6/27/2021
Assignment - 1: Attempt review
Started on Friday, 25 June 2021, 2:12 PM
State Finished
Completed on Friday, 25 June 2021, 2:47 PM
Time taken 35 mins 23 secs
Grade 14.50 out of 15.00 (97%)
Question 1
Complete
Mark 0.50 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 15%

c. 22%
d. 32%
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Question 2
Complete
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Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When A Contract Is Signed
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When Cash Is Received
Question 3

Complete
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P&L account can also be named as
Select one:
a. Statement Of Expenses
b. Statement Of Income
c. Statement Of Position
d. None Of The Above
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Question 4
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The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Pro t after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.12, 10.80
c. Rs. 3.04, 13.16
d. Rs. 3.33, 10.34
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Question 5
Complete
Mark 0.50 out of 0.50
FTL Ltd. reported pro t of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which nancial statement should investors of FTL Ltd.
refer to for an understanding of situation?
Select one:
a. Cash Flow Statement
b. Pro t And Loss Account
c. Director’S Responsibility Statement
d. Balance Sheet
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Question 6
Complete
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The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the context of intangible assets.
Select one:
a. Depreciation, Depletion
b. Amortisation, Depletion
c. Amortisation, Depreciation
d. Depreciation, Amortisation
Question 7

Complete
Mark 0.50 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. All Of The Above.
b. Measurement And Timing Problems.
c. Classi cation Problems.
d. In uenced Accounting.
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Question 8
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All the assets that an entity controls are recognised in the ………...….
Select one:
a. Accounting Book
b. Financial Statement
c. Pro t & Loss Statement
d. Balance Sheet
Question 9

Complete
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Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is Rs 80,000 and Cost of goods sold is Rs
3,50,000.
Select one:
a. 4.38
b. 4.5
c. 2.89
d. 2.56
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Question 10
Complete
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Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Flow Statement
b. None Of The Above
c. Fund Flow Statement
d. Cash Budget
Question 11

Complete
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5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Complete The Contract
b. Pay The Transaction Price
c. Recognise Revenue When (Or As) The Entity Satis es A Performance Objective.
d. Perform The Activity
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Question 12
Complete
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Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Non Current Assets
b. Current Liabilities And Provision
c. Share Capital
d. Investments
Question 13

Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. Financial Statement Analysis
c. Cost Accounting
d. None Of The Above
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Question 14
Complete
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State which of the following statement is true:
Select one:
a. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
Question 15

Complete
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Which of the following will not result in an increase in net working capital?
Select one:
a. Decrease In Bank Borrowings.
b. Decrease In Inventory
c. Increase In Cash.
d. Decrease In Creditors.
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Question 16
Complete
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Net Income is
Select one:
a. Total Revenue - Total Expense
b. Revenue - Total Expense - Deferred Tax
c. Total Revenue - Cost Of Goods Sold
d. None Of The Above
Question 17

Complete
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What are the other motives behind in uenced accounting?
Select one:
a. Both A And C.
b. Cleaning At The Time Of New Ceo Joining.
c. Management Perks And Bene ts.
d. To Forgo Tax Bene ts.
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Question 18
Complete
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The Accounting Standards Board was set up by
Select one:
a. Reserve Bank Of India
b. Institute Of Chartered Accountants Of India
c. Central Board Of Direct Taxes
d. Comptroller And Auditor General Of India
Question 19

Complete
Mark 0.50 out of 0.50
The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV Factory
recognize the revenue?
Select one:
a. No, The Revenue Must Be In Cash
b. No, The Revenue Was Not Received
c. Yes, The Revenue Is Realized
d. Yes, The Revenue Is Realizable
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Question 20
Complete
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The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. Unlisted Companies
b. Listed Companies
c. Private Companies
d. All Of These
Question 21

Complete
Mark 0.50 out of 0.50
Primary objective of cash ow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. Pro t Earned During The Year
c. All Of These
d. Cash Flow Position Of The Company
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Question 22
Complete
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What is revenue?
Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. . The Cash Received From Selling Goods And Services
c. The Amount Of Money A Business Earns From Selling Its Goods And Services
d. The Amount Of Money Owed To A Business By Its Customers
Question 23

Complete
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If a rm have a current ratio of 1, then its net working capital will be
Select one:
a. Same
b. Zero
c. Positive
d. Negative
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Question 24
Complete
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The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Standalone Financial Statement
b. Non Consolidated Financial Statements
c. Consolidate Financial Statement
d. Individual Financial Statement
Question 25

Complete
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Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A
b. Option B
c. Option A & B
d. Option B & C
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Question 26
Complete
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Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Used To Make A Payment Of Long Term Loan
c. Cash Paid To Charities
d. Cash Recoveries From A Loan
Question 27

Complete
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The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 11.1 Times, 1.2 Times, 0.63 Times
b. 12.0 Times, 1.3 Times, 0.73 Times
c. 12.5 Times, 1.67 Times, 1 Times
d. 12.5 Times, 2.2 Times, 0.12 Times
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Question 28
Complete
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The prime accountability of the nancial statements being a fair and true representation of the nancial health of the rm lies with the:
Select one:
a. Chief Accountant
b. Supervisor
c. Board Of Directors
d. Human Resource Manager
Question 29

Complete
Mark 0.50 out of 0.50
The term current asset doesn’t cover
Select one:
a. Cash
b. Vehicle
c. Stock
d. Prepaid Expense
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Question 30
Complete
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Misclassi cation of revenue expense as a capital expense leads to:
Select one:
a. An Increase In Expenses And A Decrease In Pro ts.
b. Leads Finance Managers To Treat Recurring Expenses As A One-Time Expense.
c. Decrease In Expenses And An Increase In Pro ts.
d. Leads To Increase In Inventory Turnover Ratio.
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
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FINC001_v2: Assignment - 1
1 of 1
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7/22/2021, 12:18 AM
6/18/2021
Assignment - 1: Attempt review
Started on
State
Completed on
Time taken
Grade
Friday, 18 June 2021, 8:54 AM
Finished
Friday, 18 June 2021, 9:36 AM
41 mins 44 secs
10.50 out of 15.00 (70%)
Question 1
Complete
Mark 0.00 out of 0.50
What is the accrual basis of accounting?
Select one:
a. Matching Expenses With Revenue In The Appropriate Accounting Period.
b. Recognition Of Revenue In The Accounting Period When The Sale Is Made Rather Than When Cash Is Received
c. None Of The Above
d. Recognition Of Revenue When It Is Received In Cash


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Question 2
Complete
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The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Internal Controls Are In Place
b. Relevant Accountant Standards And Policies Have Been Followed
c. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
d. All Of These
Question 3
Complete
Mark 0.50 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Is Recorded When A Contract Is Signed
b. Revenue Must Be Recorded When It Is Earned
c. A Rule That Accountants Can Choose To Follow

d. Revenue Is Recorded When Cash Is Received
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Question 4
Complete
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What are the basic financial statements provided in an annual report?
Select one:
a. Balance Sheet, Income Statement, Statement Of Cash Flows And Statement Of Stockholder’S Equity.
b. Balance Sheet, Income Statement And Statement Of Cash Flows.
c. Balance Sheet And Income Statement
d. Statement Of Financial Earnings And Statement Of Stockholder’S Equity.
Question 5
Complete
Mark 0.50 out of 0.50

Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Fund Flow Statement
b. None Of The Above
c. Cash Flow Statement

d. Cash Budget
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Question 6
Complete
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If a firm have a current ratio of 1, then its net working capital will be
Select one:
a. Zero
b. Negative
c. Same
d. Positive
Question 7
Complete
Mark 0.50 out of 0.50

5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3.
Determine the transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
b. Complete The Contract

c. Perform The Activity
d. Pay The Transaction Price
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Question 8
Complete
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The concept of financial statements quality implies:
Select one:
a. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
b. Both A And B.
c. Unfair And Non Transparent Financial Information About The Firm.
d. Accuracy Of Using The Monetary Reports To Inform About Predicted Cashflows To Stakeholders.
Question 9
Complete
Mark 0.50 out of 0.50

Under indirect method how will the changes in accounts receivables are reflected?
Select one:
a. Adjustment To Balance Sheet
b. Adjustment To Net Income
c. Can Be Adjusted In Any Statement

d. Adjustment To Sales
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Question 10
Complete
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For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Any Of These
b. Chartered Accountant
c. Company Secretary
d. Cost Accountant
Question 11
Complete
Mark 0.50 out of 0.50

Which of the following is a financing activity?
Select one:
a. Cash Used To Make A Payment Of Long Term Loan
b. Cash Paid To Charities
c. Cash Received From Selling A Piece Of Equipment

d. Cash Recoveries From A Loan
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Question 12
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………...…. reduces the value of property, plant, and equipment on the balance sheet as the value of assets is lowered over time due
to wear and tear and the reduction of their useful life.
Select one:
a. Expenses
b. Amortisation
c. Tax
d. Depreciation
Question 13
Complete
Mark 0.00 out of 0.50

The term current asset doesn’t cover
Select one:
a. Prepaid Expense
b. Cash

c. Stock
d. Vehicle
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Question 14
Complete
Mark 0.50 out of 0.50
The statement of only parent firm without including the subsidiary statements are known as_____
Select one:
a. Standalone Financial Statement
b. Consolidate Financial Statement
c. Individual Financial Statement
d. Non Consolidated Financial Statements
Question 15
Complete
Mark 0.50 out of 0.50

If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 22%
c. 32%

d. 15%
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Question 16
Complete
Mark 0.50 out of 0.50
Use revenue recognition principle to determine when a business should record revenue: A contract was signed in March for legal
work completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received payment in
early June.
Select one:
a. April
b. May
c. March
d. June
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
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Question 17
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Is Recorded When A Contract Is Signed
b. Revenue Must Be Recorded When It Is Earned
c. Revenue Is Recorded When Cash Is Received
d. A Rule That Accountants Can Choose To Follow
Question 18
Complete
Mark 0.50 out of 0.50

It is usual for a retail shop to recognise revenue when:
Select one:
a. The Goods Have Been Delivered To The Customers’ Premises
b. The Customer Becomes Legally Obliged To Pay For The Goods
c. The Goods For Sale Have Arrived From The Supplier

d. The Customer Pays For The Goods Sold
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Question 19
Complete
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Identify the transaction not involving outflow of cash.
Select one:
a. Interest Payments.
b. Depreciation.
c. Income Taxes Payments
d. Dividends.
Question 20
Complete
Mark 0.50 out of 0.50

The process of recognizing the strengths and weaknesses of the firm by establishing the relationship among various items of
Balance Sheet and Income Statement is termed as
Select one:
a. None Of The Above
b. Financial Statement Analysis

c. Merger & Acquisition
d. Cost Accounting
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Question 21
Complete
Mark 0.00 out of 0.50
Use the following information to determine when a business should record (or recognize) revenue: A contract was signed in March
for legal work completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received
payment in early June.
Select one:
a. May
b. June
c. April
d. March


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Question 22
Complete
Mark 0.00 out of 0.50
The existence of significant off-balance sheet financing mainly specifies:
Select one:
a. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
b. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.
c. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
d. A Decrease In Debt, Which Decreases Financial Results Quality.
Question 23
Complete
Mark 0.00 out of 0.50

Primary objective of cash flow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. All Of These
c. Cash Flow Position Of The Company

d. Profit Earned During The Year
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Question 24
Complete
Mark 0.00 out of 0.50
The primary objective of high quality financial reporting is presenting information about_________
Select one:
a. Environmental Issues
b. Monetary Units
c. All Of The Above
d. Social Benefits
Question 25
Complete
Mark 0.00 out of 0.50

Which of the following will not result in an increase in net working capital?
Select one:
a. Decrease In Bank Borrowings.
b. Decrease In Inventory
c. Decrease In Creditors.

d. Increase In Cash.
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Question 26
Complete
Mark 0.00 out of 0.50
One of the example of influenced accounting problems is:
Select one:
a. Aggressive Revenue Identification.
b. Measurement Of Revenues As Operating And Non- Operating.
c. Valuation Of Reserves.
d. Categorizing Non-Operating Revenue/Income As Non- Operating.
Question 27
Complete
Mark 0.50 out of 0.50

Which statutory act requires that financial statements of companies shall comply with the accounting standards.
Select one:
a. All Of These
b. The Partnership Act, 1932
c. The Income Tax Act, 1961

d. The Companies Act, 2013
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Question 28
Complete
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Which of the following statement is true about Ratio Analysis?
Select one:
a. Ratio Analysis Helps In Data Simplification And Association.
b. Ratio Analysis Does Not Helps In Facilitating Trend Analysis.
c. Ratio Analysis Does Not Assist In Comparative Analysis.
d. Ratio Analysis Does Not Helps In Identification Of Attention-Seeking Domains.
Question 29
Complete
Mark 0.50 out of 0.50

The profit and loss account format as per Companies Act 2013 is given ScheduleSelect one:
a. Iii
b. Iv
c. Vi

d. Vii
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Question 30
Complete
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Which one of the following is correct?
Select one:
a. Cash From Operations Is Equal To Net Profit Minus Increase In Debtors
b. Cash From Operations Is Equal To Net Profit Plus Debtors Outstanding At The Beginning Of The Accounting Year
c. Cash From Operations Is Equal To Net Profit Plus Increase In Debtors And Creditors
d. Cash From Operations Is Equal To Net Profit Adjusted For Non-Cash, Items And Adjustment For Working Capital Changes.

