Description : A statement prepared in the form of report a) Fund flow b) Cash flow c) Ratio d) Balance sheet
Last Answer : a) Fund flow
Description : Analysis of any financial Statement comprises A. Balance sheet B. P&L Account C. Trading account D. All of the above
Last Answer : D. All of the above
Description : Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements
Last Answer : d) Financial statements
Description : Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio
Last Answer : c) Combined ratio
Description : Afford full diagnosis of the profitability and financial position a) Preparation of Profit and Loss Account b) Balance Sheet c) Final Accounts d) Analysis of financial statement
Last Answer : d) Analysis of financial statement
Description : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement
Last Answer : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement
Description : Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above
Last Answer : Answer: All of the above
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 : All capital expenditures and receipts are taken to A. Trading and Profit and Loss Account B. Balance sheet C. Trial balance D. None of the above
Last Answer : B. Balance sheet
Description : In case of a limited company, the term financial statements includes A. Profit and loss and balance sheet B. Profit and loss account, profit and loss appropriation account and balance sheet C. Balance sheet D. None of the above
Last Answer : B. Profit and loss account, profit and loss appropriation account and balance sheet C
Description : All direct & indirect expenses related to business are charged: a)Profit and loss account b)Trading account c)Trading account Profit and Loss account d)Directly to Balance sheet
Last Answer : c)Trading account Profit and Loss account
Description : Debt equity ratio is an example of ---------------- ratios a) Balance sheet ratio b) Profit & loss account ratio c) Mixed ratio d) Liquidity ratio
Last Answer : a) Balance sheet ratio
Description : At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet
Last Answer : Answer: D
Description : Net profit is computed in the A) Profit and loss account B) Balance sheet C) Trial balance D) Trading account
Last Answer : Answer: A
Description : Which statement is not true in respect of a Balance Sheet ? (A) It is an account (B) It is prepared every month (C) It is prepared to check the mathematical accuracy (D) All the above
Last Answer : Answer: All the above
Description : Which of the following is an important fact about working capital in Capsim? a. The life blood of any organization b. All of the money tied up in things you one day wish to sell c. Can be ... The change of working capital can be seen on the cash flow statement e. All of the above are important
Last Answer : e. All of the above are important
Description : Which of the following reports can be used to diagnose problems on a product by-product basis? a. stock market summary c. cash flow statement b. income statement d. balance sheet
Last Answer : b. income statement
Description : Cash flow is a part of a) Fund flow b) Balance sheet c) Income statement d) Comparative statement
Last Answer : c) Income statement
Description : AS-3 is related to a) Cash flow statement b) Funds flow statement c) Balance sheet d) Income statements
Last Answer : a) Cash flow statement
Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet
Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet
Description : Study of the trend of the same items of two or more balance sheets a) Common size Profit and Loss A/C b) Common size balance sheet c) Comparative Income statement d) Comparative Balance Sheet
Last Answer : Common size balance sheet
Description : Profit and Loss Account debit side includes A. Salary B. Discount allowed C. Postage & telegram D. All of the above
Description : Cash flow statement is prepared by taking the ------------- balance of cash a) Opening balance b) Closing balance c) Monthly balance d) Others
Last Answer : a) Opening balance
Description : The form of balance sheet is A. Vertical B. Horizontal C. Horizontal and vertical D. Horizontal or vertical
Last Answer : D. Horizontal or vertical
Description : Balance sheet indicates the financial status of the business ____. A. For a day B. For a month C. For a year D. At given period
Last Answer : D. At given period
Description : While preparing Cash Flow Statement, non-cash items and non-operating items are not required to be adjusted under________ A. Indirect method B. Direct method C. Both a and b D. None of the above
Last Answer : B. Direct method
Description : As per AS-3, Cash Flow Statement is mandatory for (i) All enterprises (ii) Companies listed on a stock exchange (iii) Companies with a turnover of more than Rs 50 crores A. Both (i) and (ii) B. Both (i) and (iii) C. Both (iii) and (ii) D. None of the above
Last Answer : C. Both (iii) and (ii)
Description : Cash Flow Statement is based upon A. Cash basis of accounting B. Accrual basis of accounting C. Credit basis of accounting D. None of the above
Last Answer : A. Cash basis of accounting
