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Review Test Submission: BBCF131D-Business Accounting-

Jan 21-Assignment1

User Chandrani Das

Course Sem1.Business Accounting
Test BBCF131D-Business Accounting-Jan 21-Assignment1
Started 30/01/21 17:16
Submitted 30/01/21 22:22
Due Date 15/05/21 23:59
Status Completed
Attempt Mark not available.
Score
Time 5 hours, 5 minutes
Elapsed
Instructions Center for Continuing Education - UPES
BBCF131D-Business Accounting
Assignment 1

Total Questions: 63
Total Marks: 100

Assignment Information :

The examination will consist of only Objective type (multiple choice) questions requiring candidates to
Mouse-click their correct choice of alternatives against the related question number. The questions
would carry 1 to 5 marks each depending on the difficulty level of the question as indicated in the table
below:

Difficulty Level of Questions:

1 Mark - Direct, Memory based

2 Marks - Memory & Conceptual
3 Marks - Conceptual & Analytical
4 Marks - Analytical based on understanding of concepts
5 Marks - Application based on understanding of concepts

The question paper will be for 100 marks and considering marks allotted to each question, the
total number of questions would be around 63.
There will not be negative marking for wrong answers.
In case candidate does not want to attempt the question he I she should not mouse-click any
option.
The students are allowed to save the responses and come back later to resume, complete and
"Save and Submit" the assignment. However, if the Due Date has expired, then the assignment
will not be accessible and will be marked as zero. In such cases, the student can re-attempt the
assignment allocated after enrolling in the subsequent Semester.
Once submitted, that answer sheet cannot be retreieved for any editing. The student has to
initiate a new attempt (if allowed), if he has submitted the assignment by mistake.
The students are normally allowed 3 chances to attempt and submit the assignment. The
number of attempts availed is displayed under the "Test Information".
The Highest Grade of the 3 attempts shall be considered for grading.
The assignments are auto evaluated, and hence no chance of re-evaluation/re-totalling is
allowed to the student.
 Results Incorrectly Answered Questions
Displayed

Question 1 1 out of 1 points

State whether the given statement is true or false

All the accounts, if brought in one account book, will be more informative and useful. The account book so
maintained is called Ledger.

Question 2 1 out of 1 points

Select the most appropriate option

In ________, an existing company takes over the business of one or more existing companies, which dissolve
their businesses.

Question 3 1 out of 1 points

Select the most appropriate option

______ accounts officers prepare the progressive figure of the year of their circle and send them to the
Union/State Government.

Question 4 1 out of 1 points

Select the most appropriate option

Purchase consideration = Total of agreed value of assets taken over _______ Total of agreed value of
liabilities taken over

Question 5 1 out of 1 points

Select the most appropriate option

As per the ________ concern concept, the income of the business can be measured at the time of the
liquidation of the business or at the time when business is sold.

Question 6 1 out of 1 points

Select the most appropriate option

In the standard costing system and budgetary controlling system, the main stress is on the devices to control
the costs, while in the ________accounting persons are emphasized to control the costs.

Question 7 1 out of 1 points

Select the most appropriate option

_______ is interested to take important decisions relating to fixing up the selling prices and making future
policies.

Question 8 1 out of 1 points

Select the most appropriate option

_________ accounts are prepared to decide what expenditure will be necessary for a particular activity and
how the sufficient funds will be raised to meet the expenditure.
Question 9 1 out of 1 points

Select the most appropriate option

In this group the members of ________ participates.

Question 10 1 out of 1 points

State whether the given statement is true or false

Gross Profit: It is calculated by comparing the sales and cost of sales. It is the excess of sales over cost of
sales.

Question 11 0 out of 1 points

Fit the best option

[var0] includes the systematic principles and methodology which are used in the practice.

Question 12 1 out of 1 points

Select the most appropriate option

_______accounting helps the management by providing qualitative information regarding the human capital in
improving the quality of managerial decisions

Question 13 1 out of 1 points

State whether the given statement is true or false

The honesty of the workers cannot be measured in money, it can be recorded into accounting.

Question 14 1 out of 1 points

Select the most appropriate option

In the case of ________ of assets, excess depreciation provision made will be written back.

Question 15 1 out of 1 points

Select the most appropriate option

After ________ is over, final accounts are prepared in order to know the operational results of the business
during a particular or fixed period and also to depict financial position of the business on a particular date.

