Which of the following is NOT a communicable disease?
💡Correct Answer: Option C (Diabetes)
Diabetes is a chronic, non-communicable metabolic disorder characterized by high blood sugar levels. Tuberculosis, Influenza, and Ringworm are communicable infectious diseases.
Q2
🧾 AccountsNutrition
Consider the following pairs:
- A. Vitamin A: Anaemia - B. Vitamin C: Skin Diseases - C. Vitamin D: Rickets - D. Vitamin B1: Beri Beri
Which of the above pairs are correctly matched?
💡Correct Answer: Option C (C and D)
Vitamin D deficiency causes Rickets (C is correct) and Vitamin B1 deficiency causes Beri Beri (D is correct). Vitamin A deficiency causes Night Blindness (Anaemia is due to iron deficiency), and Vitamin C deficiency causes Scurvy.
Q3
🧾 AccountsEcology
Which of the following constitute a food-chain?
💡Correct Answer: Option B (Grass, goat and human)
Grass (Producer) is eaten by Goat (Primary Consumer), which in turn is consumed by Human (Secondary Consumer), forming a valid food chain.
Q4
🧾 AccountsEnvironment
Who was the first scientist to use the term SMOG and define its layers?
💡Correct Answer: Option D (Dr. Henry Antoine)
Dr. Henry Antoine Des Voeux first coined the term 'smog' (portmanteau of smoke and fog) in a paper presented at the Public Health Congress in 1905.
Q5
🧾 AccountsEnvironment
Consider the following statements regarding the greenhouse effect:
1. Life on the earth is possible due to the greenhouse effect. 2. Increased emission of greenhouse gases is a natural process.
Which of the above statements is/are correct?
💡Correct Answer: Option A (Only 1)
Statement 1 is correct because the greenhouse effect maintains Earth's temperature suitable for life. Statement 2 is incorrect because the recent increased emission of greenhouse gases is primarily anthropogenic (human-caused), not natural.
Q6
🧾 AccountsEnergy Sources
Consider the following statements:
- a. There is infinite storage of fossil fuel inside the earth. - b. Sun can be taken as an inexhaustible source of energy. - c. Waste from a nuclear power plant can be easily disposed of.
Which of the above statements is/are NOT correct?
💡Correct Answer: Option C (a and c)
Statement a is incorrect because fossil fuels are finite and exhaustible. Statement c is incorrect because disposing of nuclear waste is highly complex, hazardous, and difficult. Statement b is correct, so a and c are NOT correct.
Q7
🧾 AccountsCulture
Consider the following statements regarding Kud dance:
1. Kud dance is performed to honour the gods Lok Devtas' as a thanks giving ritual. 2. It is practiced on festive occasions like Eid and Ramzan days are going.
Which of the above statements is/are correct?
💡Correct Answer: Option A (Only 1)
Statement 1 is correct. Kud is a traditional thanksgiving folk dance performed in Jammu's hilly areas to honor the Lok Devtas (local deities). Statement 2 is incorrect as it is performed during rainy nights and after harvesting, not on Eid/Ramzan.
Q8
🧾 AccountsEnvironment
Consider the following national parks and the states they are located in:
- a. Kaziranga National Park: 4. Assam - b. Jim Corbett National Park: 3. Uttarakhand - c. Ranthambore National Park: 2. Rajasthan - d. Gir National Park: 1. Gujarat
Which of the following pairs is/are correctly matched?
💡Correct Answer: Option C (a-4, b-3, c-2, d-1)
The correct matches are: Kaziranga is in Assam (a-4), Jim Corbett is in Uttarakhand (b-3), Ranthambore is in Rajasthan (c-2), and Gir is in Gujarat (d-1). This corresponds to a-4, b-3, c-2, d-1.
Q9
🧾 AccountsDemography
The population growth rate means:
💡Correct Answer: Option D (Difference between birth rate and death rate)
The population growth rate is the rate at which the number of individuals in a population increases, which is fundamentally calculated as the difference between the birth rate and the death rate.
