SSC CGL 2023 (Tier-II) Paper 3 Previous Year Paper (27-Oct-2023)

Question 1

Which of the following statements is INCORRECT?

Accepted Answer

Those assets which cannot be seen or touched and have no volume but have value are called tangible assets.

Answer

A balance sheet is prepared at a particular point of time and not for a particular period.

Answer

A balance sheet is a summary of balances of those ledger accounts which have not been closed by transfer to the trading account and the profit and loss account.

Answer

A balance sheet shows the nature and the value of assets and the nature and the amount of liabilities at a given date.

Question 2

Which of the following items is NOT recorded in profit and loss account?

Accepted Answer

Return outward

Answer

Administrative expenses

Answer

Depreciation of office assets

Answer

Profit on sale of assets

Question 3

Which of the following statements is correct?

Accepted Answer

The balance of the liabilities account is shown in the credit column of the trial balance.

Answer

Book-debts are recorded in the credit column of the trial balance.

Answer

Cash in hand is recorded in the credit column of the trial balance.

Answer

The trial balance contains balances of only personal and real accounts.

Question 4

Which of the given options best describes the truthfulness of the following statements?Statement-1: Generally Accepted Accounting Principles (GAAP) is to be followed by companies so that investors have an optimum level of consistency in the financial statements they use when analyzing companies for investment purposes.Statement-2: Generally Accepted Accounting Principles (GAAP) cover aspects like revenue recognition, balance sheet item classification and outstanding share measurements.

Accepted Answer

Both statement-1 and statement-2 are correct

Answer

Only statement-2 is correct

Answer

Both statement-1 and statement-2 are incorrect

Answer

Only statement-1 is correct

Question 5

In relation to limitations of financial accounting, which of the following statements is INCORRECT?

Accepted Answer

Financial accounting discloses the present value of the business.

Answer

Financial accounting permits alternative treatments.

Answer

Financial accounting is influenced by personal judgements.

Answer

Financial accounting ignores important non-monetary information.

SSC CGL 2023 (Tier-II) Paper 3 Previous Year Paper (27-Oct-2023)

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