Question 16 1 out of 1 points

State whether the given statement is true or false

In accounting, the financial data are recorded in a definite term i.e. money.

Question 17 1 out of 1 points

Select the most appropriate option

The ________ may be relating to sales, cost, profit and investment.

Question 18 1 out of 1 points

 Select the most appropriate option
Insurance is such type of contract in which one part, known as the _______ is indemnified for a loss on
happening a particular event by the other party

Question 19 1 out of 1 points

Select the most appropriate option

Lev and Schwartz Model: This is based on the _______ value of future earnings.

Question 20 1 out of 1 points

Select the most appropriate option

The Union and the State Governments have their separate accounts with _______. The treasury officer or any
other officer of the Government is authorized to draw of the pay money from these accounts.

Question 21 1 out of 1 points

Select the most appropriate option

Like managing director, a manager is also appointed by board of directors. His tenure cannot be more than
______ years at a time.

Question 22 1 out of 1 points

Select the most appropriate option

A _______ comes into existence by law and can come to an end only through a legal process.

Question 23 1 out of 1 points

Fit the best option

Under [var0] of transactions the ledger is maintained while in the summarizing process trial balance and final
accounts (P. & L. A/c and Balance Sheet) are prepared.

Question 24 1 out of 1 points

State whether the given statement is true or false

Subsidiary books are the book of original entry and it is also called primary records because the first entry of
transaction is made in subsidiary books.

Question 25 1 out of 1 points

Select the most appropriate option

The ________ receives his remuneration in the form of commission which is usually based as a percentage
on assets realised and payment made to unsecured creditors.

Question 26 1 out of 1 points

Select the most appropriate option

Provision of Section _______ of the Companies Act is for the ascertainment of divisible profit.
Question 27 1 out of 1 points

Select the most appropriate option

Under _______ method, the purchase consideration is calculated by aggregating the payments made by the
transferee company to the shareholders of transferor company in the form of cash, shares, debentures and
agreed value of assets given.

Question 28 1 out of 1 points

State whether the given statement is true or false

Subsidiary Books refers to books meant for specific transactions of similar nature.

Question 29 1 out of 1 points

Select the most appropriate option

The process of identifying and measuring the data about human resources and communicating this
information to the interested parties”is called _______accounting, according to American Accounting
Association Committee.

Question 30 1 out of 1 points

Fit the best option

Journal is a book of accounts in which all day to day business transactions are recorded in a [var0] order.

Question 31 1 out of 1 points

Select the most appropriate option

Now human beings of an organization are treated assets like other ________ of the organization.

Question 32 1 out of 1 points

Select the most appropriate option

A place where treasury is not situated, this work will be done through _______ Such a receipts or payment will
done first from the cash balance of the State concerned and then requisite amount will be adjusted by the
Account-General through RBI.

Question 33 1 out of 1 points

Select the most appropriate option

With the purpose of ________ process more effectively, the actual performance of the unit/centre is recorded
on the basis of cost and revenue data.

Question 34 1 out of 1 points

Select the most appropriate option

HUF stands for:

Question 35 1 out of 1 points

Select the most appropriate option

ICAI stands for:
Question 36 1 out of 1 points

Select the most appropriate option

The accompanying ________ statements have been prepared on the historical cost basis and from to the
statutory provision and practices prevailing in the country.

Question 37 1 out of 1 points

Select the most appropriate option

On consolidation of shares, the amount of________ share capital remains at old figure, but the number of
shares decreases.

Question 38 1 out of 1 points

Select the most appropriate option

In the case of _______ reconstruction, an existing company goes into liquidation and a new company is
formed in order to buy its business.

Question 39 1 out of 1 points

Fit the best option

[var0] is the art of recording, classifying and summarizing the business transactions of the financial nature.

Question 40 1 out of 1 points

Select the most appropriate option

________ accounts mean profit and loss account and the balance sheet.

Question 41 2 out of 2 points

Select the most appropriate option

"Responsibility accounting is that type of ________ accounting that collects and reports both plans and actual
accounting information in terms of responsibility centres.”

Question 42 2 out of 2 points

Select the most appropriate option

_______ accounting is the classification, management, maintenance, review and appraisal of accounts
serving the purpose of providing information on the quality and the standard of performance attained by the
persons to whom authority has been assigned.”

