Accounts Self Assessment Test

137 Questions | Attempts: 651

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Questions and Answers
  • 1. 
    An adjusting event may require adjustment of?
    • A. 

      Only Assets and expenses

    • B. 

      Only Liabilities and incomes

    • C. 

      Both of the above

    • D. 

      None of the above

  • 2. 
    Grant date + vesting date = Exercise date 
    • A. 

      True

    • B. 

      False

    • C. 

      Cannot say

    • D. 

      None

  • 3. 
    AS-9 is not applicable in case of an Electricity Generation Company?
    • A. 

      True

    • B. 

      False

  • 4. 
    Rates for depreciation mentioned in CERC Regulations are different from the rates mentioned in the Companies Act 2013?
    • A. 

      True

    • B. 

      False

  • 5. 
    Interest accrued on Security Deposit of an Electricity Supply Company is?
    • A. 

      Current liability

    • B. 

      Long term liability

    • C. 

      Non-current liability

    • D. 

      Contingent liability

  • 6. 
    Profit on redemption of debenture is a?
    • A. 

      Extra ordinary profit

    • B. 

      Ordinary profit

    • C. 

      Capital profit

    • D. 

      None of the above

  • 7. 
    What is the rate of Debenture Redemption Reserve for private placement by an NBFC?
    • A. 

      50%

    • B. 

      30%

    • C. 

      25%

    • D. 

      NIL

  • 8. 
    Can an option given to employee be transferred to another employee?
    • A. 

      Yes can be

    • B. 

      No it cannot

    • C. 

      Yes as per specific company policy

    • D. 

      Sometimes

  • 9. 
    Can publicity cost be capitalized for a new technology which was a failure?
    • A. 

      Yes can be

    • B. 

      No it should be charged to expense

  • 10. 
    What cannot be included in the capitalization cost of internally generated intangible asset?
    • A. 

      Salaries and wages of staffs in the R&D Department

    • B. 

      Professional fees paid to attorney to register the Insolvency Petition

    • C. 

      Cost of a training program for the staff on new technologies

    • D. 

      All of the above

  • 11. 
    When improvements and repairs can be capitalized as per AS-10?
    • A. 

      When it exceeds 1% of the original asset value

    • B. 

      When it exceeds 1% of the original asset value of Rs. 100,000, whichever is higher

    • C. 

      When it increases future economic benefit of an existing asset

    • D. 

      When cost of the improvement is more than the original asset value

  • 12. 
    AS-13 does not deal with?
    • A. 

      How to recognize lease rental

    • B. 

      How to recognize dividend income

    • C. 

      How to recognize interest income

    • D. 

      All of the above

  • 13. 
    A Current investment is an investment that is intended to be held for not more than?
    • A. 

      6 months

    • B. 

      1 year

    • C. 

      1 month

    • D. 

      3 months

  • 14. 
    A liquid fund unit was purchased for Rs. 1000. Its current value is Rs. 980 at the year end. However, it is expected that by the time it will be sold it will have a valuation of Rs. 1020. There will be transaction charges of Rs. 10 when the unit will be sold. What will be the value of such unit at the year end?
    • A. 

      Rs. 1020

    • B. 

      Rs. 1000

    • C. 

      Rs. 980

    • D. 

      Rs. 970

  • 15. 
    When we will see amalgamation in the nature of purchase?
    • A. 

      When business of the transferor company is intended to be carried on by the transferee company

    • B. 

      When 75% of the equity shareholders of the transferor company become shareholders of the transferee company

    • C. 

      When all assets and liabilities of the transferor company are transferred to the transferee

    • D. 

      All of the above

  • 16. 
    IFRS is considered as?
    • A. 

      Rule based standards

    • B. 

      Principle based standards

    • C. 

      Specific Treatment based standards

    • D. 

      Mandatory standards

  • 17. 
    Income of a recognized educational institution is completely exempted under Section 10 of the Income Tax Act, 1961. It has earned Rs. 100 crores during the previous year as fees from students. What should be the Income as per the Statement of Profit & Loss?
    • A. 

      Rs. 100 crores

    • B. 

      Rs. 50 crores

    • C. 

      NIL

    • D. 

      Rs. 80 crores

  • 18. 
    Where should be the books of accounts kept for a private limited company?
    • A. 

      At the registered office

    • B. 

      At the branch office

    • C. 

      In the cloud

    • D. 

      At any place provided company informs MCA

  • 19. 
    How would a jewelry shop value its closing stock of finished jewelries?
    • A. 

      At cost

    • B. 

      At cost or net realizable value, whichever is lower

    • C. 

      At net realizable value

    • D. 

      At replacement cost

  • 20. 
    Where the effective capital of the company is Rs. 30 crores and it has incurred a loss of Rs. 2 crores, what is the maximum annual limit of managerial remuneration payable?
    • A. 

      Rs. 60 lacs

    • B. 

      Rs. 30 lacs

    • C. 

      Rs. 42 lacs

    • D. 

      Rs. 45 lacs

  • 21. 
    What shall not be included in computation of managerial remuneration?
    • A. 

      Special Pay

    • B. 

      House Rent Allowance

    • C. 

      Employer Contribution to PF @ 12% of basic salary

    • D. 

      Stock options

  • 22. 
    Dividend can only be declared out of?
    • A. 

      Securities Premium

    • B. 

      Capital Reserve

    • C. 

      Revaluation Reserve

    • D. 

      Free Reserve

  • 23. 
    What is currently the effective rate of Dividend Distribution Tax?
    • A. 

      33.33%

    • B. 

      20.66%

    • C. 

      15%

    • D. 

      17.65%

  • 24. 
    What is the time limit after which money lying in the Unclaimed Dividend Account is to be transferred to Investor Education and Protection Fund?
    • A. 

      7 years

    • B. 

      5 years

    • C. 

      10 years

    • D. 

      3 years

  • 25. 
    What is the account that can be debited for issuance of bonus shares?
    • A. 

      Profit & Loss Account

    • B. 

      Capital Reserve Account

    • C. 

      Bonus to Shareholders Account

    • D. 

      Cash Account

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