ADVANCED FINANCIAL ACCOUNTING

ADVANCED FINANCIAL ACCOUNTING M.com Part 1 MCQ PDF

surajp47263 / January 5, 2022

ADVANCED FINANCIAL ACCOUNTING Mumbai University M.com Part 1 All Subject MCQ Link In One Link 👉Click Here👈 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 D) Only A Best Other MCQ Webside www.surajpateleducation.com All Subject MCQ Link STRATEGIC MANAGEMENT 1) https://www.mumbaiuniversityidol.com/2021/05/mcom-part-1-strategic-management-mcq.html 2) https://www.mumbaiuniversityidol.com/2021/05/strategic-management-mcom-part-1-mcq-pdf.html 3) https://www.mumbaiuniversityidol.com/2021/05/mcom-part-1-strategic-management-mcq-pdf.html ADVANCE COST 1) https://www.mumbaiuniversityidol.com/2021/05/mumbai-university-idol-mcq-pdf-idol.html 2) https://www.mumbaiuniversityidol.com/2021/05/advanced-cost-accounting-mcom-part-1.html 3) https://www.mumbaiuniversityidol.com/2021/05/advance-cost-accounting-mcom-paer-1-mcq.html 4) https://www.mumbaiuniversityidol.com/2021/05/mumbai-university-idol-mcq-pdf-idol.html ECONOMICS OF GLOBAL TRADE & FINANCE https://www.mumbaiuniversityidol.com/2021/05/mcom-part-1-economics-mcq-pdf-economics.html MARKETING STRATEGIES https://www.mumbaiuniversityidol.com/2021/05/marketing-strategies-and-plans-mcom.html ADVANCED FINANCIAL https://www.mumbaiuniversityidol.com/2021/05/mumbai-university-idol-mcq-pdf-idol.html If You Need Most Importance MCQ PDF All Subject Question Bank Than Pay Per Subject Rs 200 Only Contact 8652719712 / 8779537141 Telegram Group Mumbai Univeersity :- https://t.me/mumbaiuniversityidol Suraj Patel Education :- https://t.me/surajpateleducation F.Y.J.C EXAM :- https://t.me/FYJCexam S.Y.J.C EXAM :- https://t.me/SYJCexam F.Y EXAM :- https://t.me/fyexam S.Y EXAM :- https://t.me/syexam T.Y EXAM :- https://t.me/tyexam M.Com Part 1 EXAM :- https://t.me/McomPart1Exam M.Com Part 2 EXAM :- https://t.me/McomPart2Exam M.A EXAM :- https://t.me/mastudentsexam YouTube Channel https://www.youtube.com/channel/UCv8JIY58xfWHUIXVu9wxNHw advanced financial accounting mcqs with answers pdf m.com part 1 advanced financial accounting m.com mcq pdf advanced financial accounting multiple choice questions and answers pdf advanced financial accounting mcqs advanced financial accounting m.com part 1 books advanced 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Financial Account, Question Bank, S.Y.B.COM

