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SSC CGL Tier 2 Paper 4 (General Study Accounts & Finance)

SSC CGL Tier 2 Paper 4 (General Study Accounts & Finance)

Q1. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006:

Trade receivables € 50,000

Trade payables € 30,000

Building € 90,000

Share capital € 100,000

Bank loan € 40,000

Inventories € 10,000

Cash and cash equivalents € 20,000

Reserves € 50,000

Intangible assets € 30,000

Treasury shares € 20,000

Equipment € 40,000

Retained earnings € 40,000

The owners’ equity is:

(a) € 150,000

(b) € 170,000

(c) € 210,000

(d) € 120,000

Q2. Statement of financial position produced from incomplete accounting record is commonly known as?

(a) Balance sheet

(b) Cash flow statement

(c) Statement of affairs

(d) Statement of financial operations

Q3. Which of the following businesses usually maintain incomplete accounting record of the business activities?

(a)  Large businesses

(b) Companies

(c) Big partnership firms

(d) Small businesses

Q4. In which of the following systems of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate?

(a)  Single entry system

(b) Double entry system

(c) Cash based system

(d) Credit based system

SSC CGL Tier 2: Paper 4
Q5. Identify the correct formula used to ascertain the closing balance of capital:

(a) Opening capital + Net income – Drawing – Assets = Closing capital

(b) Closing capital = Opening Capital + Net loss – Drawings

(c) Closing Capital = Opening capital + Assets + Incomes – Expenses

(d) Closing capital = Opening capital + Net income – Drawings

Q6. Which of the following formulas is used to calculated the net income for an accounting period?

(a)  Net income = opening capital + Drawings + Ending capital

(b) Net income = – Opening capital + Drawings – Ending capital

(c) Net income = – Opening capital + Drawings + Ending capital

(d) Net income = Opening capital – Total assets

Q7. Which of the following statement is correct:

(a)  The main purpose of any business is to earn profit

(b) If expenses exceed revenue then business is running loss

(c) Both (a) and (b)

(d) None of the above

Q8. Which of the following statement is correct:

(a) Dual aspect assume an indefinite life of the entity

(b) In accounting, accrual basis is used for recording transactions

(c) Both (a) and (b)

(d) None of the above

Q9. Which one of the following accounts is supposed to be used to get the figure of credit purchases made during the current accounting period?

(a)  Debtor account

(b) Revenue account

(c) Creditors account

(d) Expenses account

Q10. To obtain the amount of credit sales made during an accounting period, which account is generally used in single entry and incomplete records?

(a)  A/c payable account

(b) Total revenue account

(c) Debtors account

(d) Stock account

Q11. Which of the following is used to work out the balance of cash drawings for an accounting period?

(a)  Debtor account

(b) Credit account

(c) Cash payments journal

(d) Cash book

Q12. Closing balance of cash can be obtained by drawing up a:

(a)  Balance sheet

(b) Statement of affairs

(c) Income statement

(d) Cash account

Q13. A method wherein omitted information is determined in the first place and by using this information net income or loss is ascertained is known as?

(a) Nominal method

(b) Cash method

(c) Conversion method

(d) Net profit method

Q14. Which of the following is not a subsidiary book?

(a)  Purchases

(b)  Bills receivable book

(c) Sales book

(d) Assets book

Q15. Accounting concepts are based on:

(a) Certain assumption

(b) Certain facts and figures

(c) Certain accounting records

(d) Government guidelines

Q16. Net profit + operating expenses =?

(a) Cost of goods sold

(b) Amount of sales

(c) Net sales

(d) Gross profit

Q17. Which of the following accounting equation is not correct?

(a) Assets – Liabilities =  Equity

(b) Assets – Equity = Liability

(c) Assets + Liabilities = Equity

(d) Liabilities + Equity = Assets

Q18. Double Entry System is a?

(a) Reporting system

(b) Financial Statement preparation system

(c) Recording system

(d) Debit and Credit determining system

SSC CGL Tier 2 Paper 4
Q19. The features of Double Entry System are?

(a) It has two parties; Receiver and Giver

(b) Total amount of Debit will be equal to total amount of Credit

(c) Receiver is Debit and Giver is Credit.

Which one is correct?

(a) i & ii

(b] ii & iii

[c] i & iii

[d] i, ii & iii

Q20. Generally, what type of accounts is not kept in Single entry system?

i) Asset

ii) Income

iii) Expense

Which one is correct of the following?

(a) i

(b) i & ii

(c) ii & iii

(d) i & iii

Q21. Which one is correct?

(a) Opening capital = opening total assets – closing total assets

(b) Closing capital = opening total liabilities + closing total liabilities

(c) Opening capital = opening total assets – opening total liabilities

(d) Closing capital = opening total assets + closing total assets

Q22. Which one is used a rough working for financial statement?

(a) Trial balance

(b) Adjusting entries

(c) Closing entries

(d) Works sheet

Q23. Which one is the principle of Double Entry System?

