If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies. (A)Lifo method (B)Fifo method (C)Weighted method (D)Uniform

If the two companies have different accounting policies in respect of the same item, then they  make necessary changes to adopt.............. Accounting policies.  
(A)Lifo method  
(B)Fifo method
(C)Weighted method
(D)Uniform
by

1 Answer

Answer :

(D)Uniform
by

Related questions

Which one out of the following is not an inventory valuation method? (a) FIFO (b) LIFO (c) Weighted Average (d) EOQ

Description : Which one out of the following is not an inventory valuation method? (a) FIFO (b) LIFO (c) Weighted Average (d) EOQ

Last Answer : (d) EOQ

During a merger and acquisition transaction, the ability to find and use good comparable data for a valuation is relatively ____________. a) easy because each successful company within an industry uses the same ratios b) easy because public stock price fluctuation is not sufficient or erratic enough to make a difference c) difficult because book value is adjusted in small companies as FIFO is the method of choice and in public companies’ book value is static due to LIFO d) difficult because size differential, management depth, product diversity and access to lines of credit seldom match the company being valued

Description : During a merger and acquisition transaction, the ability to find and use good comparable data for a valuation is relatively ____________. a) easy because each successful company within an industry ... depth, product diversity and access to lines of credit seldom match the company being valued

Last Answer : d) difficult because size differential, management depth, product diversity and access to lines of credit seldom match the company being valued

Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c)Accounting methods & procedures shall be followed uniform basis year after year d) Any accounting method can be followed as per convenience

Description : Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c ... uniform basis year after year d) Any accounting method can be followed as per convenience

Last Answer : c)Accounting methods & procedures shall be followed uniform basis year after year

Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality

Description : Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality

Last Answer : c) Accountancy

LIFO is ______ where as FIFO is ________ a) Stack, Queue b) Queue, Stack c) Priority Queue, Stack d) Stack. Priority Queue

Description : LIFO is ______ where as FIFO is ________ a) Stack, Queue b) Queue, Stack c) Priority Queue, Stack d) Stack. Priority Queue

Last Answer : a) Stack, Queue

The _stack can be 4-word memory addressed by 2 bits from an up/down counter known as the stack pointer: a. FIFO b. PIPO c. SISO d. LIFO

Description : The _stack can be 4-word memory addressed by 2 bits from an up/down counter known as the stack pointer: a. FIFO b. PIPO c. SISO d. LIFO

Last Answer : d. LIFO

Stack words on: a. LILO b. LIFO c. FIFO d. None of these

Description : Stack words on: a. LILO b. LIFO c. FIFO d. None of these

Last Answer : b. LIFO

In 8087, _______ many register stack are there? And of _____ registers. These registers are used as _________ stack. a) 7, 40 bit, FIFO. b) 8, 60 bit, LILO. c) 8, 80 bit, LIFO d) 7, 80 bit, FILO.

Description : In 8087, _______ many register stack are there? And of _____ registers. These registers are used as _________ stack. a) 7, 40 bit, FIFO. b) 8, 60 bit, LILO. c) 8, 80 bit, LIFO d) 7, 80 bit, FILO.

Last Answer : b) 8, 60 bit, LILO.

In 8279 Strobed input mode, the control line goes low. The data on return lines is strobed in the ____. a) FIFO byte by byte b) FILO byte by byte c) LIFO byte by byte d) LILO byte by byte.

Description : In 8279 Strobed input mode, the control line goes low. The data on return lines is strobed in the ____. a) FIFO byte by byte b) FILO byte by byte c) LIFO byte by byte d) LILO byte by byte.

