Search This Blog

Tuesday, September 4, 2012

Financial Accounting Quiz - 16

1. Declared dividend should be classified in the Balance Sheet as a
[B]Current liability
[D]Current asset

2. The issued capital of Marval Ltd. is Rs.12,00,000 divided into 1,20,000 shares which were issued at a premium of 100%. The company offers two shares for every three shares held to its existing shareholders. If the rights issue price is Rs.410 per share and the market value at the time of rights issue is Rs.560 per share, the value of right is

3. AVON Ltd. purchased a machinery in exchange of its debentures. The machinery was installed on March 31, 2003. The value of securities exchanged is Rs.1,85,000. It is expected that the machinery will have a useful life of 10 years after which it will have a salvage value of Rs.5,000. The machinery was put to use with effect from April 01, 2003. The company follows straight line method of depreciation, the amount of depreciation charged for the year 2003-04 is

4. On April 01, 2002, Ray Ltd. purchased furniture for Rs.60,000. The book value of the furniture on March 31, 2004 is Rs.43,350. If the company charges depreciation on furniture under written down value method, the rate of depreciation is

5. Consider the following data pertaining to Dhamaka Ltd.:
The company has issued 10,000 shares of Rs.100 each at a premium of Rs.15. M/s Underwriters & Brokers have taken 100 percent underwriting at a percentage of maximum allowable commission under the Companies Act, 1956. The applications were received for 10,000 shares and allotment was made in full.
The commission payable to M/s Underwriters & Brokers is

6. Brijesh Ltd. issued 10,000 equity shares of Rs.100 each at a premium of Rs.20 payable as follows:
On application Rs.30
On allotment Rs.50 (inclusive of premium)
On first call Rs.20
On final call Rs.20
Applications were received for 10,500 shares.
The company rejected the excess applications for 500 shares and the balance were allotted in full. The company forfeited 500 shares of Mrs. Mithili for non-payment of first call of Rs.20 per share after making the second call. On forfeiture, the Share Capital account will be
[A]Debited by Rs.60,000
[B]Credited by Rs.10,000
[C]Debited by Rs.50,000
[D]Credited by Rs.50,000

7. Consider the following data pertaining to Universe Ltd. as on March 31, 2004:
Total sundry debtors as per Trial Balance Rs.40,600
Bad debts identified after the preparation of Trial Balance Rs.600
Provision for bad debts to be created @ 5% on sundry debtors
Provision for discount on sundry debtors to be created @ 2%.
The amount of provision for discount on sundry debtors to be created for the period ended March 31, 2004 is

8. H. Ltd. acquired 80% shares of S. Ltd. on October 01, 2003. At the time of acquisition, the plant and machinery of S. Ltd. was revalued by H. Ltd. at 20% above its book value of Rs.5,00,000. At the time of consolidation of Balance Sheet on March 31, 2004, the share of H. Ltd. in the profit on revaluation is
[A]Rs.80,000 (Capital profit)
[B]Rs.80,000 (Revenue profit)
[C]Rs.40,000 (Capital profit)
[D]Rs.40,000 (Revenue profit)

9. Consider the following profits pertaining to Vennela Ltd. for the last 3 years:
Year Rs.
1 -- 3,30,000
2 -- 4,20,000
3 -- 4,80,000
The weighted average profit of the company is

10. The following information is given about PS Ltd.:
Inventories Rs.4.0 lakhs
Sundry debtors Rs.3.0 lakhs
Cash and Bank balances Rs.5.0 lakhs
Short-term bank borrowings Rs.1.0 lakhs
Accounts payable Rs.2.2 lakhs
The quick ratio for the firm is

11. Which of the following ratios indicates a firm’s ability to pay its debts in the short run?
[A]Liquidity ratios
[B]Turnover ratios
[C]Coverage ratios
[D]Profitability ratios

12. Which of the following is not a method of computing purchase consideration in case of an amalgamation?
[A]Lump sum method
[B]Net asset method
[C]Net payment method
[D]Super profit method

13. The financial statement which reflects the static picture of the sources and uses of funds is
[A]Funds flow statement
[B]Cash flow statement
[C]Balance sheet
[D]Bank reconciliation statement

14. If machinery account is debited with the amount of repairs incurred on the machine, this is an example of
[A]Compensating error
[B]Error of principle
[C]Error of commission
[D]Error of omission

