ANAN University Postgraduate Past Questions and Answers | Download PDF

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ANAN University Postgraduate Past Questions PDF

QUESTION 1: Where does the financial transactions are first recorded
a) rough sheet
b) balance sheet
c) ledgers
d) journals

QUESTION 2: What is the benefit of the accounting standards
a) All Of These
b) Call For Disclosure Beyond That Required By Law
c) Eliminate Altogether Confusing Variations
d) Facilitate Comparison Of Financial Statements

QUESTION 3: Which of the following accounting assumption, dictates that the cost of an asset can be spread over its useful lifetime instead of being recorded as a one-time expense
a) None of these
b) Separate Entity
c) Fixed Time Period
d) Going Concern

QUESTION 4: Balance sheet audit includes verification of
a) Income And Expense Accounts Where Appropriate
b) Assets
c) All Of These
d) Liabilities

QUESTION 5: Which of the following documents is not relevant for vouching cash sales?
a) Bank Statement
b) Salesmen’S Summary
c) Daily Cash Sales Summary
d) Monthly Statements Sent To Customers

QUESTION 6: How many bookkeeping systems are present, in accounting
a) 3
b) 4
c) 1
d) 2

QUESTION 7: Which accounting method, recognizes revenue when the cash is received
a) debit accounting
b) accrual accounting
c) cash accounting
d) credit accounting

QUESTION 8: Which of the following emphasize on historical cost with an exception to fixed assets which may be revalued
a) None of these
b) IFRS
c) Both GAAP and IFRS
d) US GAAP

QUESTION 9: Which of the following allows expenses to be presented based on function or nature
a) Depends upon the implementation
b) IFRS
c) US GAAP
d) Indian GAAP

QUESTION 10: Which financial statement, shows what a company owns and owes and its shareholders’ equity
a) Balance Sheet
b) None of these
c) Income Statement
d) Cash Flow Statement

QUESTION 11: What is the aim of accounting standard ?
a) Lower The Accounting Dissimilarities
b) Standardize Diverse Accounting Policies
c) All Of These
d) Ensuring Comparability Of Financial Statements

QUESTION 12: The cost of erection of an old machine will be posted in the credit side of _________
a) Repairs And Renewal Account
b) Machinery Account
c) None Of These
d) Cash Account

QUESTION 13: What does financial statements reflects
a) All of these
b) profitability
c) liquidity
d) financial position

QUESTION 14: Who is responsible for participating in the process for appointing trustees and approving the appointment of trustees according to the guidelines set out in the IFRSF’s Constitution, as per IASB structure
a) IASB
b) IFRS Foundation
c) Monitoring Board
d) ASAF

QUESTION 15: Accounting treatment of a Capital Expenditure as Revenue expenditure creates _________
a) General Reserve
b) Revenue Reserve
c) Secret Reserve
d) Capital Reserve

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