If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____

Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be

What is the present value of an investment that is expected to pay Rs.24,000 at the end of three years if the appropriate discount rate is 14 percent

What is the future value in 10 years of Rs.1,500 payments received at the end of each year for the next 10 years? Assume an interest rate of 8%.

You are given the option of receiving Rs.1,000 now or an annuity of Rs.85 per month for 12 months. Which of the following is correct?

You open a savings account that pays 4.5% annually. How much must you deposit each year in order to have Rs.50,000 five years from now?

Calculate the Average Collection Period from the following details by adopting a 360-day year.

(a) Average Inventory - Rs.360000

(b) Debtors - Rs.240000

(c) Inventory Turnover Ratio - 6

(d) GP Ratio - 10%

(e) Credit Sales to Total Sales - 20%

8. (i) Actual average profit Rs. 72,000

(ii) Normal rate of return 10%

(iii) Assets Rs. 9,70,000

(iv) Current Liabilities Rs. 4,00,000

Goodwill according to capitalization method will be

A and B are partners sharing profits in the ratio of 4:1. A surrenders ¼ of his share and B th surrenders ½ of his share in favour of C, a new partner. Sacrificing ratio of A and B will be ____

PAT – 100/- ; Income tax 30; depreciation – 50 ; Interest on term loan – 50/- ; installment on TL – 75%; what is DSCR

Accounting Standard Board issuing Accounting Standards in India belongs to-

(A) Ministry of Finance (B) Company Law Board (C) Company Law Board (D) None of the above

After re-issue of forfeited shares the balance of forfeited share account is transferred to—

Which of the following Accounting Standards relates to accounting for fixed assets ?

Which of the following is not a current asset ?

8% Government of India security is quoted at RS 120/- The current yield on the security, will be----

A company with equity capital of Rs.50 crores (Face Value of Rs.10/- per share) makes gross profit of Rs.70 crores and net profit after tax of Rs.25 crores. If the market price of its equity share is Rs.50, the PE ratio will be

(i) 50 ii) 5 iii) 20 iv) 10

Under inflationary conditions, ________ method will show highest value of closing stock?

(a) FIFO (b) LIFO (c) Weighted Average (d) None of the above

Sales for the year ended 31st March, 2005 amounted to Rs. 10,00,000. Sales included goods sold to Mr. A for Rs. 50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of

The following is the position of bank doubtful assets, calculate the required provisions:

Doubtful : Amount in Cr.

For one year 900

For two years 600

For three years 400

For more than three years 300

From the following information find out the amount of provisions to be shown in the Profit and Loss Account of a Commercial Bank:

Assets Rs. (in lakhs)

Standard 4,000

Sub-standard 2,000

Doubtful upto one year 900

Doubtful upto three years 400

Doubtful more than three years 300

Loss Assets 500

a. 1316 b. 1280 c. 1701 d. 980

If a firm has Rs.100 in inventories, a current ratio equal to 1.2, and a quick ratio equal to 1.1, what is the firm's Net Working Capital?

a. Rs.0 b. Rs.100 c.Rs.200 d. Rs.1,000 e. Rs.1,200

The spot rate of Rs./Yen is 312/314. Ms. Kiran has exported some material to Japan valued at 3,12,500 yen. How much amount she will realize?

A 6 percent Rs.1,000 bond matures in 4 years, pays interest semiannually, and has a yield to maturity of 6.85 percent. What is the current market price of the bond?

Calculate cross currency rate between Euro/pound(bid as well as ask)

Us $/Rs. Rs 45.04-45.90

Euro/Rs. Rs.60.68-60.96

$/ Pound 0.631-0.650

A & B sharing profits in the ratio 3:1 admit C for 1/5th share in future profits. C acquires 7/8th of share from a and 1/8th from B, What is the new ratio:-

The profits for the last years are Rs.1,40,000. Find the value of the goodwill , if it is calculated on super profits method based on last years profit on the basis of 3 years purchase. The capital employed is Rs.7,50,000 and normal rate of return is 15%:-

1. 2. 3. 4.

Which of the following may not be part of the Bank reconciliation process.

The revenue for transaction of consignment sale is recognized.

Electricity expenditure due for the month of March will appear in the cash book _______

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____

Provision for discount on debtors is calculated on the amount of debtors.

Mr. Ajay purchased a car on 1.6.12 for Rs.5,60,000 and incurred Rs.25,000 for registration. He paid Rs.10,000 for insurance and Rs.1,500 for petrol. What amount should be debited to Car A/c.

Machinery worth (WDV) 1000/- sold for 1200/- is entered in sales register. The rectification is

Sales return of amount Rs.1000 from Vijay was wrongly entered in purchase book. The rectification is

Which of the following will not affect Trial Balance

Which of the following is not a Real Account?

In LIFO method of inventory valuation

In FIFO method of inventory valuation

In FIFO method of inventory valuation

Which of the following is true for leasing and hire purchase

Which of the following is true

In operating lease the period is

Opening balance of asset = Oi, Closing balance of asset = Oc, Depn. = D,

Then addition to the asset during the year is

Under written down value method of Depn., the W D V of the asset is always

On the due date the drawee does not honour the bill, the bill is said to be _____

a) b) c) d)

Cost of goods sold - 95,000, Closing Stock – 8,000, Opening stock – 6,000 What is the purchase

The difference between subscribed capital and called up capital is ___

A Rs.1,000 face value bond currently has a yield to maturity of 8.89 percent. The bond matures in 7 years and pays interest annually. The coupon rate is 9 percent. What is the current price of this bond?

.A real estate investment has the following expected cash flows:

Year Cash Flows

0 outflow 10,00,000

1 inflow 25,00,000

2 50,00,000

3 35,00,000

The discount rate is 8 percent. What is the investment’s net present value?

Minimum Lease Payments (MLPs) is equal to


The objective of the test is to provide the insight of the subject and give some practice as regards the depth of the subject. It is also intended that student should be able to learn the time management. The mock test is designed on platform of giving the weightage to both practical & theory from all the modules of the subject. The test contains 50 MCQ and time allowed is 50 min.

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