Question 43 2 out of 2 points

Select the most appropriate option

An expenditure incurred in the course of regular business a transaction of a concern is availed during the
same accounting year is known as ________ Expenditure.

Question 44 2 out of 2 points

Fit the best option

 In the Journal the business transactions are recorded chronologically that is called [var0].

Question 45 2 out of 2 points

State whether the given statement is true or false

When some amount is brought into to start the business it is called Capital.

Question 46 2 out of 2 points

Fit the best option

[var0] is the total compensation that an employee receives in exchange for the service they perform for their
employer.

Question 47 2 out of 2 points

Select the most appropriate option

Profit and loss account is prepared after a period to find the result of the business and balance sheet to know
the ________ position of the business.

Question 48 2 out of 2 points

Select the most appropriate option

Reconstruction of companies is the rearrangement of financial structure of the company. It is of two types (i)
Internal Reconstruction and (ii) External Reconstruction As per AS _______ there are two methods of
accounting for amalgamation i.e. .Pooling of Interest Methods and Purchase Method.

Question 49 2 out of 2 points

Choose the right option-The question may have more than one correct answer
The claims of the shareholders, creditors and outsiders are adjusted towards the amount of writing off the
accumulated losses and fictitious assets. Thus, in the internal reconstruction, the following two are included:

Question 50 2 out of 2 points

Select the most appropriate option

_______ Cost Method: This is current value approach. Under this method first of all the replacement cost of
the existing employees is corrupted. This exercise may be redundant unless the management desires to
replace the existing employees.

Question 51 2 out of 2 points

Select the most appropriate option

In such a case, it is called _______' voluntary winding up. In this case, the company must call a meeting of its
creditors for passing the resolution for winding up.

Question 52 2 out of 2 points

Select the most appropriate option

Cancellation of the unissued shares capital does not require any journal entry in the books of the company
because it does not have any effect on the _______ shares capital.
Question 53 2 out of 2 points

State whether the given statement is true or false

Equity = Assets + Liabilities

Question 54 2 out of 2 points

Select the most appropriate option

The principle of a ________, are to govern a country and to administer the various departments to promote
welfare among the people in the best possible way.

Question 55 3 out of 3 points

Select the most appropriate option

In normal course, that profit is distributed among the shareholders as dividend which has been calculated
after _______ all expenses, losses, depreciation on fixed assets, fall in the price of current assets, taxation,
past losses and transferring a reasonable amount to reserve.

Question 56 3 out of 3 points

Select the most appropriate option

Most accounting transactions originate with what are called _______ documents, which are the invoices,
invoices, orders, time cards, checks, and other “paperwork” (or now, commonly digital files) which provide the
first indication that a transaction has taken place.

Question 57 3 out of 3 points

Select the most appropriate option

When a company has a large amount of accumulated profit in its different revenue reserve and the company
wants to distribute it to its shareholders in addition to regular dividend, such a distribution is called '_______'.

Question 58 3 out of 3 points

Choose the right option-The question may have more than one correct answer
The following types of capital profit are not at all available for dividend:

Question 59 4 out of 4 points

Select the most appropriate option

The _______ and lenders of money etc. can also know the financial soundness through financial statement.
They have to see two things (i) Regularity of income and (ii) solvency of the business so that their investment
is risk free.

Question 60 4 out of 4 points

Choose the right option-The question may have more than one correct answer
On the basis of definitions, the characteristics of accounting may be drawn as follows:

Question 61 4 out of 4 points

Select the most appropriate option

 When an insurance company accepts the insurance of other insurance company, commission payable on this
reinsurance business is called _______ on reinsurance accepted and is shown in the debit side of revenue
account.

Question 62 4 out of 4 points

Select the most appropriate option

The Petty Cash Book records all the transactions which are very small in terms of money. In such situation, a
fixed amount of cash in the beginning of the month is given to a person who is known as petty cashier. After a
fixed period say a week or month, he is again reimbursed or paid back the amount whatever he has spent at
the end of week or period. Such a system is known as ________system.

Question 63 4 out of 4 points

Choose the right option-The question may have more than one correct answer
The following errors cannot be detected by the trial balance means in spite of agreeing the totals of debit side
and credit side, these errors occur in the accounts.
Saturday, 30 January 2021 22:22:33 o'clock IST

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