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Accountancy Test - 18

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Accountancy Test - 18
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Weekly Quiz Competition
  • Question 1
    5 / -1

    Financial statements are useful for both short-term and long-term investors.

    Solution

    Financial statements help the investors to assess long-term and short-term solvency as well as the profitability of the concern.

  • Question 2
    5 / -1

    The financial statements provide basic input for industrial, taxation and other economic policies of the government.

    Solution

    The fiscal policies, particularly taxation policies of the government, are related with the financial performance of corporate undertakings. The financial statements provide basic input for industrial, taxation and other economic policies of the government.

  • Question 3
    5 / -1

    What will be the amount shown under the head current assets when the following data is given?

    Inventories = ₹ 2,30,000

    Trade Receivables = ₹ 70,000

    Cash and Cash Equivalents = ₹ 50,000

    Current Investments = ₹ 50,000

    Solution

    Current assets = Inventories + Trade receivables + Cash and cash equivalents + Current investments

    Current assets = 50,000 + 70,000 + 50,000 + 2,30,000 = ₹ 4,00,000

  • Question 4
    5 / -1

    Which of the following item can be presented on the asset side of the balance sheet of a company?

    Solution

    Public deposits are long-term borrowings and are non-current liabilities, hence not shown on the assets side of the balance sheet.

  • Question 5
    5 / -1

    Which of the following is not included under ‘revenue from operations’ in the statement of profit and loss?

    Solution

    It is included in ‘other incomes’ in the statement of profit and loss.

  • Question 6
    5 / -1

    For a financial company, interest on loans given is shown in the statement of profit and loss as

    Solution

    Lending is an operating activity for financial companies, so interest on loans is an operating income for them, hence included under revenue from operations.

  • Question 7
    5 / -1

    There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below.

    Assertion (A): The management uses accounting information to arrive at various decisions like determination of selling price, cost controls, investment into new ventures, etc.

    Reason (R): The management has the responsibility to safeguard the customer’s investment and increase its value by managing the business efficiently.

    Solution

    The management has the responsibility to safeguard the owner’s investment and increase its value by managing the business efficiently.

  • Question 8
    5 / -1

    Read the following case study and answer the question on the basis of the same.

    XYZ Ltd. is a financial company. For the year 2020-21 interest on loans given amounted to ₹4,00,000 and fees received for arranging loans amounted to ₹ 1,00,000.

    Its miscellaneous income amounted to ₹ 50,000. Further, a building was sold during the year on which XYZ Ltd. earned a profit of ₹ 70,000. Moreover, it earned a profit of ₹ 75,000 on the sale of investments during the year.

    Profit on sale of investments will be shown as in the statement of profit and loss.

    Solution

    Revenue from operations as it is a financial company.

  • Question 9
    5 / -1

    Which of the following is not included under the head shareholder’s fund?

    Solution

    It is included under non-current liabilities.

  • Question 10
    5 / -1

    Which of the following is not presented under ‘current liabilities’ in the balance sheet of a company?

    Solution

    Deferred tax liabilities

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