MOCK TEST -1 8.

The assets that can be easily converted into

JUNIOR COOPERATIVE EXAM cash within a short period, i.e., 1 year or less are
known as?
1.Accounting gives information or data on? A) Current assets B) Fixed assets
A)Financial states of the organisations C) Intangible assets D) Investments
B)Company’s assessment obligation for a
specific year 9.Copyrights, Patents and Trademarks are
C)Income and Cost for the supervisors examples of?
D)All the above mentioned A) Current assets B) Fixed assets
C) Intangible assets D) Investments
2 Long haul resources with practically no actual
presence, in any case, are called to have a 10.The debts which are to be repaid within a
worth? short period (a year or less) are referred to as,?
A)Investments A) Current Liabilities B) Fixed liabilities
B)Intangible resources C) Contingent liabilities D) All the above
C)Current resources
D)Fixed resources 11.Gross profit is?
A) Cost of goods sold + Opening stock
3 Copyrights, Patents, and Trademarks are B) Sales – cost of goods sold
instances of? C) Sales – Purchases
A)Fixed resources D) Net profit – expenses
B)Current resources
C)Investments 12.Net profit is calculated in which of the
D)Intellectual property following account?
A) Profit and loss account
:4 The resources that can be effectively changed B) Balance sheet C) Trial balance
over into cash inside a brief period, i.e., 1 year D) Trading account
or less, are known as?
A)Investments B)Intangible resources 13.In order to find out the value of the closing
C)Fixed resources D)Current resources stock during the end of the financial year we,?
A) do this by stocktaking
5 Gross profit is? B) deduct the cost of goods sold from sales
A)Sales – Purchases C) deduct opening stock from the cost of goods
B)Sales – Cost of products sold sold
C)Cost of products sold + Opening stock D) look in the stock account
D)Net benefit – costs
14.Which of these best explains fixed assets?
6. Accounting provides data or information on? A) Are bought to be used in the business
A) Income and cost for the managers B) Are expensive items bought for the business
B) Financial conditions of the institutions C) Are items which will not wear out quickly
C) Company’s tax liability for a particular year D) Are of long life and are not purchased
D) All the above specifically for resale

7.Long term assets without any physical 15.The charges of placing commodities into a
existence but, possessing a value are called? saleable condition should be charged to?
A) Intangible assets A) Trading account B) P & L a/c
B) Fixed assets C) Balance Sheet D) None of the above
C) Current assets
D) Investments 16. Suppliers personal a/c are seen in the?
A) Sales Ledger B) Nominal ledger
C) Purchases Ledger D) General Ledger
17.If you want to ensure that your money will be A) The Profit and Loss Account B) A Nominal
secured if cheques sent are wasted in the post, Account C) The Capital Account
you should? D) A Suspense Account
A) Always pay by cash
B) Cross your Cheques ‘Account Payee only, 25.If it is required to maintain fixed capitals then
Not Negotiable.’ the partners’ shares of profits must be?
C) Always get the money in person A) Credited to capital accounts
D) Not use the postal service in future B) Debited to capital accounts
C) Debited to partners’ current accounts
18.Discounts received are? D) Credited to partners’ current accounts
A) Buyer of goods granted discount by seller
B) Deducted when we receive cash 26. Which of the following is incorrect
C) Given by us when we sell goods on credit regarding Financial Accounting?
D) None of these A)Accounting records only historical record
B)Accounting provides complete information
19.Sales invoices are first entered in? about the event of the firm
A) The Cash Book B) The Purchases Journal C)Accounting information is based on estimates
C) The Sales Journal D) The Sales Account D)Financial statement disclose only materials
items of firms
20.Entered in the Purchases Journal are?
A) Discounts received B) Purchases invoices 27. If an employee of the business files a legal
C) Payments to suppliers D) Trade discounts suit on business, it is considered in the books as
(a) Legal Expense (b) Liability (c) Contingent
21.At the balance sheet date, the balance on the Asset (d) Contingent Liability
Accumulated Provision for Depreciation
Account is? 28. At the end of the accounting year the capital
A) Simply deducted from the asset in the expenditures are shown in the?
Balance Sheet (a) assets side of the Balance Sheet.
B) Transferred to Profit and Loss Account (b) liabilities side of the Balance Sheet.
C) Transferred to the Asset Account (c) debit side of the Profit and Loss A/c.
D) Transferred to Depreciation Account (d) credit side of the Profit and Loss A/c.