Description : The objectives of Cash Flow Statement are (i) Analysis of cash position (ii) Short-term cash planning (iii) Evaluation of liquidity (iv) Comparison of operating Performance A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iv) D. (i), (ii), (iii), (iv)
Last Answer : D. (i), (ii), (iii), (iv)
Description : Cash Flow Statement is also known as A. Statement of Changes in Financial Position on Cash basis B. Statement accounting for variation in cash C. Both a and b D. None of the above
Last Answer : C. Both a and b
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 : Mark the correct option relating to SO Slip a) SO slip prepared in form Pa 3 by HO to each of its SO in every day enclosed in the account bag b) Amount with details, of cash (including stamps) sent ... HO. d) Particulars of documents and ser No and value of Postal order, sent to SO e) All the above
Last Answer : e) All the above
Description : Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet
Last Answer : Answer: Profit and Loss A/c and Balance Sheet
Description : If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method
Last Answer : (B)Form of purchase
Description : A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions
Last Answer : D. Capital account transactions
Last Answer : D. Capital account transaction
Description : A country’s Current Account: A. Balance equals the change in its net foreign wealth. B. Balance equals the change in its foreign wealth. C. Surplus equals the change in its foreign wealth. D. Deficit equals the change in its foreign wealth. E. None of the above.
Last Answer : A. Balance equals the change in its net foreign wealth.
Description : An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily ... audit deals with operating profit while financial audit considers both the operating and net profits.
Last Answer : The boundaries of an operation audit are often drawn from anorganization chart and are not limited to a single accounting period
Description : ---------account is prepared to know funds from operation a) Profit & Loss appropriation account b) Profit and loss account c) Trading account d) Profit & Loss adjustment account
Last Answer : d) Profit & Loss adjustment account
Description : In the case of financial enterprises, the cash flow resulting from interest and dividend received and interest paid should be classified as cash flow from A. Operating activities B. Financing activities C. Investing activities D. None of the above
Last Answer : A. Operating activities
Description : As per Accounting Standard-3, Cash Flow is classified into A. Operating activities and investing activities B. Investing activities and financing activities C. Operating activities and financing activities D. Operating activities, financing activities and investing activities
Last Answer : D. Operating activities, financing activities and investing activities
Description : Which of the following are characteristics of B.E.P? A. There is no loss and no profit to the firm. B. Total revenue is equal to total cost. C. Contribution is equal to fixed cost. D. All of the above.
Last Answer : D. All of the above.
Description : When contribution is positive but equal to fixed cost, A. There is loss equal to fixed costs B. There is loss more than fixed costs C. There will be loss less than fixed costs D. There will be neither profit not loss
Last Answer : D. There will be neither profit not loss
Description : Which of the following statements related to Contribution Analysis are ture? A. If contribution is zero, there is loss equal to fixed costs B. If contribution is negative, loss is less than fixed costs ... contribution is positive and more than fixed cost there will be profit. D. All of the above
Last Answer : A. If contribution is zero, there is loss equal to fixed costs
Description : Balance sheet of a cooperative Housing Society should be prepared in ____ a. Form A b. Form B c. Form C d. From D
Last Answer : Form A
Description : The post-closing trial balance contains only a. income statement accounts. b. balance sheet accounts. c. balance sheet and income statement accounts. d. income statement, balance sheet, and retained earnings statement account
Last Answer : b. balance sheet accounts.
Description : A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.
Last Answer : c. may involve any combination of accounts.
Description : Correcting entries a. always affect at least one balance sheet account and one income statement account. b. affect income statement accounts only. c. affect balance sheet accounts only. d. may involve any combination of accounts in need of correction.
Last Answer : d. may involve any combination of accounts in need of correction.
Description : A double rule applied to accounts in the ledger during the closing process implies that a. the account is an income statement account. b. the account is a balance sheet account. c. the account balance is not zero. d. a mistake has been made, since double ruling is prescribed.
Last Answer : a. the account is an income statement account.
Description : The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. ... statement account balances after closing entries. d. balance sheet account balances after adjustments.
Last Answer : b. balance sheet account balances after closing entries.