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Started on Saturday, 29 May 2021, 7:56 PM
State Finished
Completed on Saturday, 29 May 2021, 8:46 PM
Time taken 50 mins 1 sec
Grade 13.00 out of 15.00 (87%)
Question 1
Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:

a. Option B
b. Option A
c. Option A & B
d. Option B & C

Question 2
Complete
Mark 0.50 out of 0.50
If a rm have a current ratio of 1, then its net working capital will be
Select one:
a. Negative
b. Zero
c. Same
d. Positive
Question 3
Complete
Mark 0.50 out of 0.50

The Accounting Standards Board was set up by
Select one:
a. Institute Of Chartered Accountants Of India
b. Central Board Of Direct Taxes
c. Reserve Bank Of India
d. Comptroller And Auditor General Of India

Question 4
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving out ow of cash.
Select one:
a. Income Taxes Payments
b. Depreciation.
c. Dividends.
d. Interest Payments.
Question 5
Complete
Mark 0.50 out of 0.50

The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Cost Accounting
b. Financial Statement Analysis
c. None Of The Above
d. Merger & Acquisition

Question 6
Complete
Mark 0.50 out of 0.50
What are the other motives behind in uenced accounting?
Select one:
a. Both A And C.
b. Cleaning At The Time Of New Ceo Joining.
c. Management Perks And Bene ts.
d. To Forgo Tax Bene ts.
Question 7
Complete
Mark 0.00 out of 0.50

The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV Factory
recognize the revenue?
Select one:
a. Yes, The Revenue Is Realizable
b. No, The Revenue Was Not Received
c. No, The Revenue Must Be In Cash
d. Yes, The Revenue Is Realized

Question 8
Complete
Mark 0.00 out of 0.50
Net Income is
Select one:
a. None Of The Above
b. Total Revenue - Total Expense
c. Total Revenue - Cost Of Goods Sold
d. Revenue - Total Expense - Deferred Tax
Question 9
Complete
Mark 0.50 out of 0.50

Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Recoveries From A Loan
c. Cash Used To Make A Payment Of Long Term Loan
d. Cash Paid To Charities

Question 10
Complete
Mark 0.50 out of 0.50
Amount set aside to meet the losses is a
Select one:
a. Pro t
b. Reserve
c. Liability
d. Loans
Question 11
Complete
Mark 0.50 out of 0.50

Use the following information to determine when a business should record (or recognize) revenue: A contract was signed in March for legal
work completed by a law rm in April. The client agreed to pay for the completed work in May and the law rm received payment in early
June.
Select one:
a. June
b. May
c. April
d. March

Question 12
Complete
Mark 0.50 out of 0.50
Financial statements should be submitted within ------- days from the end of each quarter except for ------ days in case of last quarter
Select one:
a. 60,45
b. 45, 60
c. 15,30
d. None Of These
Question 13
Complete
Mark 0.50 out of 0.50

Under indirect method how will the changes in accounts receivables are re ected?
Select one:
a. Adjustment To Sales
b. Adjustment To Balance Sheet
c. Adjustment To Net Income
d. Can Be Adjusted In Any Statement

Question 14
Complete
Mark 0.50 out of 0.50
Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Non Current Assets
b. Share Capital
c. Investments
d. Current Liabilities And Provision
Question 15
Complete
Mark 0.50 out of 0.50

………...…. reduces the value of property, plant, and equipment on the balance sheet as the value of assets is lowered over time due to wear
and tear and the reduction of their useful life.
Select one:
a. Depreciation
b. Amortisation
c. Tax
d. Expenses

Question 16
Complete
Mark 0.50 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. Classi cation Problems.
b. Measurement And Timing Problems.
c. In uenced Accounting.
d. All Of The Above.
Question 17
Complete
Mark 0.50 out of 0.50

The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Non Consolidated Financial Statements
b. Standalone Financial Statement
c. Consolidate Financial Statement
d. Individual Financial Statement

Question 18
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Is Recorded When A Contract Is Signed
b. Revenue Must Be Recorded When It Is Earned
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When Cash Is Received
Question 19
Complete
Mark 0.50 out of 0.50

Which of the following statement is true about Ratio Analysis?
Select one:
a. Ratio Analysis Does Not Helps In Identi cation Of Attention-Seeking Domains.
b. Ratio Analysis Does Not Helps In Facilitating Trend Analysis.
c. Ratio Analysis Helps In Data Simpli cation And Association.
d. Ratio Analysis Does Not Assist In Comparative Analysis.

Question 20
Complete
Mark 0.50 out of 0.50
P&L account can also be named as
Select one:
a. Statement Of Expenses
b. None Of The Above
c. Statement Of Position
d. Statement Of Income
Question 21
Complete
Mark 0.50 out of 0.50

It is usual for a retail shop to recognise revenue when:
Select one:
a. The Customer Becomes Legally Obliged To Pay For The Goods
b. The Goods Have Been Delivered To The Customers’ Premises
c. The Customer Pays For The Goods Sold
d. The Goods For Sale Have Arrived From The Supplier

Question 22
Complete
Mark 0.00 out of 0.50
All the assets that an entity controls are recognised in the ………...….
Select one:
a. Balance Sheet
b. Accounting Book
c. Financial Statement
d. Pro t & Loss Statement
Question 23
Complete
Mark 0.50 out of 0.50

For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid expenses Rs. 25,000, Quick ratio 2.5 to 1 and
current liabilities Rs. 60,000. The current ratio is______________
Select one:
a. 3.16
b. 4.10
c. 5.2
d. 4.42

Question 24
Complete
Mark 0.50 out of 0.50
For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Company Secretary
b. Any Of These
c. Chartered Accountant
d. Cost Accountant
Question 25
Complete
Mark 0.50 out of 0.50

Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Flow Statement
b. Fund Flow Statement
c. Cash Budget
d. None Of The Above

Question 26
Complete
Mark 0.50 out of 0.50
The pro t and loss account format as per Companies Act 2013 is given ScheduleSelect one:
a. Iii
b. Vii
c. Vi
d. Iv
Question 27
Complete
Mark 0.50 out of 0.50

What is the statement of stockholder’s equity?
Select one:
a. It Is The Same As A Retained Earnings Statement
b. It Is A Statement Reconciling The Di erence Between Stock Issued At Par Value And Stock Issued At Market Value
c. It Is A Statement That Reconciles Only The Treasury Stock Account
d. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year

Question 28
Not answered
Marked out of 0.50
One of the example of in uenced accounting problems is:
Select one:
a. Categorizing Non-Operating Revenue/Income As Non- Operating.
b. Valuation Of Reserves.
c. Aggressive Revenue Identi cation.
d. Measurement Of Revenues As Operating And Non- Operating.
Question 29
Complete
Mark 0.50 out of 0.50

The prime accountability of the nancial statements being a fair and true representation of the nancial health of the rm lies with the:
Select one:
a. Board Of Directors
b. Human Resource Manager
c. Chief Accountant
d. Supervisor

Question 30
Complete
Mark 0.50 out of 0.50
What is the balancing equation for the balance sheet?
Select one:
a. Assets + Stockholder’S Equity = Liabilities
b. Assets + Liabilities = Stockholder’S Equity
c. Assets = Liabilities + Stockholder’S Equity
d. Revenues – Expenses = Net Income




6/19/2021
Assignment - 1: Attempt review
Started on Saturday, 19 June 2021, 9:03 PM
State Finished
Completed on Saturday, 19 June 2021, 9:36 PM
Time taken 33 mins 24 secs
Grade 12.50 out of 15.00 (83%)
Question 1
Complete
Mark 0.50 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Perform The Activity
b. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
c. Complete The Contract

d. Pay The Transaction Price

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6/19/2021
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Question 2
Complete
Mark 0.50 out of 0.50
The prime accountability of the financial statements being a fair and true representation of the financial health of the firm lies with the:
Select one:
a. Supervisor
b. Chief Accountant
c. Board Of Directors
d. Human Resource Manager
Question 3
Complete
Mark 0.50 out of 0.50

The factors that may affect the quality of financial statements are:
Select one:
a. All Of The Above.
b. Classification Problems.
c. Measurement And Timing Problems.
d. Influenced Accounting.
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
2/16
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Question 4
Complete
Mark 0.50 out of 0.50
Which of the following is a financing activity?
Select one:
a. Cash Recoveries From A Loan
b. Cash Received From Selling A Piece Of Equipment
c. Cash Paid To Charities
d. Cash Used To Make A Payment Of Long Term Loan
Question 5
Complete
Mark 0.00 out of 0.50

Net Income is
Select one:
a. Revenue - Total Expense - Deferred Tax
b. None Of The Above
c. Total Revenue - Total Expense
d. Total Revenue - Cost Of Goods Sold
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
3/16
6/19/2021
Assignment - 1: Attempt review
Question 6
Complete
Mark 0.00 out of 0.50
One of the example of influenced accounting problems is:
Select one:
a. Aggressive Revenue Identification.
b. Valuation Of Reserves.
c. Measurement Of Revenues As Operating And Non- Operating.
d. Categorizing Non-Operating Revenue/Income As Non- Operating.
Question 7
Complete
Mark 0.50 out of 0.50

What is the statement of stockholder’s equity?
Select one:
a. It Is The Same As A Retained Earnings Statement
b. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year
c. It Is A Statement That Reconciles Only The Treasury Stock Account
d. It Is A Statement Reconciling The Difference Between Stock Issued At Par Value And Stock Issued At Market Value
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
4/16
6/19/2021
Assignment - 1: Attempt review
Question 8
Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A & B
b. Option B
c. Option B & C
d. Option A
Question 9
Complete
Mark 0.50 out of 0.50

If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 15%
c. 32%
d. 22%
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
5/16
6/19/2021
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Question 10
Complete
Mark 0.50 out of 0.50
The quality of financial statements is majorly determined by:
Select one:
a. All Of The Above
b. Balance Sheet Quality
c. Earnings Quality
d. Cashflows Quality
Question 11
Complete
Mark 0.50 out of 0.50

The existence of significant off-balance sheet financing mainly specifies:
Select one:
a. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.
b. A Decrease In Debt, Which Decreases Financial Results Quality.
c. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
d. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
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
6/16
6/19/2021
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Question 12
Complete
Mark 0.50 out of 0.50
What does balance sheet summarize for a business enterprise
Select one:
a. Financial Position At A Point In Time
b. D. Profit Or Loss At A Point In Time.
c. C. Financing And Investment Activities For A Period
d. Operating Results For A Period
Question 13
Complete
Mark 0.50 out of 0.50

Which of the following would be considered a cash-flow item from an "investing" activity?
Select one:
a. All Of These.
b. Cash Inflow From Dividend Income.
c. Cash Outflow To Acquire Fixed Assets.
d. Cash Inflow From Interest Income.
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
7/16
6/19/2021
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Question 14
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Profit after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. Rs. 3.04, 13.16
b. Rs. 3.12, 10.80
c. Rs. 3.33, 10.34
d. 0
Question 15
Complete

Mark 0.50 out of 0.50
What are the basic financial statements provided in an annual report?
Select one:
a. Balance Sheet And Income Statement
b. Balance Sheet, Income Statement And Statement Of Cash Flows.
c. Balance Sheet, Income Statement, Statement Of Cash Flows And Statement Of Stockholder’S Equity.

d. Statement Of Financial Earnings And Statement Of Stockholder’S Equity.
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8/16
6/19/2021
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Question 16
Complete
Mark 0.50 out of 0.50
The statement of only parent firm without including the subsidiary statements are known as_____
Select one:
a. Consolidate Financial Statement
b. Standalone Financial Statement
c. Non Consolidated Financial Statements
d. Individual Financial Statement
Question 17
Complete
Mark 0.00 out of 0.50

Which of the following will not result in an increase in net working capital?
Select one:
a. Decrease In Creditors.
b. Increase In Cash.
c. Decrease In Inventory
d. Decrease In Bank Borrowings.
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
9/16
6/19/2021
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Question 18
Complete
Mark 0.50 out of 0.50
Amount set aside to meet the losses is a
Select one:
a. Reserve
b. Profit
c. Liability
d. Loans
Question 19
Complete
Mark 0.50 out of 0.50

The primary objective of high quality financial reporting is presenting information about_________
Select one:
a. Social Benefits
b. Monetary Units
c. All Of The Above
d. Environmental Issues
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
10/16
6/19/2021
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Question 20
Complete
Mark 0.50 out of 0.50
Which statutory act requires that financial statements of companies shall comply with the accounting standards.
Select one:
a. The Income Tax Act, 1961
b. The Companies Act, 2013
c. All Of These
d. The Partnership Act, 1932
Question 21
Complete
Mark 0.00 out of 0.50

All the assets that an entity controls are recognised in the ………...….
Select one:
a. Profit & Loss Statement
b. Financial Statement
c. Accounting Book
d. Balance Sheet
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
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6/19/2021
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Question 22
Complete
Mark 0.00 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
Question 23
Complete
Mark 0.50 out of 0.50

Use the following information to determine when a business should record (or recognize) revenue: A contract was signed in March for legal
work completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received payment in early
June.
Select one:
a. April
b. March
c. May

d. June
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12/16
6/19/2021
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Question 24
Complete
Mark 0.50 out of 0.50
Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Increases In Assets And Increases In Liabilities
b. Decrease In Asset But No Change In Liability
c. Increase In Asset But No Change In Liability
d. Increases In Assets And Decreases In Liabilities
Question 25
Complete
Mark 0.50 out of 0.50

Primary objective of cash flow statement is to provide information about:
Select one:
a. Profit Earned During The Year
b. Future Plans Of Company
c. Cash Flow Position Of The Company
d. All Of These
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
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Question 26
Complete
Mark 0.50 out of 0.50
Financial statements should be submitted within ------- days from the end of each quarter except for ------ days in case of last quarter
Select one:
a. None Of These
b. 60,45
c. 15,30
d. 45, 60
Question 27
Complete
Mark 0.50 out of 0.50

Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Current Liabilities And Provision
b. Investments
c. Share Capital
d. Non Current Assets
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
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Question 28
Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the firm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Financial Statement Analysis
b. Cost Accounting
c. Merger & Acquisition
d. None Of The Above
Question 29
Complete
Mark 0.50 out of 0.50

The following information is extracted from the financial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net profit Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a firm are___________.
Select one:
a. 12.5 Times, 2.2 Times, 0.12 Times
b. 12.5 Times, 1.67 Times, 1 Times

c. 11.1 Times, 1.2 Times, 0.63 Times
d. 12.0 Times, 1.3 Times, 0.73 Times
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Question 30
Complete
Mark 0.50 out of 0.50
The Accounting Standards Board was set up by
Select one:
a. Reserve Bank Of India
b. Institute Of Chartered Accountants Of India
c. Central Board Of Direct Taxes
d. Comptroller And Auditor General Of India




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16/16
6/19/2021
Assignment - 1: Attempt review
Started on Saturday, 19 June 2021, 10:07 AM
State Finished
Completed on Saturday, 19 June 2021, 10:46 AM
Time taken 38 mins 53 secs
Grade 13.00 out of 15.00 (87%)
Question 1
Complete
Mark 0.00 out of 0.50
Use revenue recognition principle to determine when a business should record revenue: A contract was signed in March for legal work
completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received payment in early June.
Select one:
a. June
b. May
c. April
d. March
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
1/16
6/19/2021
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Question 2
Complete
Mark 0.50 out of 0.50
The profit and loss account format as per Companies Act 2013 is given ScheduleSelect one:
a. Iii
b. Vii
c. Iv
d. Vi
Question 3
Complete
Mark 0.00 out of 0.50
Net Income is

Select one:
a. Revenue - Total Expense - Deferred Tax
b. None Of The Above
c. Total Revenue - Total Expense
d. Total Revenue - Cost Of Goods Sold
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2/16
6/19/2021
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Question 4
Complete
Mark 0.50 out of 0.50
FTL Ltd. reported profit of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which financial statement should investors of FTL Ltd.
refer to for an understanding of situation?
Select one:
a. Cash Flow Statement
b. Balance Sheet
c. Profit And Loss Account
d. Director’S Responsibility Statement
Question 5
Complete
Mark 0.50 out of 0.50
What are the other motives behind influenced accounting?

