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JSPMS JAYAWANT INSTITUTE OF COMPUTER APPLICATIONS MCA PROGRAMME (Sem I) Skill Test I Academic Year 2010-11 Cost and

Financial Accounting ( BM12 ) Duration:- 30 min. Marks: -25. -----------------------------------------------------------------------------------------------------------------------------------Q.1 to Q.5 :- Fill in the Blanks: 1. 2. 3. 4. The left hand side of the account is called as ___________ side. (Debit/Credit) The accounts of Properties and Assets are called as ___________account(Assets/Liabilities) Cash account always shows __________ balance(Debit/Credit) If the total of Debit side of an account is greater than the credit side , the account will show ___________balance. ( Debit/Credit) 5. The balance of Trading account is known as ________or _________(Gross Profit, Gross Loss / Net Profit , Net loss) Q.6 to Q. 10:Match the pair with Group A with Group B: Group A 1) Debit Side 2) Credit Side 3)Journal 4)Debtor 5) Creditor Group B a) Right hand side of an account b) Left hand side of an account c) A person to whom we owe something d) Book of original entry e) A person who owe something Answers : : : : :

1) 2) 3) 4) 5)

Q11 to Q.16 :- State Yes or No for the following: 1. 2. 3. 4. 5. 6. Machinery is a Real account.___________ Postage is a Nominal account__________ Capital account is Personal account___________ The items in Adjustments have only single effect.___________ The right hand side of the Balance sheet side is called as Liabilities.____________ Final account consists of Trading account, Profit and loss account, Balance Sheet_______

Q.17 to Q.20 :- Define the terms: 1. 2. 3. 4. Rule for the Real account is _______________________________________ Rule for Personal account _________________________________________ Rule for Nominal account is _______________________________________________ Elements of Cost are _________, _______________, _______________

Q.21 to Q.25 :- Give example for each of the following: 1. 2. 3. 4. 5. Real account __________________ Nominal account _____________________ Personal account __________________ Assets _______________ Liabilities ________________

Skill Test II

Duration:- 30 min. -----------------------------------------------------------------------------------------------------------------------------------------------------------Select the appropriate response: Q.1: Which of the following is not the type accounting techniques? a. Financial accounting. b. Management accounting. c. Production d. Cost accounting. Q. 2: Which of the following equations properly represents a derivation of the fundamental accounting equation? a. Assets + liabilities = owner's equity. b. Assets = owner's equity. c. Cash = assets. d. Assets - liabilities = owner's equity. Q.3: Which of these items would be accounted for as an expense? a. Commission received b. Dividend received c. Salary paid d. none of these Q.4: Which of the following would not be included in a balance sheet? a. Bills receivable. b. Bills payable. c. Sales. d. Cash. Q.5: "The firm must be treated as financially separate and distinct from its' owner(s)". This rule is known as: a. The accounting equation b. The dual aspect concept c. The business entity concept d. The balance sheet. Q.6: Which of the following is a liability? a. Creditors b. Debtors c. Stock d. Cash

JSPMS JAYAWANT INSTITUTE OF COMPUTER APPLICATIONS MCA PROGRAMME (Sem I) Academic Year 2010-11 Cost and Financial Accounting ( BM12 ) Marks: -25.

Q.7: The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. cost principle. b. monetary unit assumption. c. economic entity assumption. d. None of these. Q. 8: Transactions are initially recorded in the a. general ledger. b. trial balance. c. Journal. d. balance sheet Q.9: The system whereby we make two records for each transaction is known as a. Balance Sheet accounting. b. Double-entry. c. cost accounting. d. Management accounting Q.10: Costs that do not change when the activity base fluctuates are known as: a. Variable costs b. Discretionary costs c. Fixed costs d. Mixed costs Q.11: Which of the following functions is managerial accounting intended to facilitate? a. Planning b. Decision making c. Control d. All of these Q.12: Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs? a. Direct materials, direct labor, and factory overhead. b. Direct materials and direct labor only. c. Direct materials, administrative overhead. d. Direct labor and factory overhead. Q.13: Which of the following types of accounts is not included in Balance Sheet? a. Liabilities b. Gross Profit c. Asset d. Capital. Q.14: Amitabhs company pays cash to Shahrukh, then the entry in the books of Amitabhs company will be: a. Debit Shahrukhs account and credit Amitabhs company account b.Debit Sharukhs account and credit Cash account c. Debit Cash account and credit Amitabhs company account d. Debit cash account and credit Shahrukhs account.

