Youtuber : Suraj Patel Education
ADVANCED FINANCIAL ACCOUNTING
M.COM [PART 1]
Select the most
appropriate option and rewrite the sentence.
1.
In consolidated balance sheet the investment of the holding company in
equity shares of subsidiary company is replaced by
a.
Assets of subsidiary company
b.
Liabilities of subsidiary company
c.
Assets and Liabilities of subsidiary company
d.
None of the above
2.
P & L A/c of a bank requires –
a.
5 schedules
b.
9 schedule
c.
6 schedule
d.
4 schedule
3.
The person whose risk is insured is an
a.
Insured
b.
Risk insured
c.
Insurer
d.
None of the above
4.
Commission on re-insurance accepted is added to
a.
Commission
b.
Interest
c.
Claims
d.
None of the above
5.
Annual report is to be prepared as per the provisions of
a.
The companies act 1956
b.
The partnership act 1932
c.
The sales of goods act
d.
None of the above
6.
Borrowing cost are
a.
Never capitalized
b.
Sometimes capitalized
c.
Always capitalized
d.
None of the above
7.
Segment liabilities are
a.
Operating liabilities
b.
That result from operating activities of a segment
c.
Directly attributable to segment
d.
All of the above
8.
While calculating earning per share
a.
Deduct tax from earning before tax
b.
Deduct preference dividend from earning after tax
c.
Both a & b
d.
None of the above
9.
Deferred tax liability arises when
a.
Accounting income is less than tax income
b.
Tax on accounting income is less where as payable is more as per income
tax law
c.
A & B
d.
None of the above
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10.
Normal rate of return depends on
a.
Rate of interest
b.
Both a & b
c.
Rate of risk
d.
None of the above
11.
US GAAP are issued by
a.
ICAI
b.
FABS
c.
IASB
d.
IASC
12.
Debt equity ratio shows
a.
Short term solvency
b.
Liquidity
c.
Long term solvency
d.
Profitability
13.
The share of out siders in net assets of subsidiary company is shown under
a.
Outsiders interest on the assets side
b.
Stakeholders interest
c.
Minority
interest
d.
Cost of control
14.
Number of schedules forming part of balance sheet of bank are
a.
12 schedule
b.
16 Schedule
c.
20 schedule
d.
24 schedule
15.
In case of banking company final A/c term loan are disclosed under
a.
Investments
b.
Fixed assets
c.
Advance
d.
Other assets
16.
Human capital is an important
a.
Liability of an organization
b.
Assets of an organization
c.
Expenditure of an organization
d.
Reserve of an organization
17.
In company final A/c. EPS is to be discussed in
a.
Part V
b.
Part IV
c.
Part IV of the schedule
VI
d.
Part I of the schedule VI
18.
IFRS are the
a.
Sets of international financial reporting standards
b.
Rules of indian foreign regulatory services
c.
Sets of auditing standards
d.
International foreign
reserves standard
19.
Convergence of indian accounting standard with IFRS means
a.
Henceforth indian accounting standard shall be known as IFRS
b.
Henceforth IFRS will adopt indian accounting standards
c.
Indian accounting
standard will achieve harmony with IFRS
d.
Henceforth all indian accounting standard shall be withdrawn in favor of
IFRS
20.
General ledger contains accounts relating to
a.
All assets
b.
All personal account
c.
Profit & loss account
d.
All the the above
21.
Dividend declared but not claimed is
a.
Unclaimed dividend
b.
Unpaid dividend
c.
Proposed dividend
d.
Interim dividend
22.
In case of banking company final account saving bank deposits are
disclosed under
a.
Deposited
b.
Fixed assets
c.
Current liabilities
d.
Current assets
23.
In case of banking company final account stock of stationery and stamps
should be disclosed under
a.
Current assets
b.
Fixed assets
c.
Other assets
d.
Cash & cash equivalent
24.
The aim of operative society is
a.
To provide service
b.
To make profit
c.
To do charity
d.
To care for minority
community
25.
Rebate on bill discounted is
a.
Discount received by bank but not earned
b.
Discount earned by bank but not received
c.
Rebate allowed by
customer on bills discounted
d.
