-
question_answer1)
Goodwill appears in a company's balance sheet under the sub-head:
A)
Unamortised Assets done
clear
B)
Non-current Investment done
clear
C)
Intangible Assets done
clear
D)
Tangible Assets done
clear
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question_answer2)
Balance sheet of a company is required to be prepared in the format given in:
A)
Schedule III, Part II done
clear
B)
Schedule III, Part I done
clear
C)
Schedule III, Part III done
clear
D)
Table A done
clear
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question_answer3)
Securities premium reserve appears in a company's balance sheet under:
A)
Share Capital done
clear
B)
Long-term Provision done
clear
C)
Short-term Provision done
clear
D)
Reserve & Surplus done
clear
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question_answer4)
Prepaid rent is a:
A)
current asset done
clear
B)
fixed asset done
clear
C)
current liability done
clear
D)
None of the above done
clear
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question_answer5)
Financial statements are presented by directors to shareholders at every:
A)
board meeting done
clear
B)
special (extraordinary) general meeting done
clear
C)
annual general meeting done
clear
D)
None of the above done
clear
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question_answer6)
Interest accrued but not due on loans appear in a company's balance sheet under the sub-head:
A)
Short-term Borrowings done
clear
B)
Trade Payables done
clear
C)
Other Current Liabilities done
clear
D)
Short-term Provisions done
clear
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question_answer7)
50,000 9% Debentures redeemable within 12 months of the date of balance sheet will be shown under:
A)
Short-term Borrowings done
clear
B)
Short-term Provision done
clear
C)
Other Current Liability done
clear
D)
Trade Payables done
clear
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question_answer8)
Staff welfare expenses are included in:
A)
cost of material consumed done
clear
B)
revenue from operation done
clear
C)
employees benefit expense done
clear
D)
None of the above done
clear
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question_answer9)
Trade investment appear in a company's balance sheet under the sub-head:
A)
Current Investment done
clear
B)
Non-current Investments done
clear
C)
Intangible Assets done
clear
D)
Short-term Loans and Advances done
clear
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question_answer10)
A company should disclose all the information in:
A)
statement done
clear
B)
annual report done
clear
C)
accounts book done
clear
D)
None of these done
clear
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question_answer11)
As per Companies Act, the balance sheet of a company is required to be presented in:
A)
Horizontal Form done
clear
B)
Vertical Form done
clear
C)
Either Horizontal or Vertical Form done
clear
D)
None of the above done
clear
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question_answer12)
Share forfeiture account appears in a company's balance sheet under the sub-head:
A)
Share Capital done
clear
B)
Reserve & Surplus done
clear
C)
Contingent Liability done
clear
D)
Commitments done
clear
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question_answer13)
Prepaid expenses appear in a company's balance sheet under the sub-head:
A)
Other Current Assets done
clear
B)
Short-term Loans & Advances done
clear
C)
Intangible Assets done
clear
D)
Other Non-current Assets done
clear
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question_answer14)
Bills receivable appear in a company's balance sheet under the sub-head:
A)
Current Investments done
clear
B)
Cash Equivalents done
clear
C)
Trade Receivables done
clear
D)
Short-term Loans and Advances done
clear
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question_answer15)
Financial statements include balance sheet, statement of profit and loss, cash flow statement etc. Besides these statements, a special statements is also included in financial statements if applicable on company.
A)
Statement of cash inflow and outflow done
clear
B)
Statement of changes in equity done
clear
C)
Statement of incomes and expenses done
clear
D)
Statement of assets and Liabilities done
clear
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question_answer16)
6% Debentures appear in a company's balance sheet under the sub-head:
A)
Long-term Provisions done
clear
B)
Long-term Borrowings done
clear
C)
Other Current Liabilities done
clear
D)
Other Long-term Liabilities done
clear
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question_answer17)
External users of financial statements are:
A)
banks done
clear
B)
suppliers done
clear
C)
Both [a] and [b] done
clear
D)
director of company done
clear
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question_answer18)
Which of the following is not required to be prepared under the Companies Act?