Select one:
a. Cleaning At The Time Of New Ceo Joining.
b. To Forgo Tax Benefits.
c. Management Perks And Benefits.
d. Both A And C.
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Question 6
Complete
Mark 0.00 out of 0.50
Primary objective of cash flow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. Profit Earned During The Year
c. All Of These
d. Cash Flow Position Of The Company
Question 7
Complete
Mark 0.50 out of 0.50
The term current asset doesn’t cover

Select one:
a. Vehicle
b. Prepaid Expense
c. Stock
d. Cash
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4/16
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Question 8
Complete
Mark 0.00 out of 0.50
Holiday Ltd. Posted a net loss of 50,000 for 2019, while reporting the increase in cash balance. As an investor you should refer to ------ for
enhanced understanding.
Select one:
a. Directors Responsibility Statement
b. Profit And Loss Account
c. Cash Flow Statement
d. Balance Sheet
Question 9
Complete
Mark 0.50 out of 0.50
What is revenue?

Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. The Amount Of Money A Business Earns From Selling Its Goods And Services
c. . The Cash Received From Selling Goods And Services
d. The Amount Of Money Owed To A Business By Its Customers
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5/16
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Question 10
Complete
Mark 0.50 out of 0.50
It is usual for a retail shop to recognise revenue when:
Select one:
a. The Customer Pays For The Goods Sold
b. The Goods Have Been Delivered To The Customers’ Premises
c. The Goods For Sale Have Arrived From The Supplier
d. The Customer Becomes Legally Obliged To Pay For The Goods
Question 11
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving outflow of cash.

Select one:
a. Income Taxes Payments
b. Interest Payments.
c. Dividends.
d. Depreciation.
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6/16
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Question 12
Complete
Mark 0.50 out of 0.50
Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Cash Budget
b. None Of The Above
c. Fund Flow Statement
d. Cash Flow Statement
Question 13
Complete
Mark 0.50 out of 0.50
Which of the following item are not a part of current assets in a firm?

Select one:
a. Accounts Receivables
b. Outstanding Expenses
c. Prepaid Expenses
d. Inventory
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Question 14
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Profit after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. Rs. 3.12, 10.80
b. 0
c. Rs. 3.33, 10.34
d. Rs. 3.04, 13.16
Question 15
Complete
Mark 0.50 out of 0.50

The primary objective of high quality financial reporting is presenting information about_________
Select one:
a. Environmental Issues
b. Monetary Units
c. Social Benefits
d. All Of The Above
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Question 16
Complete
Mark 0.50 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Pay The Transaction Price
b. Perform The Activity
c. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
d. Complete The Contract
Question 17
Complete
Mark 0.50 out of 0.50
What does the income statement measure for a firm?

Select one:
a. The Financial Position Of A Firm For A Period.
b. The Financing And Investment Activities For A Period
c. The Results Of Operations For A Period
d. The Changes In Assets And Liabilities That Occurred During The Period
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Question 18
Complete
Mark 0.50 out of 0.50
What does balance sheet summarize for a business enterprise
Select one:
a. D. Profit Or Loss At A Point In Time.
b. C. Financing And Investment Activities For A Period
c. Financial Position At A Point In Time
d. Operating Results For A Period
Question 19
Complete
Mark 0.50 out of 0.50
Which one of the following is correct?

Select one:
a. Cash From Operations Is Equal To Net Profit Adjusted For Non-Cash, Items And Adjustment For Working Capital Changes.
b. Cash From Operations Is Equal To Net Profit Minus Increase In Debtors
c. Cash From Operations Is Equal To Net Profit Plus Increase In Debtors And Creditors
d. Cash From Operations Is Equal To Net Profit Plus Debtors Outstanding At The Beginning Of The Accounting Year
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Question 20
Complete
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Which of the following is a cash flow from a "financing" activity?
Select one:
a. Cash Inflow From Sale Of Investments
b. Cash Outflow To The Government For Taxes.
c. Cash Outflow To Shareholders As Dividends.
d. Cash Outflow To Purchase Bonds Issued By Another Company
Question 21
Complete
Mark 0.50 out of 0.50
If a firm have a current ratio of 1, then its net working capital will be

Select one:
a. Negative
b. Zero
c. Positive
d. Same
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11/16
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Question 22
Complete
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Under indirect method how will the changes in accounts receivables are reflected?
Select one:
a. Can Be Adjusted In Any Statement
b. Adjustment To Net Income
c. Adjustment To Sales
d. Adjustment To Balance Sheet
Question 23
Complete
Mark 0.50 out of 0.50
Which of the following would be considered a cash-flow item from an "investing" activity?

Select one:
a. Cash Inflow From Interest Income.
b. All Of These.
c. Cash Outflow To Acquire Fixed Assets.
d. Cash Inflow From Dividend Income.
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Question 24
Complete
Mark 0.50 out of 0.50
Financial statements should be submitted within ------- days from the end of each quarter except for ------ days in case of last quarter
Select one:
a. 15,30
b. 45, 60
c. None Of These
d. 60,45
Question 25
Complete
Mark 0.50 out of 0.50
For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid expenses Rs. 25,000, Quick ratio 2.5 to 1 and
current liabilities Rs. 60,000. The current ratio is______________

Select one:
a. 4.10
b. 4.42
c. 5.2
d. 3.16
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Question 26
Complete
Mark 0.50 out of 0.50
Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Increases In Assets And Decreases In Liabilities
b. Increase In Asset But No Change In Liability
c. Increases In Assets And Increases In Liabilities
d. Decrease In Asset But No Change In Liability
Question 27
Complete
Mark 0.50 out of 0.50
Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is Rs 80,000 and Cost of goods sold is Rs
3,50,000.

Select one:
a. 4.5
b. 2.89
c. 4.38
d. 2.56
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Question 28
Complete
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Use the following information to determine when a business should record (or recognize) revenue: A contract was signed in March for legal
work completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received payment in early
June.
Select one:
a. May
b. March
c. April
d. June
Question 29
Complete
Mark 0.50 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When A Contract Is Signed
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When Cash Is Received
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Question 30
Complete
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Amount set aside to meet the losses is a
Select one:
a. Reserve
b. Profit
c. Loans
d. Liability



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16/16
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Finished
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Completed on Wednesday, 16 June 2021, 8:05 PM
Time taken 42 mins 14 sec
14.00 out of 15.00 (93%)
Grade
Question 1
Complete
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Question text
The concept of financial statements quality implies:
Select one:
a. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
b. Accuracy Of Using The Monetary Reports To Inform About Predicted Cashflows To
Stakeholders.
c. Both A And B.
d. Unfair And Non Transparent Financial Information About The Firm.
Question 2
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The following information is extracted from the financial statement of KTS Ltd.: Cost of goods
sold Rs. 25,00,000 Sales Rs. 50,00,000 Average accounts receivable Rs. 4,00,000 Average
inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net profit Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a firm are___________.
Select one:
a. 11.1 Times, 1.2 Times, 0.63 Times
b. 12.5 Times, 1.67 Times, 1 Times
c. 12.0 Times, 1.3 Times, 0.73 Times
d. 12.5 Times, 2.2 Times, 0.12 Times
Question 3
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The quality of financial statements is majorly determined by:
Select one:
a. Earnings Quality
b. Cashflows Quality
c. Balance Sheet Quality
d. All Of The Above
Question 4
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The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000
Equity shares of Rs. 10 each Rs. 8,00,000. The following further information is available: Profit
after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each. From
the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.12, 10.80
c. Rs. 3.04, 13.16
d. Rs. 3.33, 10.34
Question 5
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For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Any Of These
b. Chartered Accountant
c. Company Secretary
d. Cost Accountant
Question 6
Complete
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Question text
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the
performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5.
_______________
Select one:
a. Pay The Transaction Price
b. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
c. Complete The Contract
d. Perform The Activity
Question 7
Complete
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Question text
Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Cash Budget
b. None Of The Above
c. Cash Flow Statement
d. Fund Flow Statement
Question 8
Complete
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Question text
Which of the following is a cash flow from a "financing" activity?
Select one:
a. Cash Outflow To Shareholders As Dividends.
b. Cash Outflow To The Government For Taxes.
c. Cash Outflow To Purchase Bonds Issued By Another Company
d. Cash Inflow From Sale Of Investments
Question 9
Complete
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Question text
The statement of only parent firm without including the subsidiary statements are known
as_____
Select one:
a. Standalone Financial Statement
b. Individual Financial Statement
c. Non Consolidated Financial Statements
d. Consolidate Financial Statement
Question 10
Complete
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Question text
For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid
expenses Rs. 25,000, Quick ratio 2.5 to 1 and current liabilities Rs. 60,000. The current ratio
is______________
Select one:
a. 3.16
b. 5.2
c. 4.10
d. 4.42
Question 11
Complete
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Question text
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Internal Controls Are In Place
b. All Of These
c. Relevant Accountant Standards And Policies Have Been Followed
d. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
Question 12
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Question text
The existence of significant off-balance sheet financing mainly specifies:
Select one:
a. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
b. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.
c. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
d. A Decrease In Debt, Which Decreases Financial Results Quality.
Question 13
Complete
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Question text
Which of the following would be considered a cash-flow item from an "investing" activity?
Select one:
a. All Of These.
b. Cash Inflow From Dividend Income.
c. Cash Outflow To Acquire Fixed Assets.
d. Cash Inflow From Interest Income.
Question 14
Complete
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Question text
If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is
the return on net worth ?
Select one:
a. 15%
b. 22%
c. 28%
d. 32%
Question 15
Complete
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Question text
The Accounting Standards Board was set up by
Select one:
a. Institute Of Chartered Accountants Of India
b. Comptroller And Auditor General Of India
c. Central Board Of Direct Taxes
d. Reserve Bank Of India
Question 16
Complete
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Question text
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. A Rule That Accountants Can Choose To Follow
b. Revenue Is Recorded When A Contract Is Signed
c. Revenue Must Be Recorded When It Is Earned
d. Revenue Is Recorded When Cash Is Received
Question 17
Complete
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Question text
Which one of the following is correct?
Select one:
a. Cash From Operations Is Equal To Net Profit Adjusted For Non-Cash, Items And
Adjustment For Working Capital Changes.
b. Cash From Operations Is Equal To Net Profit Minus Increase In Debtors
c. Cash From Operations Is Equal To Net Profit Plus Increase In Debtors And Creditors
d. Cash From Operations Is Equal To Net Profit Plus Debtors Outstanding At The Beginning
Of The Accounting Year
Question 18
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Question text
What does balance sheet summarize for a business enterprise
Select one:
a. Financial Position At A Point In Time
b. D. Profit Or Loss At A Point In Time.
c. Operating Results For A Period
d. C. Financing And Investment Activities For A Period
Question 19
Complete
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Question text
The prime accountability of the financial statements being a fair and true representation of the
financial health of the firm lies with the:
Select one:
a. Supervisor
b. Board Of Directors
c. Human Resource Manager
d. Chief Accountant
Question 20
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The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the
context of intangible assets.
Select one:
a. Amortisation, Depletion
b. Depreciation, Depletion
c. Amortisation, Depreciation
d. Depreciation, Amortisation
Question 21
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………...…. reduces the value of property, plant, and equipment on the balance sheet as the
value of assets is lowered over time due to wear and tear and the reduction of their useful life.
Select one:
a. Amortisation
b. Expenses
c. Tax
d. Depreciation
Question 22
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Question text
The process of recognizing the strengths and weaknesses of the firm by establishing the
relationship among various items of Balance Sheet and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. None Of The Above
c. Financial Statement Analysis
d. Cost Accounting
Question 23
Complete
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Question text
The measurement and timings error in financial statements quality can be in the form of:
Select one:
a. Both A And B.
b. Wrong Estimation Of Life Of The Asset.
c. Correct Provisioning Of Certain Expenses.
d. Correct Measurement Of Revenue.
Question 24
Complete
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Question text
If a firm have a current ratio of 1, then its net working capital will be
Select one:
a. Negative
b. Zero
c. Positive
d. Same
Question 25
Complete
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Question text
Which of the following is a financing activity?
Select one:
a. Cash Used To Make A Payment Of Long Term Loan
b. Cash Received From Selling A Piece Of Equipment
c. Cash Recoveries From A Loan
d. Cash Paid To Charities
Question 26
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Question text
Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is
Rs 80,000 and Cost of goods sold is Rs 3,50,000.
Select one:
a. 2.56
b. 4.5
c. 2.89
d. 4.38
Question 27
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Question text
Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Investments
b. Share Capital
c. Non Current Assets
d. Current Liabilities And Provision
Question 28
Complete
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Question text
Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Increases In Assets And Decreases In Liabilities
b. Decrease In Asset But No Change In Liability
c. Increase In Asset But No Change In Liability
d. Increases In Assets And Increases In Liabilities
Question 29
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Holiday Ltd. Posted a net loss of 50,000 for 2019, while reporting the increase in cash balance.
As an investor you should refer to ------ for enhanced understanding.
Select one:
a. Directors Responsibility Statement
b. Profit And Loss Account
c. Balance Sheet
d. Cash Flow Statement
Question 30
Complete
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Question text
FTL Ltd. reported profit of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which
financial statement should investors of FTL Ltd. refer to for an understanding of situation?
Select one:
a. Profit And Loss Account
b. Director’S Responsibility Statement
c. Cash Flow Statement
d. Balance Sheet
6/19/2021
Assignment - 1: Attempt review
Started on Saturday, 19 June 2021, 10:42 AM
State Finished
Completed on Saturday, 19 June 2021, 11:26 AM
Time taken 43 mins 58 secs
Grade 12.00 out of 15.00 (80%)
Question 1
Complete
Mark 0.50 out of 0.50
What are the basic financial statements provided in an annual report?
Select one:
a. Balance Sheet And Income Statement
b. Statement Of Financial Earnings And Statement Of Stockholder’S Equity.
c. Balance Sheet, Income Statement, Statement Of Cash Flows And Statement Of Stockholder’S Equity.
d. Balance Sheet, Income Statement And Statement Of Cash Flows.