Q10
🧾 AccountsHeritage
Consider the following statements regarding Ajanta Caves:
- a. Ajanta caves were tagged as UNESCO World Heritage Sites in 1983. - b. Currently, these caves are taken care of by the Archaeological Survey of India. - c. The caves are believed to be made in Gupta period and Vakataka period.
Which of the above statements is/are correct?
💡Correct Answer: Option D (All of the above)
All statements are correct. Ajanta Caves became a UNESCO World Heritage site in 1983, are preserved by the ASI, and were excavated during the Vakataka and Gupta periods.
Q11
🧾 AccountsCost Accounting
Fixed cost is a cost:
💡Correct Answer: Option D (Which does not change in total during a given period despite changes in output)
Fixed costs are those expenses that remain constant in total amount over a specific range of activity/output during a given period, regardless of volume changes.
Q12
🧾 AccountsCost Accounting
Calculate the Prime Cost from the following information:
- Direct material purchased: Rs. 1,00,000 - Direct material consumed: Rs. 90,000 - Direct labour: Rs. 60,000 - Direct expenses: Rs. 20,000 - Manufacturing overheads: Rs. 30,000
💡Correct Answer: Option C (Rs. 1,70,000)
Prime Cost is the sum of direct costs: Prime Cost = Direct Materials Consumed + Direct Labour + Direct Expenses = Rs. 90,000 + Rs. 60,000 + Rs. 20,000 = Rs. 1,70,000. (Note: Purchased material is not used directly, only consumed material is counted).
Q13
🧾 AccountsLedger
Suppliers' personal accounts are seen in the:
💡Correct Answer: Option C (Purchases Ledger)
The Purchases Ledger (or Creditors Ledger) contains the personal accounts of all suppliers from whom goods have been purchased on credit.
Q14
🧾 AccountsBasic Accounting
Bookkeeping is regarded as the _____ step of accounting.
💡Correct Answer: Option D (First)
Bookkeeping is the recording phase of accounting and constitutes the first step in the accounting process, which is followed by classifying, summarizing, and interpreting.
Q15
🧾 AccountsAccounting Equation
Which of the following is correct?
💡Correct Answer: Option C (asset = liability + equity)
The fundamental accounting equation is Assets = Liabilities + Capital (Owner's Equity). This represents the balance sheet structure.
Q16
🧾 AccountsAccounting Concepts
Which concept suggests the exclusion of human resources in the balance sheet?
💡Correct Answer: Option B (Money Measurement Concept)
The Money Measurement Concept states that only transactions and events that can be expressed in terms of money should be recorded. Since human resource value cannot be reliably quantified in money, it is excluded from the balance sheet.
Q17
🧾 AccountsVouchers
Which of the following procedures should an accountant follow while preparing a voucher?
💡Correct Answer: Option D (All of the above)
An accountant preparing a voucher must verify details on supporting bills, check authorization signatures, and determine the correct voucher type (receipt, payment, journal). Thus, all procedures are correct.
Q18
🧾 AccountsSource Documents
Which of the following business documents is proof of payment for a business transaction?
💡Correct Answer: Option A (Receipt)
A Receipt is a written acknowledgment that a specified sum of money has been received, serving as proof of payment.
Q19
🧾 AccountsBank Reconciliation
In a bank statement, cash deposited by the customer is shown as:
💡Correct Answer: Option B (credit)
For the bank, customer deposits are liabilities. Hence, when cash is deposited, the bank credits the customer's account (indicating the bank owes this money back to the customer).
Q20
🧾 AccountsBank Reconciliation
What is "Deposit in transit" in bank reconciliation?
💡Correct Answer: Option A (Added to Bank Balance)
Deposits in transit are funds received and recorded by the company in its cash book but not yet processed and recorded by the bank. In bank reconciliation, these are added to the bank statement balance.
Q21
🧾 AccountsBank Reconciliation
What type of cheque is that which is issued by a firm but not yet presented to the bank?
💡Correct Answer: Option B (Outstanding cheques)
An outstanding cheque (also known as an unpresented cheque) is a cheque that has been written and issued by the firm but has not yet been presented to the bank for payment.