A)
Statement of Profit and Loss done
clear
B)
Balance Sheet done
clear
C)
Report of Director's and Auditor's done
clear
D)
Funds Flow Statement done
clear
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question_answer19)
Interest accrued on investments appear in a company's balance sheet under the sub-head:
A)
Non-current Investments done
clear
B)
Current Investments done
clear
C)
Other Current Assets done
clear
D)
Other Non-current Assets done
clear
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question_answer20)
Statement of profit and loss shows:
A)
financial position done
clear
B)
financial performance done
clear
C)
assets and liabilities done
clear
D)
None of these done
clear
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question_answer21)
Which one of the following is commitment?
A)
Proposed Dividend done
clear
B)
Interim Dividend done
clear
C)
Unpaid/Unclaimed Dividend done
clear
D)
Dividend Arrears on Cumulative Preference Shares done
clear
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question_answer22)
In a trading firm, if stock of finished goods held for a month and credit period is 2 months, then operating cycle will be for .......... month(s)?
A)
one done
clear
B)
two done
clear
C)
three done
clear
D)
four done
clear
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question_answer23)
According to prescribed order of assets in a company's balance sheet.......... should be shown first of all.
A)
non-current Assets done
clear
B)
current Assets done
clear
C)
current Investment done
clear
D)
loans and Advances done
clear
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question_answer24)
Expenses allowed on issue of shares appears in a company's balance sheet under:
A)
Share Capital done
clear
B)
Current Liability done
clear
C)
Unamortised Expenditure done
clear
D)
Contingent Liability done
clear
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question_answer25)
Format of profit and loss is prepared as specified in:
A)
Part II, Schedule III done
clear
B)
Income Tax Act done
clear
C)
SEBI Act done
clear
D)
None of these done
clear
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question_answer26)
'Claims against the company not acknowledged as debts' is shown under the head:
A)
Current Liabilities done
clear
B)
Non-current Liabilities done
clear
C)
Commitments done
clear
D)
Contingent Liabilities done
clear
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question_answer27)
'Accumulated Dividend Arrears' on preference shares is shown in the company's balance sheet as:
A)
Current Liability done
clear
B)
Contingent Liability done
clear
C)
Commitments done
clear
D)
Short-term Provisions done
clear
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question_answer28)
Per share value of equity share capital and preference share capital is shown as:
A)
par value done
clear
B)
issued price done
clear
C)
face value done
clear
D)
Either [a] or [c] done
clear
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question_answer29)
In a company's balance sheet,........ appear under the head 'non-current assets'.
A)
goodwill done
clear
B)
patents done
clear
C)
vehicles done
clear
D)
All of these done
clear
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question_answer30)
Which of the following is included under 'other income' head?
A)
Purchase of stock done
clear
B)
Sales of stock done
clear
C)
Interest received done
clear
D)
None of these done
clear
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question_answer31)
........... appear in a company's balance sheet under the sub-head short-term provision.
A)
Interest accrued but not due on borrowings done
clear
B)
Provision for Tax done
clear
C)
Unpaid Dividend done
clear
D)
Calls in Advance done
clear
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question_answer32)
Unclaimed dividend appears in a company's balance sheet under the sub-head:
A)
Short-term Borrowings done
clear
B)
Trade payables done
clear
C)
Other Current Liabilities done
clear
D)
Short-term Provisions done
clear
View Solution play_arrow
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question_answer33)
Which of the following items is shown under the head 'current assets' while preparing the balance sheet of a company?
A)
Trade Investment done
clear
B)
Underwriting Commission done
clear
C)
Inventories done
clear
D)
Livestock done
clear
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question_answer34)
While preparing the balance sheet of a company 'securities premium' is shown under:
A)
Current Liability done
clear
B)
Share Capital done
clear
C)
Long-term Borrowing done
clear
D)
None of these done
clear
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question_answer35)
A company took a loan of Rs. 1,00,000 and paid interest of Rs. 10,000 for this year @ 10% on loan amount. This interest will be shown under............ head.
A)
finance cost done
clear
B)
employee benefit expense done
clear
C)
revenue from operation done
clear
D)
None of the above done
clear
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question_answer36)
While preparing the balance sheet of a company which item is shown under the head 'Long term Borrowings'?
A)
6% Debentures done
clear
B)
Security Premium Reserve done
clear
C)
Trade Payables done
clear
D)
None of these done
clear
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question_answer37)
You are required to find heading and sub-heading under which sundry debtors can be shown?
