FINANCIAL ACCOUNT T.Y.BAF MCQ BANK | FINANCIAL ACCOUNT MCQ PDF

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T.Y.BAF FINANCIAL ACCOUNT MCQ BANK 
FINANCIAL ACCOUNT MCQ PDF

1. In the case of such societies, the Land and Building do not appear in the Balance Sheet
a. Tenant Co-partnership Societies
b. House Mortgage Societies
c. Tenant Ownership Societies
d. House construction Societies
ANS: C
 

2. Audit charges
a. Rs.1 per member
b. At 10% of service charges
c. Rs. 250
d. Rs. 36 per member per year
ANS: D
 

3. Bye Law No. 69
a. Sharing of the Society Charges by the Members
b. Parking Charges
c. Interest on Delayed Payment of charges
d. Non-occupancy charges
ANS: A
 

4. Books, Records & Registers
a. Bye Law No. 142
b. Bye Law No. 145
c. Bye Law No. 146
d. Bye Law No. 147
ANS: A
 

5. Proper maintenance of accounts relating to financial transactions of the society
a. The chairman
b. The managing committee
c. The secretary
d. The treasurer
ANS: B
 

6. Register of audit objections is required to be maintained by a Co-operative Society under
a. Section 79(1) of M.S.C.S. Act
b. Section 38 of the Co-operative Societies Act read with Rule No. 32
c. Rule No. 65 of M.S.C.S. Rules
d. Rule No. 61 of M.S.C.S. Rules
ANS: C
 

7. Security deposit from electricity consumer’s _______
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
 

8. Section _____________________ of the Act state that no parts of the funds other than the dividend equalisation or Bonus equalisation shall be paid by way to bonus or dividend to its members.
a. 65(1)
b. 65(2)
c. 64
d. 68
ANS: C
 

8. Tools & equipment’s are shown in the balance sheet of a co-operative society________
a. Under fixed assets
b. under current assets
c. Separately
d. miscellaneous expenditure
ANS: C
 

9. The maximum amount of cash allowable to be kept by Consumer Societies
a. Rs. 5,000
b. Rs. 1,000
c. Rs. 500
d. Rs. 300
ANS: A
 

10. The cost of rights share is ______________
a. Added to the cost of investment
b. Subtracted from the cost of investment
c. No treatment is required
d. More than cost on investment
ANS: A
 

11. To keep all the necessary registers and records required by the Act and Rules and bye-laws
a. chairman
b. The managing committee
c. The secretary
d. The treasurer
ANS: B
 

12. In which of the following do debt funds not invest_________
a. Government debt instruments
b. corporate paper
c. Financial institution bonds
d. equity of private companies
ANS: D
 

13. Balance of Accrued interest on 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
 

14. In general terms convergence means ________________
a. To achieve compliance with IFRS
b. To achieve identify with IFRS
c. To achieve harmony in relation to IFRS
d. To rename local accounting standards as IFRS
ANS: C
 

15. Grant received under APDRP of Ministry of Power is accounted for
a. As a liability
b. As a reserve
c. As a capital reserve
d. As a reduction in cost of fixed assets
ANS: C
 

16. In case of Electricity Company, depreciation is charged as per
a. The rate prescribed by the Central Electricity Regulatory Commission
b. The rate prescribed by the Companies Act
c. The rate prescribed by the Income Tax Act
d. The rate prescribed by the Comptroller and Auditor General of India
ANS: A
 

17. In case of Electricity companies, depreciation is charged as per
a. Either Straight line method or Written down value method
b. Either Straight line method or Optimised Depreciation Replacement Cost based method (ODRC)
c. Only the Straight Line Method
d. On the Optimised De Depreciation Replacement Cost based method (ODRC)
ANS: B
 

18. In case of additional capital expenditure by Electricity Companies during the year, depreciation rate should be applied on
a. Closing gross block of assets
b. Opening gross block of assets
c. Average gross block of assets
d. On additional capital expenditure on time basis or pro rata basis
ANS: C
 

19. The entry of mutual fund in India was initiated by mutual fund set up by
a. Public sector banks
b. Private sector mutual funds
c. Unit trust of India
d. Mutual fund set up by the insurance companies
ANS: C
 

20. Mutual funds value their investments
a. At purchase price
b. On a mark-to-market basis
c. At par
d. At book value
ANS: B
 

21. Electricity tariffs are fixed ___________
a. By appropriate commission
b. under electricity (supply) act, 1948
c. Under electricity act, 1910
d. under electricity regulatory commission act, 1948
ANS: A
 

22. Dividends distributed by mutual funds are
a. Taxed at source
b. Taxed in the hands of the investors
c. Are subject to capital gains tax
d. Are tax-free in the hands of the investors
ANS: D
 

23. To keep all the necessary registered & records required by the act and rule and bye laws _________
a. The chairman
b. the managing committee
c. The secretary
d. treasurer
ANS: B
 

24. Which of the following is not an advantage of mutual fund investment over direct investment
a. Higher liquidity
b. Lower transaction costs
c. Greater
d. Guaranteed returns

ANS: D


25. Who is the primary guardian of unit holder’s funds/ assets?
a. The AMC
b. The Trustees
c. The Registration
d. The Custodians

ANS: B

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