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

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
by

1 Answer

Answer :

Closing
by

Related questions

The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Last Answer : Closing

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

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

The exchange rate at the balance sheet date is known as ________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

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

A foreign currency transaction arises when an enterprise buys or sells goods or services whose price is denominated in the reporting currency.

Description : A foreign currency transaction arises when an enterprise buys or sells goods or services whose price is denominated in the reporting currency.

Last Answer : FALSE

A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Description : A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Last Answer : FALSE

Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Description : Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Last Answer : c. actual rate effective on date

Closing rate is the exchange rate at the close of the date on which a transaction takes place

Description : Closing rate is the exchange rate at the close of the date on which a transaction takes place

Last Answer : FALSE

Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Description : Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Last Answer : (B) Rs. 4,00,000

The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A) Reserve and Surplus (B) Fixed Assets (C) Investments (D) Miscellaneous Expenditure

Description : The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A) Reserve and Surplus (B) Fixed Assets (C) Investments (D) Miscellaneous Expenditure

Last Answer : (B) Equity Shareholders Account

Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.

Description : Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.

Last Answer : FALSE

Inventories is a non-monetary item.

Description : Inventories is a non-monetary item.

Last Answer : TRUE

Foreign Currency is a currency other than the Indian rupee.

Description : Foreign Currency is a currency other than the Indian rupee.

Last Answer : FALSE

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 : 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

___________ items are assets and liabilities other than monetary items.

Description : ___________ items are assets and liabilities other than monetary items.

Last Answer : Non-monetary,

Monetary items _________ (a) Are assets and liabilities to be received or paid in money (b) Are assets to be received in fixed or determinable amounts of money (c) Are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money (d) None of the above

Description : Monetary items _________ (a) Are assets and liabilities to be received or paid in money (b) Are assets to be received in fixed or determinable amounts of money (c) Are money held and assets and ... to be received or paid in fixed or determinable amounts of money (d) None of the above

Last Answer : Are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money

LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

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

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

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

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Last Answer : FALSE

Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.

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

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Last Answer : FALSE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

Liability for compensation under Workmen’s Compensation Act is treated a) Secured creditor b) Preferential creditor c) Over – riding preferential creditor d) Unsecured creditor

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

A past member is not liable to make a contribution if liability was contracted after he ceased to be a member.

Description : A past member is not liable to make a contribution if liability was contracted after he ceased to be a member.

Last Answer : TRUE

___________ 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.

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,

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

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

The heading for a post-closing trial balance has a date line that is similar to the one found on a. a balance sheet. b. an income statement. c. an stockholders' equity statement. d. the worksheet.

Description : The heading for a post-closing trial balance has a date line that is similar to the one found on a. a balance sheet. b. an income statement. c. an stockholders' equity statement. d. the worksheet.

Last Answer : a balance sheet.

Average Rate is the mean of the exchange rates in force during a period.

Description : Average Rate is the mean of the exchange rates in force during a period.

Last Answer : TRUE

Reporting currency is the currency used _________ (a) In recording the financial transactions (b) In presenting the financial statements

Description : Reporting currency is the currency used _________ (a) In recording the financial transactions (b) In presenting the financial statements

Last Answer : (b) In presenting the financial statements

Reporting currency is the currency used in recording the financial transactions.

Description : Reporting currency is the currency used in recording the financial transactions.

Last Answer : FALSE

The liquidator is not entitled to claim remuneration on the cash balance unless otherwise given.

Description : The liquidator is not entitled to claim remuneration on the cash balance unless otherwise given.

Last Answer : TRUE

When the liquated company has adequate cash to pay off all liabilities , the interest on liabilities should be paid : a) Upto the date of commencement of insolvency proceedings b) Upto the date of actual payment of liabilities c) Upto the date of payment to shareholders d) None of the these

Description : When the liquated company has adequate cash to pay off all liabilities , the interest on liabilities should be paid : a) Upto the date of commencement of insolvency proceedings b) Upto the date of actual payment of liabilities c) Upto the date of payment to shareholders d) None of the these

Last Answer : d) None of the these

Preference dividend in arears on the date of winding up is a) Treated as Secured creditor b) Treated as Preferential creditor c) Treated as Over – riding preferential creditor d) Added to Preference Share Capital

Description : Preference dividend in arears on the date of winding up is a) Treated as Secured creditor b) Treated as Preferential creditor c) Treated as Over – riding preferential creditor d) Added to Preference Share Capital

Last Answer : d) Added to Preference Share Capital

If the company is insolvent , interest on debentures is payable upto the date of actual payment.

Description : If the company is insolvent , interest on debentures is payable upto the date of actual payment.

Last Answer : FALSE

The shares received from the new company is recorded at________ (A) Face value (B) Market value (C) Average price (D) None of these

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

Shares received from the new company are recorded at - (A) Face value (B) Average price (C) Market value (D) None of the above

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

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

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.

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.

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.

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.

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.

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. c. income statement account balances after closing entries. d. balance sheet account balances after adjustments.

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.

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. c. prove the equality of the income statement account balances that are carried forward into the next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.

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.

pateints with appendicits what is most helpful to make DX Age Fever High WBC High sedmentation rate

Description : pateints with appendicits what is most helpful to make DX Age Fever High WBC High sedmentation rate

Last Answer : High WBC

____________ rate is the ratio for exchange of two currencies.

Description : ____________ rate is the ratio for exchange of two currencies.

Last Answer : Exchange,

yo presented by hx of syncope when he do excurses and there was hix of same complain when he on rest . and there is chest pain on ex. There was ejection systolic murmur 2-4 degree most side is lower lf sternum not radiating to other site increase when he lying down and there is non specific s and t changing and there is lf atrium enlargement Aortic stenosis p.s hypertrophic cardiomyopathy constrictive cardiomyopathy

Description : yo presented by hx of syncope when he do excurses and there was hix of same complain when he on rest . and there is chest pain on ex. There was ejection systolic murmur ... t changing and there is lf atrium enlargement Aortic stenosis p.s hypertrophic cardiomyopathy constrictive cardiomyopathy

Last Answer : Aortic stenosis

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 a. Loans to officers during the year which had been repaid before the balance sheet date. b. The nature of the related-party relationship. c. A description of transactions, including peso amounts. d. The amounts due from and to related parties

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

Calculate the value of closing stock18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700 from the following according to Weighted Average 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

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

Last Answer : (c) Rs. 786