Last Answer : a) FIFO byte by byte

Which stack is used in 8085? a) FIFO b) LIFO c) FILO

Description : Which stack is used in 8085? a) FIFO b) LIFO c) FILO

Last Answer : b) LIFO

Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above

Description : Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above

Last Answer : B. Opportunity cost to the firm

Super profit mean A. Average Profit – Net profit B. Average Profit – Normal rate of return C. Weighted Average Profit D. Net profit – Average Profit

Description : Super profit mean A. Average Profit – Net profit B. Average Profit – Normal rate of return C. Weighted Average Profit D. Net profit – Average Profit

Last Answer : A. Average Profit – Net profit

a factor which would strongly influence a business person to adopt a computer is its a. Accuracy b. Reliability c. Speed d. All of above

Description : a factor which would strongly influence a business person to adopt a computer is its a. Accuracy b. Reliability c. Speed d. All of above

Last Answer : d. All of above

If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Description : If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Last Answer : b) Is assumed to be followed

Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Description : Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Last Answer : A. Fixed assets must always be shown at market value

Which is true for existing Economic and Industrial policies of Indian Government ? (i) FERA was abolished (ii) MRTP was abolished (iii) Cash compensatory support for export was abolished (iv) Industrial Licensing (except a few goods) was abolished A. (i), (ii), (iii) and (iv) B. (i), (iii) and (iv) C. Only (iii) and (iv) D. Only (ii) and (iii)

Description : Which is true for existing Economic and Industrial policies of Indian Government ? (i) FERA was abolished (ii) MRTP was abolished (iii) Cash compensatory support for export was abolished (iv) Industrial Licensing (except a few ... (iii) and (iv) C. Only (iii) and (iv) D. Only (ii) and (iii)

Last Answer : C. Only (iii) and (iv)

Micro factors of external business environment does not include A. Competitors B. Customers C. Government Policies D. None of these

Description : Micro factors of external business environment does not include A. Competitors B. Customers C. Government Policies D. None of these

Last Answer : C. Government Policies

If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Description : If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Last Answer : b) They have not been followed

Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and whether management has satisfactorily responded to any findings from these activities. b. Help the auditor understand the environment in which the financial statements are prepared. c. Relate to changes in the entity's marketing strategies, sales trends, or contractual arrangements with its customers. d. Help the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Description : Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and ... the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Last Answer : Help the auditor understand the environment in which the financial statements are prepared.

Which is an item of storage medium in the form of circular plate? a. Disk b. CPU c. Printer d. ALU

Description : Which is an item of storage medium in the form of circular plate? a. Disk b. CPU c. Printer d. ALU

Last Answer : a. Disk

Which is an item of storage medium in the form of circular plate? a. Disk b. CPU c. Printer d. ALU

Description : Which is an item of storage medium in the form of circular plate? a. Disk b. CPU c. Printer d. ALU

Last Answer : d. ALU

To locate a data item for storage is a. Field b. Feed c. Database d. Fetch

Description : To locate a data item for storage is a. Field b. Feed c. Database d. Fetch

Last Answer : d. Fetch

Regarding a VDU, Which statement is more correct? a. It is an output device b. It is an input device c. It is a peripheral device d. It is hardware item

Description : Regarding a VDU, Which statement is more correct? a. It is an output device b. It is an input device c. It is a peripheral device d. It is hardware item

Last Answer : c. It is a peripheral device

The first item in order of payment to be made by liquidator is A. Liquidation expenses B. Secured creditor C. Preferential creditor D. Preference shareholder

Description : The first item in order of payment to be made by liquidator is A. Liquidation expenses B. Secured creditor C. Preferential creditor D. Preference shareholder

Last Answer : A. Liquidation expenses

Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Description : Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Last Answer : c) Recording of day to day business transactions

Double entry system is used in which type of accounting a) Cost b)Financial c) Management d) All

Description : Double entry system is used in which type of accounting a) Cost b)Financial c) Management d) All

Last Answer : b)Financial

Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Last Answer : D] Solving tax disputes with tax authorities

Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Description : Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Last Answer : c) Net realizable Value

The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social

Description : The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social

Last Answer : a) Historical

Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Description : Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Last Answer : d)Matching

is root cause for financial accounting (a) Stewardship accounting (b) Social accounting (c) Management accounting (d) Human resource accounting

Description : is root cause for financial accounting (a) Stewardship accounting (b) Social accounting (c) Management accounting (d) Human resource accounting

Last Answer : (a) Stewardship accounting

In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above

Description : In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above

Last Answer : d) All of the above

Which accounting concept satisfy the valuation criteria a] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.

Description : Which accounting concept satisfy the valuation criteria a] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.

