Commerce English

Question. According to ownership, Government Company means _________ share

Ans: Whose paid-up share capital's 51% shares are owned by Government

Question. \"A company has a separate legal existence from its members.\" This principle was first laid down in case of -

Ans: Saloman Vs. Saloman & Co. Ltd. (1897)

Question. To appoint new auditor in place of retiring auditor, to adopt the procedure, which section of Companies' Act, 1956 is applicable ?

Ans: 225

Question. Which of the following have lien of Company Auditor ?

Ans: Auditor's working paper

Question. Audit adopted by banking company is -

Ans: Continuous Audit

Question. By whom from the following, auditor can be reappointed ?

Ans: Directors,Shareholders,Central Government

Question. Auditor shall be punished with imprisonment for a maximum period of ____ under Section 539 for falsification in the books of accounts.

Ans: 7 Years

Question. \"Auditor is not an insurer.\" In which of the following cases, the decision has been given ?

Ans: London & General Bank (1895)

Question. The Section 80A of the Companies' Act is related with the redemption of -

Ans: Irredeemable preference shares

Question. Company Auditor is responsible -

Ans: For shareholders

Question. In Balance Sheet, Audit Accounts are audited -

Ans: Annually or half yearly

Question. Verification includes -

Ans: Valuation,Existence,Ownership & Title

Question. Internal check means -

Ans: Checking the work of one person by another automatically

Question. Among the following which is not an error of commission ?

Ans: Escape from posting

Question. The following particulars relate to manufacturing factory for the month of March 2008. Variable cost per unit Rs. 11; Fixed factory overhead Rs. 5,40,000; Fixed selling overhead Rs. 2,52,000; Variable selling cost Rs. 3; Sales Price per unit Rs. 20. Find out the Break-Even Point in rupees -

Ans: Rs. 25,20,000

Question. Calculate Return on Investment/ Return on Proprietor's fund. Gross profit of a firm is Rs. 3,20,000, Operating expenses Rs. 1,00,000, Taxes Rs. 20,000, Owner's fund Rs. 5,00,000, Debenture Interest Rs. 50,000 -

Ans: 30%

Question. If the goods purchased are in transit, then the Journal Entry at the end of the period will be -

Ans: Goods in transit A/c Dr. To Purchases A/c

Question. It is given that cost of stock is Rs. 100. However, its market price is Rs. 98 (buying) and Rs. 140 (selling). If the market price is interpreted as the replacement cost, then the stock should be valued at -

Ans: 98

Question. Social Accounting means -

Ans: Accounting for social benefits and social costs

Question. Recording of capital contributed by the owner as liability ensures the adherence of principle of

Ans: Separate entity

Question. Indian Accounting Standard - 28 is related to -

Ans: Impairment of Assets

Question. Accounting for Intangible Assets are related to -

Ans: AS - 26

Question. P.K Sons purchased a machine on 1st October, 2003 at cost Rs. 2,70,000 and spent Rs. 30,000 on its installation. The firm written off depreciation 10% per annum on original cost every year. The books are closed on 31st March every year. The machine is sold on 30 September, 2006 for Rs. 1,90,000. How much amount will be transferred to P & L A/c as loss on sale of machinery ?

Ans: 20,000

Question. Depletion method of depreciation is used in case of -

Ans: Mines, Quarries, etc.

Question. R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by -

Ans: Rs. 4,00,000

Question. The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of Bonus Share will be -

Ans: Rs. 55,000

Question. As per Schedule VI of the Companies' Act, 1956, Forfeited Share Account will be -

Ans: Deducted from called up capital

Question. From the information given below, calculate Debt service coverage Ratio— Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6,000, Debenture Redemption Fund Appropriation of Outstanding Debentures 10%.

Ans: 4.06 times

Question. Current Ratio is 3.75, Acid Test Ratio is 1.25 Stock Rs. 3,75,000, calculate working capital.

Ans: Rs. 4,12,500

Question. Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock.

Ans: Rs. 75,000

Question. Rate of Gross Profit on cost is 25%. Total sales is Rs. 1,00,000 and Average Stock is Rs. 1,60,000. Stock Turnover Ratio will be—

Ans: 0.5 times

Question. If the current ratio is 2, current assets are worth Rs. 1,600, if current ratio is not allowed to fall below 1.5, how much additional can be borrowed by the company on the short term basis ?

Ans: Rs. 400

Question. Price earnings ratio is 83.33% and E.P.S. is Rs. 30. The market price of equity share will be -

Ans: Rs. 25

Question. Total sales is Rs. 7,60,000, cash sales Rs. 30,000 collection period is 25 days, debtors at Balance Sheet date will be -

Ans: Rs. 50,000

Question. The following data, relates to manufacturing company for the year 2006-07- Net Profit as per P & L A/c-Rs. 2,40,000; Depreciation-Rs. 80,000; Goodwill written-off-Rs. 40,000, Profit on Sale of Fixed Assets-Rs. 16,000, Proposed Dividend-Rs. 96,000. The fund from operation would be-

Ans: Rs. 4,40,000,Rs. 4,00,000,Rs. 6,40,000

Question. For the purpose of preparation of fund flow statement, fund means -

Ans: Working capital

Question. Increase in fixed asset due to purchase is -

Ans: Use of fund

Question. In common size Balance Sheet analysis we evaluate -

Ans: All assets and liabilities are expressed in terms of percentage of total

Question. According to Balance Sheet equation concept, the capital will be -

Ans: Capital = Assets - Liabilities

Question. Final accounts prepared in narrative style are in -

Ans: Vertical form

Question. The Branch of Accounting which is concerned with the processing and presenting data for decision making is known as -

Ans: Management Accounting

Question. The object of 'Agenda' is to inform -

Ans: About the matter in sequence to be discussed in the meeting

Question. Contents of Marine Insurance include -

Ans: Insurance of Cargo, Freight & Hull

Question. In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called -

Ans: Reinsurance

Question. Fire Insurance is based on the principle of -

Ans: Indemnity

Question. The Life Insurance in India was nationalized in the year -

Ans: 1956

Question. Which is not a insurable risk ?

Ans: The Risk of Trading in New Market

Question. Final accounts prepared in narrative style are in -

Ans: Vertical form

Question. It is given that cost of stock is Rs. 100. However, its market price is Rs. 98 (buying) and Rs. 140 (selling). If the market price is interpreted as the replacement cost, then the stock should be valued at -

Ans: 98

Question. To appoint new auditor in place of retiring auditor, to adopt the procedure, which section of Companies' Act, 1956 is applicable ?

Ans: 225

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