Financial Statements 2 Test 27

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Financial Statements 2 Test 27

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Weekly Quiz Competition

Question 1
1 / -0

Recovery of bad debts written off previously will be?

A
Credited to debtors. A/c

B
Adjusted against provision for d

C
Debited to debtors. A/c

D
Credited to profit and loss A/c
Question 2
1 / -0

In case of a debt becoming bad or doubtful, the amount is credited to ____.

A
Bad debts A/c

B
Creditors A/c

C
Debtors A/c

D
Capital A/c

Solution

Journal Entry for Bad debt or creating provision for bad debt:
=> Bad debt/Provision for bad debt A/c Dr. XXX
To Debtors A/c XXX
This entry debits the debt amount to the Bad Debts A/c which is then transferred to Profit and Loss A/c as a loss. Also, it reduces the amount of collectible debtors. Therefore, C is the correct option.
Question 3
1 / -0

More MCQs on Foreign Exchange Management 1. Which of the following is not an example of an international trade draft?

A
Time draft.

B
Sight draft.

C
Both the first and second answers are correct

D
Usance draft
Question 4
1 / -0

Type of financial securities that matures in less than a year are classified as ___________________.

A
Money market securities

B
Capital market securities

C
Saving intermediaries

D
Discounted intermediaries

Solution

The money market is part of the fixed-income market that specializes in short-term debt securities that mature in less than one year. Most money market investments often mature in three months or less.
Question 5
1 / -0

Which of the following stock exchange is derecognized by SEBI on 19.11.2014 on the allegations of serious irregularities in its functioning?

A
Bombay Stock Exchange

B
Delhi Stock Exchange

C
Calcutta Stock Exchange

D
Bangalore Stock Exchange
Question 6
1 / -0

Unemployment due to mechanization of agriculture is ___________.

A
Seasonal

B
Structural

C
Industrial

D
Personal
Question 7
1 / -0

FDI stands for?

A
Foreign Diverse Investment

B
Foreign Dealers in India

C
Frequent Direct Interest

D
Foreign Direct Investment

Solution

FDI stands for foreign direct investment, is an investment made by a firm or individual in one country into business interests located in another country.
Question 8
1 / -0

For contingency exposure of foreign exchange, the best derivative that can be used to hedge is ________________.

A
Forwards.

B
Futures.

C
Options.

D
Swaps.

Solution

For contingency exposure of foreign exchange, the best derivative that can be used to hedge is Options. Options are financial instruments that are derivatives based on the value of underlying securities such as stocks. An options contract offers the buyer the opportunity to buy or sell depending on the type of contract they hold the underlying asset.
Question 9
1 / -0

Bonus under Halsey plan is paid ____________.

A
at 50% of time saved

B
at 75% of time saved

C
at 80% of time saved

D
at 90% of time saved

Solution

Under Halsey Plan, in case, the worker completes the works in less than the standard time, then he/she will be paid according to the actual time, i.e, time-rate plus the bonus calculated at 50% of the saved time. Hence, option A is correct.
Question 10
1 / -0

Furniture of the book value of Rs.1,500 was sold for Rs.600 and new fixture of Rs.1,000 was purchased and cartage of Rs.25 paid.What is the amount of capital expenditure?

A
Rs. 1,500

B
Rs. 900

C
Rs. 1,000

D
Rs. 1,025

Solution

Capital expenditure - An amount spent to acquire or upgrade productive assets (such as buildings, machinery and equipment, vehicles) in order to increase the capacity or efficiency of a company for more than one accounting period. Also called capital spending. for e.g., purchase of furiture and fixture, building/ plant and machinery etc. Cartage is also included in capital expenditure.
Cartage - Charge for transporting goods for short distances, such as within a commercial area or town. Also called drayage or haulage.
The amount of capital expenditure in the given question is -
Purchase of new fixture Rs. 1000
Add : Cartage paid Rs. 25
_________
Total Rs. 1025

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Re-Attempt Weekly Quiz Competition

Financial Statements 2 Test 27

Result

Financial Statements 2 Test 27

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SHARING IS CARING

Question 1

Credited to debtors. A/c

Adjusted against provision for d

Debited to debtors. A/c

Credited to profit and loss A/c

Question 2

Bad debts A/c

Creditors A/c

Debtors A/c

Capital A/c

Solution

Question 3

Time draft.

Sight draft.

Both the first and second answers are correct

Usance draft

Question 4

Money market securities

Capital market securities

Saving intermediaries

Discounted intermediaries

Solution

Question 5

Bombay Stock Exchange

Delhi Stock Exchange

Calcutta Stock Exchange

Bangalore Stock Exchange

Question 6

Seasonal

Structural

Industrial

Personal

Question 7

Foreign Diverse Investment

Foreign Dealers in India

Frequent Direct Interest

Foreign Direct Investment

Solution

Question 8

Forwards.

Futures.

Options.

Swaps.

Solution

Question 9

at 50% of time saved

at 75% of time saved

at 80% of time saved

at 90% of time saved

Solution

Question 10

Rs. 1,500

Rs. 900

Rs. 1,000

Rs. 1,025

Solution

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