Financial Account S.Y.B.com MCQ | Mumbai University IDOL MCQ

surajp47263 / June 25, 2021

1) Worthless asset is debited to capital accounts in their – a) Profit Sharing Ratio b) Capital Ratio c) Final Claim Ratio d) Gain ratio ANS: A 2) Fictitious assets are debited to partners capital accounts in their – a) Profit sharing ratio b) Capital ratio c) Final Claim ratio d) Gain ratio ANS: A 3) A partnership firm is _____ on conversionV inatlou ead L; td. a) Company b) Dissolved c) Conversion d) ignored ANS: B 4) A _____ form of organization is suitable for large scale business. a) Company b) Sole Trader c) Co-operative d) Partnership Firm ANS: A 5) A new company is formed on _____ of a firm into a Ltd. Company a) Conversion b) Dissolved c) admitted d) Admission ANS: A 6) Amount payable by a purchasing company to the vendor firm is called as_____ _____. a) Purchase consideration is settled b) Purchase Consideration ; c) Assets & Liabilities are revalued d) Capital Ratio ANS: B 7) Profit / Loss on realisation is distributed among the partners in their _____ _____ ratio. a) Profit Sharing Ratio ; b) Final Claim Ratio c) Capital Ratio d) Gain ratio ANS: A 8) Cash balance take over by a Ltd. Company is debited to _____ A/c. a) Realization A/c ; b) Capital Accounts c) P & L A/c d) Current Accounts ANS: A 9) For finding unit value capital is divided by a) Profit Sharing Ratio b) Capital Ratio c) Gain Ratio d) Scarifies ratio ANS: A 10) After finding the unit value of three partners A, B and C we select the unit value a) Which is lowest b) Which is highest c) Average d) Ignored ANS: A 11) Unit value we multiply with each one’s a) Profit Sharing Ratio b) Capital Ratio c) Average d) Gain Ratio ANS: A 12) Bank loan is ` 30,000 secured against stock and stock sold for ` 25,000, Balance ` 5,000 is a) Secured b) Unsecured c) Party secured d) Gain Ratio ANS: B 13) Realisation of assets on dissolution is a) Sudden b) Gradual c) Unexpected d) Expected ANS: B 14) External liabilities are liabilities due to a) Partners b) Creditors c) Outsiders d) Employee ANS: C 15) Employees dues are a) Preferential liabilities b) Contingent liabilities c) External liabilities d) Secured liabilities ANS: A 16) Contingent liabilities are the liabilities which are a) Contingent on happening of certain event in future b) Fixed liabilities c) Current liabilities d) Liquid liabilities ANS: A 17) Preferential liabilities are a) Payable to creditors b) Payable to government c) Payable to partners d) Payable to none ANS: B 18) Partners loan is a) Internal liability b) External liability c) Secured liability d) Assets ANS: A 19) Take over of liability by a partner is a) Added to capital of a partner b) Deducted from capital of a partner c) Neglected Recorded in d) Trading A/c ANS: A 20) General Reserve should be a) Distributed in profit sharing ratio b) Distributed in capital ratio c) Not distributed among the partners d) ignored ANS: A 21) Profit & Loss Account debit balance should be a) Deducted from Capitals b) Added to Capitals c) Transferred to Realisation Account d) ignored ANS: A 22) Realisation A/c is prepared in case of a) Admission b) Retirement c) Death d) Dissolution ANS: D 23) After payment of outside liabilities a) Govt. dues should be paid b) Partner’s loan should be paid c) Partner’s capital should be paid d) Expenses should be paid ANS: B 24) After payment of partners loan payment should be made to a) The partner having surplus capital b) The partner having deficiency c) Govt. Loan d) Secured Loan ANS: A 25) In case an asset of a firm purchased by any partner a) Partners’ capital should be debited b) Agreed value should be distributed among all the partners. c) Book value should be distributed among all the partners d) Recorded in trading A/c ANS: A If You Need Most Importance MCQ PDF ECONOMICS Question Bank Than Pay Rs 100 Only Contact 8652719712 / 8779537141 Telegram Group Mumbai Univeersity :- https://t.me/mumbaiuniversityidol Suraj Patel Education :- https://t.me/surajpateleducation F.Y.J.C EXAM :- https://t.me/FYJCexam S.Y.J.C EXAM :- https://t.me/SYJCexam F.Y EXAM :- https://t.me/fyexam S.Y EXAM :- https://t.me/syexam T.Y EXAM :- https://t.me/tyexam M.Com Part 1 EXAM :- https://t.me/McomPart1Exam M.Com Part 2 EXAM :- https://t.me/McomPart2Exam M.A EXAM :- https://t.me/mastudentsexam YouTube Channel https://www.youtube.com/channel/UCNxVWIrZ1JYB4y-bWXfaBAw S.Y.B.COM Other Subject MCQ ADVERTISING S.Y.B.COM https://www.mumbaiuniversityidol.com/2021/04/sybcom-advertising-exam-mcq-pdf.html Foundation Course S.Y.Bcom MCQ https://www.mumbaiuniversityidol.com/2021/04/foundation-course-sybcom-mcq-sybcom.html Business Economics S.Y.B.Com Students MCQ https://www.mumbaiuniversityidol.com/2021/04/sybcom-business-economics-mcq-pdf.html Company Law MCQ PDF https://www.surajpateleducation.com/2020/12/company-law-mcq-pdf.html COMMERCE S.Y.B.COM MCQ PDF https://www.surajpateleducation.com/2020/12/commerce-sybcom-mcq-pdf.html Management Accounts S.Y.B.COM IMPORTANCES MCQ PDF https://www.surajpateleducation.com/2020/12/Management-Accounts%20-S.Y.B.COM-IMPORTANCES-MCQ-PDF.html

ADVANCED FINANCIAL ACCOUNTING M.com Part 1 MCQ PDF

Financial Account S.Y.B.com MCQ | Mumbai University IDOL MCQ

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