Deck 5: Accounting and Financial Terms and Concepts

Question 1

…………….fund is for the purpose of construction of building for the business of the Society.

A)building fund
B)Reserve fund
C)Education Fund
D)Loans and advances

Answer 1

building fund

Question 2

The………………Fund cannot be utilized for payment of dividend as bonus.

A)building fund
B)Reserve fund
C)Education Fund
D)Loans and advances

Answer 2

Reserve fund

Question 3

A co-operative Society may createout of its net profit for payment of bonus to person who are not its members.

A)bonus equalization fund
B)Reserve fund
C)Education Fund
D)Loans and advances

Answer 3

bonus equalization fund

Question 4

Reserve for doubtful debts is stands for …………

A)RDD
B)Reserve fund
C)Bad debts
D)Loans and advances

Question 5

…………….are not formed for earning profit.

A)co-operative society
B)Public Company
C)HUF
D)Private Company

Question 6

Deposits from Society and individuals should be shown separately to the …….. side of balance sheet.

A)Liabilities
B)Current Assets
C)Education Fund
D)Fixed Assets

Question 7

The primary objective in the formation of Co-operative credit Society is ………

A)promoting of saving
B)To Maintain Stock Register
C)A and C only
D)to get maximum profit

Question 8

…………..is the source of Government to increase their revenue.

A)Tax
B)Profit
C)memorandum
D)Expenses

Question 9

GST stands for………….

A)Goods and service tax.
B)Government Service tax
C)God down Surcharge
D)B and C

Question 10

……………is the motive given to the parliament and legislation of every state

A) one nation one tax
B)Live and let live
C)Health is Wealth
D)learn and earn

Question 11

…………….collected by central government on an Intra state sale.

A)CGST
B)SGST
C)IGST
D)GST

Question 12

………….Collected by the State Government on an Intra state sale.

A)CGST
B)SGST
C)IGST
D)GST

Question 13

………….Collected by the Central Maharashtra for Inter state sale.

A)CGST
B)SGST
C)IGST
D)GST

Question 14

……….and will share revenue equally between the central and State.

A)CGST & SGST
B)SGST &IGST
C)IGST & CGST
D)GST & IGST

Question 15

on…………………..the GST law came into the force.

A)1st July 2017
B)2nd June 2018
C)1st June 2017
D)18th July 2019

Question 16

…………..is an Indirect Tax which has replaced many indirect taxes in India.

A)GST
B)Income Tax
C)IGST
D)Service Tax

Question 17

The online version of collecting tax was introduced in the year…………

A)2004
B)2006
C)2005
D)2015

Question 18

………….method of branch accounting is usually adopted when the branch is of the small size.

A)Treading.
B)Balance sheet
C)memorandum
D)debtors

Question 19

The normal and abnormal stock of goods doesn't appear in branch account as the closing stock is at the…………….figure.

A)Adjusted
B)profit.
C)balance.
D)loss

Question 20

Stock and Debtors method of branch accounting is generally used where branch turnover is substantially

A)loss
B)lower
C)High.
D)Profit

Question 21

Loading on surplus in stock is………….to Branch Adjustment Account.

A)debit.
B)credit.
C)liability.
D)treading

Question 22

Under Stock and Debtors System general income is credited to ………..account

A)balance sheet
B)branch stock account
C)stock and Debtor System
D)branch profit and loss

Question 23

In Branch Accounting the balance on stock reserved Account at the end of the period is shown in the balance sheet by the way of deduction from

A)opening stock.
B)reserved stock.
C)closing stock.
D)profit or loss

Question 24

Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as

A)goods in transit
B)loss by fire
C)shortage.
D)loss

Question 25

The closing balance of book debts account is ascertained by preparing branch ………………Account.

A)stock
B)trading.
C)Debtors
D)adjustment