Sr. No. Topic Title Page No.

1 Accounting Standards 01-05

2 Bank Final Accounts 06-18
3 Insurance Claim Accounts 19-30
4 Final Accounts of Cooperative Societies 31-40
5 Computerized accounting practices 41-46
6 Branch Accounts 47-54
7 Single Entry System 55-58
8 Analysis of Financial Statements 59-65
Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

Class: - T.Y.B.Com (Subject Code:-201)

Subject: - Advanced Accounting

MCQ Questions

Accounting Standards & Financial Reporting

1) AS-3 stands for_____

a) Cash flow Statements
b) Accounting for Fixed Assets
c) Accounting for Government grants
d) Construction Contracts

2) AS-10 stands for __________

a) Accounting for Current Assets
b) Accounting for Fixed assets
c) Accounting for Fictitious assets
d) Accounting for Amalgamation

3) AS-20 stands for ____________

a) Earning per debentures
b) Earnings per share
c) Cash flow Statements
d) None of the above

4) AS-7 stands for ____________

a) Disclosure of Accounting Polices
b) Earnings per share
c) Accounting for Construction Contracts
d) Cash flow Statements

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

5) What is full form of IFRS?

a) International Financial Reporting Standards

b) International Funded Reporting Standards

c) International Financial Recording Standards

d) Indian Financial Recording Standards

6) What does Accounting Standard-15 stand for?

a) Cash Flow Statement

b) Employee Benefits

c) Earnings Per Share

d) Leases

7) Accounting Standard-19 stands for what?

a) Accounting for Fixed Assets

b) Consolidated Financial Statements

c) Accounting for Taxes on Income

d) Leases

8) Accounting Standard 18 stands for what?

a) Related Party Disclosure

b) Earnings per share

c) Depreciation Accounting

d) Accounting for Taxes on Income

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

9) Accounting Standards Board (ASB) was formed in ------

a) April 1977

b) June 1980

c) July 1960

d) December 1904

10) AS-12 stands for Accounting for____________

a) Earnings per share

b) Government Grants
c) Cash flow Statements
d) Accounting for Fixed Assets

11) Accounting Standards in India are Issued by the ____________

a) ICAI

b) ICICI

c) IDBI

d) IFC

12) Right issue are generally made at a price lower than_________value of shares.

a) Fair

b) variable

c) computing

d) fluctuating

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

13) AS ____________ focuses on consolidated financial statements

a) AS- 10

b) AS-21

c) AS- 6

d) AS-5

14) Cash paid for goods is __________activity as per AS 3

a) Operating

b) Investing

c) Financing

d) Non-Operating

15) Cash paid for furniture is ___________activity as per AS 3

a) Operating

b) Investing

c) Financing

d) Non-Operating

16) Interest paid on debentures is ___________activity as per AS 3

a) Operating

b) Investing

c) Financing

d) Non-Operating

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

17) Dividend paid is __________activity as per AS 3

a) Operating

b) Investing

c) Financing

d) Non-Operating

18) Dividend received is __________activity as per AS 3

a) Operating

b) Investing

c) Financing

d) Non-Operating

19) AS 7 is Accounting for leases

a) True

b) False

20) Buy back of shares is an inflow of cash

a) True

b) False

21) Residual value of a leased asset is the estimated fair value of the asset at the end
of lease term

a) True

b) False

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

Banking Companies Final Accounts

1) Banking companies in India are regulated by___________
a) Banking Regulation Act 1949
b) Banking Remote Act 1949
c) Bank Reconstruction Act 1949
d) Reserve Bank of India Act 1935

2) According to Banking Regulation Act, Profit and loss account of bank is

prepared in form__________
a) A
b) B
c) N
d) M

3) According to Banking Regulation Act, Balance Sheet of bank is prepared in

form__________
a) B
b) A
c) N
d) M

4) Schedule 1 of bank final account is__________

a) Reserve and Surplus
b) Share Capital
c) Deposits
d) Borrowings

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

5) Banking companies are required to transfer _____of the current year’s profit to
reserve fund.
a) 25%
b) 20%
c) 30%
d) 35%

6) NPA means_________
a) Non Performing Assets
b) Net Performing Assets
c) Net Performing Actions
d) Not Performing Actions

7) On which day does the accounting year of a banking company end every year?
a) 31st September
b) 31st March
c) 30th June
d) 31st December

