Management and Business Studies (UGC/NET Paper II & III)
Comprehensive quiz covering management theory, financial management, economics, HR management, and business studies for UGC/NET Commerce and Management exams
Questions
M. Narasirnham headed:
- The working group constituted by the Government of India in July 1975 for the establishment of Regional Rural Banks
- The committee on the financial system,
- The committee on Banking Sector Reforms, 1997
- All of the above
If net profit is Rs. 25,000/- after writing off preliminary expenses of Rs. 5000/- then the funds from operation will be:
- Rs. 25,000/-
- Rs. 30,000/-
- Rs. 20,000/-
- Rs. 10,000/-
Capital Adequacy Norms declared in the year, 1996, is applicable to
- Foreign Banks
- Co-operative Banks
- Private Sector Banks
- Nationalized Bank
A letter of credit means:
- A bank agreeing to accept and pay on due date
- A letter containing conditions of credit purchase or sale
- A letter sent by exporter to importer sanctioning credit deal
- A letter sent by importer to exporter sanctioning credit deal
Match the items from List - I with the items in List - II:
| List - I |
| <b>List - II</b>
|
| (a) Error of Principle
| (i) A purchase of Rs. 1000/- has not been recorded
|
| (b) Error of Commission
| (ii) Treating repair charges as addition to assets
|
| (c) Error of Omission
| (iii) A sale of Rs. 563 was posted as Rs. 653
|
| (d) Compensatory error
| (iv) Sales book is undercast by Rs. 1000/- and return inward book is overcast by Rs. 1000
|
|| (v) Return inward book is undercast by Rs. 1000/- and purchase book is overcast by Rs. 1000/
|
- (a)-(ii), (b)-(iii), (c)-(i), (d)-(iv)
- (a)-(ii), (b)-(iii), (c)-(iv), (d)-(v)
- (a)-(iv), (b)-(ii), (c)-(i), (d)-(iii)
- (a)-(ii), (b)-(iii), (c)-(i), (d)-(v)
Which of the following is an important reason for studying accounting?
Directions: Read the following passage and answer the given question.
Accounting is the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by the users of the information, It primarily focusses on measurement, analysis, interpretation and use of information, As an information system, accounting links an information source, a channel of communication and set of receivers. Accounting system should be designed to classify financial information on a basis suitable for decision-making purposes and to process the tremendous quantities of data efficiently and accurately. Financial accounting is concerned with providing information to external users and it is oriented towards the preparation of final statements which summarises the results of operations for selected periods of time and show the financial position of business at particular date. Management accounting is concerned with providing information to managers to carry out their responsibilities and functions such as planning, execution, control and decision- making. The end product of the financial accounting process is a set of reports called financial statement, such as, profit and loss account, balance-sheet and statement of changes in financial position. Profit & loss account shows the results of operations for a period of time, balance-sheet shows financial position on certain date and statement of changes in financial position shows where the financial resources have come and where they have gone.
- The information provided by accounting is useful in making many economic decisions.
- Accounting plays an important role in Society.
- The study of accounting could lead to a challenging career.
- All of the above