Description : . What are total current liabililites at December 31, 2008? a. $18,000 b. $70,000 c. $88,000 d. $0
Last Answer : c. $88,000
Description : What is total liabilities and stockholders' equity at December 31, 2008? a. $176,000 b. $190,000 c. $218,000 d. $232,000
Last Answer : c. $218,000
Description : What are total current assets at December 31, 2008? a. $26,000 b. $32,000 c. $36,000 d. $218,000
Last Answer : c. $36,000
Description : What is the total that would be reported for stockholders' equity at December 31, 2008? a. $102,000 b. $130,000 c. $144,000 d. $158,000
Last Answer : b. $130,000
Description : What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000
Last Answer : b. $42,000
Description : Sal’s nonoperating income (loss) for the month of August, 2008 is a. $0. b. $500. c. $1,000. d. $1,500.
Last Answer : d. $1,500.
Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.
Last Answer : b. $15,000.
Description : At the beginning of September, 2008, RFI Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $7,800. At September 31, 2008, a physical count of inventory reported $3,200 on hand. ... sold for the month is a. $600. b. $7,800. c. $8,600. d. $11,800.
Last Answer : b. $7,800.
Description : Gross profit would be a. $77,000. b. $70,000. c. $64,000. d. $83,000.
Last Answer : a. $77,000.
Description : Gross profit would be a. $77,000. b. $64,000. c. $70,000. d. $83,000.
Last Answer : b. $64,000.
Description : According to rating agency Fitch, Indian banks will need approximately how much capital by 2019 to meet new Basel III capital norms? A) $100 billion B) $90 billion C) $85 billion D) $70 billion E) $95 billion
Last Answer : B) $90 billion Explanation: According to rating agency Fitch, Indian banks will need about $90 billion of capital to meet new Basel III capital norms to be implemented by the financial year ending March 2019, more than 80% of which will be needed by public sector lenders.
Description : A man decides to buy a nice horse. He pays $60 for it, and he is very content with the strong animal. After a year, the value of the horse has increased to $70 and he decides to sell the ... owning the horse, he finally decides to sell the horse for $90. What is the overall profit the man makes?
Last Answer : Consider the trade-story as if it describes two separate trades, where: In the first trade, the man buys something for $60 and sells it again for $70, so he makes a profit of $10. In the second trade, ... and the total earnings are $70 + $90 = $160. The overall profit is therefore $160 - $140 = $20.
Description : Net capital employed is equal to --------------- a) Total assets minus liabilities b) Fixed asset plus net working capital c) Total asset minus long-term liabilities d) Total assets
Last Answer : b) Fixed asset plus net working capital
Description : Current assets are Rs.6,00,000 current liabilities are Rs.3,00,000 the debtors realized Rs.40,000, the impact on net working capital would be------------------------- a) No change in working ... Decrease of working capital by Rs.80,000 c) Increase of working capital by Rs.40,000 d) None of these
Last Answer : a) No change in working capital
Description : Current ratio is 4:1, the amount of current liabilities is Rs.12000 the amount of working capital is----- a) Rs.48,000 b) Rs.36000 c) Rs.30000 d) Rs.60000
Last Answer : a) Rs.48,000
Description : Current liabilities a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity. c. are listed in the balance sheet, ... . d. should not include long-term debt that is expected to be paid within the next year.
Last Answer : a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity.
Description : The sub-classifications on the company’s classified balance sheet would include all of the following except: a. Current Assets. b. Property, Plant, and Equipment. c. Current liabilities. d. Long-term Assets.
Last Answer : d. Long-term Assets.
Description : The most important information needed to determine if companies can pay their current obligations is the a. net income for this year. b. projected net income for next year. c. ... between current assets and current liabilities. d. relationship between short-term and long-term liabilities.
Last Answer : c. relationship between current assets and current liabilities.
Description : Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and long-term liabilities.
Last Answer : d. current liabilities and long-term liabilities.
Description : Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities
Last Answer : c) Current liability
Description : Sal’s net income for August, 2008 is a. $18,000. b. $17,500. c. $16,500. d. $16,000.