A)
Fixed assets, trade receivables done
clear
B)
Current assets, trade receivables done
clear
C)
Fixed assets, trade payables done
clear
D)
Current assets, trade payables done
clear
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question_answer38)
Calls-in-advance and Interest thereon is shown as:
A)
Shareholders Funds done
clear
B)
Other Non-current Liabilities done
clear
C)
Other Current Liabilities done
clear
D)
Trade Payables. done
clear
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question_answer39)
Identify the item which is not a part of shareholder's funds:
A)
Share Application Money Pending Allotment done
clear
B)
Share Capital done
clear
C)
Reserves and Surplus done
clear
D)
Money Received against Share Warrants done
clear
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question_answer40)
Calculate revenue from operation from following: |
Sales = Rs. 1,04,00,000 |
Sales return = Rs. 4,00,000 |
Sales of scrap = Rs. 50,000 |
Dividend received = Rs. 20,000 |
Interest on fixed deposit = Rs. 60,000 |
A)
Rs. 1,00,00,000 done
clear
B)
Rs. 1,01,30,000 done
clear
C)
Rs. 1,00,80,000 done
clear
D)
Rs. 1,00,50,000 done
clear
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question_answer41)
Calls-in-arrears appear in company's balance sheet under:
A)
Reserve & Surplus done
clear
B)
Shareholder's Funds done
clear
C)
Contingent Liabilities done
clear
D)
Short-term Borrowings done
clear
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question_answer42)
Interest accrued and due on debentures appear in a company's balance sheet under the sub-head:
A)
Short-term Borrowings done
clear
B)
Trade Payables done
clear
C)
Other Current Liabilities done
clear
D)
Short-term Provisions done
clear
View Solution play_arrow
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question_answer43)
While preparing the balance sheet of a company 'Underwriting Commission' is shown under which head?
A)
Unamortised Expenditure done
clear
B)
Current Assets done
clear
C)
Non-current Assets done
clear
D)
Current Liability done
clear
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question_answer44)
Share capital of a company consists of 5,00,000 shares of Rs. 10 each, Rs. 8 called up. All the shareholders have duly paid the called up amount. Share capital will be shown as:
A)
Subscribed and fully paid done
clear
B)
Subscribed but not fully paid done
clear
C)
Either [a] or [b] done
clear
D)
None of the above done
clear
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question_answer45)
Compute cost of material consumed from following: |
Opening inventory = Rs. 5,00,000 |
Materials purchased = Rs. 40,00,000 |
Closing inventory = Rs. 6,00,000 |
A)
Rs. 40,00,000 done
clear
B)
Rs. 39,00,000 done
clear
C)
Rs. 38,00,000 done
clear
D)
Rs. 41,00,000 done
clear
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question_answer46)
Debentures redeemable after 10 years from the date of issue are shown as:
A)
Long-term Borrowings done
clear
B)
Other Long-term Liabilities done
clear
C)
Short-term Borrowings done
clear
D)
Other Short-term Liabilities done
clear
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question_answer47)
From the given items which is not shown under current Liabilities:
A)
Trade Payables done
clear
B)
Short-term Provisions done
clear
C)
Short-term Borrowings done
clear
D)
Inventories done
clear
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question_answer48)
Bills Payable is shown as:
A)
Long-term Borrowings done
clear
B)
Short-term Borrowings done
clear
C)
Other Current Liabilities done
clear
D)
Trade Payables done
clear
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question_answer49)
Which of the following is not a short-term borrowing?
A)
Deposits done
clear
B)
Loans repayable on demand done
clear
C)
Bank overdraft done
clear
D)
Trade receivables done
clear
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question_answer50)
Which of the following is included on assets side?