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Question 2
Complete
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If a firm have a current ratio of 1, then its net working capital will be
Select one:
a. Zero
b. Negative
c. Same
d. Positive
Question 3
Complete
Mark 0.50 out of 0.50

Identify the transaction not involving outflow of cash.
Select one:
a. Dividends.
b. Depreciation.
c. Interest Payments.
d. Income Taxes Payments
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Question 4
Complete
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What does the income statement measure for a firm?
Select one:
a. The Results Of Operations For A Period
b. The Financing And Investment Activities For A Period
c. The Changes In Assets And Liabilities That Occurred During The Period
d. The Financial Position Of A Firm For A Period.
Question 5
Complete
Mark 0.50 out of 0.50

Which statutory act requires that financial statements of companies shall comply with the accounting standards.
Select one:
a. The Companies Act, 2013
b. The Income Tax Act, 1961
c. All Of These
d. The Partnership Act, 1932
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Question 6
Complete
Mark 0.50 out of 0.50
What does balance sheet summarize for a business enterprise
Select one:
a. C. Financing And Investment Activities For A Period
b. D. Profit Or Loss At A Point In Time.
c. Financial Position At A Point In Time
d. Operating Results For A Period
Question 7
Complete
Mark 0.50 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When A Contract Is Signed
c. Revenue Is Recorded When Cash Is Received
d. A Rule That Accountants Can Choose To Follow
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Question 8
Complete
Mark 0.50 out of 0.50
The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV Factory
recognize the revenue?
Select one:
a. Yes, The Revenue Is Realized
b. No, The Revenue Was Not Received
c. Yes, The Revenue Is Realizable
d. No, The Revenue Must Be In Cash
Question 9
Complete
Mark 0.50 out of 0.50

The Accounting Standards Board was set up by
Select one:
a. Comptroller And Auditor General Of India
b. Reserve Bank Of India
c. Institute Of Chartered Accountants Of India
d. Central Board Of Direct Taxes
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Question 10
Complete
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What is revenue?
Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. The Amount Of Money Owed To A Business By Its Customers
c. The Amount Of Money A Business Earns From Selling Its Goods And Services
d. . The Cash Received From Selling Goods And Services
Question 11
Complete
Mark 0.50 out of 0.50

The process of recognizing the strengths and weaknesses of the firm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Financial Statement Analysis
b. Cost Accounting
c. Merger & Acquisition
d. None Of The Above
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
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Question 12
Complete
Mark 0.50 out of 0.50
The measurement and timings error in financial statements quality can be in the form of:
Select one:
a. Correct Measurement Of Revenue.
b. Both A And B.
c. Wrong Estimation Of Life Of The Asset.
d. Correct Provisioning Of Certain Expenses.
Question 13
Complete
Mark 0.50 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When Cash Is Received
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When A Contract Is Signed
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Question 14
Complete
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Misclassification of revenue expense as a capital expense leads to:
Select one:
a. Leads Finance Managers To Treat Recurring Expenses As A One-Time Expense.
b. An Increase In Expenses And A Decrease In Profits.
c. Leads To Increase In Inventory Turnover Ratio.
d. Decrease In Expenses And An Increase In Profits.
Question 15
Complete
Mark 0.50 out of 0.50

Which of the following statement is true about Ratio Analysis?
Select one:
a. Ratio Analysis Does Not Helps In Facilitating Trend Analysis.
b. Ratio Analysis Helps In Data Simplification And Association.
c. Ratio Analysis Does Not Helps In Identification Of Attention-Seeking Domains.
d. Ratio Analysis Does Not Assist In Comparative Analysis.
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Question 16
Complete
Mark 0.50 out of 0.50
The statement of only parent firm without including the subsidiary statements are known as_____
Select one:
a. Individual Financial Statement
b. Non Consolidated Financial Statements
c. Consolidate Financial Statement
d. Standalone Financial Statement
Question 17
Complete
Mark 0.00 out of 0.50

What is the statement of stockholder’s equity?
Select one:
a. It Is A Statement That Reconciles Only The Treasury Stock Account
b. It Is A Statement Reconciling The Difference Between Stock Issued At Par Value And Stock Issued At Market Value
c. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year
d. It Is The Same As A Retained Earnings Statement
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Question 18
Complete
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Primary objective of cash flow statement is to provide information about:
Select one:
a. Profit Earned During The Year
b. Cash Flow Position Of The Company
c. Future Plans Of Company
d. All Of These
Question 19
Complete
Mark 0.50 out of 0.50

Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Increase In Asset But No Change In Liability
b. Decrease In Asset But No Change In Liability
c. Increases In Assets And Increases In Liabilities
d. Increases In Assets And Decreases In Liabilities
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
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Question 20
Complete
Mark 0.00 out of 0.50
One of the example of influenced accounting problems is:
Select one:
a. Valuation Of Reserves.
b. Categorizing Non-Operating Revenue/Income As Non- Operating.
c. Measurement Of Revenues As Operating And Non- Operating.
d. Aggressive Revenue Identification.
Question 21
Complete
Mark 0.00 out of 0.50

What are the other motives behind influenced accounting?
Select one:
a. Both A And C.
b. Management Perks And Benefits.
c. Cleaning At The Time Of New Ceo Joining.
d. To Forgo Tax Benefits.
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Question 22
Complete
Mark 0.50 out of 0.50
The prime accountability of the financial statements being a fair and true representation of the financial health of the firm lies with the:
Select one:
a. Chief Accountant
b. Board Of Directors
c. Supervisor
d. Human Resource Manager
Question 23
Complete
Mark 0.50 out of 0.50

If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 22%
c. 15%
d. 32%
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Question 24
Complete
Mark 0.00 out of 0.50
Which of the following item are not a part of current assets in a firm?
Select one:
a. Prepaid Expenses
b. Accounts Receivables
c. Inventory
d. Outstanding Expenses
Question 25
Complete
Mark 0.50 out of 0.50

Amount set aside to meet the losses is a
Select one:
a. Profit
b. Loans
c. Liability
d. Reserve
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
13/16
6/19/2021
Assignment - 1: Attempt review
Question 26
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Profit after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. Rs. 3.04, 13.16
b. Rs. 3.33, 10.34
c. 0
d. Rs. 3.12, 10.80
Question 27
Complete

Mark 0.00 out of 0.50
The concept of financial statements quality implies:
Select one:
a. Both A And B.
b. Accuracy Of Using The Monetary Reports To Inform About Predicted Cashflows To Stakeholders.
c. Unfair And Non Transparent Financial Information About The Firm.

d. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
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14/16
6/19/2021
Assignment - 1: Attempt review
Question 28
Complete
Mark 0.50 out of 0.50
Which of the following is a financing activity?
Select one:
a. Cash Paid To Charities
b. Cash Received From Selling A Piece Of Equipment
c. Cash Recoveries From A Loan
d. Cash Used To Make A Payment Of Long Term Loan
Question 29
Complete
Mark 0.00 out of 0.50

The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. All Of These
b. Listed Companies
c. Private Companies
d. Unlisted Companies
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15/16
6/19/2021
Assignment - 1: Attempt review
Question 30
Complete
Mark 0.50 out of 0.50
Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Cash Budget
b. None Of The Above
c. Cash Flow Statement
d. Fund Flow Statement




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16/16
Started on Monday, 31 May 2021, 9:34 PM
State Finished
Completed on Monday, 31 May 2021, 10:24 PM
Time taken 50 mins 1 sec
Grade 9.00 out of 15.00 (60%)
Question 1
Complete
Mark 0.50 out of 0.50
………...…. reduces the value of property, plant, and equipment on the balance sheet as the value of assets is lowered over time due to wear
and tear and the reduction of their useful life.
Select one:
a. Amortisation
b. Tax
c. Depreciation
d. Expenses

Question 2
Complete
Mark 0.50 out of 0.50
What does balance sheet summarize for a business enterprise
Select one:
a. Operating Results For A Period
b. D. Pro t Or Loss At A Point In Time.
c. C. Financing And Investment Activities For A Period
d. Financial Position At A Point In Time
Question 3
Complete
Mark 0.50 out of 0.50
Which statutory act requires that nancial statements of companies shall comply with the accounting standards.
Select one:
a. All Of These
b. The Partnership Act, 1932
c. The Companies Act, 2013
d. The Income Tax Act, 1961

Question 4
Complete
Mark 0.00 out of 0.50
Holiday Ltd. Posted a net loss of 50,000 for 2019, while reporting the increase in cash balance. As an investor you should refer to ------ for
enhanced understanding.
Select one:
a. Directors Responsibility Statement
b. Cash Flow Statement
c. Balance Sheet
d. Pro t And Loss Account
Question 5
Complete
Mark 0.50 out of 0.50
Financial statements should be submitted within ------- days from the end of each quarter except for ------ days in case of last quarter
Select one:
a. 15,30
b. 45, 60
c. None Of These
d. 60,45

Question 6
Complete
Mark 0.50 out of 0.50
The concept of nancial statements quality implies:
Select one:
a. Both A And B.
b. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
c. Accuracy Of Using The Monetary Reports To Inform About Predicted Cash ows To Stakeholders.
d. Unfair And Non Transparent Financial Information About The Firm.
Question 7
Not answered
Marked out of 0.50
The existence of signi cant o -balance sheet nancing mainly speci es:
Select one:
a. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
b. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
c. A Decrease In Debt, Which Decreases Financial Results Quality.
d. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.

Question 8
Complete
Mark 0.50 out of 0.50
Income is increase in economic bene ts during the accounting period in the form of
Select one:
a. Increase In Asset But No Change In Liability
b. Decrease In Asset But No Change In Liability
c. Increases In Assets And Decreases In Liabilities
d. Increases In Assets And Increases In Liabilities
Question 9
Complete
Mark 0.50 out of 0.50
The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Non Consolidated Financial Statements
b. Individual Financial Statement
c. Standalone Financial Statement
d. Consolidate Financial Statement

Question 10
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. A Rule That Accountants Can Choose To Follow
b. Revenue Is Recorded When Cash Is Received
c. Revenue Is Recorded When A Contract Is Signed
d. Revenue Must Be Recorded When It Is Earned
Question 11
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving out ow of cash.
Select one:
a. Dividends.
b. Interest Payments.
c. Income Taxes Payments
d. Depreciation.

Question 12
Complete
Mark 0.50 out of 0.50
Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Budget
b. Fund Flow Statement
c. Cash Flow Statement
d. None Of The Above
Question 13
Complete
Mark 0.50 out of 0.50
The primary objective of high quality nancial reporting is presenting information about_________
Select one:
a. Environmental Issues
b. Monetary Units
c. All Of The Above
d. Social Bene ts

Question 14
Complete
Mark 0.00 out of 0.50
Which of the following would be considered a cash- ow item from an "investing" activity?
Select one:
a. Cash In ow From Dividend Income.
b. Cash In ow From Interest Income.
c. All Of These.
d. Cash Out ow To Acquire Fixed Assets.
Question 15
Complete
Mark 0.50 out of 0.50
Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Non Current Assets
b. Share Capital
c. Current Liabilities And Provision
d. Investments

Question 16
Complete
Mark 0.50 out of 0.50
If a rm have a current ratio of 1, then its net working capital will be
Select one:
a. Negative
b. Same
c. Positive
d. Zero
Question 17
Complete
Mark 0.50 out of 0.50
Which of the following item are not a part of current assets in a rm?
Select one:
a. Inventory
b. Outstanding Expenses
c. Accounts Receivables
d. Prepaid Expenses

Question 18
Complete
Mark 0.00 out of 0.50
What is the accrual basis of accounting?
Select one:
a. Recognition Of Revenue In The Accounting Period When The Sale Is Made Rather Than When Cash Is Received
b. Matching Expenses With Revenue In The Appropriate Accounting Period.
c. None Of The Above
d. Recognition Of Revenue When It Is Received In Cash
Question 19
Complete
Mark 0.00 out of 0.50
Which of the following will not result in an increase in net working capital?
Select one:
a. Increase In Cash.
b. Decrease In Bank Borrowings.
c. Decrease In Creditors.
d. Decrease In Inventory

Question 20
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Is Recorded When Cash Is Received
b. Revenue Is Recorded When A Contract Is Signed
c. A Rule That Accountants Can Choose To Follow
d. Revenue Must Be Recorded When It Is Earned
Question 21
Complete
Mark 0.00 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Pro t after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each. From
the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.04, 13.16
c. Rs. 3.12, 10.80
d. Rs. 3.33, 10.34

Question 22
Complete
Mark 0.00 out of 0.50
Primary objective of cash ow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. All Of These
c. Pro t Earned During The Year
d. Cash Flow Position Of The Company
Question 23
Complete
Mark 0.50 out of 0.50
Use revenue recognition principle to determine when a business should record revenue: A contract was signed in March for legal work
completed by a law rm in April. The client agreed to pay for the completed work in May and the law rm received payment in early June.
Select one:
a. March
b. April
c. May
d. June

Question 24
Complete
Mark 0.00 out of 0.50
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Relevant Accountant Standards And Policies Have Been Followed
b. Internal Controls Are In Place
c. All Of These
d. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
Question 25
Complete
Mark 0.00 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
d. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant

Question 26
Complete
Mark 0.50 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 15%
b. 22%
c. 28%
d. 32%
Question 27
Complete
Mark 0.00 out of 0.50
Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Paid To Charities
c. Cash Recoveries From A Loan
d. Cash Used To Make A Payment Of Long Term Loan

Question 28
Complete
Mark 0.50 out of 0.50
P&L account can also be named as
Select one:
a. Statement Of Income
b. None Of The Above
c. Statement Of Position
d. Statement Of Expenses
Question 29
Complete
Mark 0.00 out of 0.50
Use the following information to determine when a business should record (or recognize) revenue: A contract was signed in March for legal
work completed by a law rm in April. The client agreed to pay for the completed work in May and the law rm received payment in early
June.
Select one:
a. April
b. March
c. May
d. June

Question 30
Complete
Mark 0.00 out of 0.50
The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 12.5 Times, 1.67 Times, 1 Times
b. 11.1 Times, 1.2 Times, 0.63 Times
c. 12.5 Times, 2.2 Times, 0.12 Times
d. 12.0 Times, 1.3 Times, 0.73 Times



11/22/2020
Assignment - 1: Attempt review
Started on Sunday, 22 November 2020, 5:10 AM
State Finished
Completed on Sunday, 22 November 2020, 5:35 AM
Time taken 24 mins 36 secs
Grade 14.00 out of 15.00 (93%)
Question 1
Complete
Mark 0.50 out of 0.50
Indirect Labour Cost cannot be conveniently traced to a speci c unit of product /output and includes
Select one:
a. All of these
b. Foremen, time-keepers
c. Directors’ and salesmen salary
d. Wages of storekeepers


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1/16
11/22/2020
Assignment - 1: Attempt review
Question 2
Complete
Mark 0.50 out of 0.50
A margin is the excess of unit sale price over unit variable cost.
Select one:
a. Contribution
b. Situational
c. None of these
d. Cost
Question 3
Complete
Mark 0.50 out of 0.50

