📘 WBSSC SLST ACCOUNTANCY QUESTION PAPER SOLVED WITH ANSWERS

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1.     Which of the following is not an accounting concept?

a) Entity Concept

b) Dual Aspect Concept

c) Conservation Concept

d) Going Concern Concept

2.     The Accounting Equation is:

a) Assets = Liabilities – Capital

b) Assets = Liabilities + Capital

c) Assets = Capital – Liabilities

d) Assets = Capital ÷ Liabilities

3.  Conservatism principle is also known as:

a) Full Disclosure

b) Prudence

c) Materiality

d) Matching

4.  Revenue is recognized when:

a) Cash is received

b) Sale is made or service is rendered

c) Profit is earned

d) Stock is sold

5.  Journal is known as:

a) Book of Accounts

b) Primary Book of Entry

c) Ledger

d) Balance Sheet

6.   Which of the following is not a financial statement?

a) Balance Sheet

b) Profit & Loss Account

c) Cash Flow Statement

d) Trial Balance

7.   Which account shows Gross Profit or Gross Loss?

a) Balance Sheet

b) Profit & Loss Account

c) Trading Account

d) Appropriation Account

8.     Partnership accounts deal with:

a) Admission of partners

b) Retirement of partners

c) Dissolution of firm

d) All of the above

9.     Depreciation is charged due to:

a) Fall in market price

b) Wear and tear

c) Loss by fire

d) None of the above

10.  Accounting standards in India are issued by:

a) RBI

b) SEBI

c) ICAI

d) Ministry of Finance

11.  Rectification of error is done in:

a) Journal Proper

b) Ledger

c) Trial Balance

d) Balance Sheet

12.  Hire Purchase system means:

a) Buying asset on cash payment

b) Buying asset with full payment on credit

c) Buying asset on installment basis with ownership after last payment

d) Renting an asset

13.  Provisions are created for:

a) Known liability of uncertain amount

b) Unknown liability

c) Contingent liability

d) Debtors

14.  Adjusting entries are passed:

a) Before preparation of Trial Balance

b) After preparation of Final Accounts

c) Before preparation of Final Accounts

d) None

15.  Balance Sheet shows:

a) Revenue and Expenses

b) Assets and Liabilities

c) Profit and Loss

d) Cash Flow

16.  Cost sheet is prepared for:

a) Recording financial transactions

b) Determining cost of a product

c) Showing profit & loss

d) None

17.  Which of the following is an element of cost?

a) Materials

b) Labour

c) Overhead

d) All of the above

18.  Which costing method is used for continuous production?

a) Job Costing

b) Contract Costing

c) Process Costing

d) Batch Costing

19.  Budgetary control involves:

a) Planning

b) Coordination

c) Control

d) All of the above

20.  Flexible budget is prepared:

a) For one level of activity

b) For multiple levels of activity

c) Only for fixed cost

d) None

21.  Standard costing is concerned with:

a) Historical costs

b) Future costs

c) Both (a) and (b)