Last Answer : c. $16,500.
Description : Sal’s operating income for the month of August, 2008 is a. $30,000. b. $19,500. c. $18,500. d. $16,000.
Last Answer : b. $19,500.
Description : Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000.
Last Answer : d. $16,000.
Description : The relationship between total outside liabilities and total assets can be indicated through ------------ a) Fixed asset ratio b) Solvency ratio c) Fixed asset turn over ratio d) Proprietary ratio
Last Answer : b) Solvency ratio
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 : BDL Ltd. is currently preparing its cash budget for the year to 31 March 2014. An extract from its sales budget for the same year shows the following sales values. Rs March 60,000 April 70,000 May 55,000 June 65,000 40% ... 2013 is (a) Rs 60,532 (b) Rs 61,120 (c) Rs 66,532 (d) Rs 86,620
Last Answer : (a) Rs 60,532
Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, ... . September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011
Last Answer : September 30, 2011
Description : In Accounting, are liabilities a good thing or a bad thing?
Last Answer : Think of it like adding a negative number. The whole picture shows a companies health. If you only give the assets without showing the liabilities you will not have any idea of the companies true value. You need all the information.
Description : The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.
Last Answer : b. liquidity.
Description : Which of the following liabilities are not related to the operating cycle? a. Wages payable b. Accounts payable c. Utilities payable d. Bonds payable
Last Answer : d. Bonds payable
Description : . The first item listed under current liabilities is usually a. accounts payable. b. notes payable. c. salaries payable. d. taxes payable.
Last Answer : b. notes payable.
Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.
Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.
Description : Unmarked applications can be distributed among the underwriters in the ratio of gross liabilities.
Last Answer : TRUE
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
Description : ___________ items are assets and liabilities other than monetary items.
Last Answer : Non-monetary,
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
Description : Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.
Last Answer : FALSE
Description : Cash from operations is equal to------------------ a) net profit afer tax b) net profit plus increase in current asset c) net profit plus decrease in current liabilities d) net profit plus non-cash expenses plus decrease in current
Last Answer : d) net profit plus non-cash expenses plus decrease in current
Description : Current liabilities are equals to------------------------------- a) Working capital +current assets b) Working capital-current assets c) Current assets-working capital d) Current asset + working capital
Last Answer : c) Current assets-working capital
Description : Decrease in current liabilities --------------------working capital a) Increases b) Decrease c) Deducts d) Reduces
Last Answer : a) Increases
Description : Increases in current liabilities --------------working capital a) Increase b) Decreases c) Added d) None of these
Last Answer : b) Decreases
Description : Working capital is expressed as------ a) Current asset-fixed asset b) Fixed assets-current liabilities c) Current assets-current liabilities d) None of these
Last Answer : c) Current assets-current liabilities
Description : The ratio of liquid asset to current liabilities a) Quick ratio b) Current ratio c) Absolute liquid ratio d) Combined ratio
Last Answer : a) Quick ratio
Description : Financial Statements provide a summary of -------------------------- a) Accounts b) Assets c) Liabilities d) Expenses
Last Answer : a) Accounts
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 joint products, the main objective of accounting of the cost is to apportion the joint costs incurred up to the split off point. For cost apportionment one company has chosen Physical Quantity Method. Three joint ... 20,000 (b) Rs. 60,000 (c) Rs. 1,80,000 (d) None of the these
Last Answer : (c) Rs. 1,80,000
Description : Q.61. CA Co manufactures a single product and has drawn up the following flexed budget for the year. 60% 70% 80% Rs Rs Rs Direct materials 120,000 140,000 160,000 Direct labour 90,000 105,000 120,000 Production ... activity? (a) Rs 330,300 (b) Rs 370,300 (c) Rs 373,300 (d) Rs 377,300
Last Answer : (b) Rs 370,300
Description : Total cost of a product: Rs. 10,000 Profit: 25% on Selling Price Profit is: (a) Rs. 2,500 (b) Rs. 3,000 (c) Rs. 3,333 (d) Rs. 2,000
Last Answer : (b) Rs. 2,80,000