Zeta Ltd. Manufactures the furniture and sells it without ne nishing. Their material and labour cost is Rs 2000 per unit and Rent is Rs
25000 per month. Company sells 25 units per month. Now the management decided to do proper nishing and polishing of furniture
before selling it. This will lead to additional Rs 500 variable cost per unit and selling price can be increased by Rs 800 per unit. What is the
relevant cost to take this decision?
Select one:
a. Rs 500 per unit
b. Rs 3000 per unit

c. Rs 2000 per unit
d. Rs 2500 per unit
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2/16
11/22/2020
Assignment - 1: Attempt review
Question 4
Complete
Mark 0.50 out of 0.50
It is a system based on activities linking spending on resources to the products/services produced or delivered to customers.
Select one:
a. Activity cost driver rate
b. Activity rate cost
c. Activity based cost
d. None of these
Question 5
Complete
Mark 0.50 out of 0.50

The type of cost which changes with the change in alternative course of decision/actions whereas irrelevant cost remains constant across all
the alternative course of decision/ actions
Select one:
a. Irrelevant
b. Constant
c. Relevant
d. None of these
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
3/16
11/22/2020
Assignment - 1: Attempt review
Question 6
Complete
Mark 0.50 out of 0.50
Machine Set-up Hours is an example of which type of activity cost driver
Select one:
a. None of these
b. Duration
c. Transaction
d. Intensity
Question 7
Complete
Mark 0.00 out of 0.50

The following is the basic assumption of variable costing technique
Select one:
a. Fixed costs are sunk cost
b. Fixed costs resulting from the investment are product costs.
c. Variable costs are period costs.
d. Fixed costs resulting from the investment are period costs.
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
4/16
11/22/2020
Assignment - 1: Attempt review
Question 8
Complete
Mark 0.50 out of 0.50
Operating budgets relate to the physical activities or operations of a rm such as sales, production, purchasing, debtors collection and
creditors payment schedules and in speci c terms, an operating budget has the following components:
Select one:
a. Sales budget
b. All of these
c. Purchase budget
d. Production budget
Question 9
Complete
Mark 0.50 out of 0.50

________ cost is the traceable cost for a particular product
Select one:
a. Indirect
b. Variable
c. Direct
d. Di erential
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
5/16
11/22/2020
Assignment - 1: Attempt review
Question 10
Complete
Mark 0.50 out of 0.50
Which of the following is feature of Zero base budgeting?
Select one:
a. Concentration on justi cation of the activity
b. Based on cost-bene ts
c. Individual units are linked to organizational targets
d. All of these
Question 11
Complete
Mark 0.50 out of 0.50

No. of Inspections is an example of which type of activity cost driver
Select one:
a. Duration
b. None of these
c. Intensity
d. Transaction
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
6/16
11/22/2020
Assignment - 1: Attempt review
Question 12
Complete
Mark 0.50 out of 0.50
The following is included in product cost under full costing.
Select one:
a. Contingent cost
b. Fixed cost
c. Cost of capital
d. Opportunity cost
Question 13
Complete
Mark 0.50 out of 0.50

There are three di erent types of cost behaviours which can be visualised with changes in volume or level of activity:
Select one:
a. Fixed costs
b. All of these
c. Mixed costs
d. Variable costs
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
7/16
11/22/2020
Assignment - 1: Attempt review
Question 14
Complete
Mark 0.50 out of 0.50
Direct Human e orts, both physical and mental, used for conversion of materials into nished products is
Select one:
a. Labour
b. Work
c. None of these
d. Production
Question 15
Complete
Mark 0.50 out of 0.50

A cost-pro t analysis shows the relationship among the various ingredients of pro t planning, namely, unit sale price, variable cost, sales
volume, sales mix and xed cost is
Select one:
a. Cost-Volume-Pro t Analysis
b. None of these
c. Quantity-Volume-Pro t Analysis
d. Cost-Weight-Pro t Analysis
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
8/16
11/22/2020
Assignment - 1: Attempt review
Question 16
Complete
Mark 0.50 out of 0.50
The Pearl Merchandise Company has budgeted Rs 40,000 in sales for the month of December. The company’s cost of goods sold is 30% of
sales. If the company has budgeted to purchase Rs 18,000 in merchandise during December, then the budgeted change in inventory levels
over the month of December is:
Select one:
a. Rs 6,000 Decrease
b. Rs 15,000 Increase
c. Rs 10,000 Increase
d. Rs 22,000 Decrease
Question 17
Complete
Mark 0.50 out of 0.50

It is the cost of materials which cannot be conveniently assigned to a speci c physical unit of production.
Select one:
a. Direct material cost
b. None of these
c. Indirect expenses Cost

d. Indirect material cost
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9/16
11/22/2020
Assignment - 1: Attempt review
Question 18
Complete
Mark 0.50 out of 0.50
If xed cost is Rs 5000 and units produced in a year are 1000, then how much xed cost will be charged to product in case of variable
costing?
Select one:
a. Rs 60
b. Rs 5
c. Rs 0
d. Rs 5000
Question 19
Complete
Mark 0.50 out of 0.50

At a break-even point of 400 units, variable costs were Rs 400 and xed costs were Rs 200. What will the 401st unit sold contribution to
operating pro ts before income taxes is
Select one:
a. Rs 2.00
b. Rs 1.50
c. Rs 1.00

d. Rs 0.50
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10/16
11/22/2020
Assignment - 1: Attempt review
Question 20
Complete
Mark 0.50 out of 0.50
The following is considered as product cost under variable costing.
Select one:
a. Contingent cost
b. Fixed cost
c. Opportunity cost
d. Direct material cost
Question 21
Complete
Mark 0.50 out of 0.50

Avoidable costs are relevant costs when particular decision alternatives are
Select one:
a. Expensive
b. Compared
c. Inexpensive
d. None of these
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
11/16
11/22/2020
Assignment - 1: Attempt review
Question 22
Complete
Mark 0.50 out of 0.50
The substance from which the product is made is known as material and all the materials which become an integral part of the nished
product and which can be conveniently assigned to speci c physical units are called as
Select one:
a. Labour
b. Direct material
c. None of these
d. Indirect Material
Question 23
Complete
Mark 0.00 out of 0.50

cost concept which is relevant to the short-term decision making is the
Select one:
a. Sunk cost
b. Committed cost
c. Opportunity costs
d. None of these
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
12/16
11/22/2020
Assignment - 1: Attempt review
Question 24
Complete
Mark 0.50 out of 0.50
Activity cost drivers are measures that identify the following:
Select one:
a. Cost objects
b. They serve as quantitative measures of the resources
c. Linkage between activities and cost objects
d. All of these
Question 25
Complete
Mark 0.50 out of 0.50

Zero base budgeting (ZBB) can be de ned as
Select one:
a. All of these
b. It is a management process that provides for systematic consideration of all programs.
c. Justi cation of each program
d. A tool for e cient use of resources
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
13/16
11/22/2020
Assignment - 1: Attempt review
Question 26
Complete
Mark 0.50 out of 0.50
The Planning Process includes:
Select one:
a. Strategies
b. Objectives
c. All of these
d. Goals
Question 27
Complete
Mark 0.50 out of 0.50

Cost of any nished product can be calculated on the basis of
Select one:
a. All the Above
b. Salary paid to the employees
c. Tax paid on the nal product
d. Cost of material
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
14/16
11/22/2020
Assignment - 1: Attempt review
Question 28
Complete
Mark 0.50 out of 0.50
A type of costing system in which only variable costs are recognised as product costs is called as
Select one:
a. Fixed
b. Variable
c. Invariable
d. None of these
Question 29
Complete
Mark 0.50 out of 0.50

The monetary bene ts that would accrue from taking the alternative course are sacri ced and these bene ts, if measurable, should be
added to the costs of the
Select one:
a. Time
b. All of these
c. Money
d. Decision
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
15/16
11/22/2020
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Question 30
Complete
Mark 0.50 out of 0.50
The costing indicates that the manufacturing xed overheads are inventoriable costs; they are the product costs and must be matched
against the revenue of the year in which sales are made is
Select one:
a. None of these
b. Absorption cost
c. Fixed cost
d. Variable cost




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16/16
11/12/2020
Assignment - 1: Attempt review
Started on Thursday, 12 November 2020, 1:05 PM
State Finished
Completed on Thursday, 12 November 2020, 1:36 PM
Time taken 31 mins 8 secs
Grade 15.00 out of 15.00 (100%)
Question 1
Complete
Mark 0.50 out of 0.50
The substance from which the product is made is known as material and all the materials which become an integral part of the nished
product and which can be conveniently assigned to speci c physical units are called as
Select one:
a. Indirect Material
b. Labour
c. None of these
d. Direct material
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
1/16
11/12/2020
Assignment - 1: Attempt review
Question 2
Complete
Mark 0.50 out of 0.50
The type of cost which changes with the change in alternative course of decision/actions whereas irrelevant cost remains constant across all
the alternative course of decision/ actions
Select one:
a. Constant
b. Relevant
c. None of these
d. Irrelevant
Question 3
Complete
Mark 0.50 out of 0.50

Incremental or di erential costs are useful in planning and decision-making and provide a device for testing the pro tability of increased
output, and give a better measure than the
Select one:
a. Average Cost
b. Sunk Cost
c. Additional cost
d. None of these
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2/16
11/12/2020
Assignment - 1: Attempt review
Question 4
Complete
Mark 0.50 out of 0.50
The Pearl Merchandise Company has budgeted Rs 40,000 in sales for the month of December. The company’s cost of goods sold is 30% of
sales. If the company has budgeted to purchase Rs 18,000 in merchandise during December, then the budgeted change in inventory levels
over the month of December is:
Select one:
a. Rs 6,000 Decrease
b. Rs 22,000 Decrease
c. Rs 15,000 Increase
d. Rs 10,000 Increase
Question 5
Complete
Mark 0.50 out of 0.50

. The following is considered relevant cost under variable costing.
Select one:
a. All of these
b. Direct expense
c. Direct material cost
d. Direct labour cost
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3/16
11/12/2020
Assignment - 1: Attempt review
Question 6
Complete
Mark 0.50 out of 0.50
Direct Human e orts, both physical and mental, used for conversion of materials into nished products is
Select one:
a. Production
b. Work
c. None of these
d. Labour
Question 7
Complete
Mark 0.50 out of 0.50

The monetary bene ts that would accrue from taking the alternative course are sacri ced and these bene ts, if measurable, should be
added to the costs of the
Select one:
a. Decision
b. Time
c. All of these
d. Money
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4/16
11/12/2020
Assignment - 1: Attempt review
Question 8
Complete
Mark 0.50 out of 0.50
________ costs have been incurred by a decision that was made in the past and cannot be changed by any decision that would be made in
the future.
Select one:
a. Budgeted cost
b. Targeted cost
c. Sunk cost
d. None of these
Question 9
Complete
Mark 0.50 out of 0.50

The Planning Process includes:
Select one:
a. Goals
b. Objectives
c. All of these
d. Strategies
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Question 10
Complete
Mark 0.50 out of 0.50
The contribution margin ratio is 25% for Crowne Company and the break-even point in sales is Rs 200,000. If Crowne Company’s target
operating pro t is Rs 60,000, sales would have to be:
Select one:
a. Rs 240000
b. Rs 440000
c. Rs 260,000
d. Rs 280000
Question 11
Complete
Mark 0.50 out of 0.50

If the total inspection cost is Rs 10 lacs and number of inspections done during the year are 10000, what will be the overhead cost for a
product which requires 5 inspections
Select one:
a. 500
b. 20
c. 10000
d. 100
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Question 12
Complete
Mark 0.50 out of 0.50
Activity cost drivers are measures that identify the following:
Select one:
a. All of these
b. Cost objects
c. Linkage between activities and cost objects
d. They serve as quantitative measures of the resources
Question 13
Complete
Mark 0.50 out of 0.50

_________ cost is the amount of bene ts foregone from the second-best alternative decision/action.
Select one:
a. Indirect
b. Sunk
c. Direct
d. Opportunity
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Question 14
Complete
Mark 0.50 out of 0.50
The costing indicates that the manufacturing xed overheads are inventoriable costs; they are the product costs and must be matched
against the revenue of the year in which sales are made is
Select one:
a. None of these
b. Fixed cost
c. Absorption cost
d. Variable cost
Question 15
Complete
Mark 0.50 out of 0.50

If xed cost is Rs 5000 and units produced in a year are 1000, then how much xed cost will be charged to product in case of variable
costing?
Select one:
a. Rs 5000
b. Rs 60
c. Rs 5
d. Rs 0
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Question 16
Complete
Mark 0.50 out of 0.50
It is a system based on activities linking spending on resources to the products/services produced or delivered to customers.
Select one:
a. None of these
b. Activity based cost
c. Activity rate cost
d. Activity cost driver rate
Question 17
Complete
Mark 0.50 out of 0.50

Margin of ________ is the excess of actual sales revenue over the break-even sales revenue
Select one:
a. Safety
b. Hazards
c. None of these
d. Quality
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9/16
11/12/2020
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Question 18
Complete
Mark 0.50 out of 0.50
________ cost is the traceable cost for a particular product
Select one:
a. Direct
b. Di erential
c. Indirect
d. Variable
Question 19
Complete
Mark 0.50 out of 0.50

Indirect Labour Cost cannot be conveniently traced to a speci c unit of product /output and includes
Select one:
a. Directors’ and salesmen salary
b. All of these
c. Wages of storekeepers
d. Foremen, time-keepers
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11/12/2020
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Question 20
Complete
Mark 0.50 out of 0.50
No. of Inspections is an example of which type of activity cost driver
Select one:
a. None of these
b. Duration
c. Transaction
d. Intensity
Question 21
Complete
Mark 0.50 out of 0.50

It is the cost of materials which cannot be conveniently assigned to a speci c physical unit of production.
Select one:
a. Direct material cost
b. Indirect material cost
c. None of these
d. Indirect expenses Cost
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11/16
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Question 22
Complete
Mark 0.50 out of 0.50
The ____________ costs which would change as a result of the decision under consideration, whereas irrelevant costs are those which would
remain una ected by the decision and therefore, only these costs would be included in the analytical framework.
Select one:
a. Incremental cost
b. Relevant costs
c. None of these
d. Irrelevant costs
Question 23
Complete
Mark 0.50 out of 0.50

A cost-pro t analysis shows the relationship among the various ingredients of pro t planning, namely, unit sale price, variable cost, sales
volume, sales mix and xed cost is
Select one:
a. None of these
b. Cost-Weight-Pro t Analysis
c. Cost-Volume-Pro t Analysis
d. Quantity-Volume-Pro t Analysis
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12/16
11/12/2020
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Question 24
Complete
Mark 0.50 out of 0.50
Financial budgets are concerned with expected cash receipts or disbursements, nancial position and results of operations and in other
words, a nancial budget has the following components:
Select one:
a. Cash budget
b. All of these
c. Budgeted income statement
d. Budgeted statement of retained earnings
Question 25
Complete
Mark 0.50 out of 0.50