8) Which section of Banking Regulation Act provides for preparation of Bank’s

final account in prescribed forms?

a) Section 29

b) Section 30

c) Section 28

d) Section 25

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

9) What are the other names for unexpired discount?

a) Discount Received in Advance

b) Rebate on Bills Discounted

c) A & B

d) Only A

10) What is required for Core Banking System?

a) Hardware & Software

b) Connectivity

c) Security equipment & Anti- Virus

d) All of the Above

11) Substandard asset are certain loan asset of a bank which are classified as
___________assets for a period not exceeding two year.

a) Non –performing

b) Performing

c) Current

d) Fluctuating

12) Schedule 2 of Bank Balance Sheet is__________

a) Share Capital
b) Deposits
c) Borrowings
d) Reserve and Surplus

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

13) Schedule 12 of Bank Balance Sheet is__________

a) Contingent Liabilities
b) Share Capital
c) Deposits
d) Borrowings

14. Rebate on bill discounted is shown in_________

a) Interest Received

b) Cash and Balances with RBI

c) Other Liabilities and Provision

d) Deposits

15) Schedule 13 of Bank Balance Sheet is__________

a) Interest Expanded
b) Contingent Liabilities
c) Interest Earned
d) Operating Expenses

16) Cash and Balances with RBI is shown in schedule no.___ in Bank Balance Sheet

a) 8

b) 7

c) 6

d) 9

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

17) Asset which ceases income of bank for two consecutive quarter is called
as______

a) Current Assets

b) Tangible Assets

c) Non-Performing Assets

d) Intangible Assets

18) In Core Banking, core means________

a) Centralized Offline Real-time Exchange

b) Customized Online Reduced Exchange

c) Centralized Online Real-time Exchange

d) Customized Offline Reduced Exchange

19) The liabilities that may be incurred depending on the outcome of an uncertain
future event is known as_________
a) Current Liabilities

b) Miscellaneous Liabilities

c) Contingent Liabilities

d) None of the above

20) Schedule 3 of Banking companies balance sheet stands for _______

a) Capital

b) Deposits

c) Borrowings

d) Reserves and surplus

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

21) Schedule 4 of Banking companies balance sheet stands for _______

a) Capital

b) Deposits

c) Borrowings

d) Reserves and surplus

22) Schedule 5 of Banking companies balance sheet stands for _______

a) Capital

b) Other Liabilities and Provisions

c) Borrowings

d) Reserves and surplus

23) Schedule 10 of Banking companies balance sheet stands for _______

a) Other assets

b) Fixed assets

c) Advances

d) Cash and balance with RBI

24) Schedule 8 of Banking companies balance sheet stands for _______

a) Other assets

b) Investments

c) Advances

d) Cash and balance with RBI

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

25) Schedule 9 of Banking companies balance sheet stands for _______

a) Other assets

b) Investments

c) Advances

d) Cash and balance with RBI

26) Schedule 6 of Banking companies balance sheet stands for _______

a) Other assets

b) Investments

c) Advances

d) Cash and balance with RBI

27) Schedule 7 of Banking companies balance sheet stands for _______

a) Other assets

b) Balances with banks, Money at call and Short Notice

c) Advances

d) Cash and balance with RBI

28) Schedule 16 of Banking companies Profit and Loss stands for _______

a) Interest Earned

b) Other Incomes

c) Operating Expenses

d) Reserves and surplus

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

29) Schedule 15 of Banking Companies Profit and Loss stands for _______

a) Interest Earned

b) Other Incomes

c) Operating Expenses

d) Interest Expended

30) Schedule 14 of Banking Companies Profit and Loss stands for_______

a) Interest Earned

b) Other Incomes

c) Operating Expenses

d) Reserves and surplus

31) Unclaimed dividend is shown in the final accounts of Bank in Schedule No.
_______

a) 1 b) 2

c) 4 d) 5

32) Interest paid on borrowings made by a bank is shown under _______

a) Interest earned

b) Provisions and Contingencies

c) Operating expenses

d) Interest expended

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

33) According to Banking Regulation Act, every banking company in India is

required to transfer at least _______ of its annual profit to the reserve fund.

a) 5%

b) 10%

c) 25%

d) 20%

34) Acceptances, Endorsements on behalf of customers are shown in the schedule no

