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Bachelor’s Preparatory Programme (B.P.P.)

(For Non 10+2)

Term-End Examination (T.E.E.)

 

December 2010

 

PCO-101 : Preparatory Course in Commerce

 

Time : 2 hours

Maximum Marks : 50

General instructions :

Preparatory course in Commerce (PCO – 101)

Questions 1 – 50. 

 (i) All questions are compulsory, each of which carries one mark.

(ii)  Each question has four alternatives, one of which is correct. Write the serial number of your correct alternatives/answers below the corresponding question number in the answer Sheet and then mark the rectangle for the same number in that column. If you find that none of the given alternatives is correct, then write 0 and mark in column 0.

(iii) Do not waste time in reading the whole question paper. Go on solving questions one by one. You may come back to the left out questions, if you have time at the end.

 

 

 

To Get the Answer Key: PCO 101 December 2010, Click on the Button below.

 

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  1. Which of the following equation is correct?
  1. Capital = Assets – Liabilities
  2. Capital = Assets + Liabilities
  3. Assets = Capital × Liabilities
  4. Liabilities = Assets + Capital

 

  1. The concept of conservatism takes into account
  1. All expected incomes and losses
  2. All expected losses but no expected incomes
  3. All expected income but no losses
  4. No expected profit and losses

 

  1. Buying and selling activity is called
  1. Commerce
  2. Trade
  3. Business
  4. Industry

 

  1. Book-keeping is
  1. Identifying, measuring, recording and classifying business transitions
  2. Analysing the business transactions
  3. Classifying the business transactions only
  4. Interpreting the business transactions only

 

  1. Purchase book is meant for recording
  1. All types of credit purchases
  2. All types of purchases
  3. All cash purchases
  4. Credit purchases of merchandise only

 

  1. Sales of goods to Anil for cash should be debited to
  1. Goods A/c
  2. Cash A/c
  3. Sales A/c
  4. Anil’s A/c

 

  1. Which of the following statement is false?
  1. Process of journalising is called posting
  2. Capital account is a personal account
  3. Ledger is the principal book of entry
  4. Goodwill account is a real account

 

  1. The Debit balance of a nominal account shows
  1. Gross profit
  2. Net profit
  3. Gains, incomes etc.
  4. Expenses, losses etc.

 

  1. An example of representative personal account is
  1. Wages
  2. Salary
  3. Prepaid expenses
  4. Cash

 

  1. Single entry system of book-keeping is a
  1. System of incomplete records
  2. System of reliable records
  3. System of providing true financial position
  4. System of helping in locating errors

 

  1. Furniture purchased should be debited to
  1. Goods A/c
  2. Premises A/c
  3. Furniture A/c
  4. Equipment A/c

 

  1. Which of the following account is a nominal account?
  1. Capital A/c
  2. Rams A/c
  3. Vehicle A/c
  4. Wages A/c

 

  1. Ledger folio is the column in
  1. Cash book
  2. Journal
  3. Sales book
  4. All of the above

 

  1. The debit balance of a personal account indicates
  1. Amount receivable
  2. Amount payable
  3. Cash in hand
  4. Cash at Bank

 

  1. Which of the following errors cell affect the trial balance?
  1. Errors of principle
  2. Compensatory errors
  3. Error of complete omission
  4. Error of partial omission

 

  1. Returns outwards book is kept to record
  1. Credit purchase of goods
  2. Credit sales of goods
  3. Returns of goods sold
  4. Returns of goods purchased

 

  1. Prepaid insurance is
  1. A liability
  2. An asset
  3. A gain
  4. A loss

 

  1. The balance of petty cash book is
  1. An income
  2. A liability
  3. An expense
  4. An asset

 

  1. Closing stock is valued at
  1. Cost price or market price whichever is less
  2. Cost price
  3. Market price
  4. Cost price or market price whichever is more

 

  1. Profit and loss account shows
  1. Accuracy of ledger accounts
  2. Capital employed in a business
  3. Financial position of a business
  4. Profit earned by a business

 

  1. Rent outstanding account is
  1. Personal A/c
  2. Real A/c
  3. Nominal A/c
  4. Representative personal A/c

 

  1. Which of the following will not be shown in balance sheet?
  1. Missionary
  2. Contingent liability
  3. Debtors
  4. Closing stock

 

  1. Debit balance of suspense A/c will be shown on
  1. The credit side of trading A/c
  2. The debit side of trading A/c
  3. The liabilities side of balance sheet
  4. The assets side of balance sheet

 

  1. All transactions are recorded first in the journal, therefore, it is called book of
  1. Original entries
  2. Adjustment entries
  3. Transfer entries
  4. Closing entries

 

  1. Impersonal accounts mean
  1. Only real accounts
  2. Only nominal accounts
  3. Personal accounts
  4. Real and nominal accounts

 

 

To Get the Answer Key: PCO 101 December 2010, Click on the Button below.

