Financial Statements of a Company Test 19

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Financial Statements of a Company Test 19

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Weekly Quiz Competition

Question 1
1 / -0

Goods sent on consignment at Invoice value Rs 1,00,000. It is at cost + 33 1/3 %. 1/5th of the goods was lost in transit. Insurance claim received Rs 5,000. The amount of abnormal loss to be transferred to General P/L is _________________.

A
Rs 15,000

B
Rs 10,000

C
Rs 17,500

D
Rs 11,000
Question 2
1 / -0

Profit prior to incorporation is a......

A
Revenue profit

B
Capital profit

C
Operating profit

D
Abnormal profit
Question 3
1 / -0

Goods of the invoice value of Rs 1,20,000 sent out to consignee at 20% profit on cost. The loading amount will be _____________.

A
Rs 20,000

B
Rs 24,000

C
Rs 25,000

D
None

Solution

The difference between the cost price and the invoice price of goods is known as Loading. Here, the invoice value of the goods is Rs. 1,20,000 and the profit on cost is 20%. So, the cost = Rs. 1,20,000/120 x 100 = Rs. 1,00,000. Therefore, the loading amount = Rs. 1,20,000 – Rs. 1,00,000 = Rs. 20,000.
Question 4
1 / -0

A company wants to issue 1,00,000 equity shares a Rs. 10 each, how much must be called at the time of application of shares

A
Rs. 25 per share

B
Rs. 5 per share

C
Rs. 50 per share

D
Rs. 10 per share
Question 5
1 / -0

Goods sent out on consignment Rs 2,00,000. Consignor's expenses Rs 5000. Consignee's expenses Rs 7,000. Cash sales Rs 2,00,000, credit sales Rs 10,000. Consignment stock Rs 45,000. Ordinary commission payable to consignee Rs 2,000. Del credere commission Rs 3,000. The amount inrrecoverable from customer Rs 2000. What will be the profit on consignment?

A
Rs 38,000

B
Rs 40,000

C
Rs 36,000

D
Rs 43,000
Question 6
1 / -0

When an inflow of economic benefits is probable then a contingent asset is disclosed ___________________.

A
In the cash flow statement

B
In the financial statement

C
In the report of the approving authority

D
None of the above
Question 7
1 / -0

X sends out certain goods at cost + 25% Invoice value of goods sent out Rs 1,00,000. 4/5th of the goods were sold by consignee at Rs 88,000. Commission 2% up to invoice value and 10% of any surplus above invoice value. The amount of commission will be ____________.

A
Rs 2,400

B
Rs 2,600

C
Rs 1,600

D
Rs 800
Question 8
1 / -0

X sends out 4,000 boxes to Y costing Rs 100 each. Consignor's expenses Rs 10,000. 1/10th of the boxes were lost in consignee's godown and treated as normal loss. 2,400 boxes were sold by consignee. The value of consignment stock will be ____________.

A
Rs 1,36,667

B
Rs 1,23,000

C
Rs 1,20,000

D
Rs 1,20,500
Question 9
1 / -0

Which of the following is not true about opinion on financial statement?

A
The auditor should express an opinion on financial statements

B
His opinion is no guarantee to future viability of business

C
He is responsible for detection and prevention of frauds and errors in financial statements

D
He should examine whether recognised accounting principle have been consistency

Solution

Auditors maintain that an audit does not guarantee that all material misstatements will be detected due to the inherent limitation of an audit and that they can obtain only reasonable assurance that material misstatements in the financial statements will be detected.
However, users of financial information expect auditors to take steps to detect fraud during the audit. So, auditors cannot be held responsible for non-detection and not prevention of frauds and errors in financial statements.
Question 10
1 / -0

Balance sheet is prepared to ascertain _________________.

A
Profit or Loss

B
Finacial Position

C
Errors of Accounts

D
Balance of Accounts

Solution

A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet shows the financial position on a particular date. In general it is divided into assets, liabilities and equity. It can be used to compare financial position from the previous years and to track the growth of the company. You can also use the balance sheet to determine how to meet your financial obligations and figure out the best ways in which you can use credit to finance your operations.

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Financial Statements of a Company Test 19

Result

Financial Statements of a Company Test 19

Score

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SHARING IS CARING

Question 1

Rs 15,000

Rs 10,000

Rs 17,500

Rs 11,000

Question 2

Revenue profit

Capital profit

Operating profit

Abnormal profit

Question 3

Rs 20,000

Rs 24,000

Rs 25,000

None

Solution

Question 4

Rs. 25 per share

Rs. 5 per share

Rs. 50 per share

Rs. 10 per share

Question 5

Rs 38,000

Rs 40,000

Rs 36,000

Rs 43,000

Question 6

In the cash flow statement

In the financial statement

In the report of the approving authority

None of the above

Question 7

Rs 2,400

Rs 2,600

Rs 1,600

Rs 800

Question 8

Rs 1,36,667

Rs 1,23,000

Rs 1,20,000

Rs 1,20,500

Question 9

The auditor should express an opinion on financial statements

His opinion is no guarantee to future viability of business

He is responsible for detection and prevention of frauds and errors in financial statements

He should examine whether recognised accounting principle have been consistency

Solution

Question 10

Profit or Loss

Finacial Position

Errors of Accounts

Balance of Accounts

Solution

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