_______

a) 1

b) 11

c) 12

d) 5

35) Unexpired discount is shown in _______

a) Deposits

b) Other Liabilities and Provisions

c) Reserves and surplus

d) Other Liabilities

36) Brokerage earned is shown by Bank in _______

a) Interest earned

b) Other Income

c) Interest Expended

d) Operating Expenses

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

37) Money at call and short notice are shown in schedule no. _______

a) 4

b) 3

c) 7

d) 8

38) Cash credit and overdraft are in schedule no. _______

a) 9

b) 10

c) 11

d) 7

39) Endorsements are shown by bank under _______

a) Reserves and surplus

b) Borrowings

c) Deposits

d) Contingent Liabilities

40) Interest paid on saving account by a bank is shown under _______

a) Interest earned

b) Provisions and Contingencies

c) Operating expenses

d) Interest expended

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

41) Branch adjustment account credit balance is shown under _______

a) Other Liabilities and Provisions

b) Cash in hand

c) Fixed Assets

d) Other Assets

42) The asset which is unable to generate income for a bank

a) Non-banking asset

b) Non Performing asset

c) Fixed Asset

d) Current Asset

43) In which schedule is the Balance sheet of a bank prepared under Banking
Regulation Act, 1949?

a) First

b) Second

c) Third

d) Fifth

44) As per section 13, of Banking Regulation Act, a banking company cannot pay more
than _______% of paid up capital by way of underwriting commission and Brokerage

a) 2

b) 2.5

c) 3

d) 5

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

45) If the interest is not paid on the advances for six months, then it is treated as Non
Performing asset

a) True

b) False

46) Gold is shown as a/an _______in a banking company

a) Investment

b) Other asset

c) Fixed Asset

d) Reserve

47) Silver is shown as a/an _______in a banking company

a) Advance
b) Other asset
c) Fixed Asset
d) Investment

48) If the amount is given as a loan for one day it is known as _______

a) Money at Call

b) Money at Short Notice

c) Cash in hand

d) Cash at bank

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

49) If the loan is given on the condition that it is to be called back, at least three day’s
notice is required, and then it is known as _______

a) Money at Call

b) Money at Short Notice

c) Cash in hand

d) Cash at bank

50) Branch adjustment account debit balance is shown under _______

a) Other Liabilities and Provisions

b) Cash in hand

c) Fixed Assets

d) Other Assets

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

Insurance Claim Accounts

1) Loss of Profit Policy is also known as____________
a) Loss of Fixed Assets
b) Consequential Loss policy
c) Loss of Stock Policy
d) Life Insurance Policy

2) Memorandum Trading Account is prepared to find out________

a) The stock on the date of fire
b) Gross Profit
c) Gross Loss
d) Net Profit

3) Salvage stock means__________

a) Destroyed Stock
b) Stock saved from fire
c) Insurance Claim
d) Total Stock

4) Expected sales during indemnity periods over actual sales is known

as__________
a) Gross sales
b) Short sales
c) Net sales
d) None of the above

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

5) The standing charges which are covered by insurance policy is known

as__________
a) Fixed charges
b) Insured standing charges
c) Fluctuating charges
d) Miscellaneous charges

6) Average clause is applied in case of__________

a) Under Insurance
b) Over Insurance
c) Fair Insurance
d) Over and Fair Insurance

7) When stock is destroyed by fire the claim is calculated under________

a) Loss of Profit policy
b) Loss of Stock policy
c) Life Insurance policy
d) None of the above

8) The period during which business activities are disorganized resulting in lower
sales is known as__________
a) Indemnity period
b) Short Sales
c) Locking Period
d) Opening Period

9) Memorandum Trading Accounting is prepared for _____

a) One year
b) Up to date of fire
c) Two years
d) Only half year

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

10) Ratio of Gross Profit to sales is known as _______

a) Indemnity Ratio
b) Gross Profit Ratio
c) Current ratio
d) None of the above

11) The Fixed expenses which are incurred irrespective of the reduction in turnover
are called as_____

a) Contingent Charges
b) Standing Charges
c) Fluctuating charges
d) All of the above

12) Which of the following is the uninsured standing charge?

a) Salaries Permanent staff

b) Wages of unskilled workers

c) Rent, Rates &Taxes

d) All of the above

13) A business takes a _______insurance policy to cover the claims for loss of stocks
and loss of profit.

