As per Indian GAAP financial statements are presented at:
a) Market Value
b) Fair Value c) Cost d) None of the above
a) Market Value
b) Fair Value c) Cost d) None of the above
Anonymous Quiz
31%
a
26%
b
28%
c
15%
d
What is the aim of accounting standards in India?
a) To make financial statements more comparable.
b) To ensure uniformity in accounting policies. c) To guide the judgement of professional accountants. d) All of the above
a) To make financial statements more comparable.
b) To ensure uniformity in accounting policies. c) To guide the judgement of professional accountants. d) All of the above
Anonymous Quiz
5%
a
11%
b
5%
c
79%
d
Which one of the following accounting standard in not mandatory?
a) AS 30- Financial Instruments: Recognition and Measurement
b) AS 31- Financial Instruments: Presentation c) AS 32- Financial Instruments: Disclosures d) All of the above
a) AS 30- Financial Instruments: Recognition and Measurement
b) AS 31- Financial Instruments: Presentation c) AS 32- Financial Instruments: Disclosures d) All of the above
Anonymous Quiz
12%
a
19%
b
19%
c
49%
d
How many mandatory accounting standards are there in India 2020?
a) 29
b) 32 c) 41 d) 112
a) 29
b) 32 c) 41 d) 112
Anonymous Quiz
31%
a
30%
b
33%
c
6%
d
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International Financial Reporting Standards
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International Financial Reporting Standards
The difference in the accounting framework leads to the same transactions having inconsistent treatment across all the countries. Read more about IFRS here.
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Mr. X takes a loan of Rs 50,000 from HDFC Bank. The rate of interest is 10% per annum. The first installment will be paid at the end of year 5. Determine the amount of equal annual installments if Mr. X wishes to repay the amount in five installments.
Anonymous Quiz
23%
Rs 19500
26%
Rs 19400
23%
Rs 19310
27%
None of the above
The Balance sheet of Ram at end of 2013 and 2014 disclose investments in shares of Rs 2000 and Rs 3000, respectively. Rs 100 as pre-acquisition dividend has been credited to investments account. Determine purchase of investments.
Anonymous Quiz
30%
RS 5000
27%
Rs 1000
33%
Rs 1,100
10%
None of the above
Given Net profit for the year Rs 2, 50,000 Transferred to general reserves Rs 40,000 and old machinery bought for Rs 50,000 was sold for Rs 20,000. Calculate funds from operations.
a) Rs 2, 80,000 b) Rs 2, 20,000 c) Rs 2, 90,000 d) Rs 3, 00,000
a) Rs 2, 80,000 b) Rs 2, 20,000 c) Rs 2, 90,000 d) Rs 3, 00,000
Anonymous Quiz
23%
a
39%
b
31%
c
7%
d
Given Sales is 1, 20,000 and Gross Profit is 30,000, the gross profit ratio is
a) 24% b) 25% c) 40% d) 44%%
a) 24% b) 25% c) 40% d) 44%%
Anonymous Quiz
8%
a
40%
b
44%
c
8%
d
What will be the Gross Profit if, total sales is Rs 2,60,000 Cost of net goods sold is Rs 2,00,000 and Sales return is Rs 10,000?
a) 13% b) 28% c) 26% d) 20%
a) 13% b) 28% c) 26% d) 20%
Anonymous Quiz
16%
a
26%
b
28%
c
30%
d
If selling price is fixed 25% above the cost, the Gross Profit ratio is
a) 13% b) 28% c) 26% d) 20%
a) 13% b) 28% c) 26% d) 20%
Anonymous Quiz
13%
a
20%
b
21%
c
47%
d
Determine total as well as per unit contribution if Sales is Rs 40,000, Sales in units is 4,000 and variable cost is Rs 30,000.
a) Rs 10,000 and Rs 2.5 b) Rs 70,000 and Rs 3.5 c) Rs 36,000 and Rs 3.6 d) None of the above
a) Rs 10,000 and Rs 2.5 b) Rs 70,000 and Rs 3.5 c) Rs 36,000 and Rs 3.6 d) None of the above
Anonymous Quiz
50%
a
22%
b
19%
c
9%
d
Determine Contribution if Sales is Rs 1,50,000 and P/V ratio is 40%.
a) Rs 60,000 b) Rs 70,000 c) Rs 30,000 d) None of the above
a) Rs 60,000 b) Rs 70,000 c) Rs 30,000 d) None of the above
Anonymous Quiz
58%
a
17%
b
14%
c
11%
d
Determine Contribution if Fixed cost is Rs 40,000 and profit is Rs 30,000.
a) Rs 60,000 b) Rs 70,000 c) Rs 30,000 d) None of the above
a) Rs 60,000 b) Rs 70,000 c) Rs 30,000 d) None of the above
Anonymous Quiz
13%
a
68%
b
10%
c
9%
d
The ideal level of current ratio is
a) 4:2 b) 2:1 c) Both a and b d) None of the above
a) 4:2 b) 2:1 c) Both a and b d) None of the above
Anonymous Quiz
6%
a
66%
b
23%
c
4%
d
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