Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used.
Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.

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 : The following Bar Graph displays the highest, average and lowest marks obtained in Accounts, Business Studies, Economics and English by students of Class XII in an Examination. The maximum mark for each subject is 100. Study the graph carefully and answer the question that follows:
 
Which of the two Highest Scores is better and by how much?
The combined Highest Score of Accounts and Business Studies or the Highest Score of Economics and English taken together.

Option 1: Economics and English by 10

Option 2: Accounts and Business Studies by 9

Option 3: Accounts and Business Studies by 8

Option 4: Economics and English by 8

Question : Which of the following accounts are opened when partners have fixed capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital A/cs or Current A/cs

Question :  ___________ is a type of banking service that allows customers to access their bank accounts and perform transactions through the internet.

Option 1: Online banking

Option 2: Mobile banking

Option 3: Telephone banking

Option 4: ATM banking

Question :  In the context of medieval travelers' writings, for whom were these accounts primarily written?  

Option 1: For the general public 

Option 2: For fellow travelers

Option 3:  For the travelers' patrons or sponsors 

Option 4: For historians 

Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from  1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.

The deceased partner’s share in the current year’s profits of the firm will be 

Option 1: Rs 24,000

Option 2: Rs 18,000

Option 3: Rs 10,000

Option 4: Rs 22,000

Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:

Option 1: A will be credited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 2: A will be debited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 3: A will be credited By Rs. 4,000 and
T will be debited by Rs. 4,000

Option 4: A will be debited by Rs. 4,000 and
T will Be credited by Rs. 4,000.

Question : The firm of P, Q and R with profit sharing ratio of  3: 6:1, h.ad the balance in General Reserve Account amounting Rs. 90,000. S joined as a new partner and the new profit sharing ratio was decided to be 3 : 3 : 3 : 1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:

Option 1: Q will be credited by Rs. 27,000

Option 2: R will be debited by Rs. 27,000

Option 3: P will be credited by Rs. 36.000 

Option 4: P will be debited by Rs. 36,000 

Question : According to the data of 2011-12, Under casual workers, the major source of livelihood for both men and women accounts for
 

Option 1: 25%, 30%
 

Option 2: 29%, 31%
 

Option 3: 21%, 34%
 

Option 4: 24%, 36%.
 

Question :  Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be transferred to their capital account by 

Option 1: Debiting Anil and Sunil's accounts both by Rs 40,000 each 

Option 2: Debiting Anil‘s capital account and Sunil‘s capital account by Rs 80,000 each 

Option 3: Crediting Anil’s capital account by RS 48,000 and Sunil's Capital account by Rs 32,000

Option 4: Crediting Anil’s capital account and Sunil's capital account by Rs 80,000 each