Zero base budgeting (ZBB) can be de ned as
Select one:
a. It is a management process that provides for systematic consideration of all programs.
b. All of these
c. Justi cation of each program
d. A tool for e cient use of resources
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Question 26
Complete
Mark 0.50 out of 0.50
There are three di erent types of cost behaviours which can be visualised with changes in volume or level of activity:
Select one:
a. Fixed costs
b. Variable costs
c. Mixed costs
d. All of these
Question 27
Complete
Mark 0.50 out of 0.50

The following is considered as product cost under variable costing.
Select one:
a. Opportunity cost
b. Fixed cost
c. Direct material cost
d. Contingent cost
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11/12/2020
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Question 28
Complete
Mark 0.50 out of 0.50
A _______ break-even point is total cash xed cost divided by contribution margin per unit.
Select one:
a. None of these
b. Pro t
c. Loss
d. Cash
Question 29
Complete
Mark 0.50 out of 0.50

A type of costing system in which only variable costs are recognised as product costs is called as
Select one:
a. Fixed
b. Variable
c. None of these
d. Invariable
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Question 30
Complete
Mark 0.50 out of 0.50
Cost which can be identi ed with goods produced or purchased for resale is named as
Select one:
a. Expired Cost
b. Product Cost
c. Unexpired Cost
d. Period Cost

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

16/16
Started on Monday, 19 July 2021, 2:22 PM
State Finished
Completed on Monday, 19 July 2021, 2:40 PM
Time taken 18 mins 1 sec
Grade 15.00 out of 15.00 (100%)
Question 1
Complete
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3.
Determine the transaction price 4. Allocate the transaction price 5. _______________
Mark 0.50 out
of 0.50
Select one:
a. Perform The Activity
b. Complete The Contract
c. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
d. Pay The Transaction Price
Question 2
Out of the fund flow statement and cash flow statement which one is a broader concept: -
Complete
Mark 0.50 out
of 0.50
Select one:
a. None Of The Above
b. Fund Flow Statement
c. Cash Budget
d. Cash Flow Statement
Question 3
If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Complete
Mark 0.50 out
of 0.50
Select one:
a. 32%
b. 28%
c. 22%
d. 15%

Question 4
The statement of only parent firm without including the subsidiary statements are known as_____
Complete
Mark 0.50 out
of 0.50
Select one:
a. Standalone Financial Statement
b. Consolidate Financial Statement
c. Non Consolidated Financial Statements
d. Individual Financial Statement
Question 5
What is revenue?
Complete
Mark 0.50 out
of 0.50
Select one:
a. The Amount Of Money Owed To A Business By Its Customers
b. The Amount Of Money A Business Earns From Selling Its Goods And Services
c. . The Cash Received From Selling Goods And Services
d. The Amount Spent By A Business To Sell Its Goods And Services
Question 6
Amount set aside to meet the losses is a
Complete
Mark 0.50 out
of 0.50
Select one:
a. Loans
b. Liability
c. Profit
d. Reserve

Question 7
Which of the following statement is true about Ratio Analysis?
Complete
Mark 0.50 out
of 0.50
Select one:
a. Ratio Analysis Does Not Assist In Comparative Analysis.
b. Ratio Analysis Does Not Helps In Identification Of Attention-Seeking Domains.
c. Ratio Analysis Helps In Data Simplification And Association.
d. Ratio Analysis Does Not Helps In Facilitating Trend Analysis.
Question 8
Complete
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also
known as annual recordsC) Financial statements are historic
Mark 0.50 out
of 0.50
Select one:
a. Option B & C
b. Option A
c. Option B
d. Option A & B
Question 9
What is the accrual basis of accounting?
Complete
Mark 0.50 out
of 0.50
Select one:
a. None Of The Above
b. Recognition Of Revenue In The Accounting Period When The Sale Is Made Rather Than When Cash Is Received
c. Matching Expenses With Revenue In The Appropriate Accounting Period.
d. Recognition Of Revenue When It Is Received In Cash

Question 10
The profit and loss account format as per Companies Act 2013 is given Schedule-
Complete
Mark 0.50 out
of 0.50
Select one:
a. Iii
b. Vii
c. Iv
d. Vi
Question 11
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Complete
Mark 0.50 out
of 0.50
Select one:
a. All Of These
b. Internal Controls Are In Place
c. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
d. Relevant Accountant Standards And Policies Have Been Followed
Question 12
The primary objective of high quality financial reporting is presenting information about_________
Complete
Mark 0.50 out
of 0.50
Select one:
a. Social Benefits
b. All Of The Above
c. Environmental Issues
d. Monetary Units

Question 13
Complete
FTL Ltd. reported profit of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which financial statement should
investors of FTL Ltd. refer to for an understanding of situation?
Mark 0.50 out
of 0.50
Select one:
a. Director’S Responsibility Statement
b. Balance Sheet
c. Profit And Loss Account
d. Cash Flow Statement
Question 14
All the assets that an entity controls are recognised in the ………...….
Complete
Mark 0.50 out
of 0.50
Select one:
a. Financial Statement
b. Accounting Book
c. Profit & Loss Statement
d. Balance Sheet
Question 15
If a firm have a current ratio of 1, then its net working capital will be
Complete
Mark 0.50 out
of 0.50
Select one:
a. Negative
b. Same
c. Zero
d. Positive

Question 16
Complete
Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is Rs 80,000 and Cost of goods sold
is Rs 3,50,000.
Mark 0.50 out
of 0.50
Select one:
a. 2.56
b. 4.38
c. 4.5
d. 2.89
Question 17
State which of the following statement is true:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
d. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
Question 18
The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Complete
Mark 0.50 out
of 0.50
Select one:
a. All Of These
b. Private Companies
c. Unlisted Companies
d. Listed Companies

Question 19
One of the example of influenced accounting problems is:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Categorizing Non-Operating Revenue/Income As Non- Operating.
b. Valuation Of Reserves.
c. Measurement Of Revenues As Operating And Non- Operating.
d. Aggressive Revenue Identification.
Question 20
The quality of financial statements is majorly determined by:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Balance Sheet Quality
b. Cashflows Quality
c. All Of The Above
d. Earnings Quality
Question 21
For companies registered under companies act 2013 statuary audit is performed by:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Company Secretary
b. Cost Accountant
c. Chartered Accountant
d. Any Of These

Question 22
What is the statement of stockholder’s equity?
Complete
Mark 0.50 out
of 0.50
Select one:
a. It Is A Statement That Reconciles Only The Treasury Stock Account
b. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year
c. It Is A Statement Reconciling The Difference Between Stock Issued At Par Value And Stock Issued At Market Value
d. It Is The Same As A Retained Earnings Statement
Question 23
Which of the following item are not a part of current assets in a firm?
Complete
Mark 0.50 out
of 0.50
Select one:
a. Prepaid Expenses
b. Outstanding Expenses
c. Accounts Receivables
d. Inventory
Question 24
Primary objective of cash flow statement is to provide information about:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Profit Earned During The Year
b. Cash Flow Position Of The Company
c. All Of These
d. Future Plans Of Company

Question 25
Complete
The prime accountability of the financial statements being a fair and true representation of the financial health of the firm lies
with the:
Mark 0.50 out
of 0.50
Select one:
a. Chief Accountant
b. Human Resource Manager
c. Board Of Directors
d. Supervisor
Question 26
Under indirect method how will the changes in accounts receivables are reflected?
Complete
Mark 0.50 out
of 0.50
Select one:
a. Can Be Adjusted In Any Statement
b. Adjustment To Sales
c. Adjustment To Net Income
d. Adjustment To Balance Sheet
Question 27
It is usual for a retail shop to recognise revenue when:
Complete
Mark 0.50 out
of 0.50
Select one:
a. The Goods For Sale Have Arrived From The Supplier
b. The Customer Pays For The Goods Sold
c. The Goods Have Been Delivered To The Customers’ Premises
d. The Customer Becomes Legally Obliged To Pay For The Goods

Question 28
Complete
The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV
Factory recognize the revenue?
Mark 0.50 out
of 0.50
Select one:
a. Yes, The Revenue Is Realized
b. Yes, The Revenue Is Realizable
c. No, The Revenue Was Not Received
d. No, The Revenue Must Be In Cash
Question 29
Misclassification of revenue expense as a capital expense leads to:
Complete
Mark 0.50 out
of 0.50
Select one:
a. Leads To Increase In Inventory Turnover Ratio.
b. Leads Finance Managers To Treat Recurring Expenses As A One-Time Expense.

c. An Increase In Expenses And A Decrease In Profits.
d. Decrease In Expenses And An Increase In Profits.
Question 30
The Accounting Standards Board was set up by
Complete
Mark 0.50 out
of 0.50
Select one:
a. Institute Of Chartered Accountants Of India
b. Central Board Of Direct Taxes
c. Reserve Bank Of India
d. Comptroller And Auditor General Of India

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Assignment - 2
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
7/9/2021
Assignment - 1: Attempt review
Started on Friday, 9 July 2021, 1:37 PM
State Finished
Completed on Friday, 9 July 2021, 2:25 PM
Time taken 47 mins 37 secs
Grade 12.00 out of 15.00 (80%)
Question 1
Complete
Mark 0.50 out of 0.50
Choices made by economic decision makers
Select one:
a. Are The Primary Focus Of Economics
b. Do Not Involve Ordinary Citizens
c. Occur Infrequently

d. Are Government Decisions Only
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Question 2
Complete
Mark 0.00 out of 0.50
The law of demand is illustrated by a demand curve that is
Select one:
a. None Of These
b. Downward Sloping To The Right
c. Downward Sloping And Convex To Origin
d. Downward Sloping And Concave To Origin
Question 3
Complete

Mark 0.50 out of 0.50
Perfectly competitive firms respond to changing market conditions by varying their
Select one:
a. Market Share
b. Price
c. Information
d. Output
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Question 4
Complete
Mark 0.00 out of 0.50
Which of the following statements about the substitution effect of a price change is true?
Select one:
a. It Is Caused By A Change In Relative Prices.
b. It Assumes That The Consumer Substitutes More Expensive Goods For Cheaper Ones When Income Increases.
c. It Affects The Consumer's Ability, Rather Than Willingness, To Purchase A Good.
d. It Is Usually Equal To The Income Effect.
Question 5
Complete

Mark 0.50 out of 0.50
Which of the following is a short-run adjustment?
Select one:
a. Tata Motors Builds An Automobile Assembly Plant In Pune.
b. Faced With Increasing Enrollment, A Private College Builds A New School Of Business Building.
c. Because Of Staggering Losses, Three Insurance Companies Exit The Industry.
d. People's Bank Hires Two New Tellers To Meet Increased Demand For Customer Services.
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Question 6
Complete
Mark 0.50 out of 0.50
The law of demand says that the lower the price of a good, other things constant,
Select one:
a. The Smaller The Demand For That Good
b. The Smaller The Quantity Demanded Of That Good
c. The Larger The Quantity Demanded Of That Good
d. The Larger The Demand For That Good
Question 7
Complete

Mark 0.50 out of 0.50
Marginal product is defined as
Select one:
a. The Increase In Revenue That Occurs When An Additional Unit Of A Resource Is Added
b. The Amount Of Additional Resources Needed To Increase Output By One Unit When All Resources Are Increased By The Same
Amount
c. The Increase In Output That Occurs When All Resources Are Increased By The Same Proportion
d. The Increase In Output That Occurs When An Additional Unit Of A Resource Is Added, Holding All Other Resources Constant
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Question 8
Complete
Mark 0.50 out of 0.50
Explicit costs are
Select one:
a. Exactly The Same As Implicit Costs
b. Not Part Of Opportunity Cost
c. Only Cost Considered In Opportunity Cost
d. Actual Monetary Payments For Resources Purchased
Question 9
Complete

Mark 0.50 out of 0.50
The demand curve for a good that has many perfect substitutes in consumption is likely to be
Select one:
a. Horizontal
b. Upward Sloping
c. Steep
d. Highly Inelastic
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Question 10
Complete
Mark 0.50 out of 0.50
In economics, capital is defined as
Select one:
a. The Natural, Unskilled Abilities Of People
b. Natural Resources, Such As Water, Oil, And Iron Ore
c. Human Creations Used In The Production Process
d. Money And Other Financial Assets
Question 11
Complete

Mark 0.50 out of 0.50
Which of the following is most likely to be an inferior good?
Select one:
a. Soft Drinks
b. Airline Travel
c. Restaurant Meals
d. Used Clothings
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Question 12
Complete
Mark 0.50 out of 0.50
One likely result of monopoly power is
Select one:
a. A Higher Price Than Would Exist In A Competitive Industry
b. A Decline In Government Regulation
c. A Wide Variety Of Substitute Products From Which Consumers Can Choose
d. An Elimination Of Barriers To Industry Entry
Question 13
Complete

Mark 0.50 out of 0.50
Which of the following is most likely to be a fixed resource for Ramprasad's Country Fresh Pies, Inc.?
Select one:
a. Chocolate Powder
b. Flour
c. Ovens
d. Baker
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Question 14
Complete
Mark 0.50 out of 0.50
The demand curve facing a perfectly competitive firm is
Select one:
a. Perfectly Elastic
b. Identical To The Industry Demand Curve
c. Perfectly Inelastic
d. Unit Elastic
Question 15
Complete

Mark 0.00 out of 0.50
Benares city has abundant supply of water. However, an economist would consider it a scarce resource because
Select one:
a. Water Pollution Will Eventually Make It Of No Use To The Human Life
b. Water Is Limited Relative To People's Unlimited Wants
c. Water Commands A Very High Price
d. Water Is Necessary For Humans' Physical Survival
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Question 16
Complete
Mark 0.50 out of 0.50
Economics is best defined as the study of how
Select one:
a. Individuals Decide To Use Scarce Resources In An Attempt To Satisfy Their Unlimited Wants
b. To Make Money
c. The Government Should Deal With Unemployment And Inflation
d. To Eliminate The Problem Of Scarce Resources
Question 17
Complete

Mark 0.50 out of 0.50
The opportunity cost of a resource
Select one:
a. Includes Both Explicit And Implicit Cost
b. Is Equal To The Market Price Of The Resource
c. Includes Implicit Cost Only
d. Includes Explicit Cost Only
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Question 18
Complete
Mark 0.00 out of 0.50
If variable cost rises from Rs.60 to Rs.100 as output increases from 15 to 20 units, the marginal cost of the twentieth unit
Select one:
a. Is Rs.100
b. Is Rs. 40
c. Is Rs. 5
d. Is Rs. 8
Question 19
Complete

Mark 0.50 out of 0.50
Unlike a "service," a "good"
Select one:
a. Uses Resources To Satisfy Wants
b. Is A Resource
c. Is Desirable
d. Is Physical And Tangible
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Question 20
Complete
Mark 0.50 out of 0.50
Which of the following markets best approximates the perfectly competitive market structure?
Select one:
a. Insurance
b. Airlines
c. Automobile Manufacturing
d. World Commodity Markets
Question 21
Complete

