Classical

December 2013 - Paper2

6:  
Which of the following is true regarding the Prudence Principle of Accounting ?
A. Taking care of the future losses
B. Taking care of the future profits
C. Taking care of bad debts
D. Taking care of inventory and deprecia
 
 

Option: B

Explanation :


7:  
Which of the following is a nonoperating expense ?
A.

Salary of Managing Director

B.

Depreciation

C.

Advertisement expenditure

D.

Interest on loan

 
 

Option: B

Explanation :


8:  
A and B are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at Rs 3,000. C is admitted with 1/4th share of profits and brings Rs 10,000 as his capital. But he  is not able to bring in cash for his share of goodwill Rs3,000. How will you treat this ?
A.

Goodwill is raised by Rs 12.000

B.

C will remain as debtor for Rs 3000

C.

C's A./c. is debited for Rs 3,000

D.

Goodwill is raised by Rs 9,000

 
 

Option: B

Explanation :


9:  
If there is mutual indebtedness between the transferor company and the transferee company in business combination, which of the following is correct ? 
A.

(A) No adjustment is required in  the books of the transferor company.

B.
Adjustment is required in the books of the transferor company.
 
C.
 No adjustment is required in the books of the transferee company.
D.

None of the above

 
 

Option: B

Explanation :


10:  
Improvement of profit-volume ratio can be done by,
A.

Increasing selling price

B.

Altering sales mixture

C.

Reducing variable cost

D.

All of the above

 
 

Option: B

Explanation :




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  • This section contains UGC NET  Commerce solved Papers for December 2013.
  • This exam was held by University Grant Commission on 29th Dec 2013.
  • You can not download pdf of Commerce UGC NET Solved paper .
  • You can view UGC NET December 2013 Commerce Paper online.
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