Jul 8th, 2015
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Q1. The liabilities of a firm are of Rs 3,000 capital of the proprietor is Rs 7,000 . The total assets are A) 7,000 B) 10,000 C) 4,000 D) 3,000

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GURU GOBIND SINGH COLLEGE FOR MTMSAL 7 Main Jail Road, Hari Nagar, New Delhi 110064FINANCIAL & MANAGEMENT ACCOUNTING\M.B.A 1ST SEMMODEL TEST PAPERQ1. The liabilities of a firm are of Rs 3,000 capital of the proprietor is Rs 7,000 . Thetotal assets areA) 7,000B) 10,000C) 4,000D) 3,000Q2. The assets of a business on 31 march 2006 are worth Rs 5,000 &its capital is Rs35,000.Its liabilitieson that date shall be.A) Rs 85,000 B) Rs 15,000 C) RS 35,000 D) Rs 5,000Q3.In double entry system of book keeping every business tranction affects.a. Two accountsb. Two sides of the same accountc. The same account on two different datesd. One accountQ4.A sale of good to Ram for cash should be debited toa.Ramb. cashc. saled. None of allQ5.A wihhdrawal of cash from business by the proprietor should be credited toa. Drawingb. Capitalc. cashd. Profit & loss a/ account is aa. Personal a/cb. Real a/cc. Nominal a/cd. noneQ7.Goods worth Rs 1,000 taken by proprietor for personal use should be credited toa. sales a/cb. proprietors personal a/c c. purchase a/cd. expenses a/cQ8. Bad debts account is aA. personal a/cb.real a/cc. nominal a/cd.noneQ9.The profit & loss a/c showsa. The financial position of the concernb. Profit earned or loss suffered by the firmc. The capital invested in businessd. The asset of businessQ10.The cash book recordsa. All cash receiptsb. All cash paymentsc. All cash receipts & paymentsd. cash & credit sa

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