SSC CGL 2019 (Tier 2) GS Finance & Economics Previous Year Paper (17-Nov-2020)

Question 1

Which of the following is NOT true about the single entry system?

Accepted Answer

Personal, real and nominal accounts are prepared under this system.

Answer

Trading and Profit & Loss A/C cannot be prepared under this system.

Answer

Books maintained under this system are not accepted as evidence in the court of law.

Answer

As compared to the double entry system, this system is arithmetically less accurate.

Question 2

Which of the following is NOT a limitation of financial accounting?

Accepted Answer

It communicates economic information about an enterprise to a wide variety of interested parties.

Answer

It ignores non-financial information.

Answer

It focuses only on quantitative information.

Answer

It relates to past transactions only.

Question 3

The amount of cheque deposited but not cleared by the bank should be __________ from the cash book, if there is__________ f balance in the cash book.

Accepted Answer

subtracted; favourable

Answer

added; unfavourable

Answer

subtracted; unfavourable

Answer

added; favourable

Question 4

__________ deals with the provision of necessary accounting information to people within the organisation to enable them in decision making, planning and controlling business operations.

Accepted Answer

Management accounting

Answer

Financial accounting

Answer

Cost accounting

Answer

Social accounting

Question 5

Which of the following accounts is NOT closed by transferring to the debit side of the trading account?

Accepted Answer

Purchases return account

Answer

Carriage inwards account

Answer

Direct expenses account

Answer

Purchases account

SSC CGL 2019 (Tier 2) GS Finance & Economics Previous Year Paper (17-Nov-2020)

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