22.If we take goods for own use we should? 29. Which of the following is not a method of
A) Debit Drawings Account, Credit Purchases charging depreciation?
Account (a) Sinking Fund Method (b) Sum of years Digit
B) Debit Drawings Account: Credit Stock Method (c) Working hours Method (d) Asset's
Account Life-cycle Method
C) Debit Sales Account: Credit Stock Account
D) Debit Purchases Account: Credit Drawings 30. If average inventory is `1,25,000 and
Account closing inventory is `10,000 less than opening
inventory then the value of closing inventory
23.When a petty cash book is kept there will be? will be
A) No entries made at all in the general ledger (a)1,35,000 (b)1,15,000
for items paid by petty cash (c)1,30,000 (d)1,20,000
B) The same number of entries in the general
ledger 31. The Accommodation bill is drawn
C) Fewer entries made in the general ledger (a) to finance actual purchase or sale of goods.
D) More entries made in the general ledger (b) to facilitate trade transmission.
(c) when both parties are in need of funds.
24.If a trial balance totals do not agree, the (d) None of the above
difference must be entered in?
 32. Balance of X's account in creditors ledger is (c) Rent of factory (d) Wages paid for
transferred to X's account in debtors ledger, in installation of machinery
this case
(a) X's account in debtors ledger will be 41. If any stock is taken by a co-venturer, it will
debited. be treated as
(b) X's account in creditors ledger will be (a) an income of the joint venture.
debited. (b) an expense of the joint venture.
(c) Suspense account will be debited. (c) to be ignored from joint venture.
(d) None of the above (d) it will be treated in the personal books of the
co-venturer.
33. Ground rent or surface rent means
(a) Minimum rent (b) Maximum royalty 42. Contingent liability would appear
payable (c) Minimum royalty payable (a) on the liability side of the Balance Sheet.
(d) Fixed rent payable in addition to minimum (b) on the assets side of the Balance Sheet.
rent (c) do not shown in the books of accounts.
(d) as a note in Balance Sheet.
34. Accounting standard in India are issued by
(a) Government of India 43.Good purchased but not recorded in the
(b) Reserve Bank of India purchase register is ?
(c) The Institute of Chartered Accountants of A) An error of omission B)To reduce profits
India C)An error of commission
(d) The Institute of Accounting Standard of D) Affect on agreement of trial balance
India
44. working papers are the property of the ?
35.Income and Expenditure Account is a A) client and auditor B) auditor
(a) Nominal Account (b) Real Account C)client D)equity shareholder
(c) Personal Account (d) Artificial Personal
Account 45. accounting provides information
A) cost and income for managers
36. Creditors ledger adjustment account is B)company tax liability for a particular year
opened in C) financial condition of an institution
(a) General Ledger (b) Debtors Ledger (c) D) all of the above
Creditors Ledger (d) Either (b) or (c)
46. the long term assests the have no physical
37. Receipts and Payments account is a existence but are rights that have value is
(a) Nominal Account (b) Real Account knowns as?
(c) Personal Account (d) Artificial Personal A) current assets B) fixed assets
Account C) intangible assests D)investment

38. A resource owned by the business with 47. the Assets that can be converted into cash
purpose of using it for generating future profit, within a short period are known as
is known as A) current assets B) Fixed Assets
(a) Capital (b) Asset (c) Liability (d) Surplus C) intangible Assets D) Investment

39. Outward Invoice issued is a source 48. Patents copyrights and trademarks ar e?
document of A) Current assests B) Fixed assests
(a) Purchase Book (b) Sales Book (c) Return C) intangible Assets D) Investment
Inward Book (d) Return Outward Book
49. the debts which are to be repaid within a
40. Which of the following is of capital nature? short period are knowns as ?
(a) Commission on purchases (b) Cost of repairs
A)Current liabilities B) fixed liabilities 57) in how many days from the registration,
C) contingent liabilities D) all the above the first Auditor of the company be appointed
?
50.the sales income (credit and ash ) of a A) 10 B) 20 C) 30 D) 40
business during a given period is called ?
58. under which section of companies Act.
A)Trasanction B) sales return The remuneration of the Auditor has been
C) turnover D) purchase return discussed?

