Students and Teachers Forum

1. The office establishes the petty cash fund for paying petty expenses incurred ______.

.....

2. Imprest system of petty cash fund is better than the ordinary system because ______.

"all the options are .....

3. The petty cashier is given a certain amount of cash usually at the beginning of the accounting year under ______.

"imprest system of petty cash .....

4. The petty cashier is given a certain amount of cash for meeting petty expenses under ______.

"ordinary system of petty cash .....

5. The petty cash fund is an amount, which is maintained by the government office for making payments of small expenditures like ______.

"all the options are .....

6. Which one of them is not the importance and advantage of petty cash fund?

"Errors, if any, cannot be located and rectified .....

7. Which one of them is not the objective of petty cash fund?

"To spent .....

8. At the ______ of the fiscal year, the petty cash fund is created.

.....

9. Petty cash book is designed under the ______.

"AGF No. .....

10. ______ is a book, which is maintained by a petty cashier to make a record of petty expenses made through petty cash fund.

"Petty cash .....

11. Petty cash book is designed under the ______.

"AGF No. .....

12. Which one of them is not the importance of petty cash book?

"It increases the burden of the main cashier as he is not required to handle petty .....

13. ______ is one in which all small items of expenses are recorded in a systematic manner made through petty cash fund.

"Petty cash .....

14. A government office requires to pay different types of petty expenses ______.

.....

15. Balance sheet is prepared at the ______.

"last day of the accounting .....

16. Which one of them is not the objective of balance sheet?

"To supply reliable information regarding incomes and expenditures for making a comparison and preparing plans and .....

17. "Balance sheet is a mirror, which reflect the true position of assets and liabilities of a business on a particular date." Whose saying is this?

"O. P. .....

18. ______ is the statement, which depicts the financial position of the business on a particular date.

"Balance .....

19. The balance sheet is a statement of ______ of the business.

.....

20. The expenses, which are incurred for fulfilling the financial need of the business, are known as ______.

"financial .....

21. Which one of them is not the objective of profit and loss account?

"To provide information about expenses and .....

22. "Profit and loss account is a statement which summarizes all indirect revenue expenses in one side which is compared with gross profit/ revenue incomes in another side and net trading income of an accounting period is assessed." Who said this?

"S. .....

23. Profit and loss account is prepared after the preparation of ______.

"trading .....

24. ______ is a financial statement, which helps to know the operating result of the business.

"Profit and loss .....

25. The expense, which incur inside the factory for the production of goods is called ______.

"factory .....

26. Trading account is prepared at the end of the accounting period to know the amount of ______.

"gross profit or gross .....

27. The expense, which incur in connection with the purchases and wages, are called ______.

"direct .....

28. Which one of them is not the objective of trading account?

"To provide information about direct .....

29. Trading account is the first step of ______.

"final .....

30. Which one of them is the function of Financial Co-operative Institution?

"To encourage the saving habit of its members by allowing comparatively higher rate of .....

31. Which one of them is the function of Citizen Investment Trust?

"To operate various types of mutual fund schemes and citizen unit .....

32. Which one of them is the function of Employees Provident Fund?

"To collect the amount of provident fund from the permanent employees of government offices and corporate .....

33. "A co-operative is an association of the weak who gather together for a common economic need and try to lift themselves from weakness into strength through business organization." Who gave this definition?

.....

34. ______ is the amount collected by deducting from the salary of a permanent employee of government offices, company and corporations.

"All options are .....

35. The financial position of the business on a particular date is determined by preparing the ______.

"balance .....

36. Which one of them is not the objective of final accounts?

"To present erroneous financial position of the business on a given .....

37. "Final accounts consist of trading account, profit and loss account and balance sheet. Trading account shows gross profit or gross loss, net profit or net loss is calculated from profit and loss account and balance sheet is prepared to know the position of assets and liabilities." Who gave this definition?

"O. P. .....

38. "Final account is the account, which is prepared at the end of the given year period, to see the profit and loss position as well as the financial position of a going concern for the period given." Who gave this definition?

"S. .....

39. The final account is ______ process of accounting.

"the .....

40. Insurance is a means of encouraging ______.

.....

41. Which one of them is the disadvantage of insurance?

"Insurance company shows bias to the insured as it does not compensate all types of .....

42. Which one of them is the advantage of insurance?

"It provides economic protection to the .....

43. The term inflation indicates the ______ in the price level of goods or services.

.....

44. Insurance companies collect premium against ______.

"all the options are .....

45. ______ is a process of making financial compensation against the loss caused by embezzlement, theft, error or fraud committed by the staff of the business.

"Fidelity guarantee .....

46. "Marine insurance has been defined as a contract between insurers and insured whereby the insurer undertakes to indemnify the insured in a manner and to the interest thereby agreed, against marine losses incident to marine adventures." Who gave this definition?

"M. N. .....

47. "Fire insurance is a device to compensate for the loss consequent upon destruction by fire." Who gave this definition?

"M. N. .....

48. ______ is a contract in which the insurer promises to pay a certain sum of money to the insured in case of loss of properties caused by setting a fire within specified period of time.

"Fire .....

49. Non-life or general insurance includes ______

"all the options are .....

50. The life insurance which is done for fixed period such as 15, 20, 25 years etc. is called ______.

"endowment life .....