RR academy conducts an accounting wizard test every year. This year it happens on or before January 2021. The students can join the test with their accounts teacher details online. Before the exam, the institute wants the student’s name, e-mail ID, and WhatsApp number. It has four papers with questions from books, NCERT books, 11th and 12th standard subjects like business studies and economics. The test is with objective type questions for 60 minutes. The student needs to answer 80 objective type questions. Students from different boards like CBSE, state board, and ICSE can appear for the exams. The Accounting wizard test has a subject preference for students from different age groups. If the test is for 11th standard, then subjects are accountancy, business studies, aptitude, and economics. For the 12th standard, the subjects taught are the same as the 11th standard. But in the case of graduates like B.com, BMS, and BBA, the subjects taught are accountancy, business studies, aptitude, and economics. There is a difference in the syllabus for the graduate students with extra coverage under accountancy as financial studies.
Objectives of accounting wizard test
- ICAI accounting wizard test is the assessment of the basic knowledge through simple assessment.
- The measurement of the success rate depends upon the knowledge, hard work, and ability of the student.
- The marks in the accounting wizard develop a sense of achievement that boosts the motivation of the students.
- This test is to educate the importance of commerce subject to the students.
Sample papers of accounting wizard test
There are four sections with 80 objective type questions. Here are some sample questions for the mental preparation of the newbie. Business studies, accountancy, economics, mathematics, and aptitude are the different subjects tested with the accounting wizard test.
Interest on capital during the year calculated with the figure from ______
The closing balance of capital
Opening balance of capital
Additional balance of capital
None of the above
Answer: Additional balance of the capital.
Purchase return account is the contra entry for the purchases. Therefore it has ______ balance.
Debit balance
Credit balance
Both type of balance
None of the above
Answer: credit balance
Pick out the number which is not representing the leap year?
700
2000
1200
800
Answer 700
Which of the following is a bookkeeping process but not said as the accounting process?
Ledger posting
Decision making
Forecasting
Measurement
Answer: Ledger posting
Return inward is the amount which is no longer represents sales, and from which of the total balances it is deducted
Purchases
Sales
Closing stock
Return outwards
Answer: Sales
The profit from the production is 25 percent on cost then, what is the percentage of profit on sales?
30 percent
40 percent
28 percent
20 percent
Answer: If profit is 25 percent on cost, then the selling price is 100 plus 25 which is equal to 125. So, it is 20 percent on sales.
The mistake that comes due to the imbalance of trial balance is related to which of the following error:
Clerical error
Principle error
Omission error
Mathematical error
Answer: Mathematical error
The financial position of the business is with the preparation of which of the following:
Bookkeeping
Trial balance
Balance sheet
None of the above
Answer: Balance sheet
Which of the following is not business activity?
Goods production
Salary
Risk and operations
Sale of goods
Answer: Salary
Provision to depreciation is the credit account, and it reduces the value of which of the following:
Profit and loss account
Bank account
Fixed asset account
None of the above
Answer: Fixed asset
If there is a decrease in provision for doubtful debts, then there is
Increase in liabilities
Increase in net profit
The decrease in working capital
The decrease in net profit
Answer: Increase in net profit
Final words
You have the required skill to join the course if the score is 80 percent. The CA institutes encourage the students with prizes for rank holders and also participation price for the passing students. The students with good marks get cash rewards and scholarships. The course duration may be changed, customized, or abandoned as per the prevailing environment.
In a press meeting, Mukesh Singh kushwah, career counseling group of ICAI said that like the other fundamental subject science and math, commerce needs to be taught from standard VI. This concept works with the two best outputs. One is that the students understand the commerce subject. And the other one is students get to know what to do after 10th standard. The chartered accountants are also represented as commerce doctors as they correct the business operations. So, it has to be added to the fundamental subjects. The chairman of BOS ICAI also mentioned in a statement that they want to make CA education with a practical education. And this ensures strict measures to take article ship training seriously. With the assessment through the accounting wizard program, CA institutes engender the aim to value the knowledge, skills, and abilities.
