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 : Working capital will increase A. If Current Asset Decrease B. If Current Liability Decrease C. If Current LiabilityIncrease D. If new shares are issued
Last Answer : B. If Current Liability Decrease
Description : An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books? a) Rs.1,47,000 b) Rs. 1,51,000 c) Rs.1,63,000 d) Rs.1,41,000
Last Answer : b) Rs. 1,51,000
Description : Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is a) Capital & transferred to capital ... L a/c c) Capital & transferred to P & L a/c d) Revenue & transferred to general reserve
Last Answer : b) Revenue & transferred to P & L a/c
Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c
Last Answer : B. Debited to Profit and Loss A/c
Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c
Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c
Description : Assertion (A) :The liability of share holders in a private limited company is limited to the amount. Reason (R) :The number of share holders of a private limited company is limited to fifty. A. Both A and R are ... correct explanation of A C. A is true but R is false D. A is false but R is true
Last Answer : D. A is false but R is true
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 : 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 (C) Liability Account (D)None of the above
Last Answer : (A) Realisation Account
Description : An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the ... and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Last Answer : D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Description : Historical cost concept requires the valuation of an asset at A] Original cost B] Replacement value C] Net realizable value D] Market value
Last Answer : A] Original cost
Description : Which of the following is incorrect? a) Good will intangible asset b) Sundry debtors -current asset c) Loose tools tangible fixed asset d) Outstanding expenses -current asset.
Last Answer : d) Outstanding expenses -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
Description : Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses
Last Answer : C. Decrease in net profit
Description : Which of following is not Current Asset? A. Patent B. Bills receivable C. Cashable security D. Prepaid Expenses
Last Answer : A. Patent
Description : Which of following is not Method of calculation of Purchas Consideration? A. Lump sum Method B. Net Asset Method C. Net Payment Method D. Annuity Method
Last Answer : D. Annuity Method
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 : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
Description : Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000
Last Answer : b) 1,00,000
Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these
Last Answer : (b) Conservatism
Description : Interpretation means (a) Explanation of meaning and significance of the data in Financial Statements. (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements
Last Answer : (a) Explanation of meaning and significance of the data in Financial Statements.
Description : An output device that uses words or messages recorded on a magnetic medium to produce audio response is b. Magnetic tape c. Voice response unit d. Voice recognition unit e. Voice band
Last Answer : b. Magnetic tape
Description : The shares received from the new company is recorded at (A) Face value (B) Market value (C) Average price (D) None of these
Last Answer : (B) Market value
Description : Shares received from the new company are recorded at - (A)Face value (B)Average price (C)Market value (D)None of the above
Last Answer : (C)Market value
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 : A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual
Last Answer : c) Accrual
Description : Statement (A). The GATT applied only to trade in merchandise goods. Reasons (R). The wro covers trade in goods, services and trade in ideas or intellectual properties. A. Both (A) and (R) are true and (R) is the correct ... A). C. (A) is true but (R) is false. D. (A) is false but (R) is true
Last Answer : . A. Both (A) and (R) are true and (R) is the correct explanation of
Description : Arrange the following Acts in the order in which they came into force. (i) The Monopolies Restrictive Trade Practices Act (ii) Indian Contract Act (iii) The Sale of Goods Act (iv) The Foreign Exchange Management Act A. (il), (iii), (i ... (ii) C. (i), (ii), (iii), (iv) D. (iv), (iii), (ii), (i)
Last Answer : B. (iii), (i), (iv) and (ii)
Description : Which combination of the following factors has driven globalisation in the recent past? (i) Growth of multinational corporations (ii) Internationalisation of finance (iii) Increased international trade A. (i) and (ii) B. (i) and (iii) C. (ii) and (iii) D. (i),(ii) and (iii)
Last Answer : C. (ii) and (iii)
Description : What do you mean by DGTD ? A. Director General of Trade Development B. Director General of Total Development C. Director General of Technical Development D. None of these
Last Answer : C. Director General of Technical Development
Description : Which among these is not a restrictive trade practice? A. Tie Up sales B. Price Discrimination C. Manipulation of Price D. All are restrictive trade practice
Last Answer : C. Manipulation of Price
Description : Which of the following is not the objective of Competition act 2002? A. Prohibition of abuse of dominant position B. Prohibition of restrictive Trade practives C. Prohibition of anti-competitive Agreement D. Regulation of combinations
Last Answer : B. Prohibition of restrictive Trade practives
Description : Globalisation is the term used to describe process of removal of restriction on A. Foreign Trade B. Investment C. Both (A) and (B) D. None of the above
Last Answer : C. Both (A) and (B)
Description : Which among these is monopolistic trade practice? A. Unreasonably limiting competition B. Manufacturing only one product C. Limiting technical Development D. Selling only one product
Last Answer : B. Manufacturing only one product
Description : A monopolistic trade practice is deemed to be prejudicial to public interest except when A. Authorized by Central Government B. Authorized by State Government C. Authorized by Supreme Court D. None of the above
Last Answer : B. Authorized by State Government
Description : Liberalization means A. Reducing number of reserved industries from 17 to 8 B. Liberating the industry, trade and economy from unwanted restrictions C. Opening up of economy to the world by attaining international competitiveness D. Free determination of interest rates
Last Answer : B. Liberating the industry, trade and economy from unwanted restrictions
Description : Which of the following does not fall within the jurisdiction of MRTP commission? A. Prevention of Monopolistic Trade practices B. Prevention of Restrictive trade practices C. Prohibition of Unfair Trade Practices D. Regulation of Combinations
Last Answer : D. Regulation of Combinations
Description : By which act government checks restrictive trade? A. Industrial Policy Act 1991 B. MRTP Act C. FEMA act D. None of these
Last Answer : B. MRTP Act
Description : The credit for inventing the word ―Privatisation‖ goes to A. Elton Mayo B. F.W. Taylor C. L. Urwick D. Peter Drucker
Last Answer : D. Peter Drucker
Description : How is Prepares asset liability and capital account entries by comiling?
Last Answer : Need answer
Description : my mothers home of 30 years is now said to be a liability rather then an asset. she has worked her whole life for this house and sense my father died unexpectedly about 5 years ago she has been struggling greatly. well i guess what i want to know is if th?
Last Answer : my father died approxamently 5 years ago, my mother has sense taken out a second morgage on her home and has now recently been informed that her home is no longer an asset but rather a liability. is there a grant out there to help my mother keep her home of 30 years?
Description : Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset
Last Answer : Answer: Meeting the cost of issue of shares or debentures
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 : 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 : 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.
Last Answer : FALSE
Description : Goodwill is an ______ asset. A Intangible B Tangible C Asset D Liability
Last Answer : Intangible
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 : 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 : Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense
Last Answer : a) Current liability
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