ADVANCED FINANCIAL ACCOUNTING M.COM [PART 1] MCQ

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ADVANCE FINANCIAL ACCOUNT

 M.COM PART 1   

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1. Preparation of consolidated Balance Sheet of Holding Co. and its subsidiary company as per

A.           As 11

B.           AS – 22

C.           AS 21

D.           AS – 23

ANS: C

 

2. The share of outsiders in the Net Assets in subsidiary company is known as under :

A.   outsiders liability

B.   Assets

C.   subsidiary company's liability

D.   Minority Interest

ANS: D

 

3. Pre-acquisition profit in subsidiary company is considered as :

A.   Revenue profit

B.   Capital profit

C.   Goodwill

D.   Non of the above

ANS: B

 

4. Excess of cost of investment over net assets of subsidiary company’s considered as

A.   Goodwill

B.   Capital Reserve

C.   Minority Interest

D.   Non of above

ANS: A

 

5. Profit earned before acquisition of share is treated as

A.           Capital profit

B.           Revenue profit

C.           General Reserve

D.           Revaluation Loss

ANS: A

 

6. Preparation of consolidated statement as per AS 21 is

A.   Optional

B.   Mandatory for listed Companies

C.   Mandatory for Pvt. Ltd.

D.   Companies Ltd. partnership firm

ANS: B

 

7. Consolidated statements are prepared by

A.   Minority

B.   Subsidiary company

C.   Holding Company

D.   Listed subsidiary Co.

ANS: B

 

8. Holding Co. share in capital profits of subsidiary company is adjusted in :

A.   Cost of control

B.   Shown on Assets side of Balance sheet

C.   Revenue profit

D.   None of above

ANS: A

 

9. Unrealised profit on goods sold and included in stock is deducted from :

A.   Capital Profit

B.   Revenue Profit

C.   Fixed Assets

D.   Minority interest

ANS: B

 

10. Face value debentures of subsidiary co. held by Holding

Company is deducted from :

A.   Debentures

B.   Cost of control

C.   Minority interest

D.   Debentures in consolidated balance sheet

ANS:B

 

11. Minority Interest includes :

A.   Share in share capital

B.   Share in Capital profit

C.   Share in Revenue profit

D.   All of the above

ANS: D

 

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12. The Time interval between the date of acquisition of shares in subsidiary company and date of Balance Sheet of Holding Company is known as :

A.           Pre-acquisition period

B.           Post-acquisition period

C.           Pre-commencement period

D.           Pre-incorporation period.

ANS: B

 

13. Pre-acquisition dividend received by Holding company is credited to

A.   profit & loss A/c

B.   Capital profit

C.   Investment A/c

D.   non of the above

ANS: C

 

14. Post Acquisition dividend received by Holding Company is debited to :

A.   Bank A/c

B.   profit & loss A/c

C.   Dividend A/c

D.   Investment A/c

ANS: B

 

15. When cost of acquisition is more than cost of investment in subsidiary company is transferred to

A.           Goodwill

B.           Capital Reserve

C.           Revenue Reserve

D.           Non of the above

ANS: A

 

16. Which Exchange rate will be considered for conversion of share capital of subsidiary company.

A.   Opening Rate

B.   closing rate

C.   Average Rate

D.   Rate of which date share acquired (actual)

ANS: D

 

 

17. Profit earned after acquisition of share is treated as

A.   Capital profit

B.   Revenue profit

C.   General Reserve

D.   Revaluation Loss

ANS: B

 

 

18) For internal purpose, banks may close their accounts on ________________.

A.   31st December

B.   30th June

C.   31st March

D.   30th September

ANS: D

 

19) The principal books of a banking company that gives the summary of the receiving cashier’s counter cash books and the paying cashiers counter cash book.

A.           General Ledger

B.           Saving Bank accounts ledger

C.           Cash book

D.           Investment Ledger

 ANS: C

 

19) The ___________ of section 29 of the Banking Regulation Act, 1949 prescribes formats of Balance sheet and profit and loss account of banking companies.

A.   Third schedule

B.   Second schedule

C.   Sixth schedule

D.   Fourth schedule

ANS: A

 

20) It is the last item to appear under ‘Capital and liabilities of the Balance Sheet of a bank.

A.   Reserves and surplus

B.   Deposits

C.   Borrowings

D.   Other liabilities and provision.

ANS: D

 

21) It is shown by way of a footnote and details are given in schedule 12.

A.   Contingent Liabilities

B.   Other Assets

C.   Investments

D.   Other liabilities and provisions.

ANS: A

 

22) Bills purchased and discounted are shown in _________ on the Balance sheet of a Bank.

     A.   Schedule 10

    B.   Schedule 8

    C.   Schedule 9

    D.   Schedule 12

ANS: C

 

23) Every Bank needs to maintain a cash reserves of at least _________ of the total of its demand and time liabilities.

A.   3 percent

B.   5 percent

C.   7 percent

D.   20 percent

ANS: A

 

24) In respect of sub-standard assets, a general provision of ___________ of the total outstanding should be created.

A.   20 percent

B.   10 percent

C.   30 percent

D.   None of the above

ANS: B

 

25) The assets which does not disclose any problems and which does not carry more than normal risk attached to the business.

A.   Standard assets

B.   Sub-standard assets

C.   Doubtful assets

D.   Loss assets

ANS: A

 

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 M.Com Part 1 Other Subject MCQ 

Strategic Management

1)    https://www.surajpateleducation.com/2021/04/strategic-management-mcq-pdf.html

2)    https://www.surajpateleducation.com/2021/01/strategic-management-mcom-part-1.html

3)    https://www.surajpateleducation.com/2020/11/strategic-management-mcom-part-1-mcq-pdf.html

 

Advance Cost

1)    https://www.surajpateleducation.com/2021/03/mcom-part-1-advance-cost-accounting-mcq.html

2)    https://www.surajpateleducation.com/2020/11/advanced-cost-accounting-mcom-paer-1_28.html

3)    https://www.surajpateleducation.com/2020/11/advanced-cost-accounting-mcom-paer-1.html

 

ECONOMICS OF GLOBAL TRADE & FINANCE

1)    https://www.surajpateleducation.com/2021/01/economics-of-global-trade-finance-mcq.html

2)    https://www.surajpateleducation.com/2021/01/economics-of-global-trade-finance-mcom.html

3)    https://www.surajpateleducation.com/2020/12/economics-mcq-mcom-mumbai-university.html

4)    https://www.surajpateleducation.com/2020/12/economics-mcom-part-1-mcq-pdf.html

 

Human Resource Management

1)    https://www.surajpateleducation.com/2021/01/human-resource-management-multiple.html

2)    https://www.surajpateleducation.com/2020/11/human-resource-management-mcom-part-1_25.html

3)    https://www.surajpateleducation.com/2020/11/human-resource-management-mcom-part-1.html

 

Marketing Strategies

1)    https://www.surajpateleducation.com/2020/11/marketing-strategies-and-plans-mcom.html

2)    https://www.surajpateleducation.com/2020/11/marketing-strategies-and-plans-mcq-mcom.html

 

Advanced financial

https://www.surajpateleducation.com/2020/11/advanced-financial-accounting-mcom-part_27.html

 

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