Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3
||Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3||Important Question Answer Series For HPSSSB Junior Office Assistant Accounts (Post Code -932) Set-3||
41. In what order the following items are shown on the liability side of the balance sheet?
I. Share capital
II. Debentures
III. Sundry creditors
IV. Proposed dividends
Codes:
(a) I, II, III, IV
(b) I, III, II, IV
(c) II, III, IV, I
(d) I, IV, II, III
42. If on a share of Rs. 100 and called -up capital Rs.90 while the company received Rs.80, the capital account should be credited with
(a) Rs. 100
(b) Rs. 90
(c) Rs. 80
(d) Rs. 70
43. Unclaimed dividend is shown in the balance sheet under the heading as
(a) Current liabilities.
(b) Unsecured loans.
(c) Reserves and surplus.
(d) None of these.
44. Contingent liability is shown due to
(a) Convention of full disclosure.
(b) Convention of conservatism.
(c) Convention of materiality.
(d) Dual aspect concept.
45. Assets of a business are Rs. 21,315 and liabilities Rs. 4,120. What is the amount of owner’s equity?
(a) Rs. 21,315
(b) Rs. 17,195
(c) Rs. 25,435
(d) Rs. 4,120
46. Which of the following transactions will increase an asset and also decrease an asset?
(a) Stores purchased on account.
(b) Stores purchased on cash.
(c) Payment of a promissory note with cash.
(d) Declaration of a dividend.
47. Which of the following transactions results in decrease in owner’s equity and increase in liabilities?
(a) Declaration of a dividend, payable in cash next month
(b) Shares forfeited, on which call money is not paid
(c) Reduction in the par value of shares, from Rs. 10 to Rs. 5
(d) Reduction in the paid-up value of shares, from Rs. 5 to Rs. 3
48. “A three year permium paid on a fire insurance policy” should be classified as
(a) Accrued asset
(b) Accrued liability
(c) Unearned revenue
(d) Prepaid expense
49. “Wages outstanding” is appearing in the trial balance of a company while preparing Income statement and balance sheet, wages outstanding should appear in
(a) The balance sheet only.
(b) Income statement only.
(c) Both income statement as well as balance sheet.
(d) Either income statement or balance sheet.
50. The income statement reports the
(a) Net effect of income generating activities.
(b) Net effect of profit generating activities.
(c) The financial position of business.
(d) The overall effect on funds.
