Kerala PSC Divisional Accountant Solved Question paper

Kerala PSC Divisional Accountant Solved Question paper Part 1 

Examination Date :- 19/07/2014 

Question Paper Code : 106/2014

1. An accounting system which presents the balance sheet in to two parts called?

A) Double entry
B) Single entry
C) Double accounting[√]
D) Statement of affairs

2. Voyage account is _______ account.
A) Nominal[√]
B) Real
C) Personal
D) None of these

3. In self balancing Ledger Adjustment Account is opened in_______.
A) Bought Ledger
B) General Ledger[√]
C) Sold Ledger
D) None of these

4. Manufacturing Account is prepared to find out______.
A) Cost of goods sold
B) cost of good produced[√]
C) Net profit
D) Work in progress

5. The amount paid to an author for the use of copy right is called?
A) Minimum rent
B) Commission
C) Patent
D) Royalty[√]

6. _______ refer to the amount spent on fuel, coal, diesel and freshwater used for the purpose of voyage.
A) Port charge
B) Bunker cost[√]
C) Primage
D)Passage money

7. Where the loss of an assent has been identified by the bank, but the amount has not been written off wholly or partly is known as ?
A) Bad-debts
B) Sub standard assets
C) Loss asset[√]
D)Doubtful assets

8. Under inflationary condition ____ method will show highest value of closing stock.
A) LIFO
B) FIFO[√]
C) Average price
D) None of these

9. Anil drew a bill on Binil for 30,000 for three months. Proceeds are to be shared equally. A got the bill discount @ 12% per annum and remits the required proceeds to 'B'. The amount of such remittance will be ____.
A) 15,000
B) 14,500
C) 14,550[√]
D) 14,650

10. During the year 2013 a business concern earned a net profit of 42,000. The manager is entitled to a commission of 5% of the net profit. Find the amount of the commission so charged.
A) 2,000
B) 2,100[√]
C) 2,200
D) 2,010


11. Valuation and presentation of inventories is:
A) IAS 5
B) IAS 4
C) IAS 1
D) IAS 2[√]

12. Accounting principles are based on ...........?
A) Objectivity[√]
B) Convenience
C) Practicability
D) Subjectivity

13. Find the odd one
A) Purchase Book
B) Sales Book
C) Purchase Return Book
D) Cash Book[√]

14. A credit sale of 5,000 to Sugunan has been wrongly passed through the purchase book. To rectify the error, Sugunan's Account is debited with?
A) 10,000 [√]
B) 5,000
C) 15,000
D) 20,000

15. What is the total earning of a worker from the following data? Standard time for completing the job 50 hours. Actual time taken for completing the job 45 hours. Time rate is 20 per hour, premium bonus is 60% of time saving.
A) 900
B) 960[√]
C) 980
D) 950

16. What is the Economic Order Quantity if annual requirement is 1,600 units, cost of material per units is 40, cost of placing and receiving order 50. Annual carrying cost of inventory is 10% of inventory value?
A) 220 Unites
B) 200 Unites[√]
C) 280 Unites
D) 300 Unites

17. If sales is 2,40,000; percent of gross profit on sale 20%, purchase 1,75,000, closing stock 30,000.Then opening stock will be ---------.
A) 47,000[√]
B) 60,000
C) 50,000
D) 67,000

18. Find the odd one out
A) Waste Book
B) Day Book[√]
C) Rough Book
D) Memorandum Book

19. If cost of an asset is 60,000 and life period is 4 years. The rate of depreciation is ______.
A) 20%
B) 30%
C) 25%[√]
D) 33%

20. When furniture is purchased for 10,000.
A) Capital is decreased
B) No change in capital[√]
C) Capital is increased
D) Total amount of asset is changed

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