ADVANCED FINANCIAL ACCOUNTING
1)
Exchange difference of internal foreign operation is
a)
Transfer to suspense account
b) Transferred to PL account
c)
Transferred to foreign currency translation reserve
d)
Transferred to net investment in integral foreign
operation account
2)
The fundamental objection of an external audit of a
limited company is to
a)
Give advice to shareholder
b)
Detect fraud and errors
c)
Measure the performance and financial position of a
company
d) Provide an opinion on the financial statements
3)
Segment revenue does not include
a)
Revenue from transaction with other segment of the
enterprise
b) Extraordinary items as defined in AS-5
c)
Revenue from sales to external customers
d)
All of the above
4)
In general term ‘convergence ‘ means
a)
To achieve compliance with IFRS
b)
To achieve identity with IFRS
c) To achieve harmony in relation to IFRS
d)
To rename local accounting standard as IFRS
5)
In consumer’s co- operative societies sales made to
members are recorded in
a)
Cash memos
b)
Credit notes
c) Pass books
d)
Debit notes
6)
In the case of fire insurance the provision required
to make against unexpired risk is
a)
40%
b) 50%
c)
100%
d)
30%
7)
Premium shall be recognized as income
a)
When received
b) When due
c)
When received or When due whichever is earlier
d)
When received or When due whichever is later
8)
A rate of return normally expected by the shareholders
on their investment
a)
Super profit
b) Normal rate of return
c)
Dividend
d)
Bonus dividend
9)
Minority interest consists of
a)
Face value of the share held by outsider
b)
Proportional capital profit
c)
Proportional revenue profit
d) All of the above
10)
Interest payable on deposits which is accrued but not
due is shown by the bank under
a)
Deposits
b)
Advance
c) Other liabilities
d)
Contingent liabilities
11)
AS 11 defines ‘foreign operation ‘as an entity whose
activities are based in a foreign country includes
a)
Subsidiary of reporting enterprise
b)
Joint venture of the reporting enterprise
c) Branch of the reporting enterprise
d)
All of the above
12)
A concern should select an accounting policy which
enables it to
a)
Show good profit
b) Present a true and fair view of its state of affairs
and profit or loss
c)
Calculate the correct amount of cash in hand
d)
Pay the proper amount of income tax
13)
The ratio that gives information about earning
available to equity share is
a)
Profit per share
b) Earning per shares
c)
Income per share
d)
None of above
14)
IFRS stands for
a)
Indian financial reporting standards
b) International financial reporting standards
c)
Interim financial reporting standards
d)
Indian foreign reporting standard
15)
Dead stock is shown in the balance sheet of a
co-operative society
a) Under fixed assets
b)
Under current assets
c)
Separately
d)
Miscellaneous expenditure
16)
A life insurer shall prepare the revenue account
(policyholders’ account) in
a)
Form A-RA
b) Form A-PL
c)
Form A-BS
d)
Form B-RA
17)
Rate of profit estimated or expected on capital
employed is
a)
Super profit
b)
Average profit
c) Normal rate of return
d)
None of above
18)
AS 16 deals with cost of
a)
Super profit
b)
Average profit
c) Borrowing
d)
None of above
19)
Segment reporting is governed by AS
a) AS- 14
b)
AS-10
c)
AS-34
d)
AS-23
20)
Earning is the net profit available to
a)
Profit per share
b) Equity
c)
Income per share
d)
None of above
21)
Tax liabilities is recognized on______ basis.
a) Accrual
b)
Shares holders
c)
Material
d)
None of above
22)
Goodwill is an___________ assets.
a)
Tangible
b) Intangible
c)
Fixed assets
d)
Current liabilities
23)
The person whose risk is covered is an ____
a)
Uninsured
b) Insured
c)
Borrowing person
d)
None of above
24)
The Maharashtra co- operative society act was passed
in
a)
1998
b)
1987
c)
1999
d) 1960
25)
Minority interest consist of
a)
More than 50% shares.