Q22
🧾 AccountsPFMS
The Public Financial Management System (PFMS) was earlier known as:
💡Correct Answer: Option A (Central Plan Schemes Monitoring System (CPSMS))
The Public Financial Management System (PFMS) was initially launched as a pilot program called the Central Plan Schemes Monitoring System (CPSMS) in 2009 to track funds released under plan schemes.
Q23
🧾 AccountsSingle Entry System
A statement of financial position produced from incomplete accounting records is commonly known as:
💡Correct Answer: Option B (Statement of affairs)
Under the single entry system (incomplete records), a Statement of Affairs is prepared to estimate the financial position of a business and calculate opening and closing capital.
Q24
🧾 AccountsPartnership Accounts
What happens when interest on drawings is charged to a partner?
💡Correct Answer: Option C (Debited to partner's capital a/c)
Interest on drawings is charged to partners as it is an expense for them. It is debited to the partner's Capital or Current Account, reducing their overall equity balance.
Q25
🧾 AccountsPartnership Accounts
M and N are two partners sharing profits and losses in a 3:2 ratio. They admit P as a new partner with a 1/5th share. What will be the new profit-sharing ratio?
💡Correct Answer: Option B (12:8:5)
Let total profit = 1. P's share = 1/5. Remaining share = 1 - 1/5 = 4/5. M's new share = 3/5 4/5 = 12/25. N's new share = 2/5 4/5 = 8/25. P's share = 1/5 = 5/25. The new profit-sharing ratio is 12:8:5.
Q26
🧾 AccountsLedger
The method of transferring items from a journal into their respective ledger accounts is known as:
💡Correct Answer: Option D (Posting)
Posting is the process of transferring debits and credits from the journal or other books of original entry to the respective ledger accounts.
Q27
🧾 AccountsAuditing
When an audit is undertaken to check the financial controls and irregularities in the organization, it is which type of audit?
💡Correct Answer: Option C (Internal audit)
An internal audit is conducted within an organization to evaluate risk management, internal controls, and check for any financial irregularities/frauds.
Q28
🧾 AccountsRatio Analysis
Current Ratio is calculated as:
💡Correct Answer: Option A (Current assets / Current liabilities)
Current Ratio is a liquidity ratio that measures a company's ability to cover its short-term obligations. It is calculated as Current Assets divided by Current Liabilities.
Q29
🧾 AccountsBank Reconciliation
A bank passbook is a copy of:
💡Correct Answer: Option C (The customer account in the bank's ledger)
A bank passbook (or bank statement) is a copy of the customer's ledger account maintained in the books of the bank.
Q30
🧾 AccountsTrial Balance
A trial balance helps to check the accuracy of the:
💡Correct Answer: Option B (Ledger)
A trial balance is prepared to verify the arithmetical accuracy of postings in the ledger accounts. If the trial balance agrees, it indicates that the ledger accounts are arithmetically correct.
Q31
🧾 AccountsSingle Entry System
Which of the following entities generally prepare their books of accounts under the single entry system?
💡Correct Answer: Option B (Sole traders)
Sole traders and small partnership businesses usually keep their accounts under the single entry system because of its simplicity and lower costs. Companies are legally required to maintain double-entry records.
Q32
🧾 AccountsTaxation
GST is a consumption of goods and service tax based on:
💡Correct Answer: Option D (Destination)
GST is a destination-based tax on consumption of goods and services, meaning the tax revenue goes to the consuming state rather than the producing state.
Q33
🧾 AccountsLeverage
What does financial leverage measure?
💡Correct Answer: Option C (The sensibility of EPS w.r.t % change in the EBIT level)
Financial leverage measures the sensitivity of Earnings Per Share (EPS) in response to a percentage change in Earnings Before Interest and Taxes (EBIT).
Q34
🧾 AccountsTaxation
A Finance Bill becomes the Finance Act when it is passed by:
💡Correct Answer: Option C (Both House of Parliament and signed by President.)
A Finance Bill becomes the Finance Act after it is passed by both Houses of Parliament (Lok Sabha and Rajya Sabha) and receives the formal assent (signature) of the President of India.