Last Answer : a] Going concern, Realisation, Cost

Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Description : Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Last Answer : C. Management accounting

The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Description : The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Last Answer : A. Dual aspect concept

Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Description : Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Last Answer : D. All of the above

AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural resources B. Wasting assets including material rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources C. Expenditure on real estate development and livestock D. None of the above

Description : AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural ... resources C. Expenditure on real estate development and livestock D. None of the above

Last Answer : D. None of the above

Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Description : Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Last Answer : A. Capital + Liabilities= Assets

The direct advantages of accounting do not include A. Preparation of financial statements B. Comparison of results C. Competitive advantage D. Information to interested groups

Description : The direct advantages of accounting do not include A. Preparation of financial statements B. Comparison of results C. Competitive advantage D. Information to interested groups

Last Answer : C. Competitive advantage

Discounted cash flow criteria for investment appraisal does not include A. Not present value B. Benefit cost ratio C. Accounting rate of return D. Internal rate of return

Description : Discounted cash flow criteria for investment appraisal does not include A. Not present value B. Benefit cost ratio C. Accounting rate of return D. Internal rate of return

Last Answer : B. Benefit cost ratio

Assertion (A). Private location process leads to change in management with change in ownership. Reason (R). Change in management is not a necessary condition for the process of privatisation. A. Both (A) and (R) are correct. B. (A) is correct but (R) is incorrect. C. (A) is incorrect but (R) is correct. D. Both (A) and (R) are incorrect.

Description : Assertion (A). Private location process leads to change in management with change in ownership. Reason (R). Change in management is not a necessary condition for the process of privatisation. A. Both (A) and (R) are ... C. (A) is incorrect but (R) is correct. D. Both (A) and (R) are incorrect.

Last Answer : B. (A) is correct but (R) is incorrect.

The expanded production of fertilizers, textiles & buildings require some A. power production B. domestic production of the necessary capital goods C. economical growth D. none of these

Description : The expanded production of fertilizers, textiles & buildings require some A. power production B. domestic production of the necessary capital goods C. economical growth D. none of these

Last Answer : B. domestic production of the necessary capital goods

Merger of two or more companies or business undertaking to form new company mean A. Reconstruction B. Amalgamation C. Absorption D. Commandment of Company

Description : Merger of two or more companies or business undertaking to form new company mean A. Reconstruction B. Amalgamation C. Absorption D. Commandment of Company

Last Answer : B. Amalgamation

In amalgamation of two companies (A)Both companies lose their existence (B)Both companies continue (C)Any one company continues (D)None of the above

Description : In amalgamation of two companies (A)Both companies lose their existence (B)Both companies continue (C)Any one company continues (D)None of the above

Last Answer : (A)Both companies lose their existence

When two or more companies carrying on similar business decide to combine, a new company is formed, it is known as .................. (A)Amalgamation (B)Absorption (C)Internal reconstruction (D)External reconstruction

Description : When two or more companies carrying on similar business decide to combine, a new company is formed, it is known as .................. (A)Amalgamation (B)Absorption (C)Internal reconstruction (D)External reconstruction

Last Answer : (A)Amalgamation

After declaration dividends are paid to the shareholders as per the provision of A. Indian Companies Act B. RBI Act C. SEBI Act D. Indian Contract Act

Description : After declaration dividends are paid to the shareholders as per the provision of A. Indian Companies Act B. RBI Act C. SEBI Act D. Indian Contract Act

Last Answer : C. SEBI Act

Both of the old companies will not exist in ........... (A) Internal reconstruction (B) Absorption (C) External reconstruction (D) Amalgamation

Description : Both of the old companies will not exist in ........... (A) Internal reconstruction (B) Absorption (C) External reconstruction (D) Amalgamation

Last Answer : (D) Amalgamation

When one of the existing companies take over business of another company or companies, it is known as ........... (A)Amalgamation (B)Absorption (C)Internal reconstruction (D)External reconstruction

Description : When one of the existing companies take over business of another company or companies, it is known as ........... (A)Amalgamation (B)Absorption (C)Internal reconstruction (D)External reconstruction

Last Answer : (B)Absorption

Calculate the value of closing stock from the following according to LIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 Issues: 2nd January, 2014: 30 units 18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Description : Calculate the value of closing stock from the following according to LIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 ... , 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Last Answer : (b) Rs. 805