a) Vehicle

b) Fire

c) Life

d) health

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

14) Fire Insurance provides cover for _______

a) Intangible Assets

b) Tangible Assets

c) Miscellaneous Expenses

d) Fictitious Assets

15. If the gross profit ratio for year 2017, 2018 and 2019 is 20%, 25% and 30%
respectively, then average gross profit ratio will be____
a) 30%

b) 25%

c) 20%

d) None of the above

16. The turnover for the period corresponding with the indemnity period during the
preceding accounting year is called as________

a) Quarterly Turnover

b) Half yearly Turnover

c) Standard Turnover

d) Annual Turnover

17. In Loss of stock policy, the Goods which are of irregular nature or damaged
which are valued at cost or at lower cost is known as_________

a) Normal Goods

b) Reserved Goods

c) Abnormal Goods

d) None of the above

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

18. Fire insurance does not cover which of the following assets?

a) Stock

b) Goodwill

c) Both a and b

d) None of the above

19. The difference between standard turnover and actual turnover during the
dislocation period is_________

a) Standard Sales

b) Actual Sales

c) Total Sales

d) Short Sales

20) Stock as on date of fire is 72000, Stock of goods salvaged 18000, value of
insurance policy 63,000, There is an average clause in the policy then the amount
of claim is_______

a) 47,000

b) 43,000

c) 47,250

d) 70,000

21) Stock as on date of fire is 4,56,000, Stock of goods salvaged 56,000, value of
insurance policy 3,42,000, There is an average clause in the policy then the amount of
claim is ___________

a) 9,00,000

b) 8,00,000

c) 3,20,000

d) 3,00,000

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

22) Stock as on date of fire is 14000, Stock of goods salvaged 7,000, value of
insurance policy 13,000, There is an average clause in the policy then the amount of
claim is _______

a) 9,000

b) 8,000

c) 3,000

d) 6,500

23) Stock as on date of fire is 34500, Stock of goods salvaged 12,000, value of
insurance policy 30,000, value of unsold slow moving items is 1500. There is an average
clause in the policy then the amount of claim is_______

a) 92,000

b) 81,000

c) 20,000

d) 30,000

24) Undamaged goods is known as Salvaged Stock

a) True

b) False

25) The objective of Average clause is to discourage __________

a) Double Insurance

b) Under Insurance

c) Reinsurance

d) All of the above

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

26) The another name for Poor Selling Line items is Slow moving items

a) True

b) False

27) For the year 2009, 2010, 2011 if the rate of gross profit were 19%, 20%, and
21% respectively, then the rate of Average gross profit for the year 2012 will be___

a) 15%

b) 18%

c) 21%

d) 20%

28) For the year 2009, 2010, 2011 if the rate of gross profit were 40%, 41%, and
42% respectively, then the rate of Average gross profit for the year 2012 will be___

a) 43%

b) 40%

c) 21%

d) 41%

29) For the year 2010, 2011, 2012 if the rate of gross profit were 5%, 6%, and 7%
respectively, then the rate of Average gross profit for the year 2013 will be______

a) 5%

b) 8%

c) 1%

d) 6%

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

30) If the indemnity period is 12 months, a standard sale is 30,000, Sales during
indemnity period is 8,000, then short sales amount will be__________

a) 30,000

b) 22,000

c) 42,000

d) 38,000

31) If the indemnity period is 6 months, a standard sale is 300,000, an Actual sale
during indemnity period is 1,00,000 then short sales amount will be______

a) 3,00,000

b) 2,00,000

c) 4,20,000

d) 4,00,000

32) Standard sales is 50,000, Upward trend is 5000, Actual sales during indemnity
period is 15,000, then short sales amount will be_________

a) 20,000

b) 40,000

c) 50,000

d) 70,000

33) Standard sales is 15,00,000, Upward trend is 3,00,000, Actual sales during
indemnity period is 2,00,000, then short sales amount will be_______
a) 22,20,000

b) 42,00,000

c) 16,00,000

d) 20,00,000

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34) When the stock is valued under cost price it is called as _______

a) Over-valuation

b) Under-valuation

c) At par

d) Fair Valuation

35) Standing charges specified in the policy in the case of an accident are called as
_______

a) Short sales

b) Standard sales

c) Uninsured Standing Charges

d) Insured Standing Charges

36) Standing charges not specified in the policy in the case of an accident are called
as _______

a) Short sales

b) Standard sales

c) Insured Standing Charges

d) Uninsured Standing Charges

37) Trading Account prepared in order to find out _______

a) Gross Profit

b) Net Profit

c) Indemnity Ratio

d) Loss of profit

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Written By: Prin. Dr. Nitin Ghorpade, Dr. Kishor Lipare, Prof. Sonam Poptani ISBN: 978-81-941859-6-3