A)
Share capital done
clear
B)
Inventories done
clear
C)
Bills payable done
clear
D)
None of these done
clear
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question_answer51)
Out of the following items, identify which of the following item is not shown in the note to accounts on other expenses:
A)
Courier Expenses done
clear
B)
Internet Expenses done
clear
C)
Rent for factory done
clear
D)
Wages done
clear
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question_answer52)
Calls-in-advance appear in a company's balance sheet under:
A)
Share Capital done
clear
B)
Current Liability done
clear
C)
Long-term Borrowing done
clear
D)
Reserve & Surplus done
clear
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question_answer53)
Balance sheet and statement of profit and loss are together commonly referred to as:
A)
Receipts and Payments Account done
clear
B)
Common Size Statements done
clear
C)
Financial Statements done
clear
D)
All of the above done
clear
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question_answer54)
Short-term borrowing appear in a company's balance sheet under the head:
A)
Current Assets done
clear
B)
Current Liabilities done
clear
C)
Non-current Liabilities done
clear
D)
Non-current Assets done
clear
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question_answer55)
Find out which of the following is a reserve for distributing dividend?
A)
General reserve done
clear
B)
Capital reserve done
clear
C)
Revaluation reserve done
clear
D)
None of these done
clear
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question_answer56)
Provision for tax appears in a company's balance sheet under the sub-head:
A)
Short-term Provisions done
clear
B)
Reserves and Surplus done
clear
C)
Long-term Provisions done
clear
D)
Other Current Liabilities done
clear
View Solution play_arrow
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question_answer57)
Which of the following items is shown under the head current liabilities' while preparing the balance sheet of a company?
A)
Securities Premium Reserve done
clear
B)
Debentures done
clear
C)
Livestock done
clear
D)
None of the above done
clear
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question_answer58)
Which of the following items is shown under the head 'Non-current Assets' while preparing the balance sheet of a company?
A)
Underwriting Commission done
clear
B)
Current Investment done
clear
C)
Inventory done
clear
D)
Patents done
clear
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question_answer59)
Share application money (refundable) is shown as:
A)
Other Long-term Liabilities done
clear
B)
Other Current Liabilities done
clear
C)
Short-term Provisions done
clear
D)
Short-term Borrowings done
clear
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question_answer60)
Find which of the following is shown in notes to accounts only?
A)
Inventories done
clear
B)
Current investments done
clear
C)
Contingent liability done
clear
D)
Building done
clear
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question_answer61)
From the given items which is a part of current liabilities:
A)
Inventories done
clear
B)
Trade Payables done
clear
C)
Cash and Cash Equivalents done
clear
D)
Trade Receivables done
clear
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question_answer62)
Out of the following identify the item that is not shown in the note to accounts on finance costs:
A)
Interest paid on term loan done
clear
B)
Bank Deposit done
clear
C)
Interest paid on Bank overdraft done
clear
D)
Discount on Issue of Debentures Written-off done
clear
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question_answer63)
Fixed deposits appear in a company's balance sheet under:
A)
Current Assets done
clear
B)
Current Liabilities done
clear
C)
Long-term Provisions done
clear
D)
Long-term Borrowings done
clear
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question_answer64)
Under which heading the item 'bills discounted but not yet matured' will be shown in the balance sheet of a company?
A)
Current Liability done
clear
B)
Current Assets done
clear
C)
Contingent Liabilities done
clear
D)
Unamortised Expenditure done
clear
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question_answer65)
A company has issued 2,00,000 equity shares of Rs. 10 each and it has called the entire nominal value of the share. It has received the entire amount except final call of Rs. 3 per share on 5,000 shares. Subscribed capital will be shown as follows:
A)
B)
C)
Subscribed and fully paid |
1,95,000 Equity shares of Rs. 10 each19,50,000 |
Subscribed but not fully paid |
5,000 Equity shares of Rs. 10 each 50,000 |
Less; Calls-in-arrears 15,000 35,000 |
19,85,000 |
done
clear
D)
Can be shown as [b] or as [c] done
clear
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question_answer66)
Mining rights are:
A)
Tangible Fixed Assets done
clear
B)
Intangible Fixed Assets done
clear
C)
Intangible Assets Under Development done
clear
D)
Capital Work-in-progress done
clear
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question_answer67)
Surplus, i.e., balance in statement of profit and loss is shown as:
A)
Share Capital done
clear
B)
Reserves and Surplus done
clear
C)
Other Long-term Liabilities done
clear
D)
Current Liabilities done
clear
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question_answer68)
Which of the following is not shown as non-current liabilities?
