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WorksheetsInquisitive
Total questions: 40
Worksheet time: 8mins
The following are the examples of financial assets except?
Stocks
Bank Loan
Bond
Raw Material
None of the above
Economic life of an enterprise is split into the periodic interval as per ------- concept
Matching
Money Measurement
Perodicity
Accrual
An entry with more than one debit or credit is known as
Compound entry
Single entry
Multiple entry
Double entry
In finance, we refer to the market where new securities are bought and sold for the first time?
Money Market
Capital Market
Primary Market
Secondary Market
Which one of the following can issue the corporate bond?
Individuals
Government
Public limited companies
All of the above
Profit maximization is a?
Long term concept
Short term concept
Both a & b
None
Which is known as the Book of Original Entry
Ledger
Journal
Trial Balance
Cash Book
Amount invested by proprietor into the business is known as
Cash
Capital
Drawings
Investment
A corporation (or a firm) is considered to be owned by its
Founders
Shareholders
Top Management
Board of Directors
Which of the following is NOT an example of intangible assets?
Patents
TradeMarks
Raw material
Technical expertise
What type of risk can be eliminated by diversification?
Specific risk
Security risk
Market risk
Beta
An investment should be accepted if its Net Present Value (NPV) is
0
1
Negative
Positive
Bills of exchange is signed by whom?
Drawer
Drawee
Holder of Bill
Notary public
Noting charges are paid by
Drawer
Drawee
Holder of Bill
Notary Public
Which of the parties can be 'Payee' also
Drawer
Drawee
Debtors
All of the above
A person who endorses a bill
Drawee
Payee
Endorser
Bank
Capital and Revenue expenditure is differentiated following the materiality concept.
True
False
Accounting furnishes data on
Income and cost for the managers
Financial conditions of the institutions
Company’s tax liability for a particular year
All the above
Long term assets having no physical existence but, possessing a value are called
Intangible assets
Fixed assets
Current assets
Investments
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known a
Current assets
Fixed assets
Intangible assets
Investments
The debts which are to be repaid within a short period (a year or less) are referred to as
Current Liabilities
Fixed liabilities
Contingent liabilities
All the above
Gross profit is
Cost of goods sold + Opening stock
Excess of sales over cost of goods sold
Sales fewer Purchases
Net profit fewer expenses of the period
Net profit is computed in the
Profit and loss account
Balance sheet
Trial balance
Trading account
In order to find out the value of the closing stock during the end of the financial year we
do this by stocktaking
deduct the cost of goods sold from sales
deduct opening stock from the cost of goods sold
look in the stock account
If a trial balance totals do not agree, the difference must be entered in
The Profit and Loss Account
A Nominal Account
The Capital Account
A Suspense Account
If we take goods for own use we should
Debit Drawings Account, Credit Purchases Account
Debit Drawings Account: Credit Stock Account
Debit Sales Account: Credit Stock Account
Debit Purchases Account: Credit Drawings Account
Which method does not consider the time value of money
Net present value
Internal Rate of Return
Average rate of return
Profitability Index
Cost of capital is helpful in corporative analysis of various
Source of Finance
Source of Services
Source of material
Product
If the current ratio is 2: 1 and working capital is Rs. 60,000, What is the value of the current assets?
Rs. 60,000
Rs. 1,00,000
Rs. 1,20,000
Rs. 1,80,000
Which one is not an important objective of financial Management?
Profit Maximisation
Wealth Maximisation
Value Maximisation
Maximisation of Social benefit
Which of the following accounting equations is not correct?
Assets = Liabilities + Capital
Capital = Assets - Liabilities
Liabilities = Assets - Capital
Liabilities = Assets + Capital
Debit the receiver, credit the giver is rule for
Personal account
Real account
Nominal account
representative personal account
Profit and loss account starts with
Net Profit
Gross Profit
Net Loss
None of the above
In fund flow statement, repayment of long term loan is,
application of fund
source of fund
source of cash
application of cash
What is the full form of GST?
Goods and Services Tax
Good and Serve Tax
Goods and State Tax
Goods and Supply Tax
Which is the first country in the world to implement GST?
France 1954
UK 1950
India 2017
Japan 1967
Which is the first state to pass GST in India?
Assam
Kolkata
Tamil nadu
Delhi
India's GST is based on which country's model?
Canada
UK
Italy
Italy
When was the Goods and Services Tax GST levied in India?
1st July 2017
1st April 2017
1st August 2016
31st July 2017
How many countries have adopted GST?
160
170
150
161
