193/2023

Maximum : 100 marks

Time : 1 hour and 30 minutes

1. “Revenue recognition depends on its realisation and not actual receipt” This statement
establishes :
(^) Realisation Concept (B) Revenue Recognition Concept
(C) Accrual Concept (D) None of these

2. Purchase of Calculator of small amount may not be considered as a depreciable asset and
must not be allocated over its effective life is an example explaining :

(A) Disclosure Principle ൯) Materiality Principle
(C) Going Concern Principle (D) Monetary Principle
3. In keeping with the principle of —--_____,, the provision for discount on creditors is
often not made in actual practice.
(A) Conservatism (B) Disclosure
(C) Matching (1) Materiality
4. A Bill of Exchange drawn, accepted and endorsed without any consideration is popularly
known as:
(A) Indigenous Bills (B) Documentary Bills
(0) Foreign Bills (D) Accommodation Bill

5. State whether the following statements are True or False :
0) AConsignment Account is in the nature or a Nominal Account

Gi) When Goods are sent on consignment, the Consignee’s Account is debited

(A) Statement (i) is True and Statement (ii) is False
(B) Statement (i) is False and Statement (ii) is True
(C) Both Statements are True
(D) Both Statements are False

6. The value of abnormal waste should be :
(A) Distributed over good units
(B) Not accounted
(C) Transferred to Costing P and L Account
(D) None of these

[P.T.0.]