Mark 0.50 out of 0.50
At the point where diminishing marginal returns set in, the slope of the total product curve is
Select one:
a. Positive And Decreasing
b. Negative And Increasing
c. Positive And Increasing
d. Negative And Decreasing
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Question 22
Complete
Mark 0.50 out of 0.50
Demand for a good will be elastic when
Select one:
a. The Time Period Is Relatively Short
b. The Good Is Considered A Necessity
c. The Time Period Is Relatively Long
d. There Are Few Substitutes
Question 23
Complete

Mark 0.50 out of 0.50
The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following?
Select one:
a. A Downward Movement On The Demand Curve
b. An Upward Movement On The Demand Curve
c. A Leftward Shift Of The Demand Curve
d. A Rightward Shift Of The Demand Curve
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Question 24
Complete
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Which of the following is true in the short run at the output level where average total cost is at its minimum?
Select one:
a. Marginal Cost Equals Average Variable Cost.
b. Marginal Cost Equals Average Total Cost.
c. Average Total Cost Equals Average Fixed Cost.
d. Average Variable Cost Equals Fixed Cost.
Question 25
Complete

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If a firm ABX raises the price of its product, its total revenue will
Select one:
a. Always Increase
b. Increase Only If Demand Is Price Inelastic
c. Increase Only If Demand Is Price Elastic
d. Remain Constant, Regardless Of Change In Price
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Question 26
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As a monopolist increases the quantity of output produced, what happens to price (P) and marginal revenue (MR)?
Select one:
a. Both P And Mr Remain Constant
b. P Is Constant, But Mr Decreases
c. Both P And Mr Decrease, But Mr Falls Faster Than P
d. P Decreases, But Mr Is Constant
Question 27
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
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If we say that demand has increased, we mean that there has been
Select one:
a. A Leftward Movement Along The Demand Curve
b. A Rightward Movement Along The Demand Curve
c. A Rightward Shift Of The Demand Curve
d. A Leftward Shift Of The Demand Curve
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Question 28
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The respective payments for the resources of natural resources, labor, capital, and entrepreneurial ability are
Select one:
a. Interest, Wages, Profit, And Rent
b. Rent, Wages, Interest, And Profit
c. Profit, Rent, Interest, And Wages
d. Interest, Profit, Wages, And Rent
Question 29
Complete

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If a 5% increase in price of cars leads to an 8% decrease in quantity demanded, the demand for cars is
Select one:
a. Elastic
b. Inelastic
c. Perfectly Elastic
d. Unit Elastic
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Question 30
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Economics is the study of
Select one:
a. How Individuals And Nations Deal With The Problem Of Scarcity
b. How Individuals Amass Personal Fortunes In The Stock Market
c. Role That Money Plays In The Economy
d. How The Human Race Differs From Other Species

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Time taken 42 mins 14 sec
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Question 1
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The concept of financial statements quality implies:
Select one:
a. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
b. Accuracy Of Using The Monetary Reports To Inform About Predicted Cashflows To
Stakeholders.
c. Both A And B.
d. Unfair And Non Transparent Financial Information About The Firm.
Question 2
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The following information is extracted from the financial statement of KTS Ltd.: Cost of goods
sold Rs. 25,00,000 Sales Rs. 50,00,000 Average accounts receivable Rs. 4,00,000 Average
inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net profit Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a firm are___________.
Select one:
a. 11.1 Times, 1.2 Times, 0.63 Times
b. 12.5 Times, 1.67 Times, 1 Times
c. 12.0 Times, 1.3 Times, 0.73 Times
d. 12.5 Times, 2.2 Times, 0.12 Times
Question 3
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The quality of financial statements is majorly determined by:
Select one:
a. Earnings Quality
b. Cashflows Quality
c. Balance Sheet Quality
d. All Of The Above
Question 4
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The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000
Equity shares of Rs. 10 each Rs. 8,00,000. The following further information is available: Profit
after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each. From
the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.12, 10.80
c. Rs. 3.04, 13.16
d. Rs. 3.33, 10.34
Question 5
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For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Any Of These
b. Chartered Accountant
c. Company Secretary
d. Cost Accountant
Question 6
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5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the
performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5.
_______________
Select one:
a. Pay The Transaction Price
b. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.
c. Complete The Contract
d. Perform The Activity
Question 7
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Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Cash Budget
b. None Of The Above
c. Cash Flow Statement
d. Fund Flow Statement
Question 8
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Which of the following is a cash flow from a "financing" activity?
Select one:
a. Cash Outflow To Shareholders As Dividends.
b. Cash Outflow To The Government For Taxes.
c. Cash Outflow To Purchase Bonds Issued By Another Company
d. Cash Inflow From Sale Of Investments
Question 9
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The statement of only parent firm without including the subsidiary statements are known
as_____
Select one:
a. Standalone Financial Statement
b. Individual Financial Statement
c. Non Consolidated Financial Statements
d. Consolidate Financial Statement
Question 10
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For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid
expenses Rs. 25,000, Quick ratio 2.5 to 1 and current liabilities Rs. 60,000. The current ratio
is______________
Select one:
a. 3.16
b. 5.2
c. 4.10
d. 4.42
Question 11
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The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Internal Controls Are In Place
b. All Of These
c. Relevant Accountant Standards And Policies Have Been Followed
d. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
Question 12
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The existence of significant off-balance sheet financing mainly specifies:
Select one:
a. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
b. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.
c. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
d. A Decrease In Debt, Which Decreases Financial Results Quality.
Question 13
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Which of the following would be considered a cash-flow item from an "investing" activity?
Select one:
a. All Of These.
b. Cash Inflow From Dividend Income.
c. Cash Outflow To Acquire Fixed Assets.
d. Cash Inflow From Interest Income.
Question 14
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If net profit margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is
the return on net worth ?
Select one:
a. 15%
b. 22%
c. 28%
d. 32%
Question 15
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The Accounting Standards Board was set up by
Select one:
a. Institute Of Chartered Accountants Of India
b. Comptroller And Auditor General Of India
c. Central Board Of Direct Taxes
d. Reserve Bank Of India
Question 16
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Which of the following is TRUE about the revenue recognition principle?
Select one:
a. A Rule That Accountants Can Choose To Follow
b. Revenue Is Recorded When A Contract Is Signed
c. Revenue Must Be Recorded When It Is Earned
d. Revenue Is Recorded When Cash Is Received
Question 17
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Which one of the following is correct?
Select one:
a. Cash From Operations Is Equal To Net Profit Adjusted For Non-Cash, Items And
Adjustment For Working Capital Changes.
b. Cash From Operations Is Equal To Net Profit Minus Increase In Debtors
c. Cash From Operations Is Equal To Net Profit Plus Increase In Debtors And Creditors
d. Cash From Operations Is Equal To Net Profit Plus Debtors Outstanding At The Beginning
Of The Accounting Year
Question 18
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What does balance sheet summarize for a business enterprise
Select one:
a. Financial Position At A Point In Time
b. D. Profit Or Loss At A Point In Time.
c. Operating Results For A Period
d. C. Financing And Investment Activities For A Period
Question 19
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The prime accountability of the financial statements being a fair and true representation of the
financial health of the firm lies with the:
Select one:
a. Supervisor
b. Board Of Directors
c. Human Resource Manager
d. Chief Accountant
Question 20
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The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the
context of intangible assets.
Select one:
a. Amortisation, Depletion
b. Depreciation, Depletion
c. Amortisation, Depreciation
d. Depreciation, Amortisation
Question 21
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………...…. reduces the value of property, plant, and equipment on the balance sheet as the
value of assets is lowered over time due to wear and tear and the reduction of their useful life.
Select one:
a. Amortisation
b. Expenses
c. Tax
d. Depreciation
Question 22
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The process of recognizing the strengths and weaknesses of the firm by establishing the
relationship among various items of Balance Sheet and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. None Of The Above
c. Financial Statement Analysis
d. Cost Accounting
Question 23
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The measurement and timings error in financial statements quality can be in the form of:
Select one:
a. Both A And B.
b. Wrong Estimation Of Life Of The Asset.
c. Correct Provisioning Of Certain Expenses.
d. Correct Measurement Of Revenue.
Question 24
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If a firm have a current ratio of 1, then its net working capital will be
Select one:
a. Negative
b. Zero
c. Positive
d. Same
Question 25
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Which of the following is a financing activity?
Select one:
a. Cash Used To Make A Payment Of Long Term Loan
b. Cash Received From Selling A Piece Of Equipment
c. Cash Recoveries From A Loan
d. Cash Paid To Charities
Question 26
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Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is
Rs 80,000 and Cost of goods sold is Rs 3,50,000.
Select one:
a. 2.56
b. 4.5
c. 2.89
d. 4.38
Question 27
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Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Investments
b. Share Capital
c. Non Current Assets
d. Current Liabilities And Provision
Question 28
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Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Increases In Assets And Decreases In Liabilities
b. Decrease In Asset But No Change In Liability
c. Increase In Asset But No Change In Liability
d. Increases In Assets And Increases In Liabilities
Question 29
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Holiday Ltd. Posted a net loss of 50,000 for 2019, while reporting the increase in cash balance.
As an investor you should refer to ------ for enhanced understanding.
Select one:
a. Directors Responsibility Statement
b. Profit And Loss Account
c. Balance Sheet
d. Cash Flow Statement
Question 30
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FTL Ltd. reported profit of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which
financial statement should investors of FTL Ltd. refer to for an understanding of situation?
Select one:
a. Profit And Loss Account
b. Director’S Responsibility Statement
c. Cash Flow Statement
d. Balance Sheet
Started on Tuesday, 15 June 2021, 9:44 PM
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Time taken 38 mins 24 secs
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Question 1
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Plant utilization budget and Manufacturing overhead budgets are types of
Select one:
a. Cost Budget
b. None Of The Above
c. Sales Budget
d. Production Budget
Question 2
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_____________ takes into account the notional cost that may be required to acquire a new
employee in place of the present one.
Select one:
a. Present Value Of Future Earnings Method
b. The Historical Cost Approach
c. The Opportunity Cost Approach
d. The Replacement Cost Approach
Question 3
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_______ is designed after assessment of the volume of output to be produced during budget
period.
Select one:
a. Cost Budget
b. Production Budget
c. Sales Budget
d. None Of The Above
Question 4
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Which of the following constitutes a significant proportion in the computation of total cost of a
product in steel industry?
Select one:
a. Material Cost
b. Process Control
c. Labour Cost
d. Direct Expenses
Question 5
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Non-recurring expenses like costs incurred on recruitment, training and development of human
resource are ___________in as per Historical Cost Model for HRA
Select one:
a. Expensed
b. Capitalized
c. Written Off
d. Set-Off Against Revenue
Question 6
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A mechanized firm produces Product X, Royalty paid on sales is Rs45,000 and design charges
paid for the product is Rs3500. Compute the Direct Expenses for the firm.
Select one:
a. 41500
b. Insufficient Information
c. 48500
d. 45000
Question 7
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Workers who leave the organization during a specific time period are taken into consideration for
calculating the labour turnover rate by____________
Select one:
a. None Of These
b. Separation Method
c. Replacement Method
d. Flux Method
Question 8
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What is the essential idea of costing concept?
Select one:
a. Cost Ascertainment.
b. Corporate Social Responsibility
c. Tax Compliance.
d. Financial Audit
Question 9
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XY ltd. uses activity-based costing for Product M and Product N. The total estimated overhead
cost for the parts administration activity pool was Rs.7,50,000 and the expected activity was
3000 part types. If Product N requires 1400 part types, the amount of overhead allocated to
product N for parts administration would be:
Select one:
a. Rs. 350000
b. Rs. 340000
c. Rs. 330000
d. Rs. 300000
Question 10
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The examples of GHG gases are_____
Select one:
a. Co2 And H2
b. Co2, Co And Methane
c. O2, Co2 And Co
d. O2 And Co2
Question 11
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Abacus Company uses activity-based costing and has the following activity cost pools and
estimated overhead cost for each pool: Machine related Rs3,00,000 Handling material
Rs.2,60,000 Processing purchase orders Rs.7,50,000 General factory Rs.6,00,000 The amount of
total estimated overhead is:
Select one:
a. 18,10,000
b. 19,12,000
c. 19,10,000
d. 18,20,000
Question 12
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While making make or buy decision under marginal costing, external purchase price of the
articles must be compared with:
Select one:
a. Its Variable Cost
b. Its Total Cost
c. Its Prime Cost
d. Its Fixed Cost
Question 13
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Which of the following is not a material pricing method?
Select one:
a. Lifo
b. Weighted Average
c. Fifo
d. Ved Analysis
Question 14
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In marginal costing stock of finished goods is valued at -----Select one:
a. Lower Than The Value Under Absorption Costing
b. Same As Absorption Costing
c. None Of These
d. Higher Than The Value Under Absorption Costing
Question 15
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To find the break-even in Rupees, you have to divide the fixed cost by ____________?
Select one:
a. Contribution Margin
b. Contribution Margin Ratio
c. Variable Cost
d. Fixed Cost
Question 16
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________ cost is the traceable cost for a particular product
Select one:
a. Indirect
b. Differential
c. Direct
d. Variable
Question 17
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Which of the following is not a Material control technique?
Select one:
a. Maintaining Stores Ledger & Bin Card
b. Ved Analysis
c. Abc Analysis
d. Stock Level
Question 18
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A budgeting process which demands each manager to justify his entire budget in detail from
beginning is
Select one:
a. Functional Budget
b. None Of The Above
c. Functional Budget
d. Zero Base Budgeting
Question 19
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A shop sells wedding dresses. The cost of each dress is comprised of the following: Selling price
of Rs.1,000 and variable (flexible) costs of Rs.400. Total fixed (capacity-related) cost for Shop is
Rs.90,000. What is the contribution margin per dress?
Select one:
a. 600
b. 60
c. 6600
d. 6000
Question 20
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Break-even analysis is also called
Select one:
a. Business Analysis
b. Margin Of Safety
c. Cvp Analysis
d. Unit Sales
Question 21
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Which of the following is a limitation of activity-based costing?
Select one:
a. The Benefits Obtained From Abc Might Not Justify The Costs.
b. To Estimate All Overhead Costs, Not Just Factory Overheads.
c. To Estimate Costs In Service Costing As In Product Costing.
d. To Estimate A More Precise Cost Per Unit.
Question 22
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As per ABC cost categorizations, building maintenance and safety are categorised as_______
Select one:
a. Facility-Level Costs.
b. Product-Level Costs.
c. Batch Level Costs.
d. Unit-Level Costs.
Question 23
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_________ cost is the amount of benefits foregone from the second-best alternative
decision/action.
Select one:
a. Sunk
b. Direct
c. Indirect
d. Opportunity
Question 24
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Key factor is also called as:
Select one:
a. Governing Factors
b. All Of These
c. Restricting Factors
d. Limiting Factor
Question 25
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_______ is prepared for single level of activity and single set of business conditions.
Select one:
a. Both A And B
b. Flexible Budget
c. Fixed Budget
d. None Of The Above
Question 26
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Activity-based costing will provide better accuracy when allocating costs than a manufacturer's
machine hours when its products and customers are __________ diversified.
Select one:
a. Not Sufficient Information
b. More
c. Equally
d. Less
Question 27
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Output and sales 50,000 units with sale price of Rs. 15/unit. Material & Labour cost per unit Rs.7
& Variable Rs. 3/unit. Fixed Rs. 70,000 & Other fixed overheads Rs. 90,000. Calculate Net
income under Marginal costing?
Select one:
a. Rs. 90,000
b. Rs. 99,000
c. Rs. 1,10,000
d. Rs. 2,50,000
Question 28
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Marginal cost is the aggregate of prime cost and ----------------Select one:
a. Variable Overheads
b. Contribution
c. Fixed Overheads
d. Work Cost
Question 29
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Following information is available of GGSS Ltd. for year ended Dec 2020: Sales (units) 1000
(Rs.3/ unit), Production (units) 1500, Variable manufacturing- Rs 800, Fixed manufacturing- Rs
600, Variable office expenses- Rs 900, Fixed office expenses- Rs 300, What will be amount of
profit earned during the year using the absorption costing technique?
Select one:
a. Rs. 1,900
b. Rs. 999
c. Rs. 967
d. 1167
Question 30
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While preparing sales budget, which of the following factors are considered?
Select one:
a. Non-Operational Factors
b. Environmental Factors
c. Both Option 1 & 2
d. None Of The Above
6/25/2021
Assignment - 1: Attempt review
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Completed on Friday, 25 June 2021, 3:52 PM
Time taken 43 mins 34 secs
Grade 14.00 out of 15.00 (93%)
Question 1
Complete
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The statement of only parent firm without including the subsidiary statements are known as_____
Select one:
a. Non Consolidated Financial Statements

