71
Which of the following equation is not correct
A)
Cost of goods sold + closing stock - purchase = opening stock
B)
Opening stock + Purchase - closing stock = cost of goods sold
C)
Opening stock + purchases + closing stock - cost of good sold
D)
Closing stock + cost of goods sold - purchase = opening stock
Answer & Solution
Answer: Option
C
72
Dividend policy of a company mainly concerns with
A)
Only 1
B)
Only 2
C)
Both 1 and 2
D)
Neither 1 nor 2
Answer & Solution
Answer: Option
C
73
While computing profit before incorporation operating expenses are divided on the basis of
A)
Revenue and capital expenditure
B)
Time period
C)
Sales ratio
D)
Capital Ratio
Answer & Solution
Answer: Option
B
74
Which one of the following is not a part of the Profitability Ratios:
A)
Operating Ratio
B)
Rate of Return on Capital Employed
C)
Inventory Turnover Ratio
D)
Gross margin/Sales Ratio
Answer & Solution
Answer: Option
C
75
Match the items of
List-I with those of
List-II and indicate the correct answer:
List-I (Accounting Standard) List-II (Relationship)
a. AS-6
1. Accounting for Consolidated Financial Statements
b. AS-3
2. Accounting For Fixed Asset
c. AS-10
3. Depreciation Accounting
d. AS-21
4. Accounting For Cash Flow Statement
A)
a-2, b-4, c-3, d-1
B)
a-3, b-4, c-2, d-1
C)
a-4, b-3, c-1, d-2
D)
a-1, b-2, c-3, d-4
Answer & Solution
Answer: Option
B
76
The Partnership Deed provides for a salary of Rs. 7,000 per month to partner X. It will be
A)
Credit to Profit and Loss Account (Adjustment Account)
B)
Credited to the Current Account of Partner X
C)
Credited to Salary Payable A/c
D)
Debited to Capital A/c of X
Answer & Solution
Answer: Option
B
77
A and B invest Rs. 2,00,000 and Rs. 1,00,000 respectively in a partnership, and agree to divide profit and loss equally after providing for interest @ 10% per annum on original capital, and salaries of Rs. 24,000 and Rs. 48,000 respectively. How much amount A would get if the period's net income (before interest and salaries) is Rs. 90,000:
A)
Rs. 45,000
B)
Rs. 89,000
C)
Rs. 36,000
D)
Zero
Answer & Solution
Answer: Option
C
78
Match the following:
List-I List-II
a. Intangible assets
1. Ind AS-31
b. Impairment of assets
2. Ind AS-34
c. Interim financial reporting
3. Ind AS-36
d. Interests in joint ventures
4. Ind AS-38
A)
a-1, b-2, c-3, d-4
B)
a-4, b-3, c-2, d-1
C)
a-4, b-1, c-2, d-3
D)
a-4, b-2, c-1, d-3
Answer & Solution
Answer: Option
A
79
Amongst the following statements, find the odd one out with regards to book keeping.
A)
Book keeping has limited scope and concerned with recording, classifying & summarizing
B)
Book keeping is essentially a clerical work
C)
Book keeping depends on Accounting for making accounting records more useful
D)
Book keeping only considers monetary transactions
E)
Book keeping happens after the Accounting process
Answer & Solution
Answer: Option
E
80
Balance Sheet depicts:
A)
Only the assets position
B)
Only the liability position
C)
Cash position
D)
Financial position
Answer & Solution
Answer: Option
D
