JAIIB Practice Test - ACCOUNTING & FINANCE

The machinery is recorded in the books of a firm at the price paid to the supplier + the expenses of bringing and installing the machinery. This is due to application of:
realization concept
business entity concept
cost concept
money measurement concept
When the promoter of a business withdraws certain goods from the business for his personal use, his drawing account is debited. This is done due to application of :
realization concept
business entity concept
cost concept
going concern concept
Which of the following is not part of accounting cycle:
summarizing
classifying
recording
analyzing
The accounts of things that cannot be touched but can be measured in money terms are called:
representative personal accounts
intangible real accounts
tangible real accounts
nominal accounts
A debit in a real account implies (which is not correct):
the business has acquired more of that asset
the business has disposed the existing assets
the value of the asset has increased
none of the above
It is observed by the firm that the bank has debited Rs.200 as service charges and an amount not related to the firm Rs.2000, has been credited by the bank. Firm had issued a cheque of Rs.3000 which has been debited to the account of partner. The balance in the overdraft account at bank is Rs.34500. What will be balance in the cash book.
30900
39300
33300
32900
A cheque of Rs.3300 was deposited with the bank by the firm which has been collected by the bank and credited to account of another party. A cheque of Rs.1200 issued by the firm has been debited by the bank to account of another party. The balance as per cash book is Rs.12000 overdraft. What is the balance as per pass book.
8700
9900
15300
14100
The name given to which of the following explanations does not match:
ledger is the principal book of accounts - True
discount that is recorded in the books of account – cash discount
total of credit side is greater than the total of debit side of account – credit balance
account book where the transaction is entered first – book of secondary entry
Which of the following is not a type of clerical error:
compensating error
error of principle
error of commission
error of omission
Which of the following error will affect not the trial balance:
posting of wrong amount in the account.
Total of debit side of the account not done correctly
an amount of Rs.900 has been posted on the wrong side of an account
an amount of Rs.900 has been posted in a wrong account
The firm has been able to recover amount from a debtor which was written off. The amount is credited to personal account of the debtor. How the error shall be removed.
by debiting the debtor account and crediting the provisions account
by debiting the debtor account and crediting the profit and loss account
by crediting the amount to cash account
by crediting the amount to sundry debtor account
The expenditure for which payment has been made or a liability has been incurred. But it is carried forward on the assumption that benefit will be available for a no. of years, is called:
capital expenditure
revenue expenditure
deferred revenue expenditure
recurring expenditure
Which of the following is not part of revenue receipts:
none of the above
capital contributed by the partner
commission on sales
interest on bank term deposit
The drawer of a bill of exchange cannot take legal action in case of:
accomodation bill
foreign bill
usance bill
demand bill
In a consignment, if there is abnormal loss of stock after adjusting the recovery and insurance claim, it is transferred to:
profit and loss account
stock account
trading account
capital account
Which of the following is a correct statement:
all the above
the co-venturers contribute capital to the business
the persons participating in a joint venture are called partners
In a joint venture the association is of a short term nature
Depreciation is calculated on the book value (diminishing value) in case of:
depletion method
sinking fund method
written down value method
straight line method
A machinery is purchased on June 12, 2006 for Rs.60000. Another machinery is purchased on January 22, 2007 for Rs.40000. The depreciation rate is 10% SLM. What is the book value as at Mar 31, 2009 (it is annual closing period).
69000
73000
76000
79000
Under the fixed capital method, the following types of accounts are maintained (which is not correct):
in capital account, the partner contributes the capital
in the current account, contributed capital, interest on capital and drawings etc. are recorded.
current account of the partner
capital account of the partner
The actual normal profit of a firm are Rs.25000 with a capital of Rs.1 lac. Normal return in the business is 10%. What is amount of goodwill as per capitalization of profit method.
100000
150000
250000
300000




































































































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Discussion

N T SUNEEL BABU

unable to clear jaiib accountancy test. pl suggest me how to crack the test

9 days 19 hours 9 minutes ago

Madhavi Gaawai

sir, i don't know anything about accounting how can i understand it and want to crack the exam ? Please guide me how i start & please send me paper set on my mail id so that i would be solve it & crack the exam.

55 days 20 hours 43 minutes ago

Lakshmi

PLEASE SEND ME THE LAST 3 YEARS QUESTION PAPERS OF ALL THE THREE SUBJECTS TO MY MAIL ID

63 days 4 hours ago

Amaresh Sarojini Biswal

Hello sir ,please provide me model question paper of 3 subjects of JAIIB to my email I'd
Srjnbswl@gmail.com
Thanking u ..

79 days 19 hours 46 minutes ago

Rupam Roy

Sir plz send some model question paper of 3 subjects of JAIIB to my email id rupamroy8@gmail.com.
i shall b greatfull to you Sir.

131 days 6 hours 57 minutes ago

Geetanjali Devi

Hello Sir, Please provide me previous 3year solved question paper of accounting and legal paper of jaiib to mu mail I'd. .thanking u..

137 days 3 hours 44 minutes ago

Desraj

atm stand for

152 days 8 hours 59 minutes ago

Shailendra Kumar

Dear sir ,I need practice test papers for preparing for JAIIB exam for may june2014 exam I need your help. Could you
please send practice/previous test papers to my mail ID.

177 days 18 hours 56 minutes ago

Shailendra Kumar

HI SIR..PLZ SEND ATLEAST 3 SETS OF MODEL QUESTION PAPER FOR EACH SUBJECT FOR JAIIB EXAM TO MY MAIL ID Email SHAILENDRA198699@YAHOO.COM

177 days 19 hours 3 minutes ago

Sony

HI SIR..PLZ SEND ATLEAST 3 SETS OF MODEL QUESTION PAPER FOR EACH SUBJECT TO MY MAIL ID

291 days 1 hours 44 minutes ago

N S Toor
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