Question bank for Final Term Examination

1.In order to make good Sales it is necessary to know the needs and expectations
of_________ (LOT)

a.dealers

b. Customers

c. Suppliers

d. Government

2. What are the techniques used for evaluating the financial health of business? (LOT)

3. The other name of on the job training is ___________ (MOT)

a. Learning by doing

b. Classroom training

c. Field training

d. Campus training

3. What factors must be analysed while fixing the Remuneration of the employees?(LOT)

4. What do you mean by production control?(LOT)

5. Identify the odd one out: (MOT)

a.Receipt of the purchase requisition

b. Analysis of the market reports and production schedule

c. Location and selection of source of supply

d. Choice of the suppliers.

6.State the objectives to be achieved by the storage function.(LOT)

7. _________ department keep the production department informed of the market

a.Sales department
b. HR Department

c. General Administration Department

d. Legal Department

8. A ________ maintains a personal tone and waits till the reader finds time to look at
it.(MOT)

a. Letter

b. Memo

c. Facsimile

d. Teletex

9. Why accounting is considered as both art and science?(LOT)

10. Differentiate between book keeping and accounting on the basis of scope, stage,
results and authority level. (MOT)

11. Identify the types of Accounts given below ( MOT)

i) salary account

ii) Mohan Lal & sons

iii) Machinery account

iv) Audit fee account

v) Discount account

12. “ Non monetary transactions are not recorded in the books of accounts. “ Identify and
explain which disadvantage of Accounting is stated in the above line.( MOT)

13. Which is the last stage of the Accounting cycle? ( LOT)

a. Balance sheet

b. Trial balance

c. Opening the new book next year

d. Posting in ledger

14. Journalise the following transactions of Mr. Rahul for the year ended 2024(MOT)
15. Prepare ledger accounts for the journal of the above question.

16. Journalize the following transactions, post them into Ledger and prepare a Trial
Balance: (MOT)

17. Enter the following transactions in the single column cash book of Mr. Mobbushar
Khan for the year ended 2024 (MOT)
18. Identify and explain in the following cases various elements of communication which
are highlighted: (HOT)

A)A department ‘X’ has sent an encoded message to department ‘Y’ through internet. What
is the role of internet here?

B)Atul is making gestures so that he can send a message to Raman. What is Atul doing
here?

C)Raman is trying to understand the message sent by Atul by reading his gestures. What is
Raman doing here?

D)Ramesh picks up his phone and finds a message on it. He reads the message carefully.
What is the role of Ramesh here?

E)Mr. Suraj who is a senior manager is informing his team for convention, a day later, by
giving a common message of timing and venue to all. What is the role of Mr. Suraj here?

F)Ramit tried several times but his mom is unable to listen to what he is saying. It’s all
because of a faulty telephone connection. What will you call this faulty connection here?

19. Peerless Coffee & Tea Company in Oakland purchased computerized packaging
equipment to reduce expensive Mylar packaging waste, previously generated by their
coffee bagging equipment. This waste prevention effort has resulted in savings of over
$100,000 annually. Peerless also outfitted one of their route delivery trucks with reusable
totes instead of disposable cardboard cartons. (Hot)

From the above case study identify and explain the concept and explain the two types of it.

20.Sam and Jay started with Cash 10,000 and Machinery 1,00,000. They decided to set up a
production line for PPE kits for. the protection from Covid 19 virus. As their demand rose,
they decided to buy one more piece of machinery. For the same, they took bank overdraft
and purchased the machinery. The quality of the company’s product was extremely high
and therefore, it could develop a reputation for itself in the market and business was
flourishing. After 1.5 years, their old machinery turned obsolete so they decided to sell the
same. They sold it and got some cash proceeds. To further increase the brand presence
among the concerned stakeholders, they decided to run advertisements from the cash
proceeds of machinery sold. As more and more customers demanded their product, they
decided to launch a discount for bulk purchases. The discount was not to be recorded in
the books of accounts. This campaign was successful and they earned a lot of profits from
the same. (HOT)

Q1. Which type of discount is being discussed in the last part of the passage?

(a) Trade discount

(b) Cash discount

(c) Both (a) and (b)

(d) Can’t be determine

Q2. Which asset is discussed in the line, “The quality of the company’s product was very
high and therefore, it could develop a reputation for itself in the market and business was
flourishing”?

(a) Tangible

(b) Intangible

(c) Current.

(d) Both (a) and (c)

Q3. Which type of liability is discussed in the passage?

(a) Non-current

(b) Current
(c) Both (a) and (b)

(d) Can’t be determined

Q4. What was the capital initially invested?

(a) 10,000

(b) 1,00,000

(c) 1,10,000

(d) Can’t be determined

Q5. The passage involves capital receipts (apart from initial capital invested).

(a) True

(b) False

21. With Enactment of LIC Act , 1956 , an autonomous body , Life Insurance Corporation of
India was formed . The act defines its powers , duties and functions . It has a separate legal
entity . It is fully owned by government . It has independent financial policy and can raise
funds by borrowing from public and government . however it is not subject to any budgetary
accounting or audit control like Railways . It 's annual report is presented in parliament
every year. (HOT)

(a) Name the type of public sector enterprise referred in above case.

(b) Name the act under which it is formed.

( c) Name any other statutory corporation.

(d) State two features of statutory corporation mentioned above.