51. any written evidence in support of a A)Section 224(2) B) Section 224(8)

business transaction is called ? C) Section 225 D) Section 231
A) journal B) ledger
C) ledger posting D) Voucher 59.which of the following can be accepted as a
supporting document?
52. the accounts that records expenses, gains
and losses is ? A)Invoice/Chellan B) Debit note/ Credit note
A) personal accounts B) real accounts C) E0mails/letter D) All of the above
C) nominal accounts D) all
60.A flow chart, made by the auditor, of an
53.Real accounts records? entity internal control system is graphic
A) dealing with creditors or debtors representation that depicts the auditor’s
B) dealing in commodities c) gains and losses
‘d) all A)understanding of the system
B) Understanding of fraud risk factor
54. In journal, the business transaction is C) Documentation of assessment of control
recorded ? risk D) Both A&B
A) same day B) next day
C) once in a week D) once in a month 61. the objectives of the ordinary audit of
financial statements is the expression of an
55. Auditing and accounting are concerned opinion?
with which of the following financial
statements? A)the Fairness of the financial statements
A) Auditing uses the theory of evidence to B) the accuracy of the financial statements
verify the financial information made C) the accuracy of the annual report
available by accountancy D) The balance sheet and income statement
B) Auditing lends credibility dimension and
quality dimension to the financial statements 62. who requires a legal audit ?
prepared by the accountant
C) Auditor should have a thorough A)sole trader B) Partnership C) Public
knowledge of accounting concepts and limited company D) Joint Hindu Family
convention to enable opinion on financial Business
statements
D) All of the above 63. An auditor conducts a surprise check on
the pay day, i.e, the day wages and salaries
56. What is the first stage of energy audit ? are paid. The primary purpose of this audit
procedure is to ?
A)Survey B) Report C) Checking D)
Preparation A) Ensure there are no ghost workers
B) Ensure the casual workers employed are
authorized by the supervisor
C)Test procedures for distributing pay [A]China [B]India
checques [C]Russia [D] United States of America
D) Obtain an understanding of the internal
control system 6 70. What is the name of the zoological park in
India that has established a genetic biobank for
64. if auditor does something wrongfully in endangered Himalayan species?
the performance of his duties, resulting in a
financial loss to the company , he will be [A] Nehru Zoological Park
guilty of ? [B] Rajiv Gandhi Zoological Park
[C] Amirthi Zoological Park
A)Negligence B) Misfeasance [D] Padmaja Naidu Zoological Park
C) Criminal act D) None
71. Which organization released the State of the
65. management audit implies ? Climate 2024 Report?
A) Audit undertake on behalf of the
management [A] International Labour Organization (ILO)
B) Evaluating the performance of various [B] Food and Agriculture Organization (FAO)
management process and functions [C] United Nations Environment Programme
C) Audit Undertake on behalf of the (UNEP)
government to punish the management [D] World Meteorological Organization (WMO)
D) Compulsory audit
72. Arrow-3 Missile Defence System was jointly
66. Which organization recently released the
developed by Israel and which country?
Global TB Report 2024?
[A]Russia [B]India
[A] Global Forum for Health Research [C]United States [D] France
[B] Global Health Council 73. What kind of disease is Toxic Epidermal
[C] United Nations Environment Programme Necrolysis (TEN), that was recently seen in
(UNEP) news?
[D] World Health Organization (WHO)
[A]Skindisease [B]Cardiovasculardisease
67. What technology was used to detect the lost [C]Braindisorder [D] Respiratory disease
Mayan city hidden in the Mexican forest?
74. Abhay Prabhavana Museum, a largest
[A]GPS [B]LiDAR museum of ideas dedicated to Jain philosophy,
[C]Sonar [D] MRI recently inaugurated in which city?

