1. The document is an objective and subjective type quiz on principles of accounting for a class of I.Com 2 students. It contains 15 multiple choice questions testing concepts like abnormal loss, consignment, depreciation, and single entry accounting.
2. The subjective section has 3 short answer questions on topics such as consignment, depreciation, and single entry systems. It also contains 3 long form questions calculating profit/loss under single entry, solving a consignment account problem, and preparing a machinery account using straight line depreciation.
3. Students are required to answer all questions within the allotted time of 3 hours and show working for subjective answers. Concepts tested include accounting
1. The document is an objective and subjective type quiz on principles of accounting for a class of I.Com 2 students. It contains 15 multiple choice questions testing concepts like abnormal loss, consignment, depreciation, and single entry accounting.
2. The subjective section has 3 short answer questions on topics such as consignment, depreciation, and single entry systems. It also contains 3 long form questions calculating profit/loss under single entry, solving a consignment account problem, and preparing a machinery account using straight line depreciation.
3. Students are required to answer all questions within the allotted time of 3 hours and show working for subjective answers. Concepts tested include accounting
1. The document is an objective and subjective type quiz on principles of accounting for a class of I.Com 2 students. It contains 15 multiple choice questions testing concepts like abnormal loss, consignment, depreciation, and single entry accounting.
2. The subjective section has 3 short answer questions on topics such as consignment, depreciation, and single entry systems. It also contains 3 long form questions calculating profit/loss under single entry, solving a consignment account problem, and preparing a machinery account using straight line depreciation.
3. Students are required to answer all questions within the allotted time of 3 hours and show working for subjective answers. Concepts tested include accounting
1. The document is an objective and subjective type quiz on principles of accounting for a class of I.Com 2 students. It contains 15 multiple choice questions testing concepts like abnormal loss, consignment, depreciation, and single entry accounting.
2. The subjective section has 3 short answer questions on topics such as consignment, depreciation, and single entry systems. It also contains 3 long form questions calculating profit/loss under single entry, solving a consignment account problem, and preparing a machinery account using straight line depreciation.
3. Students are required to answer all questions within the allotted time of 3 hours and show working for subjective answers. Concepts tested include accounting
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SIIT College of Commerce
Send-Ups
Subject: Principles of Accounting Marks: 75
Class: I.Com 2 Time: 3:00
Name: ___________________ Roll No. ___________________
OBJECTIVE TYPE MCQs: Encircle the right option:
1. Abnormal loss occurs due to:
a) Loss by fire b) Accident c) Theft d) All of these
2. Consignee a) Bear expenses or loss b) Share profit on consignmen c) Receive commission d) All of these
3. Goods sent on consignment is a nature of
a) Personal account b) Nominal account c) “a” and “b” d) Real account
4. In consignor book, the payment of expenses by consignee should be debited to:
a) Consignment account b) Consignor account c) Cash account d) Expense account
5. It is paid to consignee if he takes the risk of bad debts:
a) Commission b) General Commission c) Ordinary Commission d) Delcredre Commission
6. Under Diminishing balance method, the amount of depreciation gradually:
a) Decrease b) Increase c) Constant d) None of these
7. Depreciation of an asset should not exceed:
a) Original cost b) Depreciable value c) Market price d) Scrap value
8. Decrease in the value of an asset due to change in habit or taste of people:
a) Efflux of time b) Accident c) Obsolescence d) Wear and tear
9. Which one of the asset is to be appreciated in value:
a) Land b) Building c) Furniture d) Machinery
10. Depreciation is an:
a) Expense b) Income c) Liability d) Asset
11. Both aspects of a transaction must be recorded in:
a) Double entry system b) Single entry system c) Barter system d) Islamic system
12. In single entry system, statement of assets, liabilities and capital is called: a) Statement of affairs b) balance sheet c) Earning statement d) Profit or loss statement
13. Single entry system is generally adopted by:
a) Small Businesses b) Large Businesses c) Medium Businesses d) All of these
14. How many methods are available to calculate profit under single entry system: a) One b) Two c) Three d) Four
15. Net worth is equal to:
a) Assets - Liabilities b) Assets + Liabilities c) Liabilities + Capital d) All Above
Class: I.Com 2 SIIT COLLEGE OF COMMERCE Marks: 75
P.O.Accounting SEND-Ups Time: 3:00hrs
SUBJECTIVE TYPE
Attempt all Short Answers from each section (18x2=36)
Section-A Section-B Section-C
1. Define Consignment. 1. Define Depreciation. 1. Define single entry system 2. Define Abnormal Loss. 2. Define Wasting Assets. 2. Define Statement of affairs. 3. Define Delcredre 3. Define the term “Wear and 3. Define increased net worth Commission. method tear”? 4. Define overriding 4. Difference between Depletion & 4. What are the advantages of Commission. Amortization. single entry system? 5. Difference b/w Consignment 5. What is break up value? 5. Opening balance of capital is inward & Consignment outward Rs.100/- closing balance of capital is Rs. 1000/, Drawings Rs. 100, calculate net profit/loss during the year. 6. Difference between 6. Define Obsolescence? 6. Define conversion method Consignor and Consignee
Attempt All Long Questions:( 3x8=24)
Q No. 1
“A” started business on 1-1-2005 with capitals of Rs. 60000. During the year ‘A’ introduced Rs.10000 as additional capital on 1-07-2005. He withdraw Rs.500 p.m. for household expenses from profits. Capital on 31-12-2005 is Rs. 100000. Interest on capital is to be allowed @ 10%.
Calculate the Profit or Loss for the year ending 31-12-2005
Q No. 2
Aqeel sent on consignment 10 refrigerator to Sufyan costing Rs.10000 each, and paid transportation charges Rs.1000. Consignee spent Rs.2000 for storage and insurance. Sufyan sold all the refrigerators at Rs.12000 each. Consignee settled the account after Deducting 15% commission on sale. Required: Prepare Consignment account in the books of Aqeel .
Q No. 3
A firm purchased machinery for Rs. 70000 on 1 stjuly 2002. They spent 8000 on its installation. Prepare the machinery account for the first four year under straight line method. Depreciation is written off at 10% per annum. Good Luck !!!
