Franking machine is used for which of the following work?
A. To issue multiple copies of a letter
B. To print ticket
C. For accounting work
D. For punching card
Select an option to see the answer and solution.
Franco Invoice includes
A. all costs upto putting the goods at the door of the buyer
B. cost, insurance and freight
C. all the costs upto Railway Station
D. all costs upto loading the goods into the railway wagons
Select an option to see the answer and solution.
The final accounts of a Joint Stock Company are prepared in accordance with:
A. Schedule VI of Section 211 of the Companies Act
B. Schedule III of Section 211 of the Companies Act
C. Schedule V of Section 211 of the Companies Act
D. Section 210 of the Companies Act
Select an option to see the answer and solution.
The practice of appending notes regarding contingent liabilities in accounting statements is in pursuance to:
A. Convention of consistency
B. Money measurement concept
C. Convention of conservatism
D. Convention of disclosure
Select an option to see the answer and solution.
Under which concept it is assumed that the enterprises has neither the intention nor the necessity of liquidation or of curtailing materiality the scale of operation?
A. Revenue realization concept
B. Matching cost concept
C. Going concern concept
D. None of these
Select an option to see the answer and solution.
Prepaid expense is treated as:
A. Current asset
B. Current liability
C. Short-term liability
D. None of these
Select an option to see the answer and solution.
A business has the following items in it:
Land Rs. 1,000,000
Machinery Rs. 20,000
Cash Rs. 10,000
Debt Rs. 0
Owner's equity?
What is the valve of owner's equity?
A. Rs. 1020000
B. Rs. 1010000
C. Rs. 1030000
D. None of the above
Select an option to see the answer and solution.
The following comments each relate to the recording of journal entries. Which statement is true?
A. For any given journal entry, debits must exceed credits
B. It is customary to record credits on the left and debits on the right
C. The chart of accounts reveals the amount to debit and credit to the affected accounts
D. Journalization is the process of converting transactions and events into debit/credit format
Select an option to see the answer and solution.
The term 'capital structure' implies:
A. Share Capital + Reserves + Long-Term Debts
B. Share Capital + Long and Short-Term Debts
C. Share Capital + Long-Term Debts
D. Equity and Preference Share Capital
Select an option to see the answer and solution.
Under Management Reporting System, Control Reports and Information Reports are integral part of
A. Financial Reports
B. Operating Reports
C. Both Financial Reports and operating Reports
D. Reports to be given to shares holders
Select an option to see the answer and solution.
Which of the following best describes a trial balance?
A. It is a list of balances on the books
B. It is a special account
C. Shows the financial position of a business
D. Shows all the entries in the books
Select an option to see the answer and solution.
Cost accounting emerged mainly on account of:
A. Statutory requirements
B. Competition in the market
C. Labour unrest
D. Limitations of financial accounting
Select an option to see the answer and solution.
Conversion cost includes cost of converting . . . . . . . . into . . . . . . . .
A. Raw material, WIP
B. Raw material, Finished goods
C. WIP, Finished goods
D. Finished goods, Saleable goods
Select an option to see the answer and solution.
Under the Foreign Trade Policy 2015-2020, following additional ports are allowed for export and import:
(1) Calicut Airport, Kerala
(2) Rajkot Airport, Gujarat
(3) Arakonam ICD, Tamil Nadu
(4) Ludhiana Airport, Punjab
A. (1) and (3)
B. (1) and (4)
C. (2) and (4)
D. (3) and (4)
Select an option to see the answer and solution.
Consider the following characteristics:
(1) High risk high return opportunity
(2) Small and medium size enterprise
(3) Private equity stakes in start-ups
(4) Investment fund
The above attributes are found in:
A. Mutual Funds
B. Venture Capital Funds
C. Qualified Institutional Buyers
D. Domestic Institutional Investors
Select an option to see the answer and solution.
Sales made by Mahesh for cash should be debited to:
A. Cash a/c
B. Mahesh a/c
C. Sales a/c
D. Sales return a/c
Select an option to see the answer and solution.
Dividend capitalisation model was developed by
A. Ezra Solomon
B. Myron J. Gordon
C. James E. Walter
D. Merton H. Miller and Franco Modigliani
Select an option to see the answer and solution.
Lubricants, used regularly in a production process, are classified as:
A. Miscellaneous expense
B. Direct materials
C. Indirect materials
D. Immaterial items
Select an option to see the answer and solution.
Which one refers to cash inflow under payback period method?
A. Cash flow before depreciation and taxes
B. Cash flow after depreciation and taxes
C. Cash flow after depreciation but before taxes
D. Cash flow before depreciation and after taxes
Select an option to see the answer and solution.
Business entity concept distinguishes between:
A. Individual and business
B. Business and business
C. Owners
D. Debtors and creditors
Select an option to see the answer and solution.