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Financial Statements 1 Test 4

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Financial Statements 1 Test 4
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  • Question 1
    1 / -0
    The following figures are taken from a balance sheet.
    Equity share capital - 1,10,000
    6%6\% preference share capital - 30,000
    General reserve - 50,000
    Reserve for contingencies - 20,000
    6% mortgage debentures- 50,000
    Sundry creditors- 20,000
    Preliminary expenses- 5,000
    Prepaid expenses- 4,000
    In this case, the debt equity ratio is?
  • Question 2
    1 / -0
    Calculate the Gross Annual Value from the following details:
    Municipal Value - Rs.45,000Rs. 45,000
    Fair Rental Value - Rs.50,000Rs. 50,000
    Standard Rent - Rs.48,000Rs. 48,000
    Actual Rent - Rs.42,000Rs. 42,000
  • Question 3
    1 / -0
    The dividend per share in a company is Rs. 2, earning per share is Rs. 5, and the market value is Rs. 25. What will be its yield?
    Solution
    Yield ratio = A financial ratio that indicates how much a company earns after   pays out in dividends each year relative to its share price.  yield ratio  is   represented as a percentage.
      yield ratio = ( Earning per share / Share price)* 100
      yield ratio = ( Rs.5 / Rs. 25) * 100
      yield ratio =  20 percent.                                   
  • Question 4
    1 / -0
    Summarizing take place in the form of ________.
    Solution
    The first step in the process of accounting cycle is recording of transactions in journal and ledger. After this process, summarizing takes place. Summarising involves posting from ledger to prepare a trial balance and then the items of trial balance are posted in profit and loss account from which we get the net profit of the firm. After that balance sheet of the company is prepared from which we get the details about the assets and liabilities of the business of the firm. So basically summarizing involves trial balnace,profit and loss account and balancesheet.
  • Question 5
    1 / -0
    When one of the following reflects the over all efficient with which capital is used?
    Solution
    Return on ShareholdersFunds is one of the ratios of overall profitability group, which indicates the profitability of a firm in relation to the funds supplied by the shareholders or owners.
  • Question 6
    1 / -0
    Item which can be grouped and shown under the heading of current assets __________.
    Solution
    Prepaid expenses are those which are not due but already paid. These are considered as part of current assets.

    Debtors are various customers to whom the organization has sold goods on credit. This is part of current assets as these are recoverable in next business cycle.
  • Question 7
    1 / -0
    Gross book value of a self-constructed fixed asset does not include _________________.
  • Question 8
    1 / -0
    In what order, the following assets are shown in the balance sheet of a company?
    i) Trade receivables
    ii) Cash
    iii) Furniture and fittings
    iv) Investment in shares and debentures 
    Solution
    Assets are to be shown in the balance sheet in an order. There are two ways of showing the items of assets & liabilities i.e. Order of permanency and order of liquidity.  This is also called as marshaling of balance sheet. 
    Accordingly , items to be shown as :

    Furniture & Fittings
    Investment in shares & debentures
    Trade receivables
    Cash
  • Question 9
    1 / -0
    When a fixed asset is acquired on hire purchase terms, such an asset is ___________________.
  • Question 10
    1 / -0
    Apprentice premium is credited to __________.
    Solution
    Apprentice Premium is the amount charged from the person whom training is imparted by the business. So it is an income and credited to P & L Account.
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