d) None

22.  Variance is the difference between:

a) Standard cost and Actual cost

b) Sales and Purchases

c) Assets and Liabilities

d) Cash and Bank balance

23.  Ratio analysis is a:

a) Financial tool

b) Costing tool

c) Tax tool

d) None

24.  Cash flow analysis helps in understanding:

a) Solvency position

b) Liquidity position

c) Profitability position

d) Turnover

25.  CVP analysis studies the relationship between:

a) Cost, Volume, Profit

b) Cash, Value, Production

c) Capital, Value, Profit

d) None

26.  Auditing is mainly concerned with:

a) Recording transactions

b) Verification of accounts

c) Preparing accounts

d) None

27.  Internal audit is conducted by:

a) External auditor

b) Government auditor

c) Employee of organization

d) None

28.  Which is not a type of audit?

a) Cost Audit

b) Management Audit

c) Sales Audit

d) Tax Audit

29.  Vouching means:

a) Preparing accounts

b) Verifying documentary evidence

c) Recording accounts

d) Passing entrie

30.  Auditor’s report is addressed to:

a) Management

b) Shareholders

c) Employees

d) Government

31.  Verification of assets ensures:

a) Existence and ownership

b) Valuation

c) Proper disclosure

d) All of the above

32.  Cost audit is conducted to:

a) Verify cost accounts

b) Verify financial accounts

c) Check stock only

d) None

33.  Management audit is related to:

a) Efficiency of management

b) Tax compliance

c) Cash position

d) None

34.  Investigation in audit is done for:

a) Special purpose

b) Routine purpose

c) Preparing balance sheet

d) None

35.  Internal control refers to:

a) Management of staff

b) Safeguard of assets and accuracy of records

c) Accounting standards

d) None

36.  Income Tax in India is governed by:

a) Income Tax Act, 1961

b) Companies Act, 2013

c) RBI Act, 1934

d) GST Act, 2017

37.  Person under Income Tax Act means:

a) Individual only

b) Individual, HUF, Company, Firm, etc.

c) Companies only

d) None

38.  Gross Total Income is:

a) Income before deductions

b) Income after deductions

c) Taxable income

d) None

39.  Assessment Year means:

a) Year in which income is earned

b) Year following the previous year

c) Any financial year

d) None

40.  GST stands for:

a) Goods and Service Tax

b) General Sales Tax

c) Gross Service Tax

d) None

41.  GST was implemented in India from:

a) 1st July 2017

b) 1st April 2016

c) 1st Jan 2018

d) 31st March 2015

42.  Taxable event under GST is:

a) Sale of goods only

b) Supply of goods and services

c) Receipt of cash

d) None

43.  Indirect taxes are collected by:

a) Directly from taxpayers

b) Through intermediaries

c) By banks only

d) None

44.  Net Income is obtained after deducting:

a) Exemptions

b) Deductions under Chapter VI-A

c) Both (a) and (b)

d) None

45.  GST is a:

a) Single point tax

b) Multi-point tax with input credit

c) Sales tax only

d) None

46.  Compound Interest is always:

a) Less than Simple Interest

b) Equal to Simple Interest

c) Greater than Simple Interest

d) None

47.  Sum of n terms of an AP is:

a) n/2 (2a + (n-1)d)

b) n/2 (a + l)

c) Both (a) and (b)

d) None

48.  Measures of Central Tendency include:

a) Mean

b) Median

c) Mode

d) All of the above

49.  Standard deviation is a measure of:

a) Central tendency

b) Dispersion

c) Skewness

d) None

50.  Correlation measures:

a) Relation between two variables

b) Average value

c) Dispersion of data

d) None

51.  Index numbers are used for:

a) Measuring price changes

b) Measuring quantity changes

c) Measuring value changes

d) All of the above

52.  Rank correlation is measured by:

a) Karl Pearson’s method

b) Spearman’s method

c) Both

d) None

53.  Business is primarily concerned with:

a) Production of goods

b) Distribution of goods

c) Exchange of goods and services for profit

d) None

54.  Which of the following is a social responsibility of business?

a) Earning profit only

b) Paying tax only

c) Welfare of employees and society

d) None

55.  Scope of business includes:

a) Industry

b) Commerce

c) Both (a) and (b)

d) None

56.  Business Environment refers to:

a) Internal forces only

b) External forces only

c) Both internal and external forces

d) None

57.  Features of Business Environment include:

a) Dynamic in nature

b) Inter-related elements

c) Uncertainty

d) All of the above

58.  Identifying environmental facilities and constraints helps in:

a) Strategic planning

b) Accounting

c) Auditing

d) Taxation

59.  Social responsibility of business means:

a) Responsibility towards society along with profit

b) Only towards employees

c) Only towards government

d) None

60.  Business, economy, and society are:

a) Independent

b) Interdependent

c) Separate

d) None

✅ Answer Key

1-b, 2-b, 3-b, 4-b, 5-b, 6-d, 7-c, 8-d, 9-b, 10-c, 11-a, 12-c, 13-a, 14-c, 15-b

16-b, 17-d, 18-c, 19-d, 20-b, 21-b, 22-a, 23-a, 24-b, 25-a

26-b, 27-c, 28-c, 29-b, 30-b, 31-d, 32-a, 33-a, 34-a, 35-b

36-a, 37-b, 38-a, 39-b, 40-a, 41-a, 42-b, 43-b, 44-c, 45-b

46-c, 47-c, 48-d, 49-b, 50-a, 51-d, 52-b

53-c, 54-c, 55-c, 56-c, 57-d, 58-a, 59-a, 60-b