Q35
🧾 AccountsTaxation
Income which accrues or arises outside India & is also received outside India is taxable in the case of:
💡Correct Answer: Option A (Resident and Ordinary Resident)
Under Indian income tax law, global income (income accruing/arising and received outside India) is taxable only for individuals who are Resident and Ordinarily Resident (ROR).
Q36
🧾 AccountsTaxation (GST)
Which of the following is/are included in the definition of "Goods" as defined under section 2(52) of the CGST Act, 2017?
💡Correct Answer: Option B (Actionable claim)
Section 2(52) of the CGST Act, 2017 defines 'goods' to exclude money and securities but specifically includes actionable claims, growing crops, grass, etc.
Q37
🧾 AccountsTaxation
The amount payable at the time of closure or opting out of the National Pension Scheme referred to in section 80CCD shall be exempt to the extent of _____ of the total amount payable.
💡Correct Answer: Option C (40%)
Under the Income Tax Act, at the time of closure or exit from the NPS, the exemption was initially set to 40% of the total amount payable under Section 10(12A). Although it was later raised to 60%, the question features the legacy 40% value in the options which was marked as the key by JKSSB.
Q38
🧾 AccountsPartnership Accounts
Goodwill of a firm of X and Y is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000. Z is admitted for a 1/4th share. What amount is Z supposed to bring for goodwill?
💡Correct Answer: Option C (7,500)
The new partner Z must bring goodwill equivalent to their share in the current valued goodwill. Valued Goodwill = Rs. 30,000. Z's share = 1/4 of Rs. 30,000 = Rs. 7,500.
Q39
🧾 AccountsTaxation
Assertion (A): If the interest is payable outside India, tax must be deducted at source. Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
Select the correct answer from the code given below:
💡Correct Answer: Option A (Both (A) and (R) are correct and (R) is the correct explanation of (A).)
Both are correct. Section 40(a)(i) mandates that if interest is payable outside India, tax must be deducted at source (TDS). If tax is not deducted, the interest expense is disallowed as a deduction, making R the correct explanation of A.
Q40
🧾 AccountsCost Accounting
From the following information, find out the number of units that must be sold by the firm to earn a profit of Rs. 1,80,000 per year:
- Sales price: Rs. 25 per unit - Variable manufacturing costs: Rs. 12 per unit - Variable selling costs: Rs. 3 per unit - Fixed factory overheads: Rs. 5,00,000 - Fixed selling costs: Rs. 3,00,000
💡Correct Answer: Option C (98,000 units)
Contribution per unit = Selling Price - Total Variable Cost = 25 - (12 + 3) = Rs. 10. Total Fixed Cost = 5,00,000 + 3,00,000 = Rs. 8,00,000. Required Sales Units = (Fixed Costs + Target Profit) / Contribution per unit = (8,00,000 + 1,80,000) / 10 = 9,80,000 / 10 = 98,000 units.
Q41
🧾 AccountsGeneral Science
Who invented the Light Bulb?
💡Correct Answer: Option A (Thomas Edison)
Thomas Alva Edison patented the first commercially practical incandescent light bulb in 1879.
Q42
🔢 MathPartnership
Gautam started a business with a sum of Rs. 60,000/- .Jatin joined him 8 months later with a sum of Rs. 35,000/-. At what respective ratio will the two share the profit after two years?
💡Correct Answer: Option C (18:7)
Gautam invested for 24 months. Jatin invested for 24 - 8 = 16 months. Ratio of profit share = (60000 24) : (35000 16) = (60 24) : (35 16) = 1440 : 560 = 144 : 56 = 18:7.
Q43
🔢 MathPartnership
A, B and C enter into a partnership with a capital in which A's contribution is Rs. 10,000. If out of a total profit of Rs. 1000, A gets Rs. 500 and B gets Rs. 300, then C's capital is:
💡Correct Answer: Option A (4000)
Total profit = 1000. A's profit = 500, B's profit = 300. C's profit = 1000 - (500 + 300) = 200. Profit ratio is A:B:C = 500:300:200 = 5:3:2. Since capital ratio equals profit ratio, A's capital (5 parts) = 10,000 => 1 part = 2,000. C's capital (2 parts) = 2 * 2,000 = Rs. 4,000.
