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Accountancy Test - 20
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Accountancy Test - 20
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  • Question 1/10
    5 / -1

    Debenture redemption reserve is shown under the head 'shareholders' funds' and sub-head 'reserves and surplus' in the balance sheet of a company.

    Solutions

    The statement is true. A debenture redemption reserve is shown on the balance sheet under:

    • The head 'shareholders' funds'
    • The sub-head 'reserves and surplus'

    This reserve is created to ensure the company has sufficient funds to redeem its debentures when they mature.

  • Question 2/10
    5 / -1

    Copyrights and patents are shown under the head ‘non-current liabilities’ and sub-head ‘other long-term liabilities’ in the balance sheet of a company.

    Solutions

    Copyrights and patents are shown under the head ‘non-current assets’ under the sub-head ‘fixed assets-intangible assets’ in the balance sheet of a company.

  • Question 3/10
    5 / -1

    What will be the amount shown under the head current liabilities when the following data is given?

    Short-term borrowings = ₹ 3,00,000

    Trade Payables = ₹ 2,00,000 Other

    Current Liabilities = ₹ 1,00,000

    Short-term Provisions = ₹ 1,00,000

    Solutions

    Current liabilities = Short-term borrowings + Trade Payables + Other current liabilities + Short-term provisions

    Current liabilities = 3,00,000 + 2,00,000 + 1,00,000 + 1,00,000 

    = ₹ 7,00,000

  • Question 4/10
    5 / -1

    Which of the following is not a sub-head under the current assets?

    Solutions

    They are intangible assets and come under sub-head fixed assets under the head non-current assets.

  • Question 5/10
    5 / -1

    The financial statements provide basic input for industrial, taxation and other economic policies of the government.

    Solutions

    The fiscal policies, particularly taxation policies of the government, are related with the financial performance of corporate undertakings. The financial statements provide basic input for industrial, taxation and other economic policies of the government.

  • Question 6/10
    5 / -1

    Loose tools worth ? 5,000 appear under which of the following head/sub-head in a company’s balance sheet?

    Solutions

    Loose tools are considered as a part of inventories.

  • Question 7/10
    5 / -1

    Which of the following item can be presented on the asset side of the balance sheet of a company?

    Solutions

    Public deposits are long-term borrowings and are non-current liabilities, hence not shown on the assets side of the balance sheet.

  • Question 8/10
    5 / -1

    What is the total under assets side of the balance sheet when the following information is given?

    Non-current Assets = ₹ 5,00,000

    Current Assets = ₹ 2,00,000

    Current Liabilities = ₹ 3,00,000

    Solutions

    Total under assets side = Non-current assets + Current assets = 5,00,000 + 2,00,000

    = ₹ 7,00,000

  • Question 9/10
    5 / -1

    Which of the following is not a part of finance cost (in the statement of profit and loss)?

    Solutions

    They are shown under other expenses.

  • Question 10/10
    5 / -1

    What will be the revenue from operations when the following data is available?

    Sales = ₹ 20,00,000

    Sales Return = ₹ 1,00,000

    Sale of Scrap = ₹ 40,000

    Solutions

    Revenue from operations = Sales -  Sales return + Sale of scrap = 20,00,000 - 1,00,000 + 40,000 
    = ₹ 19,40,000

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