SSC CGL (Tier-2) 2018 Paper - AAO ( Finance and Accounts) "held on 14 September 2019" Morning Shift
- Exam Name: SSC CGL (Tier - 2)
- Year: 2018
- EXAM DATE : 14 September 2019
- EXAM START TIME : 10:00:00
Q.1 A Trial Balance may be prepared according to Totals Method and _____ Method.
1. Deficit
2. Average
3. Surplus
4. Balance
Corret answer : Balance
Q.2 ______ appears on the credit side of Manufacturing Account.
1. Purchase of Raw materials
2. Sale of By-product
3. Factory Rent
4. Sale of Fixed Asset
Corret answer : Sale of By-product
Q.3 According to the ____ concept of accounting, the life of the business is divided into appropriate segments for studying the results shown by the business after each segment.
1. Cost
2. Dual Aspect
3. Accounting Period
4. Realization
Corret answer : Accounting Period
Q.4 On account of ____ convention, the inventory is valued ‘at cost or market price whichever is less’.
1. Consistency
2. Conservatism
3. Full Disclosure
4. Materiality
Corret answer : Conservatism
Q.5 If the net sales are Rs.35,000, Net Purchases Rs.25,000 and the Closing Stock is Rs.5,000, what will be the amount of Gross Profit?
1. Rs.15,000
2. Rs.25,000
3. Rs.55,000
4. Rs.5,000
Corret answer : Rs.15,000
Q.6 Under ____ method of Inventory valuation, the issues of materials are made at the price of materials or goods which have been ordered but not yet received.
1. Last in First Out
2. First in First Out
3. Highest in First Out
4. Next in First Out
Corret answer : Next in First Out
Q.7 A businessman can find out what his business owns and what it owes from ______.
1. Profit & Loss A/c
2. Balance Sheet
3. Ledger
4. Trading A/c
Corret answer : Balance Sheet
Q.8 The maker of a Bill Of Exchange is called the _____.
1. Payer
2. Payee
3. Drawee
4. Drawer
Corret answer : Drawer
Q.9 _____ system of depreciation is followed in case of those assets which are of small values or where the life of the asset cannot be ascertained with certainty.
1. Insurance policy
2. Inventory
3. Annuity
4. Sinking fund
Corret answer : Inventory
Q.10 If a machine (having a scrap value of Rs.1,000) is purchased for Rs.10,000 and it has an effective life of 10 years of 1000 hours each, what will be the amount of depreciation per hour?
1. Rs.2.00
2. Rs.1.50
3. Re.1.00
4. Re.0.90
Corret answer : Re.0.90
Q.11 The ____ concept of accounting presumes that an enterprise will continue in operation long enough to charge against income, the cost of fixed assets over their useful lives, to amortize over appropriate period other costs which have been deferred under the actual or matching concept, to pay liabilities when they become due and to meet the contractual commitments.
1. Separate Entity
2. cost
3. Going Concern
4. Money Measurement
Corret answer : Going Concern
Q.12 The ______ of a Non-Profit Organisation gives a list of revenue receipts (for past,current and future periods) as well as capital receipts.
1. Profit & Loss Account
2. Receipt and Payment Account
3. Income & Expenditure Account
4. Profit & Loss Appropriation Account
Corret answer : Receipt and Payment Account
Q.13 If the two sides of the Trial Balance tally, it is an indication that ____.
1. The books of account are completely accurate.
2. The books of account are arithmetically accurate.
3. The business has a sound financial position.
4. The business has suffered a loss.
Corret answer : The books of account are arithmetically accurate.
Q.14 In case of a Bill of Exchange, ‘Legal Due Date’ is a date which is arrived after adding three days of grace in the _____.
1. Nominal due date
2. Date of bill
3. Date of acceptance
4. Period of bill
Corret answer : Nominal due date
Q.15 Self –balancing entries will only be made for those transactions which affect ____.
1. Three ledgers
2. One ledger
3. Four ledgers
4. Two ledgers
Corret answer : Two ledgers