Q44
🔢 MathPartnership
If A and B invest in a business in the ratio 7: 6. If 9% of the total profit goes to a flood relief fund and A's share is Rs. 1421, then the total profit is:
💡Correct Answer: Option B (Rs. 2900)
Let total profit be P. Profit after relief fund = 0.91P. A's share = (7 / 13) * 0.91P = 0.49P. Given A's share = 1421 => 0.49P = 1421 => P = 1421 / 0.49 = Rs. 2900.
Q45
🛡️ Occupational Health & SafetyWorkplace Safety Audits
Safety audits help in:
💡Correct Answer: Option B (Enhancing occupational health and safety standards)
Safety audits systematically review workplace operations, identify potential hazards, evaluate legal compliance, and enhance occupational health and safety (OHS) performance standards.
Q46
🛡️ Occupational Health & SafetyIndustrial Safety Audits
Safety audits in industrial units primarily focus on
💡Correct Answer: Option B (Ensuring compliance with safety regulations and protocols)
Industrial safety audits systematically verify whether workplace facilities, machinery, and procedures comply with statutory occupational health and safety regulations and internal hazard prevention protocols.
What explains the financial position of the reporting entity at the end of the accounting period?
💡Correct Answer: Option A (Balance sheet)
A Balance Sheet is a financial statement that summarizes an entity's assets, liabilities, and shareholders' equity at a specific point in time to disclose its exact financial position.
What is written evidence in support of a business transaction?
💡Correct Answer: Option B (Voucher)
A Voucher is a written document or receipt that acts as documentary evidence in support of an entry recorded in the books of accounts.
Q49
📊 Accountancy & Financial ManagementClassification of Assets
Trademarks, Copyrights and Patents are classified under ________ assets.
💡Correct Answer: Option A (intangible)
Trademarks, Copyrights, Patents, and Goodwill are Non-Physical / Intangible Fixed Assets because they lack physical substance but confer valuable legal rights.
Q50
📊 Accountancy & Financial ManagementWorking Capital Management
Current assets minus current liabilities is equal to
💡Correct Answer: Option D (working capital)
Working Capital (specifically Net Working Capital) is the difference between an enterprise's Current Assets and Current Liabilities (Working Capital=Current Assets−Current Liabilities).
Q51
📊 Accountancy & Financial ManagementTypes of Accounts
Which of the following comes under nominal account?
💡Correct Answer: Option B (Commission account)
Nominal Accounts relate to expenses, losses, incomes, and gains (e.g., Commission, Rent, Salaries). Bank is a Personal Account, Furniture is a Real Account.
Q52
📊 Accountancy & Financial ManagementDebit and Credit Notes
What is the name of the statement sent along with the purchase return?
💡Correct Answer: Option C (Debit note)
When goods are returned to a supplier (purchase return), the buyer sends a Debit Note informing the supplier that their account has been debited by the returned amount.
Q53
📊 Accountancy & Financial ManagementInventory vs Fixed Assets
Which of the following is not an inventory?
💡Correct Answer: Option D (Machines)
Inventory includes raw materials, work-in-progress, and finished goods intended for sale. Machines are capital Fixed Assets used for production, not inventory.
The account which shows the classified summary of transactions of a cash book in a non-trading concern is known as
💡Correct Answer: Option C (Receipt and Payment A/c)
In Non-Profit / Non-Trading Organisations, the Receipt and Payment Account is a classified summary of all cash and bank receipts and payments during an accounting period.
Q55
📊 Accountancy & Financial ManagementBills of Exchange: Inland vs Foreign
Which of the following does not have the features of foreign bills?
💡Correct Answer: Option D (A bill drawn in India and made payable in India)
Under the Negotiable Instruments Act, 1881, a bill drawn in India and made payable in India (or drawn on a person resident in India) is an Inland Bill, not a Foreign Bill.
Q56
📊 Accountancy & Financial ManagementRectification of Errors
Which of the following is not an error of principle?
💡Correct Answer: Option C (Cash received from Meena posted to Sharin.)
