Inter PN-6 Financial Accounting Quiz 6

1. As per AS 11 Monetory Items excludes .

2. According to AS 11 (Revised) the difference between the forward rate and the exchange rate at the date of transaction should be                 .

3. ₹ 10 lakhs Grant received for assets (life 10 years). Income credited to Profit and Loss A/c every year under Deferred Income Method is           .

4. Grants which are in the nature of Promoter's Contribution is accounted under     

5. Borrowing cost includes         

6. As per AS 22 an example of permanent difference is            

7. An entity has acquired an Asset costing ₹1,00,000 for production of certain items to be sold by it. It is deductible equally over 2 years in the books of accounts. In Tax Law, ₹75,000 is deductible in year 1 and balance is deductible in year 2. Tax rate is 10%. In year 2, The entity should  

8. Areas involving different accounting policies by different enterprises is/are             

9. Full form of IFRS   

10. As per AS 1, where a company should disclose its accounting policies?

11. Which of the following is not a fundamental accounting assumption?

12. All of the following costs are excluded while computing value of inventories except                .

13. As per AS 16 all of the following are qualifying assets except

14. As per AS 10 "Property,Plant and Equipment', an enterprise holding investment properties should value Investment Property                 .

15. Accounting standard in India are issued by

16. In January, a Firm took an insurance policy for ₹60 lakhs to insure goods in its godown against fire, subject to Average Clause.on 7th March, a Fire broke out destroying goods costing ₹44 lakhs. Stock in godown was estimated at ₹80 lakhs. Compute the amount of Insurance Claim.

17. On 1st April 2022, a car company sold to A Bros. a Motorcar on Hire Purchase basis.Total Hire Purchase Price was ₹4,60,000 with down payment of ₹1,60,000. Balance amount was to be paid in three Annual Instalments of ₹1,00,000 each. The first instalment payble on 31st March,2023. Cash Price was ₹4,00,000. compute the interest of second year.

18. CP Points sells Computers on Hire Purchase basis at cost plus 25%. Terms of sale are ₹10,000 down payment and eight monthly instalments of ₹5,000 each for each computer. Compute the HP Price per computer.

19. Assets are generally repossessed at a mutual agreed                 .