Principles of accounting questions and answers, Exams of Accounting

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Rall No. | Answer Sheet No. ro ii Sig. of Candidate. Sig. of Invigilator. PRINCIPLES OF ACCOUNTING HSSC-I SECTION — A (Marks 20) Time allowed: 25 Minutes NOTE: Section-A is compulsory and comprises pages 1-2. All parts of this section are to be answered on the question paper Itself. It should be completed In the first 25 minutes and handed over to the Centre Superintendent. Deleting/overwriting is not allowed. Do not use lead pencil, Q.1 Circle the correct option ie. A/B/C /D. Each part carries one mark. i) The Prime function of accounting is to: A Record economic data 8. Interpreting the data on Provide the information basis for action D. Classifying and Recording business transactions (ii) Double entry system of book keeping involves: A. One account B. Two accounts c Three accounts Dd. Four accounts (ili) All events which are related to business are measurad in: A Quantity B. Quality Cc. Kilogram D. Money (iv) The concept of conservatism takes into account: A All future profits and all! future josses B. All future profits but leaves all future losses c. All future losses but leaves all future profits D All future assets and liabilities (vy) The right possessed by the owner against the assets, of the business is/are called: A Assets B. Liabilities Cc Owner's equity D. Expenses (vi) Sold goods costing Rs. 1500 for Rs. 1750 will increase the owners equity by: A Rs. 250 B. Rs. 1300 ¢ Rs. 1600 D. Rs. 2000 (vii) Debit increases the account of. A. Assets and liabilities B. Assets and Expenses ¢. Assets and Revenue dD. Assets and capital (viii) Motor cycle purchased by the proprietor for his own use should be debited to: A. Motor cycle account B. Purchases account Cc. Proprietors personal account oD. Drawings account (ix) Dividend received Rs. 1000 from Tahir will be posted to credit side of: A Tahir's account B. Cash account c. Dividend account D. Capital account 9 Noting charges are paid in the event of: A Acceptance of a bill B. Dishonour of a bill c Endorsement of a bill 0. Renewal of a bill (xi) Pass book is prepared by the: A Customer B. Bank Cc. Drawer dD. Guarantor Page 1 of 2 (Pr. of Acct.)