School Work


mock exam for jaaib hope it will be helpful friends
of 6
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
  Note: For answers, please see the option which is in italics. Q 1 , option C is answer JAIIB-ACCOUNTIN ! FINANC FO# BAN$ #%-&O'-C&O' ( QU %TION% 1)Which of the following may not be part of the Bank reconciliation process.a)Interest on overdraft b)Dishonour of chequec)  Cash  drawn from bank d)heque deposited but not collected!) econciliation of overcasting on receipts side of cash book a)Increases the balance in the cash book. b)Increases the balance in the passbook.c)  Decreases  the balance in the cash book.d)Decreases the balance in the passbook.#)Which of the following is truea) Bank econciliation $tatement%B $) is an account. b) B $ is prepared by the bank.c)  BRS   shows causes of disagreement between cash book & passbook.d) B $ shows only e'cess of cash book over passbook.()If a trader enoys an overdraft facility* then a)  His  passbook will show debit balance. b)+is cash book will show debit balance .c)e'cess of deposits over withdrawals d),one of the above-) Direct deposit by a customer in the bank a)  Shows  a higher passbook balance than cash book. b)$hows a lesser passbook balance than cash book.c)$hows no difference.d),one of the above.)/oods worth s.!000 sold to iay was entered in purchase account2 3he rectification isa)redit purchases and credit sales to the e'tent of s.!000 each & debit iay by s.!000 b)Debit purchases and debit sales to the e'tent of s.!000 each & credit iay.c)Debit sales to the e'tent of s.(000.d)redit purchases to the e'tent of s.(000.4)5achinery worth %WD) 100067 sold for 1!0067 is entered in sales register. 3he rectification isa)redit sales 1!0067* debit machinery 100067 and debit 8&9 a6c !0067. b)  Debit   sales 1!0067 * credit machinery 100067 and credit 8&9 a6c !0067.c)redit machinery 1!0067* debit sales 100067 and debit 8&9 a6c !0067. accounting and financegood luck friends  d)Debit machinery 1!0067* credit sales 100067 and credit 8&9 a6c !0067.:.$ales return of amount s.1000 from iay was wrongly entered in purchase  book. 3he rectification isa)Debit sales to the e'tent of s.!000. b)redit purchases to the e'tent of s.!000c)redit iay s.!000* debit sales and purchases to the e'tent s.1000* each.d)  Debit   sales return by s.1000 and credit purchases by s.1000;) Which of the following will not affect 3rial Balance a)  Goods  sold on credit not recorded in books. b)<verstating of sales register.c) ent account credited instead of debit.d)$alary debited to the e'tent = the amount. 10) $uspense a6c is not used in which of the following cases.a)  before  trial balance. b)after trial balance.c)before final accounts.d)none of the above.11)Which of the following is truea)3rial balance ensures arithmetical accuracy. b)3rial balance errors are not located then the difference is sent to suspense a6c.c)3rial balance is base for final accounts.d)  All   of the above.1!) Which of the following are truea) ,ominal accounts always have credit balances. b)  Real   accounts always have debit balances.c) Debit balance in ledger account is credit balance in trial balance.d) 8&9 a6c appears in trial balance.1#) >reight e'penses for moving new machinery to factory isa) evenue e'penses b)Deferred revenue e'penditurec)  Capital   e'penditured),one of the above1() Which of the following is falsea) eplacement of defective part of machinery is revenue e'penditure b)Daily wages paid for erection 6installing of machinery is capital e'penditurec)  Underwriting   commission for issue of shares is revenue e'penditured)?'cess of sale price of 5achinery over its W D alue but less than cost price is treated as revenue receipt1-) Which of the following is not a deferred revenue e'penditurea)8reliminary e'penses for setting up a company. b)  Amount   raised through ights issue. good luck friends  c)+uge sales promotion e'penditure in launch of new productd)ost of preparing proect report 1) 5atch the columns@ a) 8urchase of land for premises 1) Deferred evenue ?'penditure %c) b) 8urchase of machinery for sale !) apital ?'penditure %a) c) 9egal e'penses for issue of shares #) evenue ?'penses %b) d) ?'cess of sale price of asset over W D alue () apital eceipt %e) e) ?'cess of sale price of asset over cost price -) evenue eceipt %d )14) >or an e'pense to be classified as revenue or capital depends on a) Aind of e'pense b) Duration of the benefit of the e'penditure c) ?ffect on revenue earning capacity d)  All   of the above1:) ost of goods sold is a) <pening stock  purchases  closing stock  b) Opening   stock  purchases C closing stock  c) <pening stock C purchases  closing stock  d) ,one of above1;) In 9I>< method of inventory valuation a)  Issue  of stocks to production is at latest price b) losing stock is at latest price c) Both a) & b) d) ,either a) nor b) !0) In >I>< method of inventory valuation a) losing stock is at latest price b) Issue of stocks to production is at earliest price c)  Both  a) & b) d) ,either a) nor b)!1)Which of the following is most desirable a)  Pricing   issue of goods to match current material costs b) <verstating profits c) nderstating profits d) none of the above!!) Es per accounting standards which of the following is not a preferred method a)  I!O  b) >I>< c) WE5 d) Ell of them!#) onsider the following@0160( <pening stock of 1000 units at s. 1067 each good luck friends  1060( 8urchases of -00 units at s. ;67 each160( 8urchases of #00 units at s. 1167 each1:60( /oods of #00 units released to production#160( Books closed Enswer the following@ under 9I>< under >I>< under WE5 /oods released to production F s 1167 F s. 1067 F s. ;.:;67 losing stock F s.1067 F s. 1167 F s. ;.:;6 !() ead the following and answer @ Drawer is GEH Drawee is GBH ?ndorsee is GH In the books of GEH* Bills receivable a6c is debited and BHs a6c is credited* then a) Bill accepted by GEH b)  Bill   accepted by G BH c) Bill retired by GBH d) ,one of the aboveIn the books of B * Bills payable a6c is debited and bank account is credited a)Bill accepted by GBH b)  Bill   retired by GBH c)Bill dishonoured by GBHd)Bill sent by GEH for payment!-) Which of the following is not truea)there is no difference in appearance between trade and accommodation bill. b)E bill of e'change must be acceptedc)  Drawee  is maker of a billd)Eccommodation bill is for an imaginary transaction!.,oting charges are a)8aid to bank for dishonour  b)8aid to drawer for dishonour c)  Paid   to notary public for recording dishonour d),one of the above.!4./oods lost in transit isa)   ominal   loss b)Ebnormal lossc)asual lossd)onditional loss!:.Due to heavy flooding a truck carrying consignment goods sinks. 3his loss is calleda)contingent loss b),ominal lossc)  Abnormal   lossd)asual loss good luck friends
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks