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Accounting Concepts, Principles and Conventions – CA Foundation Accounts Study Material Question 1.What are Accounting Concepts, Principles & Conventions?Answer:Usually, accounting theories are expressed (referred) as Postulates, Concepts, Principles, Doctrines, Axioms, Rules, Standard, Assumptions, Canon etc. These are basic assumptions & norms on which the whole system of accounting is developed. These gives the basic structure […]

Meaning and Scope of Accounting – CA Foundation Accounts Study Material Question 1.What do you mean by Accounting? Give its definition.Answer:According to AICPA, “Accounting” is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and […]

Business Cycles CA Foundation MCQ Economics Chapter 5 1. The term business cycle refers to _________.(a) The ups and downs in production of commodities.(b) The fluctuating levels of economic activity over a period of time.(c) Decline in economic activities over prolonged period of time.(d) Increasing unemployment rate and diminishing rate of savings.Answer:(b) The fluctuating levels […]

Price Determination in Different Markets CA Foundation MCQ Economics Chapter 5 1. In Economics, the term ‘market’ refers to a:(a) place where buyer and seller bargain a product or service for a price(b) place where buyer does not bargain(c) place where seller does not bargain(d) none of the aboveAnswer:(a) place where buyer and seller bargain […]

Theory of Production and Cost CA Foundation MCQ Economics Chapter 3 1. What is Production is Economics:(a) Creating/Addition of Utility(b) Production of food grains(c) Creation of services(d) Manufacturing of goodsAnswer:(a) Creating/Addition of Utility   2. Which of the following is considered as production in economics?(a) Helping a blind person in crossing the road(b) Group dance […]

Theory of Demand and Supply CA Foundation MCQ Economics Chapter 2 1. Demand for a commodity refers to:(a) Desire backed by ability to pay for the commodity.(b) Need for the commodity and willingness to pay for it.(c) The quantity demanded of that commodity at a certain price.(d) The quantity of the commodity demanded at a […]

Nature and Scope of Business Economics CA Foundation MCQ Economics Chapter 1 1. The term ‘Economics’ owes its origin to the Greek word.(a) Aikonomia(b) Wikonornia(c) Oikonomia(d) None of the aboveAnswer:(c) Oikonomia 2. Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.(a) 1776(b) 1786 […]

Linear Inequalities mcqs Question 1 If ∣∣3x−44∣∣≤512, the solution set is:(a) {x: 1918 ≤ x ≤ 2918}(b) {x: 79 ≤ x ≤ 179}(c) {x: −2918 ≤ x ≤ −1918}(d) None of these [1 Mark, Feb. 2007]Answer:(b) is correct Question 2 On solving the inequalities 6x + y ≥ 18; x + 4y ≥ 12; 2x + y ≥ 10, we get the following situation:  (а) (0, […]

Matrices mcqs Question 1.The value of k for which the points (k, 1)., (5, 5) and (10, 7) may be collinear if: (a) k = -5(b) k = 7(c) k = 9(d) k = 1Answer:FormulaPoints (x1; y1) ; (x2; y2) and (x3; y3) are collinear; if∣∣∣∣x1x2x3y1y2y3111∣∣∣∣ = 0 ⇒ ∣∣∣∣K510157111∣∣∣∣ = 0or; K(5 – 7) – 1(5 – 10) […]

Equations mcq Question 1.A man went to the Reserve Bank of India with ₹ 1,000. He asked the cashier to give him ₹ 5 and ₹ 10 notes only in return. The man got 175 notes in all. Find how many notes of ₹ 5 and ₹ 10 did he receive? (a) (25,150)(b) (40,110)(c) (150,25)(d) NoneAnswer:Tricks […]