- The working of current Purchasing Power Accounting requires classification of balance sheet items into Monetary Items and Non-Monetary Items. Which of the following is a Non-Monetary Item as per current Purchasing Power Accounting?
(a) Cash
(b) Debentures
(c) Debtors
(d) Inventories - Which of the following Ind AS specifically deals with consolidated financial statements?
(a) Ind AS 29
(b) Ind AS 101
(c) Ind AS 110
(d) Ind AS 41 - Which of the following types of audit report are termed together as modified reports as per standards on Auditing (SA) 705?
A. Qualified Report
B. Audit Report with an ‘Emphasis of Matter’ paragraph
C. Disclaimer of opinion Report
D. Adverse Report
Choose the correct answer from the options given below:
(a) A and B Only
(b) A, B and C Only
(c) B and C Only
(d) A, C and D Only - Which of the following statements are incorrect for amalgamation in the nature of merger?
A. All the assets and liabilities of the transferor company are taken over by transferee company.
B. Shareholders holding not less than 95% of the face value of the equity shares of the transferor company become equity shareholders of the transferee company.
C. Payment of purchase consideration may be made in cash per share.
D. Journal entries for recording the merger are passed by pooling of interest method.
E. The business of the transferor company is not intended to be carried on by the transferee company.
Choose the correct answer from the options given below:
(a) A, B, and C Only
(b) B, C and D Only
(c) A and D Only
(d) B, C and E Only - Match the List-I with List-II
List-I List-II (
A. Ind AS 2 I. Property, Plant and Equipment
B. Ind AS 16 II. Fair Value Measurement
C. Ind AS 103 III. Inventories
D. Ind AS 113 IV. Business Combinations
Choose the correct answer from the options given below:
(a) A-I, B-II, C-III, D-IV
(b) A-IV, B-III, C-II, D-I
(c) A-III, B-I, C-IV, D-II
(d) A-III, B-I, C-II, D-IV - A Ltd. makes plastic buckets. Selling price per bucket is 210 and variable cost per bucket is 60. Fixed cost of making buckets is Rs.1,50,000 for the year. The number of buckets to be sold to get a profit of Rs.90000 is:
(a) 714 buckets (b) 428 buckets
(c) 1000 buckets
(d) 1600 buckets - Which of the following statement is incorrect for Management Audit?
(a) Management audit is a statutory requirement.
(b) Management audit is a comprehensive and critical review of all aspects of management process.
(c) Management audit covers wide area of management activities and may be for more than one financial year.
(d) The shareholders or board of directors may appoint the management auditor. - What is the amount of net cash from operating activities of A Ltd. if it has net profit before tax Rs.5,90,000: Depreciation on Property, Plant and Equipment 4,30,000: Decrease in current Assets 30,000: Decrease in Current Liabilities 85000: and Tax Paid Rs.80,000
(a) Rs.9,65,000
(b) Rs.8,85,000
(c) Rs.10,75,000
(d) Rs.9,95,000 - Identify the correct order in which the assets of the firm shall be applied in case of dissolution of a partnership firm
A. Paying to each partner rateably what is due to him from the firm for advances as distinguished from capital.
B. Paying the residues if any to partners in the proportion in which they were entitled to share profit.
C. Paying the debts of the firm to third parties.
D. Paying to each partner rateably what is due to him on account of capital.
Choose the correct answer from the options given below:
(a) A, C, D, B (b) C, A, B, D
(c) C, A, D, B (d) A, B, C, D - Which of the following are the applications of the conservatism principle of accounting?
A. Valuation of stock in trade at the lower of cost or market value
B. Debiting drawings account and crediting purchases account when goods are withdrawn by the proprietor
C. Making provision for bad and doubtful debts
D. Making provision for discount on creditors
E. Creation of investment fluctuation fund
Choose the correct answer from the options given below:
(a) A and C Only
(b) A, B and D Only
(c) B, C and E Only
(d) A, C and E Only
Answer Key
| 1 (d) | 2 (c) | 3 (d) | 4 (d) | 5 (c) |
| 6 (d) | 7 (a) | 8 (b) | 9 (c) | 10 (d) |