15. The time interval between the dates of balance sheets of holding company and subsidiary company for the purpose of consolidation of accounts
[A]Can be more than 1 year
[B]Can be more than 9 months but less than 1 year
[C]Can be more than 6 months but less than 9 months
[D]Cannot be more than 6 months


Unknown December 28, 2013 at 3:03 AM  

it is very good but give the solution with answer it is better how to arrive the answer


#AhilyaBaiHolkarJayanti #Current Affairs #FamousPersons #GeneralKnowledge #GK #GS #Hindi #HinduSamrajyaDiwas #Ling #Management #ShivajiMaharaj 2012 2012 GK 2013 Current Affairs 2013 Daily Logo Quiz 2013 General Knowledge 2013 Logo Game Quiz 2014AugustCA 2014AugustGK 2014AugustGS 2014AugustIPC 2014CA 2014DecemberCA 2014DecemberGK 2014DecemberGS 2014DecemberIPC 2014JulyCA 2014JulyGK 2014JulyGS 2014JulyIPC 2014JuneCA 2014JuneGK 2014JuneGS 2014JuneIPC 2014MayCA 2014MayGK 2014MayGS 2014MayIPC 2014NovemberCA 2014NovemberGK 2014NovemberGS 2014NovemberIPC 2014OctoberCA 2014OctoberGK 2014OctoberGS 2014OctoberIPC 2014SeptemberCA 2014SeptemberGK 2014SeptemberGS 2014SeptemberIPC 2015GK 2015GScience 2015IndianPolity 2017 Current Affairs 2017August 2017December 2017November 2017October 2017September 2018 Current Affairs 2018FebruaryCA 2018JanuaryCA 2019GK 2020 Current Affairs 2020AugustCA 2020DecCA 2020GeneralScience 2020GK 2020JulyCA 2020JuneCA 2020MayCA 2020NovCA 2020OctCA 2020SepCA 2020SepGK 2021 April GK 2021 Current Affairs 2021 Feb GK 2021 January GK 2021 March GK 26 January A.R.M.Y. Accounting Adjectives Allahabad AllahabadQuiz Ancient History Angular Framework AngularJS April 2012 April 2013 Current Affairs April 2013 GK April 2013 Vocabulary Quiz April 2014 Aptitude Articles Assam August 2012 August2020 Authors Auto Quiz Automobile Quiz Automotive Quiz B School Banaras Bangalore Quiz Bangtan Sonyeondan Bank Exam Entrance Bank PO Exam Banking Banking Clerical Preparation Banking GK Banking Terminology BAT BCA Benares Benares Quiz Bengaluru Bharat Bollywood Quiz BollywoodPersons Books Boudh Festival Britain BTS Buddhism Festivals Bulletproof Boy Scouts Business Communication Business Current Affairs 2012 Business Ethics Business Law Business Management Business Quiz Business School Interview Business World C Programming Capital Market CAT Celebrity Quiz Christmas Quiz Cities of India City Quiz Civil Service Exams Class12English Class2Computer Class2English Class2GA Class2Maths Class3English Class3GA Class3GK Class3Maths Class4English Class7 Class7English Class8Science Class9English Cloud Computing CMMI-DEV Commodity and Derivatives Commodity Market Quiz Compensation and Benefits Compensation Management Computer Quiz Computers Conjunctive Adverbs Corporate Laws Countries Country Quiz Current Affairs Cyber Security Daily Quote Data Mining Data Science Database Management System DataBase Quiz DBMS DBMS True False Questions December 2012 Current Affairs December 2012 GK December 2013 Deepawali Delhi Delhi Quiz Demonetization Dev Anand Quiz Dev Sahab Dilli Diwali Diwali Quiz Dus ka Dum Eco Quiz Economics Economics MCQ Economics Multiple Choice Economics True False Quiz Email Etiquette English Environment Estimation Models EVS Facts about Allahabad Facts about Bangalore Facts about Delhi Facts about Dev Anand Facts about India Facts about Mahatma Gandhi Facts about Patna Facts about Rabindranath Tagore Facts about Varanasi FamousAuthors FamousBooks February 2012 February 2013 Current Affairs February 2013 GK February 2014 Festival Quiz Festivals of India FestivalWishes Filmy Quiz Finance Finance MCQ Finance Multiple Choice Finance Objective Questions Finance Quiz Finance True False Financial Accounting Financial Institutions Financial Management Firewalls Fun Quiz FunTrivia Gautam Buddha