38) Direct loss in case of fire insurance is the loss of assets like machinery, stock etc.

a) True

b) False

39) Indirect loss in case of fire insurance is the loss of Profit.

a) True

b) False

40) Additional expenses incurred to avoid reduction in sales is known as

a) Increased cost of working

b) Fixed Expenses

c) Variable expenses

d) Saving in Standing Charges

41) Insurer is the term used for insurance company

a) True b) False

42) Insured is the one who takes an insurance policy

a) True

b) False

43) Expected sale is the sum of standard sale and upward trend

a) True

b) False

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44) Claim for loss of Profit= Short sales*----------

a) Gross Profit Ratio

b) Indemnity Ratio

c) Lower of Gross Profit Ratio & Indemnity Ratio

d) Only Gross Profit Ratio

45) Saving in Insured standing charges are calculated for Indemnity period or
dislocation period whichever is _______

a) Less

b) More

c) Equal

d) None of the above

46) Under loss of profit method, for calculating gross claim how much will be saving
in insured standing charges, if the yearly saving in insured standing charges are
Rs.2,100 and period of Indemnity is 4 months?

a) 300

b) 400

c) 700

d) 800

47) Under loss of profit method, for calculating gross claim how much will be saving
in insured standing charges, if the yearly saving in insured standing charges are Rs.
6,300 and period of Indemnity is 4 months?

a) 900

b) 1500

c) 2100

d) 8000

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48) In order to calculate saving in insured standing charges which period will be
considered from the following?

a) The indemnity period of 5 months

b) Dislocation period of 6 months

c) Both a and b

d) None of the above

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Final Accounts of Co-operative Societies

1) In Maharashtra, cooperative societies are governed by Maharashtra Cooperative
Societies act___
a) 1959
b) 1960
c) 1912
d) 1949

2) Final accounts of cooperative societies are prepared in form_______

a) N
b) A
c) N
d) B

3) Cooperative Societies in Maharashtra are required to transfer ______ of the last

year profit to reserve fund
a) 20%
b) 25%
c) 30%
d) 35%

4) The primary objective of cooperative society is ___________

a) To earn profit
b) To provide services to its members
c) To exploit employees
d) To provide maximum dividend to its members

5) Government securities are recorded under heading_________ in Cooperative

balance sheet
a) Investment
b) Cash and bank balance
c) Secured loan
d) None of the above
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6) Prepaid Expenses is an example of _________

a) Current liabilities
b) Current assets
c) Fixed assets
d) None of the Above

7) Maximum percentage of Net Profit of co-operative societies permitted towards

charitable purpose is_____
a) 20%
b) 10%
c) 15%
d) 25%

8) In how many days final accounts of cooperative Societies are prepared?

a) 42 days
b) 84 days
c) 365 days
d) 185 days

9) _________means working together for common purpose.

a) Co-operation

b) Correlation

c) Enactment

d) Corporate

10) Interest paid and payable is recorded to the _______side of the profit and loss
account.

a) Receipt

b) Interest

c) Income

d) Expenditure

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11) Dividend received on shares is recorded on____ side of profit and loss account.

a) Income

b) liability

c) Asset

d) loss

12) ________is recorded as foot note in the balance sheet

a) Contingent liability

b) Miscellaneous expenses

c) Goodwill

d) Intangible Assets

13) The________ cannot be utilized for payment of dividend as bonus.

a) building fund

b) Reserve fund

c) Education Fund

d) Loans and advances

14) R.D.D.stands for _________

a) Reserve for Doubtful Debts

b) Reserve for Dead Debtors

c) Ratio for Doubtful Debts

d) None of the above

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15) Deposits from Society and individuals should be shown separately to the
________Side of balance sheet.

a) Liabilities
b) Assets
c) Income
d) Expenses

16) The cooperative societies which are established for production, processing and
distribution of goods to its members are called as______

a) Credit Cooperative Societies

b) Housing Cooperative Societies
c) Employee cooperative societies
d) Consumer cooperative societies

17. The cooperative societies which are established for promoting saving habits,
operated for the purpose of promoting thrift, arranging credit at competitive
rates, and providing so many other financial services to its members is known
as________
a) Credit Cooperative Societies
b) Housing Cooperative Societies
c) Employee cooperative societies
d) Consumer cooperative societies

