profits in the ratio of 1: 2: 2. B died on 30th June 2020 and the profit for the accounting year ended 31st March 2020 was Rs. 36,000. If the profit share of a deceased partner is to be calculated based on previous year's profit, the amount of profit credited to B's Capital Account will be

Option 1: Rs 3,000

Option 2: Rs 2,400

Option 3: Rs 3,600

Option 4: Rs 2,800

Question : What is chart of accounts?

Option 1: provides an index of every account in an accounting system

Option 2: provides a way of every account in non-accounting system

Option 3: Both 1 and 2

Option 4: None of these

Question : R and D are partners as per provisions of Indian Partnership Act 1932. On admission of a new partner M for 1/5 share, a revaluation account is prepared. M claims to have eqal share in revaluation profits. Choose the correct accounting treatment

Option 1:

M's share of revaluation profit is equal

Option 2:

M's share of revaluation profit is 1/5th 

Option 3: M's share is revaluation profit is nil 

Option 4: All of the above