Q.15: Marginal Contribution can be calculated as: a. Sales Variable cost b. Sales Fixed cost c. Variable cost + fixed cost d. None of these. Q.16: Indentify which account is not a Personal account:a. Sunils account b. State Bank of Indias account c. Capital account d. Salary account Classify the following accounts into Real, Nominal and Personal accounts:Q.17: Kirtees account ___________ Q.18: Bank of Maharashtras account __________ Q.19: Rent account ________ Q.20: Cash account is ________ Q.21: Capital account is _________ Q.22: Goods account __________ Q.23: Advertisement expenses ________ Q.24: Travelling expenses______ Q.25: Commission account_________

***************All the Best*****************

JSPMS JAYAWANT INSTITUTE OF COMPUTER APPLICATIONS MBA PROGRAMME (Sem I) Skill Test I Academic Year 2010-11 Subject: Management Accounting ( 102 ) Duration:- 30 min. Marks: -25. ------------------------------------------------------------------------------------------------------------------Q.1 to Q.5 :- Fill in the Blanks: 6. 7. 8. 9. The left hand side of the account is called as ___________ side. (Debit/Credit) The accounts of Properties and Assets are called as ___________account(Assets/Liabilities) Cash account always shows __________ balance(Debit/Credit) If the total of Debit side of an account is greater than the credit side , the account will show ___________balance. ( Debit/Credit) 10. The balance of Trading account is known as ________or _________(Gross Profit, Gross Loss / Net Profit , Net loss) Q.6 to Q. 10:Match the pair with Group A with Group B: Group A 1) Debit Side 2) Credit Side 3)Journal 4)Debtor 5) Creditor Group B a) Right hand side of an account b) Left hand side of an account c) A person to whom we owe something d) Book of original entry e) A person who owe something Answers : : : : :

1) 2) 3) 4) 5)

Q11 to Q.16 :- State Yes or No for the following: 7. Machinery is a Real account.___________ 8. Postage is a Nominal account__________ 9. Capital account is Personal account___________ 10. The items in Adjustments have only single effect.___________ 11. The right hand side of the Balance sheet side is called as Liabilities.____________ 12. Final account consists of Trading account, Profit and loss account, Balance Sheet_______ Q.17 to Q.20 :- Define the terms: 5. 6. 7. 8. Rule for the Real account is _______________________________________ Rule for Personal account _________________________________________ Rule for Nominal account is _______________________________________________ Elements of Cost are _________, _______________, _______________

Q.21 to Q.25 :- Give example for each of the following: 6. Real account __________________ 7. Nominal account _____________________ 8. Personal account __________________ 9. Assets _______________ 10. Liabilities ________________

Skill Test II

Duration:- 30 min. --------------------------------------------------------------------------------------------------------------------------------------------------------Select the appropriate response: Q.1: Which of the following is not the type accounting techniques? a. Financial accounting. b. Management accounting. c. Production d. Cost accounting. Q. 2: Which of the following equations properly represents a derivation of the fundamental accounting equation? a. Assets + liabilities = owner's equity. b. Assets = owner's equity. c. Cash = assets. d. Assets - liabilities = owner's equity. Q.3: Which of these items would be accounted for as an expense? a. Commission received b. Dividend received c. Salary paid d. none of these Q.4: Which of the following would not be included in a balance sheet? a. Bills receivable. b. Bills payable. c. Sales. d. Cash. Q.5: "The firm must be treated as financially separate and distinct from its' owner(s)". This rule is known as: a. The accounting equation b. The dual aspect concept c. The business entity concept d. The balance sheet. Q.6: Which of the following is a liability? a. Creditors b. Debtors c. Stock d. Cash Q.7: The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. cost principle. b. monetary unit assumption.

JSPMS JAYAWANT INSTITUTE OF COMPUTER APPLICATIONS MBA PROGRAMME (Sem I) Academic Year 2010-11 Management Accounting ( 102 ) Marks: -25.

c. economic entity assumption. d. None of these. Q. 8: Transactions are initially recorded in the a. general ledger. b. trial balance. c. Journal. d. balance sheet Q.9: The system whereby we make two records for each transaction is known as a. Balance Sheet accounting. b. Double-entry. c. cost accounting. d. Management accounting Q.10: Costs that do not change when the activity base fluctuates are known as: a. Variable costs b. Discretionary costs c. Fixed costs d. Mixed costs Q.11: Which of the following functions is managerial accounting intended to facilitate? a. Planning b. Decision making c. Control d. All of these Q.12: Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs? a. Direct materials, direct labor, and factory overhead. b. Direct materials and direct labor only. c. Direct materials, administrative overhead. d. Direct labor and factory overhead. Q.13: Which of the following types of accounts is not included in Balance Sheet? a. Liabilities b. Gross Profit c. Asset d. Capital. Q.14: Amitabhs company pays cash to Shahrukh, then the entry in the books of Amitabhs company will be: a. Debit Shahrukhs account and credit Amitabhs company account b.Debit Sharukhs account and credit Cash account c. Debit Cash account and credit Amitabhs company account d. Debit cash account and credit Shahrukhs account.

Q.15: Marginal Contribution can be calculated as: a. Sales Variable cost b. Sales Fixed cost c. Variable cost + fixed cost d. None of these. Q.16: Indentify which account is not a Personal account:a. Sunils account b. State Bank of Indias account c. Capital account d. Salary account Classify the following accounts into Real, Nominal and Personal accounts:Q.17: Kirtees account ___________ Q.18: Bank of Maharashtras account __________ Q.19: Rent account ________ Q.20: Cash account is ________ Q.21: Capital account is _________ Q.22: Goods account __________ Q.23: Advertisement expenses ________ Q.24: Travelling expenses______ Q.25: Commission account_________

***************All the Best*****************

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