68. Tumaini Festival, the only festival held in a [A]Pune [B]Indore

refugee camp, recently received which award? [C]Visakhapatnam [D] Varanasi
75. Minuteman III Missile, which was seen in
[A] UNESCO World Heritage Award the news, is developed by which country?
[B] Cultures of Resistance Award
[C] International Refugee Cultural Award [A] United States of America
[D] Global Peace and Unity Prize [B]France [C]Russia
[D] China
69. Which country’s space agency recently 76. Bidar Fort, which was seen in the news, is
launched two Iranian satellites, Kowsar and located in which state?
Hodhod, into orbit?
[A]Karnataka [B]Maharashtra
[C]Rajasthan [D] Madhya Pradesh
77. What is the name of the weather [D] Digital India Mission and Tata Consultancy
phenomenon that recently caused catastrophic Services
flooding in Spain? 83. What is “Mikania micrantha”, recently
mentioned in news?
[A]DANAstorm [B]ElNiño
[C]LaNiña [D] None of the Above [A]NewTBvaccine
[B]Syntheticfooddye
78. Which institute recently discovered the IL- [C]Invasiveweed
35 protein as a potential treatment for type 1 [D] Pesticide
diabetes and autoimmune diabetes?
84. Which organization recently released a
[A] Institute of Advanced Study in Science and report titled “Future Pandemic Preparedness and
Technology (IASST), Guwahati Emergency Response: A Framework for
[B] All India Institute of Medical Sciences Action”?
(AIIMS), New Delhi
[C] Indian Institute of Science (IISc), Bengaluru [A]NITIAayog [B]UNDP
[D] Indian Institute of Public Health, [C]WHO [D] FAO
Gandhinagar 85. Chamran-1 satellite, recently seen in the
news, is launched by which country?
79. What type of satellite is ZIMSAT-2, recently
launched by Zimbabwe? [A]Israel [B]India
[C]China [D] Iran
[A] Low Earth observation satellite 86. Which city will host the 2026
[B]Navigationsatellite Commonwealth Games?
[C]Reconnaissancesatellite [D] Communication
satellite [A]Glasgow [B]Paris
80. Vadhvan Port, recently seen in the news, is [C]California [D] London
located in which state? 87. Who became the first Pakistani woman to be
nominated to the ICC International Panel of
[A]Maharashtra [B]Gujarat Development Umpires?
[C]Kerala [D] Tamil Nadu
[A]SaleemaImtiaz [B]SaniaNishtar
81. What is ‘Drug Repurposing’, recently [C]SarahQureshi [D] Sheerin Mazari
mentioned in news?
88. Which among the following are the classical
[A] Modifying the chemical structure of drugs languages in India?
[B] Using an existing drug for a new treatment 1. Marathi 2. Bengali 3. Prakrit
or medical condition 4. Malayalam 5. Tamil
[C] Increasing the dosage of drugs in treatment Select the correct answer using the code given
[D] Combining different drugs for a new below:
treatment (a) 1, 2 and 3 only (b) 2, 4 and 5 only (c) 4 and 5
82. Digital Bus initiative, recently seen in news, only (d) 1, 2, 3, 4 and 5
is launched by which two organizations?
89. Sohrai Painting, a traditional folk and tribal
[A] National Digital India Mission and NIIT art form, is primarily associated with which
Foundation region in India?
[B] Ministry of Education and Infosys (a) Telangana (b) Madhya Pradesh
Foundation (c) Jharkhand (d) Chhattisgarh
[C] NITI Aayog and Department of IT
90. ‘Battle of Walong’ is related to which of the (b) Tribes of Northeast India (c) India’s sinking
following? islands (d) Craters discovered on Mars
(a) India - Pakistan War (b) Indian Rebellion of
1857 (c) Indo-China War (d) Anglo-Maratha 99. Which of the following statements is correct
War with reference to Quantum gravity?
(a) It states that a body immersed in a fluid is
91. Coking coal, recently seen in the news, is subjected to an upwards force equal to the
primarily used in weight of the displaced fluid
(a) Generation of electricity (b) It seeks to describe gravity according to the
(b) Manufacturing of brick principles of quantum mechanics
(c) Production of fertilizer (c) It clarifies that a body at rest will remain at
(d) Manufacturing of steel rest unless an outside force acts on it.
(d) It highlights that gravitational and inertial
92. Article 340 of the Constitution of India forces are of a similar nature and often
deals with which of the following? indistinguishable.
(a) Federal Structure (b) Official Language
(c) Commission for Backward Classes 100. Alzheimer’s disease is classified under
(d) Public Service Commissions (PSCs which of the following categories of disorders?
(a) Musculoskeletal diseases (b) Infectious
93. Little Prespa Lake, recently seen in the diseases (c) Neurodegenerative diseases
news, is situated on the border between (d) Autoimmune diseases
(a) Iran and Turkey (b) Greece and Albania
(c) Albania and Serbia (d) Turkey and Greece

94. ‘The Presidential Years’ is the memoir of

which of the following personalities?
(a) Dr. APJ Abdul Kalam (b) Dr. Rajendra
Prasad (c) Pranab Mukherjee (d) Ram Nath
Kovind

95. In which of the following Indian states, the

Inner Line Permit (ILP) regime is not
applicable? (a) Arunachal Pradesh (b) Manipur
(c) Tripura (d) Nagaland

96. Tuvalu, an island country, recently seen in

the news is situated in which of the following
Ocean? (a) West-Central Pacific Ocean
(b) South-Western Indian Ocean (c) North-West
Atlantic Ocean (d) Western Arctic Ocean

97. BHASKAR initiative, recently seen in the

news, primarily focuses on (a) Promotion of
Indian Languages (b) Strengthening of India’s
startup ecosystem (c) Providing insights into the
Sun’s activities and their impact on Earth. (d)
Developing large language models

98. The term ‘Malpe and Mulki’, recently seen

in the news, are
(a) Anti-submarine warfare vessels