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ACCOUNTS OBJECTIVES WITH ANSWERS


Q.1. Attempt any FOUR sub- questions of the following:                                             (20)
A]      Answer in one sentence each:
(1)      What is depreciation?
Ans:    Continuous, gradual and permanent reduction in the value of a fixed asset brought about by the factors like wear and tear, passage of time or similar other facts etc., is called depreciation.
(2)      When bill is said to be honoured?
Ans:    A bill of exchange is said to be honoured or met when the acceptor makes payment on its due date.
(3)      What is Trial Balance?
Ans:    Trial Balance is a statement showing the list of balances of all the ledger accounts on a particular date.
(4)      Under which method of depreciation, amount of depreciation changes every year?
Ans:   Under “Reducing Balance Method”, the amount of depreciation changes every year.
(5)      What are the methods of valuation of goodwill?
Ans:    There are two methods of valuation of goodwill viz. (i) Average Profit Method and (ii) Super Profit Method.

B]      Write a word/term/phrase which can substitute each of the following statement:-
(1)      A credit balance on Profit and loss Accounts :- Net Profit
(2)      Excess of expenditure over income in case of “Not for Profit Concern” :- Deficit
(3)      A temporary partnership formed for carrying out a particular venture :- Joint Venture
(4)      The method of calculating depreciation in which depreciation remains constant every years :- Original cost method / Straight line method
(5)      Expenses due but not paid:- Outstanding Expenses

C]      Match the following :-
        Group A
Answers
(1)      Depreciation
- Fixed Assets
(2)      Super profit
- Normal Profit – Average Profit
(3)      Noting charges
- Dishonour of bill
(4)      Co-venturers
- Partners of Joint Venture
(5)      Input Device
- Mouse

D]      Select the most appropriate alternative from those given below:
(1)      Wages paid for erection of machinery should be debited to MachineryAccount.
          (a) Machinery        (b) Wages               (c) Trading             (d) Profit & Loss
(2)      If a bill is drawn on 23rdOctober, 2011, for the three months, it will be due for payment on 25th Jan., 2012
          (a) 26th Feb, 2012   (b) 27th Jan, 2012  (c) 25th Jan, 2012   (d) 26thJan, 2012
(3)      The opening capital is greater than the closing capital, then the difference is Loss
          (a) Loss                 (b) Profit                (c) Assets               (d) Liabilities
(4)      There are three parties to a bill of exchange.
          (a) One                  (b) two                   (c) Three                (d) Four.
(5)      Excess of the total assets over the total liabilities in the statement of affairs denotes Capital
          (a) Profit                (b) Drawings                   (c) Deficit              (d) Capital 
E]      State True or False with the reasons.:-
(1)      Goodwill is a tangible asset of the business.
Ans:    This statement is FALSE.
Reasons:
(1)               Goodwill is the monetary value of the reputation of the business organization as measured in terms of its expected future profit.
(2)               Goodwill is an intangible asset because its existence cannot be verified by our senses.

(2)      The main object of ‘not for profit’ organization is to earn profit.
Ans:    This statement is FALSE.
Reasons:
(1)               A ‘Not for Profit’ concern is established to provide service to society or general public by undertaking various non-trading activities.
(2)               Thus, it never undertakes trading activities to earn profit.

F]       Prepare a Proforma of a Bill of Exchange. 
          (1)      Drawer: Subhash Suryawanshi, Main Road, Ajara.
          (2)      Drawer: Madhukar Bharati, Amboli Road, Sawantwadi.
          (3)      Payee: Manoj Desai, Amboli      
(4)      Period: 60 days        
(5)      Date of Bill: 25th May, 2011
          (6)      Date of Acceptance: 28th May, 2011    
(7)      Amount of Bill: `. 5,700.

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