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  1. Trial balance includes
  1. Only real accounts
  2. Real, personal and nominal accounts
  3. Only personal accounts
  4. Only nominal accounts

 

  1. Discount allowed account has
  1. A Debit balance
  2. A credit balance
  3. No balance
  4. Both the balance i.e. Debit balance and credit balance

 

  1. Which of the following will increase by a credit entry?
  1. Bank overdraft
  2. Goodwill
  3. Purchase
  4. Sales returns

 

  1. The term book of prime entry is normally used for
  1. Ledger
  2. Journal
  3. Sales book
  4. Purchase book

 

  1. Which of the following is not entered in the books of accounts?
  2. Cash discount
  3. Commission received
  4. Interest received
  5. Trade discount

 

  1. Preliminary expenses are an example of
  1. Capital expenditure
  2. Revenue expenditure
  3. Deferred revenue expenditure
  4. Capital loss

 

  1. Repairs of office building will be shown in
  2. Manufacturing A/c
  3. Trading A/c
  4. Profit and loss A/c
  5. Balance sheet

 

  1. Which of the following items are not charged to profit at and loss account?
  1. Carriage inwards
  2. Carriage outwards
  3. Bad debts
  4. Depreciation on furniture

 

  1. Depreciation on machinery is shown in
  1. Manufacturing A/c
  2. Trading A/c
  3. Profit and loss A/c
  4. Balance sheet

 

  1. Cost of goods sold is
  1. Cost of goods purchased + Opening Stock – Closing Stock
  2. Sales + Closing Stock = Opening Stock
  3. Sales – Closing Stock + Opening Stock
  4. Purchases = Opening Stock + Closing Stock

 

 

For “10 Years BPP PCO – 101 Solved Papers“, click on the button below:

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  1. If purchases are ₹42,300; Sales ₹67,550; Wages ₹12,000; Opening stock ₹10,550; and Closing stock ₹12,000; the gross profit would be
  1. ₹15,100
  2. ₹14,800
  3. ₹14,399
  4. ₹14,600

 

  1. Additional money brought into business by the proprietor is a
  1. Capital receipt
  2. Revenue receipt
  3. Capital profit
  4. Revenue profit

 

  1. Balance sheet is a statement containing the Assets and liabilities of a firm
  1. On a particular date
  2. For a particular period
  3. During a particular period
  4. In the form of an accounts

 

  1. Payment by cheque should be debited to
  1. Check A/c
  2. Cash A/c
  3. Customer’s A/c
  4. Bank A/c

 

  1. A promissory note is written by the
  1. Buyer
  2. Seller
  3. Bank
  4. All of the above

 

  1. Credit purchase of furniture will be recorded in in
  1. Cash book
  2. Purchases journal
  3. Sales journal
  4. Journal proper

 

  1. Cash discount is given to the customers on
  1. Bulk purchase
  2. Cash purchases
  3. Payment before due date
  4. Credit purchases

 

  1. The packing expenses are shown on the
  1. Debit side of Profit and Loss A/c
  2. Debit side of Trading A/c
  3. Debit side of Manufacturing A/c
  4. Liability side of the balance sheet A/c

 

  1. Which of the following items is debited to trading account?
  1. Wages and salaries
  2. Salaries and wages
  3. Salaries
  4. Bonus to employees

 

  1. Income Tax payable is
  1. A liability
  2. A loss
  3. An asset
  4. An expense

 

  1. Bank overdraft is a
  1. Current asset
  2. Current liability
  3. Fixed asset
  4. Fixed liability

 

  1. Interest on drawings is
  1. Expenditure for the business
  2. Loss for the business
  3. Gains for the business
  4. Receipt for the business

 

  1. Standing expenses given in trial balance will be shown in
  1. Trading A/c
  2. Profit and Loss A/c
  3. Manufacturing A/c
  4. Balance sheet

 

  1. A balance sheet shows
  1. Only current assets
  2. Only current liabilities
  3. Only fixed assets and fixed liabilities
  4. All Assets and all liabilities

 

  1. Balance of profit and loss account reflects
  1. Gross profit
  2. Gross loss
  3. Net profit
  4. Net profit or net loss

 

 

To Get the Answer Key: PCO 101 December 2010, Click on the Button below.

 

[maxbutton id=”25″ ]

 

 

 

For “10 Years BPP PCO – 101 Solved Papers“, click on the button below:

 

[maxbutton id=”41″ ]

 

Thank You

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