Financial Statements and Analysis Test

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Financial Statements and Analysis Test - 24

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Weekly Quiz Competition

Question 1
1 / -0

Which of these event is not a subject-matter of financial accounting.

A
Marriage of key executive of the company.

B
Insurance claim settled by the Insurance company.

C
Retrenchment compensation to the workers

D
Bad debts written off recovered
Question 2
1 / -0

An information is regarded material if.......

A
Its omission or misstatement could influence the decision of the users of the financial statement

B
It meets some financial benchmark

C
If it is substantiated by material evidence

D
All the three
Question 3
1 / -0

The value at which an item appears in the financial statement is called its

A
Historical cost

B
Book value

C
Current cost

D
Depreciable value
Question 4
1 / -0

Which of these types of accounting is catered to the need of external users of financial statements.

A
Management Accounting

B
Financial Accounting

C
Managerial accounting

D
Cost Accounting
Question 5
1 / -0

Which of these information is not readily available from financial statements :......

A
Net profit

B
Provision for taxation

C
Gross block

D
Cost of production
Question 6
1 / -0

A company is expected to earn a profit of Rs.$$1$$ crore from a contract next year, the Accountant of the company is reluctant to account for this expected profit in the current year. He is guided by the Accounting concept of......

A
Materiality

B
Consistency

C
Conservatism

D
Matching
Question 7
1 / -0

Divisible profit includes the following except........

A
Dividend equalization reserve

B
Capital reserve

C
Profit and loss A/c

D
General reserve
Question 8
1 / -0

______________ are long term prepaid expenses which benefits several years in future.

A
deferred charges

B
prepaid expenses

C
miscellaneous expenses to be written off

D
current expenses
Question 9
1 / -0

$$A$$ purchased a car for Rs. $$10,00,000$$, making a down payment of Rs. $$1,00,000$$ and signing a Rs. $$9,00,000$$ bill payable due in 60 days. As a result of this transaction.

A
Total asset increased by Rs. $$10,00,000$$

B
Total liabilities increased by Rs. $$9,00,000$$

C
Total asset increased by Rs. $$9,00,000$$

D
Total asset increased by Rs. $$9,00,000$$ with corresponding increase in liabilities by Rs. $$9,00,000$$
Question 10
1 / -0

Purchase of office equipment on credit results in ________________.

A
Decrease in liability

B
Decrease in Capital

C
Increase in Capital

D
Increase in assets

Solution

After purchasing office equipment on credit, there is an increment both in asset and liability.
Office equipment is coming into the business will result in increase in asset and amount payable to vendor will result in increase in liability.
Therefore, D is the correct answer.

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Re-Attempt Weekly Quiz Competition

Financial Statements and Analysis Test - 24

Result

Financial Statements and Analysis Test - 24

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SHARING IS CARING

Question 1

Marriage of key executive of the company.

Insurance claim settled by the Insurance company.

Retrenchment compensation to the workers

Bad debts written off recovered

Question 2

Its omission or misstatement could influence the decision of the users of the financial statement

It meets some financial benchmark

If it is substantiated by material evidence

All the three

Question 3

Historical cost

Book value

Current cost

Depreciable value

Question 4

Management Accounting

Financial Accounting

Managerial accounting

Cost Accounting

Question 5

Net profit

Provision for taxation

Gross block

Cost of production

Question 6

Materiality

Consistency

Conservatism

Matching

Question 7

Dividend equalization reserve

Capital reserve

Profit and loss A/c

General reserve

Question 8

deferred charges

prepaid expenses

miscellaneous expenses to be written off

current expenses

Question 9

Total asset increased by Rs. $$10,00,000$$

Total liabilities increased by Rs. $$9,00,000$$

Total asset increased by Rs. $$9,00,000$$

Total asset increased by Rs. $$9,00,000$$ with corresponding increase in liabilities by Rs. $$9,00,000$$

Question 10

Decrease in liability

Decrease in Capital

Increase in Capital

Increase in assets

Solution

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Question Analysis

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