Accounting Basics

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 […]

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 […]

Measures of Dispersion MCQS Question 1.A student obtained the mean and standard deviation of 100 observations as 40 and 5.1 respectively. It was later discovered that he had wrongly copied down an observation as 50 instead of 40. The correct standard deviation is _______ (a) 5(b) 6(c) 3(d) 7Solution:N = 100, In correct X¯¯¯¯ = 40 & σ […]

Measures of Central Tendency MCQS Question 1.If X and Y are related by X – Y – 10 = 0 and mode of X is known to be 23, then the mode of Y is : (a) 20(b) 13(c) 3(d) 23Solution:(b) 13(b) is correctGiven Relation is x – y – 10 = 0XM0 = 23 (given)∴ 23 […]

Probability MCQS Question 1.A letter is taken out at random from the word RANGE and another is taken out from the word PAGE. The probability that they are the same letters is : (a) 1/20(b) 3/20(c) 3/5(d) 3/4Solution:(b) 3/20 Letters A ; G ; E are common.Total probability for each Letter in both words= 15 × 14 + 15 × 14 + 15 × 14 = 320 Question 2.An […]

Theoretical Distributions MCQS Question 1.Parameter is a characteristic of :(a) Population(b) Sample(c) Probability distribution(d) Both (a) & (b)Solution:(a) Parameter :- A characteristic of a population. Question 2.What is the probability of making 3 correct guesses in 5 True – False answer type questions?(a) 0.4156(b) 0.32(c) 0.3125(d) 0.5235Solution:(c) Here, Sample Space S = {True, False}P = […]

Correlation Mcqs Question 1.The coefficient of correlation r between x and y when: Cov. (x, y) = -16.5, Var (x) = 2.89, Var (y) = 100 is:(a) -0.97(b) 0.97(c) 0.89(d) -0.89Solution:(a)Coefficient of correlationr = cov(x,y)σx⋅σy = −16.52.89√×100√ = −16.51.7×10= – 0.97 Question 2.Take 200 and 150 respectively as the assumed mean for X and Y series of 11 values, then […]