Description : Salary outstanding is----- of funds a) Source b) Inflow c) Application d) No change
Last Answer : c) Application
Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate
Last Answer : Closing
Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.
Description : An appropriation of profit is --------------------- a) Current asset b) Non current asset c) Provision for taxation d) Non current liability
Last Answer : c) Provision for taxation
Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account
Last Answer : (A) Realisation Account
Description : What is the balance of Outstanding Salary A/c?
Last Answer : What is the balance of Outstanding Salary A/c?
Description : Excess of current asset over current liability is known as ------------- a) Gross working capital b) Net working capital c) Average working capital d) None of these
Last Answer : a) Gross working capital
Description : Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense
Last Answer : a) Current liability
Description : If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000
Last Answer : d) Rs.30000
Description : Stock and prepaid expanses are not included in ---------------- a) Current asset b) Fixed asset c) Current liability d) Quick asset
Last Answer : d) Quick asset
Description : Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities
Last Answer : c) Current liability
Description : The asset, the amount of which can be realized within a period of one year are known as ---------------- a) Current liability b) Current asset c) Liquid liability d) Fixed asset
Last Answer : b) Current asset
Description : he ratio of current asset to currnt liability is known as -------------- a) Liquid ratio b) Current ratio c) Absolute liquid ratio d) Turn over ratio
Last Answer : b) Current ratio
Description : Why would a transaction marked "credit" with a positive value deduct from my available balance at the bank?
Last Answer : If your bank hasn’t verified the funds from the entity giving you the credit yet, they won’t make it available for you to access.
Description : When the opening balance of cash and cash equivalent is added to the net increase , the total will be the____________ a) Closing balance of cash b) Closing balance of bank c) Opening balance of bank d) Closing balance of cash and cash equivalent
Last Answer : b) Closing balance of bank
Description : What Reconcile this bank statement. Ending Balance 159.75 Outstanding Deposits 175.46 Outstanding Checks 231.69?
Last Answer : What is the answer ?
Description : Following is the Source of fund A. Decrease in balance of Debenture B. Decrease in Long term Liability C. Increase in Long term loan D. Redemption of Shares
Last Answer : C. Increase in Long term loan
Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.
Last Answer : d. all temporary accounts.
Description : LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013
Last Answer : c) Limited Liability Partnership Act , 2008
Description : At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven
Last Answer : c) Three
Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.
Last Answer : FALSE
Description : Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.
Last Answer : TRUE
Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.
Description : A LLP is a new form of legal business entity with unlimited liability.
Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh
Description : Liability for compensation under Workmen’s Compensation Act is treated a) Secured creditor b) Preferential creditor c) Over – riding preferential creditor d) Unsecured creditor
Last Answer : Over – riding preferential creditor
Description : A past member is not liable to make a contribution if liability was contracted after he ceased to be a member.
Description : ___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.
Last Answer : Fair,
Description : Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
Description : Net worth refers to owner’s-------------------------- a) Equity b) Solvency c) Liability d) None of these
Last Answer : a) Equity
Description : Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above
Last Answer : b) Transaction
Description : The exchange rate at the balance sheet date is known as ________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate
Last Answer : (b) Closing Rate
Description : In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.
Last Answer : a. in current assets immediately following accounts receivable.
Description : On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.
Last Answer : c. a current asset.
Description : Current liabilities a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity. c. are listed in the balance sheet, ... . d. should not include long-term debt that is expected to be paid within the next year.
Last Answer : a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity.
Description : Land held for future use will be reported in the ____________ section of a classified balance sheet. a. Long-term assets. b. Long-term investments. c. Property, Plant and Equipment. d. Current assets..
Last Answer : b. Long-term investments.
Description : The current assets should be listed on Cerner's balance sheet in the following order: a. cash, accounts receivable, prepaid insurance, equipment. b. cash, prepaid insurance, supplies, ... receivable, prepaid insurance, supplies. d. equipment, supplies, prepaid insurance, accounts receivable, cash
Last Answer : c. cash, accounts receivable, prepaid insurance, supplies.
Description : The sub-classifications on the company’s classified balance sheet would include all of the following except: a. Current Assets. b. Property, Plant, and Equipment. c. Current liabilities. d. Long-term Assets.
Last Answer : d. Long-term Assets.
Description : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.
Last Answer : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.
Description : On a classified balance sheet, current assets are customarily listed a. in alphabetical order. b. with the largest dollar amounts first. c. in the order of liquidity. d. in the order of acquisition.
Last Answer : c. in the order of liquidity.
Description : Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and long-term liabilities.
Last Answer : d. current liabilities and long-term liabilities.
Description : Office Equipment is classified in the balance sheet as a. a current asset. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.
Last Answer : b. property, plant, and equipment.
Description : The summarized balance sheet of Autolight Limited shows the balances of previous and current year of retained earnings Rs. 25,000 and Rs. 35,000. If dividend paid during the current year amounted to Rs. 5,000 then profit earned during ... (a) Rs. 5,000 (b) Rs. 55,000 (c) Rs. 15,000 (d) Rs. 65,000
Last Answer : (c) Rs. 15,000
Description : The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge ... a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000
Last Answer : (b) Rs. 85,000
Description : An example of Balance Sheet ratio is --------------- a) Net profit ratio b) Inventory turn over ratio c) Current ratio d) Fixed asset turn over ratio
Last Answer : c) Current ratio
Description : The ratio which depicts the relationship between two items,one of which is drawn from the Balance Sheet and the other from the revenue account a) Current ratio b) Equity Ratio c) Net Profit ratio d) Debtors Turn over Ratio
Last Answer : d) Debtors Turn over Ratio
Description : From the information given below, calculate Debt service coverage Ratio- Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6 ... . (A) 4 06 times (B) 5 06 times (C) 6 06 times (D) 7 06 times
Last Answer : Answer: 4•06 times
Description : If I am the owner of a trade school, can I defer my salary?
Last Answer : You should get yourself an accountant. Try SCORE they are all volunteers and many are retired executives of large companies.