Gender General Knowledge GeneralAwareness Geography Gerunds Ghrisneshwar Jyotirling Temple GK GK Quiz GK2016 GKToday GMAT Grammar GRE English GurPurab Gurudev Rabindranath Tagore GuruPurnima Gyan Guru HarryPotter HCM Helping Verbs Hindi Cinema Hindi Movies Quiz Hindi Synonyms Class 4 Hindi4 Hindu Festivals Hindu Gods Hindustan History Holi Quiz Holika Dahan HR HRD HRM Quiz Human Capital Management Human Resource Human Resource Management Quiz IAS IEO3English IEO4English IIFT IIM Interview IMO3Maths IMO4Maths IndependenceDay. SwatantraDiwas India Quiz Indian Budget Indian Cinema Indian Festivals Indian Polity and Constitution Information Technology International Days International Economics International Finance International Marketing Introduction to Management ISB Interview IT IT Aptitude Jain Festivals Janmashtmi January 2012 January 2013 Current Affairs January 2013 GK January 2014 Java Java Interview Questions Java MCQ Java Multiple Choice Java Programming July 2012 July 2013 Current Affairs July 2013 GK July 2013 Vocabulary Quiz July2020 June 2012 June 2013 GK June 2013 Vocabulary Quiz Jyotirling Kashi Vishwanath Mandir KBC KBC Questions Kedarnath Temple Know Allahabad Know Bangalore Know Delhi Know Patna Law MCQ Law Quiz Learn English LLB Quiz Logical Reasoning Logo Quiz Lohri Lord Buddha Macro Economics Mahatma Gandhi Quiz Maintenance Management MakarSankranti Mallikarjuna Jyotirlinga temple Management Management Accounting Management MCQ Management Quiz Managerial Economics Managerial Effectiveness Manipur MarathaKing March 2012 March 2013 Current Affairs March 2013 GK March 2013 Vocabulary Quiz March 2014 Mark II Function Point Analysis Marketing Marketing Management Quiz MAT MataVaishnoDevi Material Management Material Requirement Planning Materials Management May 2012 May 2013 Current Affairs May 2013 GK May 2013 Vocabulary Quiz May 2014 MBA MBA Entrance MBA IT MCA Medieval History Meghalaya Mental Ability Micro Economics Mizoram MM Modern History Monuments of India Multiple Choice Questions MyGov Quiz Nagaland National Days National Education Policy National Girl Child Day NCERT6Maths NCERT7Geog NCERT7Hindi NCERT7Maths NCERTGeography NCFM NEP2020 New Delhi Nouns November 2012 November 2012 GK November 2013 Numerical Ability OB OB Quiz October 2012 October 2012 GK Olympics Omkareshwar Jyotirlinga Temple Online Quiz Contest Operations Operations Management Organisation Behavior Organisation Behaviour Organizational Behaviour PADMAN Patliputra Patna Patna Quiz PCS Personality Quiz Personnel Administration Personnel Management Quiz PGCPM PGDBA PGDCA PGDIT Placement Papers of IT Companies PMP PMP Certification PMP Questions Portfolio Management Possessive Nouns Pratiyogita Darpan Prayag Production and Operation Management Programming Languages Project Management Project Management MCQ QMBlog QT Quant Quantitative Aptitude Quantitative Technique Quotations Rabindranath Tagore Quiz Rashtriya Ekta Divas RDBMS Republic Day Samanya Gyan Sangam Santa Claus SAP HANA SAT Satyamev Jayate Science Security Analysis September 2012 September 2012 GK Shree Mahakaleshwar Temple Shree Siddhivinayak Ganapati Temple Shree Somnath Temple Siddhartha SNAP Software Testing Spellings Sports SportsPersons Sri Ramanathaswamy Temple SSO StatesOfIndia Static GK Strategic Finance Strategic Management Strategy Strategy True False SundayFun Swami Vivekanand Swami Vivekananda Quiz Synonyms Systems Quiz Taiwan National Day Tata Crucible Teasers Teej Temples Temples of India Time and Calendar TOEFL Trimbakeshwar Jyotirlinga Temple Tripura TV Show UK Quiz United Kingdom Vaidyanatha Jyotirlinga temple Varanasi Verbal Ability Vocab Vocabulary World Heart Day World Mental Health Day World Teachers Day World Tourism Day XLRI Interview