Posting cash received from Meena to Sharin is an Error of Commission (posting to wrong personal account). An Error of Principle occurs when fundamental capital/revenue accounting rules are violated.
Q57
📊 Accountancy & Financial ManagementTrial Balance
Which of the following is used for checking the arithmetical accuracy of the account books?
💡Correct Answer: Option B (Trial balance)
A Trial Balance is a statement prepared with the debit and credit balances of ledger accounts to verify the arithmetical accuracy of double-entry postings.
When assets are subtracted from liabilities it will be equal to?
💡Correct Answer: Option A (Capital)
According to the fundamental accounting equation: Assets−Liabilities=Capital (Owner’s Equity).
Q59
📊 Accountancy & Financial ManagementCash and Cash Equivalents
A current asset that can be transferred into cash within three months is known as:
💡Correct Answer: Option A (Cash equivalent)
Cash Equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value (typically maturity ≤3 months).
Q60
📊 Accountancy & Financial ManagementCorporate Finance & Capital Structure
In the situation of bankruptcy, a stock which is recorded above common stock and below debt account is
💡Correct Answer: Option A (Preferred Stock)
Preferred Stock (Preference Shares) ranks senior to Common Equity Stock for dividend payments and claims upon liquidation/bankruptcy, but is subordinate to debt/bond liabilities.
Q61
📊 Accountancy & Financial ManagementIncome and Expenditure Account
The amount of 'Subscription received from members' by a Non-profit organisation is shown in which of the following?
💡Correct Answer: Option B (Credit side of Income and Expenditure Account)
Subscription received is the primary recurring revenue income for a Non-Profit Organisation and is credited to the Credit side (Income side) of the Income and Expenditure Account.
Q62
📊 Accountancy & Financial ManagementBills of Exchange & Days of Grace
What are the three additional days known as that a drawer gives to the drawee for payment?
💡Correct Answer: Option C (Days of grace)
Under Section 22 of the Negotiable Instruments Act, 1881, three extra days allowed to the drawee for payment beyond the nominal maturity date are legally called 'Days of Grace'.
Q63
📊 Accountancy & Financial ManagementCapital vs Revenue Expenditure
Which of the following is revenue expenditure for an office equipment dealer? i) Sales promotion costs ii) Warehouse extension costs iii) Purchase of office equipment for resale iv) Purchase of delivery vehicle for sales department
💡Correct Answer: Option B (i and iii)
For an office equipment dealer, office equipment purchased for resale is trading stock/inventory (revenue expenditure), and sales promotion is an operational selling expense (revenue expenditure). Items (ii) and (iv) are capital expenditures.
Q64
📊 Accountancy & Financial ManagementCapital vs Revenue Expenditure
Amount spent on increasing the seating capacity in a cinema hall is a
💡Correct Answer: Option A (Capital expenditure)
Expenditure incurred to increase the seating capacity of a cinema hall enhances its future revenue-earning capacity and is therefore treated as Capital Expenditure.
Total amount of depreciation of an asset cannot exceed its
💡Correct Answer: Option A (Depreciable value)
The total cumulative depreciation charged over an asset's useful working life cannot exceed its Depreciable Value (which is Cost minus estimated Residual/Scrap Value).
Q66
📊 Accountancy & Financial ManagementInventory Valuation: FIFO vs LIFO
In periods of inflation, the impact of change in the method of valuation of inventories from LIFO method to FIFO method will cause:
💡Correct Answer: Option A (Increase in profit and decrease in the cost of goods sold)
During inflation, FIFO assigns older (cheaper) costs to Cost of Goods Sold (COGS), resulting in a lower COGS and consequently higher reported net profit and higher closing inventory valuation.
Q67
📊 Accountancy & Financial ManagementDue Date Calculation of Bills
Due date of a bill of exchange drawn on 30th January 2011 for one month will be
💡Correct Answer: Option B (3rd March 2011)
One month from January 30 in a non-leap year (2011) matures on the last day of February, which is February 28. Adding 3 days of grace yields March 3, 2011.
________ is the last step of accounting as a process of information.
💡Correct Answer: Option C (Communication of information)
Accounting is the process of identifying, measuring, recording, classifying, summarizing, analyzing, interpreting, and finally Communicating financial information to users.
