Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c
Last Answer : B. liability side of the balance sheet
Description : Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements
Last Answer : d) Financial statements
Description : Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above
Last Answer : D. All of the above
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 : 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 : Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above
Last Answer : Answer: Balance Sheet only
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 : 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 : The charges of placing commodities into a saleable condition should be charged to A) Trading account B) P & L a/c C) Balance Sheet D) None of the above
Last Answer : Answer: A
Description : Net profit is computed in the A) Profit and loss account B) Balance sheet C) Trial balance D) Trading account
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 : 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 : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500
Last Answer : (a) Rs. 2,500
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 : Which of the following are techniques, tools or methods of analysis and interpretation of financial statements? A. Ratio Analysis B. Average Analysis C. Trend Analysis D. All of the above
Description : Management accounting involves A. Preparation of financial statements B. Analysis and interpretation of data C. Recording of transactions D. None of the above
Last Answer : B. Analysis and interpretation of data
Description : Expressed as a percentage of each asset to total a) Common size P/L A/C b) Common size Balance Sheet c) Comparative Income Statement d) Trend analysis
Last Answer : b) Common size Balance Sheet
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 : Which of the following are limitations of break-even analysis? A. Static concept B. Capital employed is taken into account. C. Limitation of non-linear behaviour of costs D. Limitation of presence of perfect competition
Last Answer : A. Static concept
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 : Small nations (e.g., Tanzania) with more than one major trading partner tend to peg the value of their currencies to: A. Gold B. Silver C. A single currency D. A basket of currencies
Last Answer : D. A basket of currencies
Description : Under adjustable pegged exchange rates, if the rate of inflation in the United States exceeds the rate of inflation of its trading partners: A. U.S. exports tend to rise and imports tend to fall ... C. U.S. foreign exchange reserves tend to rise D. U.S. foreign exchange reserves remain constant
Last Answer : B. U.S. imports tend to rise and exports tend to fall
Description : Under managed floating exchange rates, if the rate of inflation in the United States is less than the rate of inflation pf its trading partners, the dollar will likely: A. Appreciate against ... currencies C. Be officially revalued by the government D. Be officially devalued by the government
Last Answer : A. Appreciate against foreign currencies
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 : 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.
Description : The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the ... next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.
Last Answer : b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Description : After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to a. the beginning retained earnings reported on the retained earnings statement. b. the amount of ... earnings reported on the balance sheet. c. zero. d. the net income for the period.
Last Answer : . b. the amount of retained earnings reported on the balance sheet.
Description : The income summary account a. is a permanent account. b. appears on the balance sheet. c. appears on the income statement. d. is a temporary account.
Last Answer : d. is a temporary account.
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 : Does sentiment analysis work as a trading strategy in financial markets?
Last Answer : Yes it does work but you need to make sure that you have enough money first to make an effort and then develop your skills and maybe if you getting paid nicely you can start and becoming entrepreneurs like the
Description : Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of ... period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3
Last Answer : D. 1, 2 and 3
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 : (i) Debit balance of Trading Account.
Last Answer : Give a word, term, or phrase which can substitute each of the following statements: (i) Debit balance ... . (v) A debt that cannot be recovered.
Description : Debit balance of Trading Account means ___________
Last Answer : Debit balance of Trading Account means ___________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
Description : In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total
Last Answer : Answer: All assets and liabilities are expressed in terms of percentage of total
Description : The ______________ details sales volume in all segments, reporting each product’s actual and potential sales. a. Balance Sheet b. Market Share Report c. HR/TQM/Sustainability Report d. Round Analysis e. Annual Report
Last Answer : b. Market Share Report
Description : The fundamental analysis approach has been associated with ….. A. Uncertainties B . Certainties C. Ratios D. Balance sheet
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 : Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of ... transactions, including peso amounts. d. The amounts due from and to related parties
Last Answer : Loans to officers during the year which had been repaid before the balance sheet date
Description : A balance sheet for a chemical plant shows its financial condition at any given date. It does not contain the __________ of the plant. (A) Current asset (B) Current liability (C) Long term debt (D) Profit
Last Answer : D) Profit
Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times
Last Answer : (a) 8 times
Description : A/An ________ is a formal evaluation of an organization's financial statements, performed either by an outside accounting firm or by an internal department. (a) Revenue operating budget ; (b) Incident log ; (c) Financial audit ; (d) Balance sheet budget
Last Answer : (c) Financial audit ;
Description : Which statement is a correct view of psychological egoism? A. While our own interests are important, they make sometimes have to give way to the interests of others. B. Psychological egoism ... D. Psychological egoism does not claim to provide an accurate descriptive account of human behavior.
Last Answer : C. If psychological egoism is true, we should abandon ethics.
Description : Prepare revaluation,partner's capital account and balance sheet
Last Answer : n,s and b were partner in a firm sharing profit and losses in proportion of 1/2,1/6,1/3 ... the firm as at 31st March ,2017 was as follows.