(a) Purchase increases Debit, income decreases Credit

(b) Expense increases Debit, Income decreases Credit

(c) Receiver is Debit and Giver is Credit

(d) Receiver is Credit and Giver is Debit

Q24. Now-a-day’s base of accounting is?

i) Cost accounting system

ii) Single entry system

iii) Double entry system

Which one is correct of the following-?

(a) i

(b) ii

(c) iii

(d) i & iii

Q25. The term financial asset includes all of the following except:

(a) Technical knowledge

(b) Bank loan

(c) Lease obligations

(d) Shares, bonds and debentures

Q26. The financial statement that shows the financial position of an enterprise at a particular point in

time is the:

(a) Income statement

(b)  Explanatory notes to the financial statements

(c) Balance sheet

(d) Statement of changes in equity

Q27. The accounting equation may not be expressed as:

(a) Assets = Liabilities + Equity

(b) Equity = Liabilities – Assets

(c) Non-current assets + Net current assets = Non-current liabilities + Equity

(d) Liabilities = Assets – Equity

Q28. A balance sheet does not:

(a) Show the financial status of an enterprise

(b) Have two counterbalancing sections

(c) Present revenues and expenses of an enterprise

(d) Report the assets and claims of an enterprise at a specified moment in time

 Q29. Which of the following transactions would increase Cash and cash equivalents and increase Non-

current liabilities?

(a) A bank loan

(b) Payment from a customer

(c) Purchasing goods on credit

(d) None of the above

Q30. Sabrina Migliaccio owns and runs a general store. State which of the following business transactions do not have any impact on the accounting equation:

(a) Sabrina reduces the price of milk to match the price offered by a competitor

(b) Sabrina pays a high school student for cleaning the driveway at the back of the store

(c) Sabrina pays interest to herself on a loan she made three years ago to the enterprise

(d) Sabrina fills her son’s car with gasoline in payment for his help with the vending machines and the snack food shelves

(a) Only (C)

(b) (C) and (D)

(c) (B), (C) and (D)

(d) (A) and (D)

 Q31. Which one of the following accounts is a current asset?

(a) Inventories

(b) Trader’s equity

(c) PPE

(d) Retained earnings

Q32. Which one of the following accounts is a non-current asset?

(a) Reserves

(b) Machinery

(c) Shareholders’ equity

(d) Trade receivable

Q33. Which one of the following accounts is a current liability?

(a) Trade receivables

(b) Reserves

(c) Shareholder’s equity

(d) Trade payables

Q34. Which of the following accounts is a non-current liability?

(a) Retained earnings

(b) Trade payables

(c) Share capital

(d) Bank loan

Q35. In financial accounting, a record is made only of information that can be expressed in monetary terms. This is known as:

(a) Business entity convention

(b) Money measurement convention

(c) Dual-aspect concept

(d) Going concern convention

Q36. In single entry system of accounting:

(a) Dual aspects of a transaction is recorded

(b) Single aspect of a transaction is recorded

(c) Important transactions are recorded

(d) All of them

 Q37. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006:

Trade receivables € 50,000

Trade payables € 30,000

Building € 90,000

Share capital € 100,000

Bank loan € 40,000

Inventories € 10,000

Cash and cash equivalents € 20,000

Reserves € 50,000

Intangible assets € 30,000

Treasury shares € 20,000

Equipment € 40,000

Retained earnings € 40,000

qualm’s capital employed is:

(a) € 170,000

(b) € 160,000

(c) € 240,000

(d) € 210,000

 Q38. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006:

Trade receivables € 50,000

Trade payables € 30,000

Building € 90,000

Share capital € 100,000

Bank loan € 40,000

Inventories € 10,000

Cash and cash equivalents € 20,000

Reserves € 50,000

Intangible assets € 30,000

Treasury shares € 20,000

Equipment € 40,000

Retained earnings € 40,000

qalam’s working capital is:

(a) € 170,000

(b) € 20,000

(c) € 50,000

(d) € 80,000

Q39. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006:

Trade receivables € 50,000

Trade payables € 30,000

Building € 90,000

Share capital € 100,000

Bank loan € 40,000

Inventories € 10,000

Cash and cash equivalents € 20,000

Reserves € 50,000

Intangible assets € 30,000

Treasury shares € 20,000

Equipment € 40,000

Retained earnings € 40,000

qalam’s current ratio is:

(a) 2.33

(b) 4

(c) 1.14

(d) 2.67

Q40. Listed in random order below are the balance sheet figures of Qalam Ltd as at 31 March 2006:

Trade receivables € 50,000

Trade payables € 30,000

Building € 90,000

Share capital € 100,000

Bank loan € 40,000

Inventories € 10,000

Cash and cash equivalents € 20,000

Reserves € 50,000

Intangible assets € 30,000

Treasury shares € 20,000

Equipment € 40,000

Retained earnings € 40,000

qalam’s quick ratio is:

(a) 2.33

(b) 1.14

(c) 2.67

(d) None of the above

 

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3 Responses to “SSC CGL Tier 2 Paper 4 (General Study Accounts & Finance)”

  • harsh says:

    website is really in a haphazard manner. make it simple to find answers of questions or better provide them below the questions

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