b) Less than 50% shares
c)
A & B both
The fundamental objection of an external audit of a
limited company is to
a)
Give advice to shareholder
b)
Detect fraud and errors
c)
Measure the performance and financial position of a
company
d) Provide an opinion on the financial statements
3)
Segment revenue does not include
a)
Revenue from transaction with other segment of the
enterprise
b) Extraordinary items as defined in AS-5
c)
Revenue from sales to external customers
d)
All of the above
4)
In general term ‘convergence ‘ means
a)
To achieve compliance with IFRS
b)
To achieve identity with IFRS
c) To achieve harmony in relation to IFRS
d)
To rename local accounting standard as IFRS
5)
In consumer’s co- operative societies sales made to
members are recorded in
a)
Cash memos
b)
Credit notes
c) Pass books
d)
Debit notes
6)
In the case of fire insurance the provision required
to make against unexpired risk is
a)
40%
b) 50%
c)
100%
d)
30%
7)
Premium shall be recognized as income
a)
When received
b) When due
c)
When received or When due whichever is earlier
d)
When received or When due whichever is later
8)
A rate of return normally expected by the shareholders
on their investment
a)
Super profit
b) Normal rate of return
c)
Dividend
d)
Bonus dividend
9)
Minority interest consists of
a)
Face value of the share held by outsider
b)
Proportional capital profit
c)
Proportional revenue profit
d) All of the above
10)
Interest payable on deposits which is accrued but not
due is shown by the bank under
a)
Deposits
b)
Advance
c) Other liabilities
d)
Contingent liabilities
11)
AS 11 defines ‘foreign operation ‘as an entity whose
activities are based in a foreign country includes
a)
Subsidiary of reporting enterprise
b)
Joint venture of the reporting enterprise
c) Branch of the reporting enterprise
d)
All of the above
12)
A concern should select an accounting policy which
enables it to
a)
Show good profit
b) Present a true and fair view of its state of affairs
and profit or loss
c)
Calculate the correct amount of cash in hand
d)
Pay the proper amount of income tax
13)
The ratio that gives information about earning
available to equity share is
a)
Profit per share
b) Earning per shares
c)
Income per share
d)
None of above
14)
IFRS stands for
a)
Indian financial reporting standards
b) International financial reporting standards
c)
Interim financial reporting standards
d)
Indian foreign reporting standard
15)
Dead stock is shown in the balance sheet of a
co-operative society
a) Under fixed assets
b)
Under current assets
c)
Separately
d)
Miscellaneous expenditure
16)
A life insurer shall prepare the revenue account
(policyholders’ account) in
a)
Form A-RA
b) Form A-PL
c)
Form A-BS
d)
Form B-RA
17)
Rate of profit estimated or expected on capital
employed is
a)
Super profit
b)
Average profit
c) Normal rate of return
d)
None of above
18)
AS 16 deals with cost of
a)
Super profit
b)
Average profit
c) Borrowing
d)
None of above
19)
Segment reporting is governed by AS
a) AS- 14
b)
AS-10
c)
AS-34
d)
AS-23
20)
Earning is the net profit available to
a)
Profit per share
b) Equity
c)
Income per share
d)
None of above
21)
Tax liabilities is recognized on______ basis.
a) Accrual
b)
Shares holders
c)
Material
d)
None of above
22)
Goodwill is an___________ assets.
a)
Tangible
b) Intangible
c)
Fixed assets
d)
Current liabilities
23)
The person whose risk is covered is an ____
a)
Uninsured
b) Insured
c)
Borrowing person
d)
None of above
24)
The Maharashtra co- operative society act was passed
in
a)
1998
b)
1987
c)
1999
d) 1960
25)
Minority interest consist of
a)
More than 50% shares.
b) Less than 50% shares
c)
A & B both
D) Only A
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