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3. When assets will be classified as current assets:
A) It is expected to be realized in or is intended for sale or consumption in, the company’s normal operating cycle
B.) When it is primarily held for the purpose of trading
C) When it is expected to be realized within twelve months after the reporting date
D) All of the above

4. What does operating cycle mean?
A) It means the time between the acquisition of assets for processing and their realization in cash or cash equivalents.
B.) Operating cycle means always period of 12 months.
C) (a) and (b) both
D) None of the above

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Q1. Which of the following are cost as per activity
a) Material, Labour, expense
b) Fined, Variable & Semi-variable
c) Production cost, Office cost
d) All of these.

Q2. Where _________ product/s is/are produced, ascertaining the cost/unit becomes complicated.
a) Single
b) Multiple
c) Both a) and b)
d) None of these

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Ministry Of Corporate Affairs Update

(i) Which of the following is not a Qualitative Characteristics of Financial Statement?
(A) Cost Principle
(B) Understandability
(C) Relevance
(D) Reliability

(ii) Name the book in which, entries are recorded on the basis of credit notes issued.
(A) Sales Book
(B) Purchase Book
(C) Sales Return Book
(D) Purchase Return Book

(iii) Exception to consistency principle is:
(A) Cost Principle
(B) Going Concern Principle
(C) Matching Principle
(D) Prudence Principle

(iv) Interest charged by vendor in Hire Purchase System, is calculated on the basis of:
(A) Outstanding hire purchase price
(B) Outstanding cash price
(C) Instalment amount
(D) Cost price of the asset

(v) The balance in consignment account shows:
(A) Amount receivable from consignee
(B) Amount payable to consignee
(C) Profit/ loss on consignment
(D) Closing stock with consignee

(vi) Provision for bad debts is:
(A) Real Account
(B) Nominal account
(C) Personal account
(D) None of the above

(vii) The business is treated as distinct and separate from its owners on the basis of the:
(A) Going concern concept
(B) Conservatism concept
(C) Matching concept
(D) Business entity concept

(viii) Due to retrospective effect on revision of salary of employees, the arrears of salary relating to past years, payable in current year is:
(A) Prior - period item
(B) Extra-ordinary item
(C) Ordinary item requiring separate disclosure
(D) Contingent item

(ix) Discount given in the Sales - Invoice itself is:
(A) Cash discount
(B) Trade discount
(C) Rebate
(D) Allowance

(x) Canteen expenses are apportioned among departments in the proportion of:
(A) Departmental floor space
(B) Departmental direct wages
(C) Departmental sales
(D) Departmental No. of employees

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In case a Trial Balance does not agree, the difference is put to:
(a) Suspense A/C
(b) Drawings A/C
(c) Capital A/C
(d) Trading A/C

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Management is originated from the Greek word:
(a) Kiyo
(b) Nomos
(c) Oikeu
(d) None of the above

The following information is available:
Wages for January: Rs.20,000
Wages for February: Rs. 22,000
Delay in payment of wages: ½ month
The amount of wages paid during the month of February-
(a) Rs. 11,000
(b) Rs. 22,000
(c) Rs. 20,000
(d) Rs. 21,000

In an inflationary situation, which system of inventory valuation shows higher profits-
(a) LIFO
(b) HIFO
(c) FIFO
(d) Weighted average

Debtors as appearing in Trial Balance are 25,000. Provision for doubtful debts is to be provided @ 5% and 2% of the amount is to be provided for discount. What is the amount of debtors to be shown in the balance sheet?
(a) 23,750
(b) 23,250
(c) 23,275
(d) 1,750

Errors of carry forward from one year to another year affects:
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) Both Personal & Real A/cs.

Which of the following does not result into inflows of funds in case of fund flow statement –?
(a) Issue of equity share capital
(b) Premium received on issue of shares/debentures
(c) Sale of investment
(d) Cash received from debtors.

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Financial Management is mainly concerned with
(a) Efficient management of every activity of business.
(b) Arrangement of funds required to the firm.
(c) Obtaining required funds in the appropriate mix and utilizing them efficiently.
(d) All of these.
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Financial management is the ____________.
(a) Application of planning and control function to the finance function
(b) Application of cost plan in respect of production
(c) Application of costing system
(d) Art of recording

___________ refers to the current worth of a future sum of money or stream of cash flows given a specified rate of return
(a) Present value
(b) Future Value
(c) Annuity
(d) Infinite Value

3. Which of the following results into decrease in working capital
(a) Goods sold on credit
(b) Decrease in current liabilities
(c) Decrease in current assets
(d) Increase in current assets.

Maintaining petty cash book is:
(a) Mandatory
(b) Necessary
(c) Dependant on nature of business
(d) All of the above.

Differential costs analysis is incorporated in the:
(a) Cost books
(b) Financial books
(c) Statutory books
(d) None of the above

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________is the father of 'scientific management'.
(a) Henry Fayol
(b) Frederich Taylor
(c) Luther Gulick
(d) Newmann & Summer

One more attempt allowed to students of Executive and Professional Programme (2012) Old Syllabus Ashish Garg Ashish Garg Ranjeet Pandey CS Ranjeet Pandey Deepak Kumar Khaitan Hitender Mehta Manish Gupta NPS Chawla

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