Friday, 7 August 2020

MCQs for upcoming JKSSB Accounts Assistant Exam

Try these MCQs today and comment your answers below. The correct answers with your comments will be published tomorrow. Check answers of previous MCQs here

MCQs for upcoming JKSSB Accounts Assistant Exam
1. Long term assets having no physical existence but, possessing a value is called as

A) Intangible assets

B) Fixed assets

C) Current assets

D) Investments

2. The assets that can be easily converted into cash within a short period i. i.e., 1 year or less is known as

A) Current assets

B) Fixed assets

C) Intangible assets

D) Investments

3. Copyrights, Patents and Trademarks are,

A) Current assets

B) Fixed assets

C) Intangible assets

D) Investments

4. The debts which are to be repaid within a short period (a year or less) are referred to as,

A) Current Liabilities

B) Fixed liabilities

C) Contingent liabilities

D) All the above

5. Gross profit is

A) Cost of goods sold + Opening stock

B) Excess of sales over cost of goods sold

C) Sales fewer Purchases

D) Net profit fewer expenses of the period

6. Net profit is computed in the

A) Profit and loss account

B) Balance sheet

C) Trial balance

D) Trading account

7.The concept that the owners are separate from the business and no personal transactions are recorded in business is known as______.

a) Accrual Concept

b) Separate legal entity Concept

c) Matching Concept

d) Accrual Concept

8.The process of entering all transactions from the journal to ledger is known as______.

a) Posting

b) Entry

c) Accounting

d) Journal

9. The Accounting process involves recording___

a) Non- quantifiable events

b) Quantifiable events

c) Both

d) None of them

10. In accounting, economic Event is known as_______.

a) Cash

b) Bank statement

c) Transactions

d) None of these

11. _________ is also known as “Book of original entry”.

a) Journal

b) Ledger

c) Trial Balance

d) Both a and b

12.Accounting equation is______

a) Assets= capital – liabilities

b) Capital= Assets + liabilities

c) Assets= capital+ liabilities

d) Capital= Assets – liabilities

13. Debit what comes in, credit what goes out is the rule for which account?

a) Personal Account

b) Nominal Account

c) Capital Account

d) Real Account

14. Which of the following is the aspect of business is considered while making financial statements?

a) Revenue

b) Expense

c) Equity

d) All of them

15. _______ is also known as “statement of financial position”.

a. Income statement

b. Cash flow statement

c. Balance sheet

d. None of these

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  1. Very Useful and Informative i found

  2. Where's the answers of these questions

  3. Plz mention the correct answers of 7August,Accountancy portion.

  4. A

  5. I found this blog very useful and history question s are very depth in knowledge.
    I am recommending this blog to my friends , I will suggest you to put notes of jk history , and other subjects related to competative exams as well in this site.
    Also put mcqs of high standard which might be asked in competative exams .
    Thanks for ths blog