Accounting & Auditing Paper 2008 - 1


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1.    2008 Identify the item that is likely to serve as source document?




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2.    Identify which of the normal balances (in parentheses) assigned to the following accounts is incorrect?




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3.    The formula (Cost less salvage value/Total capacity in units x units extracted) refers to which depreciation method?




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4.    While passing adjusting entries for what type of transactions expenses are debited and assets are credited?




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5.    Of the following statements, which one is untrue for the corporate form of organization?




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6.    For each transaction, double-entry accounting requires which of the following?



7.    When costs are rising, which method reports higher net income?


8.    A transaction caused Rs. 20,000 decrease in both total assets and total liabilities. This transaction could have been?




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9.    Identify the correct answer with regards to depreciation expense?




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10.    A and B are partners in the ratio of 2:1. They admit C for ¼ shares who contribute Rs. 3000 for his share of goodwill. Total value of the goodwill of the firm is?




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