Name _________________ Roll No.

______________ Class _________________ ACCOUNTING FOR MANAGEMENT Test Paper Note: Attempt all questions. Question No. 16 carries 6 marks, Question No. 26 carries 20 marks. All other questions carry 1 mark each. This paper carries Max Marks 50. 1. Accounting standards are statements prescribed by Law/Government Regulatory Body/Board of Directors/Professional Accounting Bodies/RBI 2. Accounting Standard 1 deals with ______________________ 3. Accounting Standard 6 deals with ______________________ 4. Accounting Standard 3 (Revised) deals with ____________________ 5. Accounting Standards 26 deals with __________________________ 6. In India Accounting _________________________ Standards are issued by

7. Accountancy and Book Keeping are the same True/False 8. Financial Statements are prepared using Accounting Standards True/False 9. Rs. 1,00,000.00 figure for inventory in a Balance Sheet, is the amount for which it could be sold on the Balance Sheet Date. (Name the accounting concept that is violated) 10. The accounting year of a firm closes on 31st March each year. The rent for business premises for the last quarter could not be paid to the owner. Will rent payable be taken into account at the time of closing the books? Name the concept applicable in this case.

11. Accounting concepts are: Broad assumptions/Methods of presenting financial accounts/Framed by Board of directors/Laws framed by Govt. 12. Where should withdrawal of cash from business by proprietor be credited?____________ 13. What is Nominal Account? ______________________________ 14. What is the fundamental rule for debit and credit in Real Account ? 15. The proprietor of firm withdrew Rs.50,000.00 for personal use. This was shown as expense of the firm. Is this right from Accounting point of view? 16. Find out two accounts involved in the following: 1. 2. 3. 4. Purchased goods on credit from X Rs.60,000.00 Rent Paid to landlord Rs.5000.00 Received interest on Government Securities Rs.1000.00 Purchased Computer Rs.35,000.00 5. Proprietor paid from business Rs.5000 towards tuition fee on his son. 6. Goods for Rs. 4,000.00 distributed as free sample. 17. Business Transactions are recorded at _________ Concept. 18. Objective evidence means ___________ documentary. 19. __________ is the common unit of measurement. 20. Journal is original entry/Double entry/Duplicate entry/Statement of Account 21. The credit balance of Capital Account is liability/asset 22. Wages paid Raju should be debited to Raju A/c/Wages A/c/Cash A/c 23. Return of goods from customer should be credited to ___________ 24. In case of bad debt the amount should be debited to _________
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25.Accounting cycle includes ______________________ 26. Journalize the following transactions in the books of ABC & Co:1. X Commenced business with Rs. 20,000.00 2. Purchased goods worth Rs. 10,000.00 from Sankalp against cash. 3. Invoiced goods to Ramesh Rs. 20,000.00 4. Received Rs.15,000.00 from Mr Z in full settlement of his account Rs.20,000.00 5. Returned goods to Mr Suresh Rs. 5,000.00 6. Goods withdrawn for personal use Rs.20,000.00 7. Received Rs. 20,000 from Chandan against dues of Rs. 25,000.00 8. Goods worth Rs.1000.00 distributed as free sample. 9. Buffalo purchased on 2.08.2011 for Rs.25,000.00 10.Buffalo purchased on 2.08.2011 died and its skin could be sold for Rs.1000.00 11.Furniture purchased for Rs.25,000.00. Payment made by Cheque 12.Sold goods worth Rs. 1,00,000.00 to Mr Hemant at 10% discount 13.Purchased Government Bonds for Rs.1,00,000. Paid by cheque. 14.Cheque for Rs.1000.00 given by Mr X deposited with bank returned unpaid. 15.Rs.10,000.00 withdrawn from bank 16.Goods worth Rs.1000.00 stolen by storekeeper. 17.Machinery having depreciated value Rs.20,000.00 sold for Rs.18,000.00. Payment received by cheque. 18.Paid for advertisement by cheque Rs. 2,000.00 19.Cash sales made Rs.4,000.00 20.Mr X Prop of firm paid Rs. 5000.00 towards tuition fee of his son.