The overriding purpose of financial accounting is to summarize financial activity in business in the
💡Correct Answer: Option D (all of the above)
Financial accounting aims to summarize and present an enterprise's complete financial performance and status through the full set of financial statements: Profit & Loss Statement, Balance Sheet, and Cash Flow Statement.
Q70
📊 Accountancy & Financial ManagementTrade and Cash Discounts
Discounts received are
💡Correct Answer: Option A (Buyer of goods granted discount by seller)
Discounts Received represent financial concessions or cash discounts granted to a buyer of goods by the creditor/seller upon prompt payment.
💡Correct Answer: Option B (The time it takes a company to buy goods, sell them and receive cash from the sale of said goods.)
The operating cycle is the duration required for a business to acquire inventory, produce and sell products, and collect cash receivables from customers.
According to the going concern concept, a business entity should assumed to have
💡Correct Answer: Option B (An indefinite life)
The Going Concern Concept assumes that a business will continue its operations for an indefinite period into the foreseeable future and has neither the intention nor necessity of liquidation.
Which of these items will appear on the credit side in the ledger account?
💡Correct Answer: Option C (Received a Discount)
Discount Received is an income/gain and has a credit balance, appearing on the credit side of the nominal ledger account.
Q74
📊 Accountancy & Financial ManagementJournal Entries for Abnormal Losses
Stolen merchandise should be debited to:
💡Correct Answer: Option C (Loss by theft account)
Loss of stock by theft is an abnormal business loss; the journal entry is: Debit 'Loss by Theft Account' and Credit 'Purchases Account'.
Q75
📜 History of Indian Journalism & PressNationalist Newspapers in India
Arrange the following Indian newspapers in chronological order based on their founding years: 1. Kesari 2. Amrita Bazar Patrika 3. Hindustan 4. Mathrubhumi Choose the correct option:
💡Correct Answer: Option D (2, 1, 4, 3)
Founding years of newspapers: 1. Amrita Bazar Patrika (1868, Sisir & Motilal Ghosh, 2) → 2. Kesari (1881, Bal Gangadhar Tilak, 1) → 3. Mathrubhumi (1923, K.P. Kesava Menon, 4) → 4. Hindustan (1936, Madan Mohan Malaviya, 3) ⟹2,1,4,3.
Q76
💻 MS ExcelNumber Formatting: Accounting Style
In MS Excel, the Accounting number format displays negative numbers enclosed in
💡Correct Answer: Option D (Parentheses (e.g. `(100)`))
The standard Accounting Number Format aligns currency symbols and encloses negative numeric values in Parentheses `( )` instead of a minus sign.
Q77
Quantitative Aptitude & Basic MathematicsPartnership & Ratio
A and B invest in a business in the ratio 3 : 2. If 5% of the total profit goes to charity and A's share is Rs. 912, the total profit is:
💡Correct Answer: Option B (Rs. 1600)
Let total profit be P. After 5% charity, distributable profit =0.95P. Ratio of A to B is 3:2, so A's fraction is 53: A’s share=53×0.95P=0.57P=912 P=0.57912=5791200=1600 Rs.
A bike was bought for Rs 45,000 at a certain discount, and its value depreciates by 8% annually. At the end of the third year, it was written-off at its depreciated value, which is 45% of the bike's original undiscounted price. What is the original undiscounted price of the bike?
💡Correct Answer: Option B (77869)
Depreciated value after 3 years: V3=45000×(1−0.08)3=45000×(0.92)3=45000×0.778688=35040.96 Rs Given V3=0.45×Poriginal: Poriginal=0.4535040.96≈77,868.8≈77,869 Rs.
About Accountancy & Book Keeping Questions for JKSSB & JKPSC
Practice authentic Accountancy & Book Keeping questions asked in official JKSSB, JKPSC, and JK Police examinations. This comprehensive deck includes 78 solved MCQs from 10 different recruitment cycles with verified solutions.
Regular practice with these solved MCQs will help you master the exam pattern, improve problem-solving speed, and boost your score in upcoming Jammu & Kashmir government competitive exams.
