The University Grant Commission (UGC) conducted the National Eligibility Test (UGC NET/ JRF) for Junior Research Fellowship and Eligibility for Lectureship in December 2012.
1. In accounting, profit prior toincorporation is treated as
(A) Revenue Reserve
(B) Secret Reserve
(C) Capital Reserve
(D) General Reserve
2. Receipts and Payments Account is prepared by
(A) Manufacturing concerns
(B) Non-Trading concerns
(C) Trading concerns
(D) Companies registered under Companies Act, 1956
3. Owners equity stands for
(A) Fixed Assets minus Fixed Liabilities.
(B) Fixed Assets minus Current Liabilities.
(C) Current Assets minus Fixed Liabilities.
(D) Total Assets minus Total outside Liabilities.
4. When the Debt Turnover Ratio is 4, what is the average collection period ?
(A) 5 months
(B) 4 months
(C) 3 months
(D) 2 months
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