T.Y.BAF Finance Account MCQ

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1. At present, Electricity Companies are governed by

a. Electricity Act, 1910

b. Electricity (Supply) Act, 1948

c. Electricity Regulatory commission Act, 1998

d. Electricity Act, 2003

ANS: D

 

2. Interest on security deposit from electricity consumers ______________

a. is not payable

b. is payable at bank rate or more as prescribed

c. is payable only at bank rate

d. may be paid at a rate lower than the bank rate

ANS: B

 

3. Bye law no-72______

a. Interest on delayed payment of charges

b. Non-occupancy charges

c. Payment of society charges

d. review of case in default of payment

ANS: A

 

4. Electricity Tariffs are fixed

a. by appropriation commission

b. under Electricity (Supply) Act, 1948

c. under Electricity Act, 1910

e. Under Electricity Regulatory commission Act, 1998

ANS: A

 

5. Security deposit from electricity consumer

a. May be collected under section 43 of the Electricity Act, 2003

b. May be collected under section 47 of the Electricity Act, 2003

c. Is the same everywhere in India?

d. Cannot be collected

ANS: B

 

6. Any reduction to market value of current investment from cost on valuation date is debited to_______________

a. Revaluation reserve

b. profit and loss account

c. Capital reserve

d. general reserve

ANS: B

 

7. Balance of security deposit from electricity consumers

a. Is written off

b. Is shown as current liability

c. Is shown as Non-current liability

d. Is shown as current assets

ANS: C

 

8. Formats of financial statement of Electricity companies are laid down in

a. The Central Electricity Regulatory Commission act

b. The Companies Act

c. The Income Tax act

d. The Electricity Act, 2003

ANS: B

 

9. The NAV of each scheme should be updated on AMFI’S website _______

a. Every quarter

b. every month

c. every hour

d. every day

ANS: D

 

10. Total number of international financial reporting standards (IFRS)___________

a. 41

b. 15

c. 33

d. 19

ANS: B

 

11. A mutual fund in India is a

a. Body Corporate

b. Company

c. Trust

d. An asset management company

ANS: C

 

12. A fund sells 100 units of face value Rs. 10 at an NAV of Rs. 12.25. How much would be credited to unit capital?

a. Rs. 1,225

b. Rs. 225

c. Rs. 1,000

d. None of the above

ANS: C

 

13. Which of the following is a disadvantage suffered by a mutual fund investor?

a. High Liquidity

b. Diversification

c. No tailor made portfolio

d. Low investment

ANS: C

 

14. A funds investments at market value total Rs. 700 crores, total liabilities stand at Rs. 50 lakhs and the number of units outstanding is 28 crore. What is the NAV?

a. Rs. 30.19

b. Rs. 24.98

c. Rs. 32.15

d. Rs. 40.49

ANS: B

 

15. XYZ buys 200 Debentures of nominal value of Rs. 100 each of ICICI Ltd. At Rs.98 (cum-interest) on 1-3-2012 from ABC. Interest @ 12% p.a. is to be paid half-yearly on 30th June and 31st December.

a. Nominal value of investment purchased is Rs. 20,000.

b. Nominal value of investment purchased is Rs. 19,600

c. Nominal value of investment purchased is Rs. 20,200

d. Nominal value of investment purchased is Rs. 19,800

ANS: A

 

16. If market value of investment held as current asset is less than cost

a. Difference is credited to profit & loss a/c

b. Difference is debited to profit & loss a/c

c. Difference is ignored

d. Difference is debited to capital reserve a/c

ANS: B

 

17. Balance of security deposit from electricity consumer’s ________

a. Is written of

b. is shown as a current liability

c. is shown as a non current liability

d. is shown as current assets

ANS: C

 

18. The cost of right shares is

a. Added to the cost of investments

b. Subtracted from the cost of investment

c. No treatment is required

d. None of the above

ANS: A

 

19. The whole of the day to day management of a co-operative society vests in ____________

a. The general body

b. the managing committee

c. The secretary

d. the chairman

ANS: B

 

20. Long term investment are carried at

a. Face value

b. Cost price

c. Cost or market value whichever is less

d. Market value

ANS: B

 

21. If market value of investment held as current asset is less than cost ________

a. Difference is credited to profit and loss account

b. Difference is debited to profit and loss account

c. Difference is ignored

d. Difference is debited to capital reserve

ANS: B

 

22. Short term investments are carried at

a. Market value

b. Cost price

c. Cost or market value whichever is less

d. None of the above

ANS: C

 

23. Debts fund target _________

a. Low risk stable income

b. Protection of principal

c. High growth with risk

d. Long term capital appreciation

ANS: B

 

24. Under the Maharashtra Co-op. Societies Act, a society must prepare the profit & loss A/c and the Balance Sheet for an Accounting year.

a. As per Schedule VI

b. In Form M

c. In Form N

d. None of the above

ANS: C

 

25. Financial statements can be described as a complying with IFRS when__________

a. They comply with the majority of requirement of IFRS

b. They comply with the all requirement of IFRS

c. IFRS are adopted word by word

d. They comply with as many requirements of IFRS as possible

ANS: B

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