Statewise Prepration
Govt. Examwise MCQ
450 MCQ Questions in english हिन्दी
The account 'Commission Received' is a type of:
Commission received = indirect income shown in Profit & Loss A/c.
Which statement shows the financial position of a firm?
Balance sheet shows assets, liabilities, and capital at a specific date.
What is a Contra Entry?
In double-column cash books, transactions between cash and bank are contra entries.
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Which side of the cash book is used to record receipts?
Receipts are recorded on the debit side, payments on the credit side.
Profit and Loss account shows:
It gives the net profit or loss for a financial year.
The balance of Capital account is usually:
Capital is the owner’s investment, so it has a credit balance.
Which document acts as evidence of a business transaction?
Voucher is proof of a financial transaction (like bill, receipt).
Which account is affected when goods are sold on credit?
Credit sales increase Debtors (Assets) and Sales (Income).
Ledger is also known as:
Ledger contains classified transactions from journal — the main book.
Closing stock appears in:
It’s shown on the asset side of the balance sheet.
Which book is known as the original book of entry?
All business transactions are first recorded in the journal.
. Financial year in India starts on:
The Indian financial year is from 1 April to 31 March.
Which of the following is a real account?
Real accounts relate to assets — Cash, Machinery, Building, etc.
Double-entry accounting means:
Every transaction affects at least two accounts – debit and credit.
What is the basic accounting equation?
The accounting equation forms the foundation of the double-entry system.
What is stagflation?
Stagflation = inflation with slow economic growth and high unemployment.
Who is known as the Father of the Green Revolution in India?
Swaminathan introduced HYV seeds and improved farming techniques.
The Human Development Index (HDI) is released by:
HDI measures life expectancy, education & income per capita.
A fall in the value of currency is called:
Devaluation = reduction in value of a currency against others.
What is Barter System?
In barter, goods/services are exchanged without money.
. Who publishes the Economic Survey of India?
Economic Survey is released before the Union Budget.
Rabi crops are sown in:
Rabi crops (like wheat) are sown in October–November.
Which scheme gives income support to farmers?
PM-KISAN provides ₹6000 per year to eligible farmers.
What is meant by deficit financing?
Government borrows/prints money to finance excess expenditure.
. Urban unemployment is mostly:
Urban unemployment arises from lack of jobs in industries or services.
Who prepares the IIP (Index of Industrial Production)?
CSO = Central Statistical Office, prepares IIP monthly.
Who gave the concept of “Invisible Hand” in Economics?
Invisible hand” refers to market forces self-regulating the economy.
When demand = supply, the market is in:
Equilibrium is a state where supply perfectly matches demand.
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