41. Balance of share forfeiture account is shown in the balance sheet under the item :
(A) Current liabilities and provisions
(B) Reserve and surplus
(C) Share capital account
(D) Unsecured loan
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42. Which of the following ratios is favourable indication, if it is low ?
(A) Operating ratio
(B) Operating profit ratio
(C) Fixed assets turnover ratio
(D) Current ratio
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43. Income tax was levied in India first by which of the following ?
(A) Sir James Wilson
(B) Sir James
(C) Sir Newton
(D) Sir Lucas Paciolo
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44. Memorandum joint venture account is a:
(A) Personal account
(B) Real account
(C) Nominal account
(D) Joint account
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45. When one company goes in liquidation and a new company is formed to take over the business of the company, which goes in liquidation, this is called :
(A) Amalgamation
(B) Absorption
(C) External reconstruction
(D) Internal reconstruction
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46. Fixed cost per unit increase when :
(A) Variable cost per unit increase
(B) Variable cost per unit decrease
(C) Production volume increase
(D) Production volume decrease
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47. In case of non-agreement of trial balance the amount temporarily put to :
(A) Stock account
(B) Debtors account
(C) Creditors account
(D) Suspense account
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48. Higher debt equity ratio [Debt/Equity] results in :
(A) Lower financial risk
(B) Higher degree of operating risk
(C) Higher degree financial risk
(D) Higher earning per share (EPS)
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49. According to the concept of conservation, the stock-in-trade is valued at :
(A) Cost price
(B) Market price
(C) Cost or market price whichever is higher
(D) Cost or market price whichever is lower
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50. Goods sent by the head office to the branch, but not received by the branch till closing date of accounts year. In this case, head office will place credit to :
(A) Goods in transit account
(B) Trading account
(C) Goods sent to branch account
(D) Branch account
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51. Royalty payable to lessee is debited to:
(A) Royalty account
(B) Landlord account
(C) Profit and loss account
(D) None of the above
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52. The expenses on the debit side of trading account is called :
(A) Establishment expenses
(B) Purchasing expenses
(C) Manufacturing expenses
(D) Selling expenses
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53. Which of the following errors is not disclosed by trial balance ?
(A) Compensating errors
(B) Errors of principles
(C) Errors of omission
(D) All of the above.
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54. Cost of goods sold from the following information will be :
Opening stock ₹3,700, Purchase ₹1,20,000, Closing stock ₹2,500
(A) ₹23,300
(B) ₹20,800
(C) ₹22,000
(D) None of the above
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55. In final accounts abnormal loss of stock is entered in :
(A) Trading account only
(B) Profit & Loss account only
(C) Both (A) and (B)
(D) Balance sheet
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56. Which of the following is not the source of cash ?
(A) Purchase of fixed assets
(B) Funds from operation
(C) Issue of fixed assets
(D) Sales of fixed assets
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57. If royalty payable ₹18,000, short working ₹9,000, minimum rent will be:
(A) Zero
(B) ₹9,000
(C) ₹18,000
(D) ₹27,000
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58. What is transferred to hirer under hire purchase system ?
(A) Ownership of assets
(B) Possession of assets
(C) Ownership and possession of assets
(D) None of the above
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59. The separate record maintained for each item that appears on the financial statement is the :
(A) Ledger
(B) Account
(C) Chart of accounts
(D) None of the above
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60. The software company promoted by Narayana Murthy is :
(A) WIPRO
(B) INFOSYS
(C) SATYAM
(D) HCL
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Question no. 29 ka answer wrong diye ho.
Question 18 ka answer wrong hai iska right Ans option ‘C’ hai