18. The agricultural cooperative societies is an example of _______

a) Housing Cooperative Societies

b) Employee cooperative societies
c) Consumer cooperative societies
d) Credit Cooperative Societies

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19. Capital of a co-operative society is in the form of______

a) Share capital

b) ear-marked fund

c) Corpus fund

d) Dividend

20. The Co-operative Society’s Act was passed in the year____________

a) 1911

b) 1912

c) 1907

d) 1872

21. The liability of members of Co-operative Society is__________

a) Limited

b) Unlimited

c) Joint and Several

d) Joint

22. The Rules and Regulations of a co-operative Society are formed in its

a) General body

b) Co-operative Society’s Act

c) Bylaws

d) Jointly

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23. Maximum dividend payable to members of co-operative society is_______%

a) 10

b) 11

c) 12

d) 13

24. Calls in arrears are deducted from________

a) Share Capital

b) Reserves and surplus

c) Staff Provident Fund

d) Advances

25. Calls in advance is added to__________

a) Share Capital

b) Reserves and surplus

c) Staff Provident Fund

d) Advances

26. Investment in Staff Provident Fund is a/an______

a) Asset
b) Liability
c) Income
d) Expenditure

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27. According to the Co-operative Society’s Act, Dead Stock is shown under the
head___________

a) Other Items

b) Current Assets

c) Fixed Assets

d) Miscellaneous expenditure

28. Staff Provident Fund is a/an_________

a) Asset

b) Liability

c) Income

d) Expenditure

29. In a Co-operative Society’s Balance sheet, Prepaid Rent is shown under the
head__________

a) Fixed Assets

b) Current Assets

c) Other Items

d) Miscellaneous expenditures

30. In a Co-operative Society’s Balance sheet, Loose tools are shown under the
head_________

a) Other Items

b) Current Assets

c) Fixed Assets

d) Miscellaneous expenditure

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31. In a Co-operative Society’s Balance sheet, Preliminary Expenses are shown

under the head__________

a) Other Items

b) Current Assets

c) Fixed Assets

d) Miscellaneous expenditure

32. In a Co-operative Society’s Balance sheet, Store and spare parts are shown
under the head___________

a) Other Items

b) Current Assets

c) Fixed Assets

d) Miscellaneous expenditure

33. In a Co-operative Society’s Balance sheet, Cash at bank is shown under the
head__________

a) Other Items

b) Current Assets

c) Cash and Bank balance

d) Miscellaneous expenditure

34. In a Co-operative Society’s Balance sheet, Loans (Dr. Balance) is shown under
the head_______

a) Other Items

b) Current Assets

c) Loans and Advances

d) Miscellaneous expenditure

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35. In a Co-operative Society’s Balance sheet, Sundry Creditors are shown under
the head__________

a) Secured loans

b) Unsecured loans

c) Current liabilities and Provisions

d) Reserve fund and other funds

36. In a Co-operative Society’s Balance sheet, Overdrafts and cash credit from
banks is shown under the head________

a) Secured loans

b) Unsecured loans

c) Current liabilities and Provisions

d) Reserve fund and other funds

37. In a Co-operative Society’s Balance sheet, Loans from Government is shown

under the head__________

a) Secured loans

b) Unsecured Loans

c) Current liabilities and Provisions

d) Reserve fund and other funds

38. In a Co-operative Society’s Balance sheet, Current deposit (credit balance) is

shown under the head……

a) Secured loans

b) Unsecured Loans

c) Current liabilities and Provisions

d) Deposits

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39. In a Co-operative Society’s Balance sheet, Income received in advance is

shown under the head____________

a) Secured loans
b) Unsecured Loans
c) Current liabilities and Provisions
d) Deposits

40. In a Co-operative Society’s Balance sheet, debenture (credit balance) is

shown under the head_______

a) Secured loans

b) Unsecured loans

c) Current liabilities and Provisions

d) Reserve fund and other funds

41. In a Co-operative Society’s Balance sheet, call deposits (debit balance) is

shown under the head__________

a) Cash and bank balance

b) Loans and advances

c) Current Assets

d) Reserve fund and other funds

42. In a Co-operative Society’s Balance sheet, Railway Siding is shown under the
head________

a) Cash and bank balance

b) Loans and advances

c) Current Assets

d) Fixed assets

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