A)
Trade Payables done
clear
B)
Long-term Borrowings done
clear
C)
Deferred Tax Liabilities done
clear
D)
Long-term Provisions done
clear
View Solution play_arrow
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question_answer69)
Which of the following is not a non-current asset?
A)
Fixed Assets done
clear
B)
Share Capital done
clear
C)
Long-term Loans and Advances done
clear
D)
Non-current Investments done
clear
View Solution play_arrow
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question_answer70)
Which of the following is not the internal user of financial statements?
A)
Creditors done
clear
B)
Shareholder's done
clear
C)
Management done
clear
D)
Employees done
clear
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question_answer71)
Which one of the following items is shown under the heading current liabilities' in the balance sheet of a company?
A)
Investments done
clear
B)
Reserve Fund done
clear
C)
Unclaimed Dividend done
clear
D)
Livestock done
clear
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question_answer72)
Change in inventories means:
A)
Difference between opening inventories and closing inventories done
clear
B)
Difference between closing inventories and opening inventories done
clear
C)
Difference between opening inventories and closing inventories, opening inventories are higher done
clear
D)
Difference between closing inventories and opening inventories, closing inventories are higher done
clear
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question_answer73)
Premium on redemption of debentures is shown as:
A)
Long-term Borrowings done
clear
B)
Short-term Borrowings done
clear
C)
Other Long-term Liabilities done
clear
D)
Short-term Provisions done
clear
View Solution play_arrow
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question_answer74)
In a company's balance sheet, debit (negative) balance of statement of profit and loss is shown under:
A)
Non-current Liabilities done
clear
B)
Current Liabilities done
clear
C)
Non-current Assets done
clear
D)
Reserves and Surplus done
clear
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question_answer75)
Which of the following is not a long-term borrowing?
A)
Bonds done
clear
B)
Debentures done
clear
C)
Public deposit done
clear
D)
Trade payables done
clear
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question_answer76)
If the operating cycle cannot be identified, it is assumed to be a period of:
A)
10 months done
clear
B)
11 months done
clear
C)
9 months done
clear
D)
12 months done
clear
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question_answer77)
Patents and trademarks are examples of:
A)
intangible fixed assets done
clear
B)
tangible fixed assets done
clear
C)
intangible assets under development done
clear
D)
capital work-in-progress done
clear
View Solution play_arrow
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question_answer78)
In a company's balance sheet provision for employees benefit to be settled within 12 months is shown under:
A)
Non-current Liabilities done
clear
B)
Current Liabilities done
clear
C)
Non-current Assets done
clear
D)
Current Assets done
clear
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question_answer79)
Which of the following is not included in short-term borrowings?
A)
Loans repayable on demand done
clear
B)
Bank overdraft done
clear
C)
Retirement benefits to employees done
clear
D)
Cash credit from bank done
clear
View Solution play_arrow
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question_answer80)
The maximum amount of capital mentioned in the Memorandum of Association is known as:
A)
Subscribed Capital done
clear
B)
Authorised Capital done
clear
C)
Called-up Capital done
clear
D)
Paid-up Capital done
clear
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question_answer81)
Electricity and telephone expenses paid by the company are shown in statement of profit and loss as:
A)
Cost of Materials Consumed done
clear
B)
Employees Benefit Expenses done
clear
C)
Other Expenses done
clear
D)
Finance Cost done
clear
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question_answer82)
Which of the following is added to subscribed share capital'?
A)
Calls-in-advance done
clear
B)
Calls-in-arrears done
clear
C)
Forfeited Share Account done
clear
D)
All of these done
clear
View Solution play_arrow
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question_answer83)
Calls-in-arrears are deducted from:
A)
Authorised capital done
clear
B)
Issued capital done
clear
C)
Subscribed capital done
clear
D)
All of these done
clear
View Solution play_arrow
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question_answer84)
Revenue earned from the sale of stock-in-trade' is shown in the statement of profit and loss as:
A)
Revenue from Operations done
clear
B)
Other Incomes done
clear
C)
Either [a] or [b] done
clear
D)
None of these done
clear
View Solution play_arrow
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question_answer85)
The shares on which the company has made final call but not received final call w .1 be shown in notes to accounts as:
A)
Subscribed capital and fully paid done
clear
B)
Subscribed but not fully paid done
clear
C)
Paid-up Capital done
clear
D)
None of the above done
clear
View Solution play_arrow
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question_answer86)
In the balance sheet 'unclaimed dividend' is shown as:
A)
Share Capital done
clear
B)
Other Current Liability done
clear
C)
Short-term Provisions done
clear
D)
Short-term Borrowings done
clear
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question_answer87)
Interest received on investments by a financing company will be classified in statement of profit and loss as:
A)
Revenue from operations done
clear
B)
Other Income done
clear
C)
Both [a] and [b] done
clear
D)
None of these done
clear
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question_answer88)
Which of the following is not classified as 'non-current assets'?
