1. What is recruitment How is it different from selection What are the steps involved in the selection process? Explain it.

2. What do you mean by controlling? What are the steps involved in any good controlling system?

3. Define management. Why is F.W. Taylor known as the father of scientific management?

4. What is perfect competition market How is it different from monopoly market Draw the demand and revenue curves of perfect competition.

5. What is demand Explain the law of demand. What are the causes behind the downward sloping demand curve?

6. What is national income How many methods are there to calculate national income Explain the expenditure method to calculate national income with steps and precautions.

7. Prepare the accounting equation from the following:

Business was started with a capital of Rs 2,00,000.

Machinery was rented and paid Rs 10,000.

Furniture purchased on credit Rs 9,000.

General expenses of Rs 6,000 was paid.

Company charged Rs 40,000 as consulting fees from a customer.

Salaries of Rs 8,000 for the month were paid.

8. Pass the journal entries for the following:

Received cash Rs 2,000 for bad debt written-off last year.

Goods worth Rs 8,000 given as charity.

Invested in shares of HMT Ltd. for Rs 2,000.

Prepaid rent of Rs 10,000.

Sohan returned goods worth Rs 2,000.

9. Rectify the following statements:

Goods purchased from Mani of Rs300 passed through Sales book.

Rs 1,000 being purchase return were posted to the Purchase account.

Sales day book was undercast by Rs 1,500.

Rs 320 received from P was posted to the credit of R.

Depreciation on plant and machinery was wrongly recorded as Rs 750 instead of Rs 950.