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Practice ESIC Part B Questions and Answers

P and Q together started a business with initial investment in the ratio of 1:11, respectively. The time-period of investment for P and Q is in the ratio o...
Average age of a class of 35 students is 15 years. Average age of the class is increased by 18 months if the age of the teacher is included. Find the age o...
In an office, the ratio of the number of males to number of females is 11:8. If 4 males joined the class and 6 females left the class, then the ratio of nu...
In an office, the ratio of the number of males to number of females is 11:8. If 3 males joined the class and 4 females left the class, then the ratio of nu...
The revenues and expenses of a company are displayed in which statement?
Which person owes an amount to a business organisation for buying goods and services on a credit basis?
The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
Depreciation is charged on fixed assets to comply with which of the following accounting principle?
Due to which concept, accounting does not record non-financial transactions?
Accounting rules, practices and conventions should remain same from one year to another as per the _______
Making provision for doubtful debts is as per …… convention
The convention of Prudence when applied to the balance sheet results
Which of the following account is affected from the drawings of cash in sole-proprietorship business?
A firm has assets of 1,00,000 and the external liabilities of 60,000. Its capital would be
Journal lists transactions in which order?
The father of accounting is
Which of the following will be recorded in the books of account.
A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
Purchase refers to the buying of
Long term assets having no physical existence but, possessing a value is called as
Personal accounts are related to:
In India, the accounting standard board was set up in the year
Transaction is referred as which event in accounting?
Which accounting principle states that companies and owners should be treated as separate entities.
Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
Which of the following statements is true about the accounting equation?
On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?
Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?
Among these statements which one is incorrect regarding journal entry?
Recording of transaction in a Journal is called
A trial balance is a
P&L statement is also known as?
Profit on sale of old plant is shown –
The profit on sale of old furniture should be credited to:
An example of intangible asset is:
Expenditure of installation of a new machinery, is:
A prepayment of insurance premium will appear in
Profit and Loss Account is prepared:
Which of the following statements is/are correct regarding the “Employees’ pension scheme”? I. The EPS, administered by the EPF...

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