MIX TEST

THIS TEST IS PROCTERED TEST ATTEMPT CAREFULLY WITHIN TIME

THE RECEIPTS AND PAYMENTS ACCOUNT SHOWS SURPLUS OR DEFICIT?
TRUE
FALSE

DISCOUNT ON ISSUE OF DEBENTURES CAN BE WRITTEN OFF AGAINST CAPITAL RESERVES?
FALSE
TRUE

THE TERM "INCOME" INCLUDES BOTH REVENUE AND CAPITAL RECEIPTS?
TRUE
FALSE

 IF OPENING BALANCE OF CASH IS RS.50000 AND SUBSCRIPTION RECEIVED DURING THE YEAR IS RS.20000 AND RENT DUE BUT NOT PAID IS RS 2000, WHAT WOULD BE CLOSING BALANCE OF CASH IN RECEIPTS AND PAYMENTS ACCOUNT?
70000
50000
68000
72000

CASH EQUIVALENTS ARE LONG TERM HIGHLY LIQUID INVESTMENTS WHICH ARE SUBJECT TO INSIGNIFICANT RISK OF CHANGES IN VALUE?
TRUE
FALSE

DIVIDEND PAID BY ANY TYPE OF COMPANY IS ALWAYS A FINANCING ACTIVITY?
FALSE
TRUE

RENT RECEIVED AND RENT PAID ,BOTH ARE OPERATING ACTIVITIES ?
TRUE
FALSE

IF OPERATING RATIO IS 80% THEN GROSSPROFIT RATIO IS 20%, IF INDIRECT EXPENSES AND OTHER INCOMES ARE NIL?
FALSE
TRUE

PREMIUM ON REDEMPTION OF DEBENTURES IS SHOWN IN WHICH HEAD?
LONG TERM BORROWINGS
OTHER NON-CURRENT LIABILITIES
LONG TERM PROVISIONS
CURRENT LIABILITIES

A LIABILITY UNDER PENDING SUIT IS A WHAT KIND OF LIABILITY?
CONTINGENT LIABILITY
NON-CONTINGENT LIABILITY

IF A FIRM IS DISSOLVED, THEN WHO IS PAID OFF FIRST?
UNSECURED CREDITORS
SECURED CREDITORS
PARTNER'S LOAN
PARTNER'S CAPITAL

 EXPENDITURES TITTLED AS ADVERTISEMENT SUSPENSE IS THE PART OF WHICH KIND OF EXPENDITURES?
REVENUE EXPENDITURES
CAPITAL EXPENDITURES
DEFERRED REVENUE EXPENDITURES
CURRENT ASSETS

SECURITIES PREMIUM RESERVES CANNOT EXCCED 10% OF FACE VALUE OF A SHARE?
FALSE
TRUE

DEBENTURES CANNOT BE ISSUED AT DISCOUNT LIKE SHARES?
TRUE
FALSE

THAT PART OF UNCALLED CAPITAL OF A COMPANY WHICH SHALL BE CALLED AT THE TIME OF WINDING UP OF THE COMPANY IS CALLED......................
CAPITAL RESERVE
RESERVE CAPITAL
SHARE CAPITAL

IF PARTNERSHIP DEED PROVIDES FOR INTEREST ON CAPITAL AND THE PROFIT AFTER ALL CHARGES IS LESS THAN INTEREST ON CAPITAL, THEN PROFIT WILL BE SHARED IN PROFIT SHARING RATIO UP TO THE AMOUNT OF INTEREST?
TRUE
FALSE

GAINING RATIO IS COMPUTED AS A DIFFERENCE OF OLD RATIO AND NEW RATIO?
TRUE
FALSE

DISSOLUTION OF FIRM IS ONE OF TYPES OF RECONSTITUTION OF PARTNERSHIP?
TRUE
FALSE

A  MINOR , A PERSON OF UNSOUND MIND AND A MAJOR HAVING SOUND MIND FORM A PARTNERSHIP, IS PARTNERSHIP VALID?
YES
NO

HOW DO WE TREAT PAYMENT OF INTERIM DIVIDENT WHILE PREPARING CASH FLOW STATEMENT?
SHOW AS OUTFLOW IN INVESTING ACTIVITY
SHOW AS OUTFLOW IN FINANCING ACTIVITY
ADD BACK IN THE NET PROFIT AFTER ALL ADJUSTMENT AND SHOW AS OUTFLOW IN FINANCING ACTIVITY
SHOW AS INFLOW IN FINANCING ACTIVITY

SHARES ISSUED TO VENDOR ARE SHOWN IN WHICH HEAD OF EQUITY AND LIABILITIES?
SHAREHOLDERS FUND
CURRENT LIABILITIES
NON -CURRENT LIABILITIES

A  PERSON OF UNSOUND MIND CAN BE ADMITTED AS A NEW PARTNER WITH CONSENT OF ALL PARTNERS?
NO
YES