ICWAI - Financial Accounting Paper 5 Online Test

MGS Co. purchased a machine costing 1,25,000 for its manufacturing operations and paid shipping costs of 30,000. MGS spent an additional 12,000 testing and preparing the machine for use. What amount should MGS record as the cost of machine? (AS-10)


PQR Ltd. held an average inventory of finished goods of 40,000 (CP) with an inventory turnover ratio of 5. If the gross profit is 25% on the cost of goods sold. What is the total sales during the year?


Independent Branch meant when separate account are maintained by :


Which of the following statement is true:


Dividend is payable on the calls paid in advance by the shareholders.


Which of the following item of cost is not a part of inventory:


On an equity share of Rs. 20, the company has called up Rs. 16 but actually received Rs. 18, the difference of Rs. 2 will be


Overall limit for managerial remuneration is provided in sec ________of the Companies Act.


Arrangement of balance sheet in a proper way is known as


Which of the following statement is true:


Mugdha Ltd. had 1,800 equity shares outstanding as on 01.01.2012 fully paid of ` 10. On 31.10.2002 it issued 600 equity shares of ` 10each,` 5 paid. Calculate weighted number of equity shares as on 31.12.2012.













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