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A. Secured loans
B. Unsecured loans
C. Reserve fund
D. Current liability
ANS: 3
2. current assets are expected to realize within
A. 12 months
B. 20 months
C. 24 months
D. 36 months
ANS: 1
3. none monetary item
A. are the items exchange at fair value
B. are the items other than assets and liabilities
C. are assets and liabilities other that monetary items
D. are items not exchanged at fair value
ANS: 3
4. face value debentures of subsidiary company held by holding company is deducted from
A. debentures
B. cost control
C. minority interest
D. debenture in consolidated balance sheets
ANS: 2
5. as 16 deals with
A. borrowing cost
B. eps
C. taxes in income
D. segment reporting
ANS: 1
6. while calculating capital employed
A. tangible trading assets should be considered
B. intangible assets should be considered
C. fictitious assets should be considered
D. only fixed assets should be considered
ANS: 3
7. yield value of shares depends on
A. future maintainable profit
B. paid up capital
C. normal rate of return
D. all of the above
ANS: 4
8. deals with basic objective which underline all financial reporting on the vases of true blood reports
A. tier 1
B. tier 2
C. tier 3
D. tier 4
ANS: 1
9. none monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using exchange rate at the date of the
A. balance sheet
B. settlement
C. closing date
D. transaction
ANS: 3
10. weighted average method of calculating goodwill is used when
A. Profits are not equal
B. profits shown a trend
C. profits are fluctuating
D. none of the above
ANS: 3
11. which of the following is not another name for net assets method
A. intrinsic value
B. breakup value
C. assets backing value
D. yield value
ANS: 2
12. section _ of the cooperative society act provides for investment of fund of a cooperative society
A. 70
B. 50
C. 60
D. 20
ANS: 1
13. pre aquation profit in subsidiary company is considered as
A. revenue profit
B. capital profit
C. goodwill
D. capital reserve
ANS: 2
14. conversion of foreign currency is covered in as
A. 9
B. 13
C. 11
D. 14
ANS: 1
15. money held and assets and liabilities to be received or paid in fixed it determinable amounts of money
A. current items
B. non-monetary items
C. monetary items
D. Foreign exchange contract
ANS: 3
16. Fair value represents
A. transaction value
B. average value
C. market value
D. none of the above
ANS: 4
17. is that company which controls another company
A. subsidiary company
B. foreign company
C. domestic company
D. holding company
ANS: 3
18 classifications Of assets into fixed and current is base on _ concept
A. cost
B. going concern
C. materiality
D. money measurement
ANS: 2
19. is not a principal qualitative characteristic of accounting information
A. relevance
B. reliability
C. comparability
D. prudence
ANS: 3
20. the groups share of the precaution reserved of a subsidiary form part of
A. goodwill calculation
B. the groups capital reserve
C. the groups revenue reserve
D. the groups share capital
ANS: 1
21. the following are the major considerations governing the selection and application of accounting policies except
A. prudence
B. substance over form
C. materiality
D. consistency
ANS: 2
22. the core group has decided to converge to IFRS IN
A. 2 phases
B. 3 phases
C. 4 phases
D. 5 phases
ANS: 2
23. till date the number of IFRI interpretations issued is
A. 12
B. 18
C. 16
D. 21
ANS: 2
24. valuation of goodwill, fixed asserts investments are examples of accounting
A. concepts
B. conventions
C. policies
D. fundamentals
ANS: 1
25. in yield value method the value per equity share id rate of imp divided by normal rate of return x
A. face value per share
B. market value per share
C. paid up value per share
D. intrinsic value per share
ANS: 4
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