Q2001
Open questionThe head office of "The Institute of Cost and Works Accountants of India" is located at
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Q2002
Open questionIf trade creditors are Rs. 10,000 unpaid expenses 10% of creditors; current rato 2 : 1 and stock Rs. 7,000, then the quick assets will be:
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Q2003
Open questionIf the preference shares are to be redeemed at a premium, the amount of premium may be paid from
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Q2004
Open questionA and B are partners who share profit and loss equally. A with drawing Rs. 400 regularly at the end of each month for half year ended at 30th June 2008. What will be the amount of interest if 5% p.a. interest is charged on drawing?
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Q2005
Open questionGiven below are two statements, one labelled as Assertion (A) and the other as Reason (R)
Assertion (A): Gross profit ratio is calculated on the basis of net sales.
Reason (R): Gross profit ratio measure overall profitability of a concern.
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Assertion (A): Gross profit ratio is calculated on the basis of net sales.
Reason (R): Gross profit ratio measure overall profitability of a concern.
Choose the correct answer:
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Q2006
Open questionThe difference between 'subscribed capital' and 'called up capital' is called
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Q2007
Open questionWages paid for installation of new machines is debited to wages account. This is an error of
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Q2008
Open questionThe Indian Accounting Standard 10 is related to
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Q2009
Open questionAssertion (A): Personal transactions of the business owners are not recorded in the books.
Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
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Q2010
Open questionNet working Capital refers to:
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Q2011
Open questionA, B and C are partners in a firm. Their profit sharing ratio is 4 : 3 : 2. What will be their sacrificing ratio upon admission of D?
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Q2012
Open questionWhen liquidation expenses are paid and borne by the seller company, then it is debited to
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Q2013
Open questionThe benefits of debt financing over equity financing are likely to be highest in which of the following situations?
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Q2014
Open questionRecording of business transaction in a systematic manner and classifying them in ledger is called
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Q2015
Open questionPreparation of consolidated statement as per AS-21 is
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Q2016
Open questionIncome and Expenditure A/c includes figures relating to:
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Q2017
Open questionStatement I IFRS are issued by International Accounting Standard Board (IASB).
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1st January, 2019.
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1st January, 2019.
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Q2018
Open questionShare can be issued at a discount only after . . . . . . . . year from the commencement of business.
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Q2019
Open questionConsider the following statements.
1. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns.
2. Assets are to be shown in the balance sheet at their replacement cost on liquidation.
3. Money measurement concept takes into account changes in the value of monetary unit.
4. When a creditor is paid, this results in decrease of one asset and a corresponding increase in other asset.
Which of the statements given above are correct?
1. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns.
2. Assets are to be shown in the balance sheet at their replacement cost on liquidation.
3. Money measurement concept takes into account changes in the value of monetary unit.
4. When a creditor is paid, this results in decrease of one asset and a corresponding increase in other asset.
Which of the statements given above are correct?
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Q2020
Open questionWhich of the following statement about a minor partner is incorrect?
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