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Financial Statements 1 Test 37

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Financial Statements 1 Test 37
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The amount paid for the permission to use mines, patents, copyrights etc. is known as __________ .
    Solution
    Royalty is that amount which a firm has to pay to other party for using its patents, mining rights and copyrights. Once the permission is granted, the firm can produce products similar to that party. Royalty is usually paid at the end of accounting year as the firm wants to try their luck with the same identity. 
  • Question 2
    1 / -0
    Stock of goods in hand at the end of _________ year is known as closing stock.
    Solution
    Closing stock is the number of goods at the end of the accounting year. Every firm records closing stock as per accounting year only because the working cycle of every business is not the same and thus they maintain their accounts as per the year guided by accounting council, that is, 1st April to 31st March. A normal calendar is not used because every firm doesn't wish to work as per precise dates.
  • Question 3
    1 / -0
    The expression 'firm' would include a _________________.
  • Question 4
    1 / -0
    Which of the following is the most valid reason for India to export gold to Bank of England in 1991?
  • Question 5
    1 / -0
    Third step in calculating value of stock with non-constant growth rate is to find ___________.
  • Question 6
    1 / -0
    Financial corporations which serve individual savers and commercial mortgage borrowers are classified as ___________________.
  • Question 7
    1 / -0
    The companies globalize their operations through defficient means ________________.
  • Question 8
    1 / -0
    The objective of financial management is to ___________.
    Solution

    The overall objective of financial management is to provide maximum return to the owners on their investment in the long- term. This is known as wealth maximisation. Wealth maximisation means maximising the market value of investment in shares of the company.

  • Question 9
    1 / -0
    Which of the following is not an intangible asset __________.
  • Question 10
    1 / -0
    Fully paid-up shares are called ___________.
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