21. The beginning inventory of the current year is overstated by 5000 and closing inventory is over started by 12000. These errors will effect net income for the current year by:
(A) 17000 (understated)
(B) 17000 (overstated)
(C) 12000 (understated)
(D) 7000 (overstated)
Show Answer/Hide
22. When two or more than two companies doing similar business combine together and farm a new company to take over their business than this combination is called :
(A) Amalgamation
(B) Absorption
(C) Reconstruction
(D) Reconstitution
Show Answer/Hide
23. Responsibility accounting is also known as:
(A) Profitability accounting
(B) Activity accounting
(C) Both (A) and (B)
(D) None of the above
Show Answer/Hide
24. Which of the following pairs is wrong?
(A) Goodwill – Intangible asset
(B) Oil well – Wasting asset
(C) Preliminary expenses – Fictitious asset
(D) Stock in Trade – Liquid asset
Show Answer/Hide
25. If financial leverage is 1.32, then by what percentage will taxable income increase if EBIT increase by 6% ?
(A) 22%
(B) 13.2%
(C) 12%
(D) 7.92%
Show Answer/Hide
26. A partnership firm sold a residential house, under which Section the firm can get exemption a long-term capital gains ?
(A) Section 54
(B) Section 54 D
(C) Section 54 F
(D) Section 54 EC
Show Answer/Hide
27. If in a process, normal loss is 10%, abnormal wastage is 100 units, output is 8,000 units, then number of units introduced in the said process will be :
(A) 8,900 units
(B) 8,910 units
(C) 8,690 units
(D) 9,000 units
Show Answer/Hide
28. Which type of audit is more suitable where there is no satisfactory system of internal check ?
(A) Continuous audit
(B) Interim audit
(C) Cost audit
(D) Tax audit
Show Answer/Hide
29. The name of third partner in the case of Garner versus Merry dispute was :
(A) Smith
(B) J.S. Mill
(C) Wilkins
(D) Irving Fisher.
Show Answer/Hide
30. Which one of the following is not an inventory valuation method :
(A) Weighted average price method
(B) Last In First Out method
(C) Balance sheet method
(D) First In First Out method
Show Answer/Hide
31. Which of the following is not a current asset?
(A) Furniture
(B) Stock
(C) Sundry debtors
(D) Cash at Bank
Show Answer/Hide
32. Goodwill is :
(A) Current assets
(B) Fixed assets
(C) Intangible assets
(D) Fictitious assets
Show Answer/Hide
33. Cost accounting is part of:
(A) Financial accounting
(B) Managerial accounting
(C) Both (A) and (B)
(D) None of the above
Show Answer/Hide
34. When a contract is 50% complete, the amount of profit to be taken credit of will be:
(A) Full amount of profit estimated
(B) 50% of the estimate profit
(C) Two third of the earned profit
(D) None of the above
Show Answer/Hide
35. Which is not the technique of Capital Structure Analysis ?
(A) Trading on equity
(B) Capital gearing
(C) Capital budgeting
(D) Cost of capital
Show Answer/Hide
36. According to Company Act 2013, it is required to pay maximum interest rate on calls in advance :
(A) 5%
(B) 10%
(C) 12%
(D) 15%
Show Answer/Hide
37. What will be quick ratio ? If current ratio = 3:1, stock = 30000, total current liabilities = 60000
(A) 3:1
(B) 2.5:1
(C) 2:2
(D) 1:2.5
Show Answer/Hide
38. If the total assets increased by 1,50,000 and the total liabilities increased by 60,000 in the same accounting period, the capital in that accounting period would :
(A) Decrease by ₹90,000
(B) Increase by ₹90,000
(C) Decrease by ₹60,000
(D) Increase by ₹60,000
Show Answer/Hide
39. Which account is prepared to find out the amount of closing stock ?
(A) Head office account
(B) Branch account
(C) Memorandum stock account
(D) None of the above.
Show Answer/Hide
40. Following transactions were made by a trader. Due to these transactions total of sales book will be :
(i) Sold goods to Gupta = 4,000
(i) Sold goods to Shyam on cash = 35,000
(iii) Sold goods to Mohan on credit= 7,000
(A) ₹11,000
(B) ₹16,000
(C) ₹12,000
(D) ₹9,000
Show Answer/Hide
Question no. 29 ka answer wrong diye ho.
Question 18 ka answer wrong hai iska right Ans option ‘C’ hai