Discount charged by bank on bills discounted
26.
Surplus on revaluation should be treated as
a.
Other income
b.
Capital reserve
c.
Statutory reserve
d.
Revenue reserve
27.
In banking co. the heading ‘other assets ‘does not include
a.
Silver
b.
Interest accrued
c.
Interest accrued but not due
d.
Gold
28.
The person whose risk is insured is an
a.
Insured
b.
Insure
c.
Risk bearer
d.
None of the above
29.
Commission on re insurance accepted is added to
a.
Commission
b.
Claims
c.
Interest
d.
None of the above
30.
The 1st items on assets side of the balance sheet of a co
operative society is
a.
Fixed assets
b.
Cash at bank
c.
Cash in bank
d.
Deposits
31.
Tools and equipment are shown in the balance sheet of a co operative
society is
a.
Under fixed assets
b.
Under current assets
c.
Separately
d.
Miscellaneous expenditure
32.
Claims outstanding is shown in the balance sheet of an insurance company
under
a.
Current assets
b.
Current liabilities
c.
Advance
d.
Other assets
33.
Agent ‘balance is shown in the balance sheet of an insurance company under
a.
Current assets
b.
Current liabilities
c.
Advance
d.
Other assets
34.
Reserve for unexpired risk is shown in the balance sheet of a general
insurance company under
a.
Reserve and surplus
b.
Capital
c.
Misc. expenditure not written off
d.
Provision
35.
The time interval between the dates of balance sheet of holding company
and subsidiary company
a.
Can be upto 1 year
b.
Cannot be more than 6
month
c.
Can be more than 6 month
d.
Can be more than 1 year
36.
A member who holds jointly a share of society with other , but whose name
does stand 1st in share certificate
a.
Nominal member
b.
Sympathizer member
c.
Associate member
d.
Co member
37.
Proper custody and maintenance of property belonging to the society is the
function of
a.
The chairman
b.
The managing committee
c.
The secretary
d.
The treasurer
38.
Excess of average profit earned by the firm over and above in normal
profit
a.
Bumper profit
b.
Super profit
c.
Normal return
d.
Excess profit
39.
Amount of capital used by business concern to run its business activity
a.
Capital employed
b.
Share capital
c.
Paid up capital
d.
Authorised capital
40.
Preference share owned by minority share holders are
a.
Added to minority
interest
b.
Deducted from minority interest
c.
Ignored in deciding minority interest
d.
All of the above
41.
A banking company must hold a licence issued by
a.
RBI
b.
SBI
c.
Central government
d.
States government
42.
NPA stand for
a.
Non privilege assets
b.
Non performing assets
c.
Net performing assets
d.
None of the above
43.
Bonus is declared on
a.
Premium paid
b.
Sum assured
c.
Claims paid
d.
None of the above
44.
The currency of the enterprise preparing account is called
a.
Foreign currency
b.
Home currency
c.
Reporting currency
d.
Own currency
45.
Corporate governance is mandatory for
a.
Firms
b.
Companies
c.
Cooperative
d.
Proprietors
46.
Direct borrowing cost should be
a.
Capitalised
b.
Considered as revenue expenditure
c.
Ignored
d.
None of the above
47.
A business segment is a component of an
a.
Organization
b.
Entity
c.
Enterprise
d.
None of the above
48.
Basic EPS used the net profit attributable to
a.
Both equity and preference share holders
b.
Equity share holder only
c.
Preference share holder only
d.
Debenture holder only
49.
As per Indian GAAP financial statements are presented at
a.
Market value
b.
Historical cost
c.
Fair value
d.
Replacement value
50.
Rebate on bill discounted is
a.
Discount received by bank but not earned
b.
Discount earned by bank but not received
c.
Rebate allowed by
customer on bills discounted
d.
Discount charged by bank on bills discounted
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Sir iske ans nahi diye aapane niche
ReplyDeleteone highlighted with the bold font is the answer
DeletePlease give correct answers to this qstn bank...only qstns and choices are given...answers are not provided like the ones provided in the other subjects qstn banks
ReplyDeleteThank you sir
ReplyDelete