A)
Vehicles done
clear
B)
Trade Receivables done
clear
C)
Investments in Property done
clear
D)
Patents done
clear
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question_answer89)
Stores and spares are classified in balance sheet under:
A)
Intangible Assets done
clear
B)
Current Investments done
clear
C)
Inventories done
clear
D)
Cash and cash equivalents done
clear
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question_answer90)
Profit earned during the year by the company is shown under:
A)
Share Capital done
clear
B)
Reserves and Surplus done
clear
C)
Current Liabilities done
clear
D)
Current Assets done
clear
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question_answer91)
Interest earned on bank deposits by a company engaged in manufacturing electronic appliances is shown in the statement of profit and loss as:
A)
Revenue from operations done
clear
B)
Other Incomes done
clear
C)
Both [a] and [b] done
clear
D)
None of these done
clear
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question_answer92)
Proposed dividend of a current year is a:
A)
Contingent Liability done
clear
B)
Surplus done
clear
C)
Non-current Liabilities done
clear
D)
Long-term Loan done
clear
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question_answer93)
Provision for provident fund is shown in the balance sheet of a company under the head:
A)
Reserves and Surplus done
clear
B)
Non-current Liabilities done
clear
C)
Short-term Provisions done
clear
D)
Contingent Liabilities done
clear
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question_answer94)
Cash and Cash equivalents do not include:
A)
Cheques, draft on hand done
clear
B)
Bank Deposits done
clear
C)
Bank overdraft done
clear
D)
None of these done
clear
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question_answer95)
Trade Payable' include:
A)
Creditors done
clear
B)
Bills Payable done
clear
C)
Both [a] and [b] done
clear
D)
None of these done
clear
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question_answer96)
Which of the following is not a limitation of financial statements?
A)
Do not reflect price level changes done
clear
B)
Window Dressing done
clear
C)
Lack of qualitative analysis done
clear
D)
To measure the short-term solvency of business done
clear
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question_answer97)
Which of the following elements is ignored while preparing financial statements?
A)
Quality of management done
clear
B)
Public relations done
clear
C)
Quality of labour done
clear
D)
All of these done
clear
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question_answer98)
Which of the following is not the limitation of financial statements?
A)
Ignore qualitative aspects. done
clear
B)
Personal bias. done
clear
C)
Ignores price level changes. done
clear
D)
Provide information about the profitability of the business. done
clear
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question_answer99)
Cash and cash equivalent does not include:
A)
cheques done
clear
B)
balance with banks done
clear
C)
bank deposit with more than 12 months maturity done
clear
D)
inventories done
clear
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question_answer100)
Money received against share warrants is shown as:
A)
Shareholder's Funds done
clear
B)
Other Long-term Liabilities done
clear
C)
Long-term Provisions done
clear
D)
Other Current Liabilities done
clear
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question_answer101)
Public deposits appear is companies balance sheet under the head/sub-head: (CBSE 2020)
A)
Intangible Assets done
clear
B)
Current Liabilities done
clear
C)
Shareholder's Funds done
clear
D)
Non-current Liabilities done
clear
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question_answer102)
From the following information calculate other income: Sale of product = Rs. 27,000, Sale of services = Rs. 30,000, Commission received = Rs. 60,000, Excise duty paid = Rs. 1,50,000, Dividend from investment =Rs. 10,000
A)
Rs. 70,000 done
clear
B)
Rs. 1,27,000 done
clear
C)
Rs. (23,000) loss done
clear
D)
None of these done
clear
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