Co-operative service Exam Board Clerk, Secretary Exam Model Questions and Answers.

1. Which of the following documents are current asset?
(a) Stock
(b) Bills receivable
(c) Prepaid expenses
(d) All

2. Which of the following expenses are the direct expenses of business?
(a) Wages, carriage, inward, octroi
(b) Postage, wages, carriage, inward
(c) Purchases, wages, coal expenses
(d) Both (a) and (b)

Co-operative service Exam Board Clerk/Secretary Model Questions

3. Suspense account given in the trial balance will be entered in the:
(a) Manufacturing a/c
(b) Balance sheet
(c) Trading a/c
(d) P & L a/c

4. The accounting equation is based on:
(a) Dual aspect
(b) Business entity
(c) Going concern
(d) All

5. Different accounting policies can be adopted in the following area:
(a) Valuation of inventories
(b) Calculation of depreciation
(c) Valuation of investments
(d) All

6. Journal is a book of:
(a) Original entry
(b) All cash transactions
(c) Secondary entry
(d) All non cash transactions

7. Normally, the following accounts are balanced
(a) Real a/c & nominal a/c
(b) Personal a/c & Real a/c
(c) Nominal a/c
(d) All a/c

8. Opening and closing entries are recorded in:
(a) Journal proper
(b) Purchase book
(c) Sales book
(d) Bills receivable book

9. Which of the following instruments is not a negotiable instrument
(a) Bearer cheque
(b) Promissory note
(c) Crossed cheque
(d) Bills of exchange

10. Bank reconciliation statement is
(a) A part of the cash book
(b) A statement showing the causes of differences between the balance of cash book and passbook.
(c) A part of financial statement
(d) None of these

11. The installation expenses for a new machinery will be debited to:
(a) Cash a/c
(b) P&L a/c
(c) Machinery a/c
(d) Installation expenses a/c

12. The relationship between the consignor and the consignee is that of a …………….
(a) Debtor and creditor
(b) Bailer and Baillie
(c) Trustee and Beneficiaries
(d) Principal and agent

13. The relationship between the seller and buyer is that of a …………..& …………….?
(a) Creditor and Debtor
(b) Debtor and creditor
(c) Principal and agent
(d) Trustee and Beneficiaries

14. ……………. Commission is given for protection against bad debts:
(a) Bad debts commission
(b) Delcredere commission
(c) NPA commission
(d) Intendment Commission

15. Income tax paid by a sole proprietor on his business income should be:
(a) Debited to trading a/c
(b) Debited to P&L a/c
(c) Debited to capital a/c
(d) Debited to Miscellaneous account

16. Preliminary expenses are example of:
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred Revenue expenditure
(d) None of these

17. The process of transferring the debit and credit items from a journal to their respective accounts in the ledger is called:
(a) Posting
(b) Transferring
(c) Balancing
(d) Recording

18. A …………… is sent to a customer when he returns the goods:
(a) Debit note
(b) Credit note
(c) Invoice
(d) Quotation

19. ………………. is considered as the birth place of co-operation:
(a) India
(b) Germany
(c) USA
(d) England

20. ……………….. is a monthly publication brought out by the state Co-operative union.
(a) The Kerala Co-operative Journal
(b) Co-operation Kerala
(c) Co-operate
(d) None of these

21. …………… is the National bank to regulate and control the rural credit in India.
(a) SBI
(b) Co-operative Bank
(d) Urban Banks

22. Accumulated depreciation account is shown on:
(a) The Liability side of the Balance sheet
(b) Debit side of P and L a/c
(c) Credit side of P and L a/c
(d) Debit side of Trading a/c

23. The preparation of Trail Balance helps in locating:
(a) Compensating errors
(b) Error of principle
(c) Error of partial omission
(d) Error of total omission

24. Debit what comes in and credit what goes out is applicable to:
(a) Personal account
(b) Real account
(c) Nominal account
(d) None of the above

25. The oldest form of business organization is:
(a) Sole proprietorship
(b) Partnership
(c) Companies
(d) Co-operatives

1. (d) 2. (d) 3. (b) 4. (a) 5. (d)
6. (a) 7. (b) 8. (a) 9. (c) 10. (b)
11. (c) 12. (d) 13. (a) 14. (b) 15. (c)
16. (c) 17. (a) 18. (b) 19. (d) 20. (a)
21. (c) 22. (a) 23. (c) 24. (b) 25. (a)

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