Question : The accounting standard prescribes that Cash Flow Statement be prepared either by

Option 1: Direct Method

Option 2: Indirect Method

Option 3: Both 1 and 2

Option 4: Neither 1 nor 2

Question : What are the features of computerised accounting software?

Option 1: storage of accounting data and on-line input

Option 2: instantly produces different reports

Option 3: group different account

Option 4: All of the above

Question : Which of the following are not the Characteristics of Statement of Profit and Loss (Profit and Loss Account)?

Option 1: It shows the financial performance of a company, i.e., revenues, expenses and Profit or loss for the period.

Option 2: It is prepared for a past period and thus, is a historical document.

Option 3: It is for a specific accounting period.

Option 4: None of the above

Question : Which of the following statements is false?  

Option 1: Loss on Issue of Debentures is debited at the time of issue of debentures following the Prudence Concept of Accounting.

Option 2: Loss on Issue of Debentures is written off from Securities Premium Reserve, if it exists and thereafter from Statement of Profit and Loss.

Option 3: Loss on Issue of Debentures Account is an Expense Account and Premium on Redemption of Debentures Account is a Liability Account.

Option 4: Premium on Redemption of Debentures Account is credited at the time of payment, i.e., on redemption of debentures.

Question : Social accounting system in India is classified into


 

Option 1: Income,product and expenditure

Option 2: Enterprise, households and government

Option 3: Assets, liabilities and debt position

Option 4: Public sector, Private sector and Joint sector

Question : Among the following, which ready to use accounting software package is available in today's market?

Option 1: Tally

Option 2: E.X.

Option 3: Busy

Option 4: All of the Above

Question : ____________ shows the financial performance, i.e., the result of business operations during an accounting period and is also known as an Income Statement.

Option 1: Profit and loss account

Option 2: Balance sheet 

Option 3: Manufacturing account

Option 4: None of the above

Question : Which of the following are not the Characteristics of Statement of Profit and Loss (Profit and Loss Account)?

Option 1: It shows the financial performance of a company, i.e., revenues, expenses and Profit or loss for the period.

Option 2: It is prepared for a past period and thus, is a historical document.

Option 3: It is for a specific accounting period.

Option 4: None of the above

Question : Comprehension:

Read the following passage and answer the questions given after it.

Wetlands are amongst the most productive ecosystems on the Earth and provide many important services to human society. They exhibit enormous diversity according to their genesis, geographical location, water regime and chemistry, dominant species, and soil and sediment characteristics. Globally, the area extent of wetland ecosystems ranges from 917 million hectares (m ha) to more than 1275 m ha. One of the first widely used wetland classification systems, devised by Cowardin et al., 1979, categorised wetlands into marine (coastal wetlands), estuarine (including deltas, tidal marshes, and mangrove swamps), lacustrine (lakes), riverine (along rivers and streams), and palustrine ( marshes, swamps and bogs) based on their hydrological, ecological and geological characteristics.The 

The Ramsar Convention on Wetlands was an international treaty signed in 1971. Overall, 1052 sites in Europe; 289 sites in Asia; 359 sites in Africa; 175 sites in South America; 211 sites in North America; and 79 sites in the Oceania region have been identified as Ramsar sites or wetlands of International importance. As per the Ramsar Convention definition most of the natural water bodies (such as rivers, lakes, coastal lagoons, mangroves, peat land, coral reefs) and man-made wetlands (such as ponds, farm ponds, irrigated fields, sacred groves, salt pans, reservoirs, gravel pits, sewage farms and canals) in India constitute the wetland ecosystem distributed in different geographical regions ranging from Himalayas to Deccan plateau. As of February 2022, India has 49 Ramsar sites covering an area of 10,93,636 hectares, the highest in South Asia. As per the estimates, India has about 757.06 thousand wetlands with a total wetland area of 15.3 m ha, accounting for nearly 4.7% of the total geographical area of the country. Out of this, areas under inland wetlands account for 69%, coastal wetlands 27%, and other wetlands (smaller than 2.25 ha) 4%. Gujarat has the highest proportion (17.5%) and Mizoram has the lowest proportion (0.66%) of the area under wetlands. Among Union Territories, Lakshadweep has the highest proportion (around 96%) and Chandigarh has the lowest proportion (3%) of the geographical area under wetlands.

Question:

In India, what kind of wetlands occupy the largest area?

Option 1: coastal wetlands

Option 2: mangrove swamps

Option 3: inland wetlands

Option 4: small wetlands

Question : E, D and R are partners, sharing profits in the ratio of 2:2:1. D died on 30th June 2020 and profits for the accounting year 2019-20 were Rs. 36,000. The share of profit will be credited to Diya, for the period 1st April. 2020 to 30th June, 2020 is____________.

Option 1: Rs 3,000

Option 2: Rs 3,600

Option 3: Rs 2,600

Option 4: None of the above