Practice ESIC Part B Questions and Answers

• Which of the following represent the concept of welfare state of India? I. The preamble II. Fundamental Rights III. The directive principles of state polic...
• P and Q together started a business with initial investment in the ratio of 3:5, respectively. The time-period of investment for P and Q is in the ratio of...
• 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