Financial Statements of a Company Test 9

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Financial Statements of a Company Test 9

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Weekly Quiz Competition

Question 1
1 / -0

Sec. 182 of 'New Companies Act 2013' describes the provisions regarding ________________________.

A
Restrictions and prohibition about political contribution

B
Restrictions about managerial remuneration

C
Appointment of auditors

D
Operation of Annual General Meeting (AGM)

Solution

Section 182 of the companies act describes the provisions regarding restrictions and prohibitions about political contribution. It states that any company other than a government company which has been existing for a period of more than 3 financial years can contribute money to a political party, which cannot be more than 7.5% of the average profit of the 3 preceding financial years.
Question 2
1 / -0

According to the provisions of Companies Act, 2013, the limit of yearly remuneration payable to a managerial person of a company having the effective capital of Rs. 25 crores shall not exceed _____________.

A
Rs. 80 Lakhs

B
Rs. 75 Lakhs

C
Rs. 70 Lakhs

D
Rs. 42 Lakhs
Question 3
1 / -0

The 'Abnormal Loss' on consignment is credited to _____________.

A
Profit and Loss Account.

B
Consignment Account.

C
Consignor's Personal Account.

D
Consignee's Personal Account.
Question 4
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Directions For Questions

Total assets employed - $$8,00,000$$
\frac{1}{2} of the assets are financed by a loan at an interest rate of $$16\%$$
direct cost for the year $$4,80,000$$
operating expenses $$80,000$$
goods will be sold to customers at $$150\%$$ of the direct cost
Income tax rate - $$50\%$$

...view full instructions

The interest paid during the year is __________.

A
Rs. $$64000$$

B
Rs. $$16000$$

C
Rs $$32000$$

D
Rs $$48000$$
Question 5
1 / -0

Directions For Questions

Total assets employed - $$8,00,000$$
\frac{1}{2} of the assets are financed by a loan at an interest rate of $$16\%$$
direct cost for the year $$4,80,000$$
operating expenses $$80,000$$
goods will be sold to customers at $$150\%$$ of the direct cost
Income tax rate - $$50\%$$

...view full instructions

Assets turnover is ___________.

A
$$0.9$$ times

B
$$0.5$$ times

C
$$0.8$$ times

D
$$0.5$$ times
Question 6
1 / -0

Directions For Questions

Total assets employed - $$8,00,000$$
\frac{1}{2} of the assets are financed by a loan at an interest rate of $$16\%$$
direct cost for the year $$4,80,000$$
operating expenses $$80,000$$
goods will be sold to customers at $$150\%$$ of the direct cost
Income tax rate - $$50\%$$

...view full instructions

Calculate net profit margin ________.

A
$$3.6\%$$

B
$$6.7\%$$

C
$$15\%$$

D
$$20\%$$
Question 7
1 / -0

Directions For Questions

Capital structure of a company is

...view full instructions

The cover for ordinary dividend is _____________.

A
$$1.10$$ times

B
$$1.20$$ times

C
$$1.34$$ times

D
$$1.56$$ times
Question 8
1 / -0

Which of the following is true about financial statements:
a. Financial statements gives a summary of accounts.
b. Financial statements can be stated as recorded facts.

A
Only (a)

B
Only (b)

C
Both (a) and (b)

D
None of the above

Solution

Financial statement is a summarized financial reports which provide the operating results and financial position of the company. Financial statement states recorded facts.

Financial statement analysis is basically study of relationship among various financial facts and figures as given in a set of financial statement.
Question 9
1 / -0

Directions For Questions

Capital structure of a company is

...view full instructions

Earning yield is ___________.

A
$$6.2$$

B
$$7.8$$

C
$$5.9$$

D
$$9.3$$
Question 10
1 / -0

Financial statements are prepared on the basis of facts in the form of cost data recorded in the ______ period.

A
Accounting

B
Financial

C
Managerial

D
None of the above

Solution

Financial statement are summarized financial reports which provide the operating results and financial position of companies, and the detailed information contained therein is useful for assessing the operational efficiency and financial soundness of a company. Generally financial statements are prepared based on the data recorded in the accounting period.

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Re-Attempt Weekly Quiz Competition

Financial Statements of a Company Test 9

Result

Financial Statements of a Company Test 9

Score

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Rank

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SHARING IS CARING

Question 1

Restrictions and prohibition about political contribution

Restrictions about managerial remuneration

Appointment of auditors

Operation of Annual General Meeting (AGM)

Solution

Question 2

Rs. 80 Lakhs

Rs. 75 Lakhs

Rs. 70 Lakhs

Rs. 42 Lakhs

Question 3

Profit and Loss Account.

Consignment Account.

Consignor's Personal Account.

Consignee's Personal Account.

Question 4

Rs. $$64000$$

Rs. $$16000$$

Rs $$32000$$

Rs $$48000$$

Question 5

$$0.9$$ times

$$0.5$$ times

$$0.8$$ times

$$0.5$$ times

Question 6

$$3.6\%$$

$$6.7\%$$

$$15\%$$

$$20\%$$

Question 7

$$1.10$$ times

$$1.20$$ times

$$1.34$$ times

$$1.56$$ times

Question 8

Only (a)

Only (b)

Both (a) and (b)

None of the above

Solution

Question 9

$$6.2$$

$$7.8$$

$$5.9$$

$$9.3$$

Question 10

Accounting

Financial

Managerial

None of the above

Solution

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