b. Consolidate Financial Statement
c. Individual Financial Statement
d. Standalone Financial Statement
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Question 2
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Amount set aside to meet the losses is a
Select one:
a. Liability
b. Reserve
c. Loans
d. Profit
Question 3

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Under indirect method how will the changes in accounts receivables are reflected?
Select one:
a. Adjustment To Sales
b. Adjustment To Net Income
c. Can Be Adjusted In Any Statement
d. Adjustment To Balance Sheet
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Question 4
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Income is increase in economic benefits during the accounting period in the form of
Select one:
a. Decrease In Asset But No Change In Liability
b. Increases In Assets And Increases In Liabilities
c. Increases In Assets And Decreases In Liabilities
d. Increase In Asset But No Change In Liability
Question 5

Complete
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The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the context of intangible assets.
Select one:
a. Amortisation, Depreciation
b. Depreciation, Depletion
c. Depreciation, Amortisation
d. Amortisation, Depletion
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Question 6
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What is revenue?
Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. The Amount Of Money Owed To A Business By Its Customers
c. . The Cash Received From Selling Goods And Services
d. The Amount Of Money A Business Earns From Selling Its Goods And Services
Question 7

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Which statutory act requires that financial statements of companies shall comply with the accounting standards.
Select one:
a. The Income Tax Act, 1961
b. The Partnership Act, 1932
c. The Companies Act, 2013
d. All Of These
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Question 8
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The quality of financial statements is majorly determined by:
Select one:
a. Earnings Quality
b. All Of The Above
c. Cashflows Quality
d. Balance Sheet Quality
Question 9

Complete
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The prime accountability of the financial statements being a fair and true representation of the financial health of the firm lies with the:
Select one:
a. Human Resource Manager
b. Board Of Directors
c. Chief Accountant
d. Supervisor
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Question 10
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One of the example of influenced accounting problems is:
Select one:
a. Aggressive Revenue Identification.
b. Valuation Of Reserves.
c. Measurement Of Revenues As Operating And Non- Operating.
d. Categorizing Non-Operating Revenue/Income As Non- Operating.
Question 11

Complete
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Which of the following is a financing activity?
Select one:
a. Cash Recoveries From A Loan
b. Cash Paid To Charities
c. Cash Received From Selling A Piece Of Equipment
d. Cash Used To Make A Payment Of Long Term Loan
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Question 12
Complete
Mark 0.50 out of 0.50
All the assets that an entity controls are recognised in the ………...….
Select one:
a. Financial Statement
b. Accounting Book
c. Profit & Loss Statement
d. Balance Sheet
Question 13

Complete
Mark 0.50 out of 0.50
The primary objective of high quality financial reporting is presenting information about_________
Select one:
a. All Of The Above
b. Social Benefits
c. Environmental Issues
d. Monetary Units
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7/16
6/25/2021
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Question 14
Complete
Mark 0.50 out of 0.50
What is the balancing equation for the balance sheet?
Select one:
a. Assets + Liabilities = Stockholder’S Equity
b. Assets = Liabilities + Stockholder’S Equity
c. Revenues – Expenses = Net Income
d. Assets + Stockholder’S Equity = Liabilities
Question 15

Complete
Mark 0.50 out of 0.50
Which one of the following is correct?
Select one:
a. Cash From Operations Is Equal To Net Profit Minus Increase In Debtors
b. Cash From Operations Is Equal To Net Profit Plus Increase In Debtors And Creditors
c. Cash From Operations Is Equal To Net Profit Adjusted For Non-Cash, Items And Adjustment For Working Capital Changes.
d. Cash From Operations Is Equal To Net Profit Plus Debtors Outstanding At The Beginning Of The Accounting Year
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8/16
6/25/2021
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Question 16
Complete
Mark 0.00 out of 0.50
The existence of significant off-balance sheet financing mainly specifies:
Select one:
a. A Decrease In Debt, Which Decreases Financial Results Quality.
b. A Lack Of Comprehensiveness, Which Decreases Financial Reporting Quality.
c. A Lack Of Transparency, Which Decreases Financial Reporting Quality.
d. A Lack Of Unbiased Dimension, Which Decreases Financial Reporting Quality.
Question 17

Complete
Mark 0.50 out of 0.50
It is usual for a retail shop to recognise revenue when:
Select one:
a. The Customer Becomes Legally Obliged To Pay For The Goods
b. The Customer Pays For The Goods Sold
c. The Goods For Sale Have Arrived From The Supplier
d. The Goods Have Been Delivered To The Customers’ Premises
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9/16
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Question 18
Complete
Mark 0.50 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Perform The Activity
b. Pay The Transaction Price
c. Complete The Contract
d. Recognise Revenue When (Or As) The Entity Satisfies A Performance Objective.

Question 19
Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option B & C
b. Option A
c. Option A & B
d. Option B
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10/16
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Question 20
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Profit after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.33, 10.34
c. Rs. 3.12, 10.80
d. Rs. 3.04, 13.16

Question 21
Complete
Mark 0.50 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
c. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
d. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
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11/16
6/25/2021
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Question 22
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving outflow of cash.
Select one:
a. Dividends.
b. Interest Payments.
c. Income Taxes Payments
d. Depreciation.
Question 23

Complete
Mark 0.50 out of 0.50
Out of the fund flow statement and cash flow statement which one is a broader concept: Select one:
a. Cash Flow Statement
b. Cash Budget
c. None Of The Above
d. Fund Flow Statement
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12/16
6/25/2021
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Question 24
Complete
Mark 0.50 out of 0.50
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Internal Controls Are In Place
b. Relevant Accountant Standards And Policies Have Been Followed
c. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
d. All Of These
Question 25

Complete
Mark 0.50 out of 0.50
Which of the following item are not a part of current assets in a firm?
Select one:
a. Outstanding Expenses
b. Prepaid Expenses
c. Accounts Receivables
d. Inventory
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13/16
6/25/2021
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Question 26
Complete
Mark 0.50 out of 0.50
The following information is extracted from the financial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net profit Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a firm are___________.
Select one:
a. 12.0 Times, 1.3 Times, 0.73 Times
b. 12.5 Times, 2.2 Times, 0.12 Times
c. 11.1 Times, 1.2 Times, 0.63 Times
d. 12.5 Times, 1.67 Times, 1 Times

Question 27
Complete
Mark 0.00 out of 0.50
Use revenue recognition principle to determine when a business should record revenue: A contract was signed in March for legal work
completed by a law firm in April. The client agreed to pay for the completed work in May and the law firm received payment in early June.
Select one:
a. June
b. April
c. March
d. May
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Question 28
Complete
Mark 0.50 out of 0.50
The Accounting Standards Board was set up by
Select one:
a. Institute Of Chartered Accountants Of India
b. Central Board Of Direct Taxes
c. Comptroller And Auditor General Of India
d. Reserve Bank Of India
Question 29

Complete
Mark 0.50 out of 0.50
The concept of financial statements quality implies:
Select one:
a. Both A And B.
b. Accuracy Of Using The Monetary Reports To Inform About Predicted Cashflows To Stakeholders.
c. How The Financial Reports Of A Firm Correspond Its Fundamental Social Position.
d. Unfair And Non Transparent Financial Information About The Firm.
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15/16
6/25/2021
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Question 30
Complete
Mark 0.50 out of 0.50
FTL Ltd. reported profit of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which financial statement should investors of FTL Ltd.
refer to for an understanding of situation?
Select one:
a. Profit And Loss Account
b. Balance Sheet
c. Director’S Responsibility Statement
d. Cash Flow Statement

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

16/16
5/25/2021
Assignment - 1: Attempt review
Started on Monday, 24 May 2021, 6:21 PM
State Finished
Completed on Monday, 24 May 2021, 7:05 PM
Time taken 43 mins 53 secs
Grade 6.00 out of 15.00 (40%)
Question 1
Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. Financial Statement Analysis
c. Cost Accounting
d. None Of The Above
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
1/16
5/25/2021
Assignment - 1: Attempt review
Question 2
Complete
Mark 0.50 out of 0.50
What does the income statement measure for a rm?
Select one:
a. The Financing And Investment Activities For A Period
b. The Changes In Assets And Liabilities That Occurred During The Period
c. The Financial Position Of A Firm For A Period.
d. The Results Of Operations For A Period
Question 3
Complete
Mark 0.00 out of 0.50

Which of the following will not result in an increase in net working capital?
Select one:
a. Increase In Cash.
b. Decrease In Inventory
c. Decrease In Creditors.
d. Decrease In Bank Borrowings.
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2/16
5/25/2021
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Question 4
Complete
Mark 0.00 out of 0.50
What is the statement of stockholder’s equity?
Select one:
a. It Is A Statement Reconciling The Di erence Between Stock Issued At Par Value And Stock Issued At Market Value
b. It Is A Statement That Reconciles Only The Treasury Stock Account
c. It Is The Same As A Retained Earnings Statement
d. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year
Question 5
Complete
Mark 0.00 out of 0.50

What is the accrual basis of accounting?
Select one:
a. Matching Expenses With Revenue In The Appropriate Accounting Period.
b. None Of The Above
c. Recognition Of Revenue In The Accounting Period When The Sale Is Made Rather Than When Cash Is Received
d. Recognition Of Revenue When It Is Received In Cash
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3/16
5/25/2021
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Question 6
Complete
Mark 0.00 out of 0.50
The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 12.5 Times, 1.67 Times, 1 Times
b. 12.5 Times, 2.2 Times, 0.12 Times
c. 11.1 Times, 1.2 Times, 0.63 Times
d. 12.0 Times, 1.3 Times, 0.73 Times
Question 7
Complete
Mark 0.50 out of 0.50

Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Budget
b. Cash Flow Statement
c. Fund Flow Statement
d. None Of The Above
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4/16
5/25/2021
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Question 8
Complete
Mark 0.00 out of 0.50
The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. Unlisted Companies
b. Listed Companies
c. All Of These
d. Private Companies
Question 9
Complete
Mark 0.00 out of 0.50

For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Any Of These
b. Company Secretary
c. Chartered Accountant
d. Cost Accountant
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5/16
5/25/2021
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Question 10
Complete
Mark 0.50 out of 0.50
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
b. Relevant Accountant Standards And Policies Have Been Followed
c. Internal Controls Are In Place
d. All Of These
Question 11
Complete
Mark 0.50 out of 0.50

Income is increase in economic bene ts during the accounting period in the form of
Select one:
a. Increases In Assets And Decreases In Liabilities
b. Increase In Asset But No Change In Liability
c. Decrease In Asset But No Change In Liability
d. Increases In Assets And Increases In Liabilities
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6/16
5/25/2021
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Question 12
Complete
Mark 0.50 out of 0.50
Amount set aside to meet the losses is a
Select one:
a. Reserve
b. Liability
c. Loans
d. Pro t
Question 13
Complete
Mark 0.00 out of 0.50

The measurement and timings error in nancial statements quality can be in the form of:
Select one:
a. Correct Measurement Of Revenue.
b. Wrong Estimation Of Life Of The Asset.
c. Both A And B.
d. Correct Provisioning Of Certain Expenses.
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7/16
5/25/2021
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Question 14
Complete
Mark 0.00 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. Measurement And Timing Problems.
b. Classi cation Problems.
c. All Of The Above.
d. In uenced Accounting.
Question 15
Complete
Mark 0.00 out of 0.50

Which of the following would be considered a cash- ow item from an "investing" activity?
Select one:
a. Cash In ow From Dividend Income.
b. All Of These.
c. Cash Out ow To Acquire Fixed Assets.
d. Cash In ow From Interest Income.
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8/16
5/25/2021
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Question 16
Complete
Mark 0.50 out of 0.50
Under indirect method how will the changes in accounts receivables are re ected?
Select one:
a. Can Be Adjusted In Any Statement
b. Adjustment To Net Income
c. Adjustment To Sales
d. Adjustment To Balance Sheet
Question 17
Complete
Mark 0.00 out of 0.50

Net Income is
Select one:
a. None Of The Above
b. Revenue - Total Expense - Deferred Tax
c. Total Revenue - Cost Of Goods Sold
d. Total Revenue - Total Expense
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9/16
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Question 18
Complete
Mark 0.00 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Recognise Revenue When (Or As) The Entity Satis es A Performance Objective.
b. Complete The Contract
c. Pay The Transaction Price
d. Perform The Activity
Question 19
Complete
Mark 0.00 out of 0.50

………...…. reduces the value of property, plant, and equipment on the balance sheet as the value of assets is lowered over time due to wear
and tear and the reduction of their useful life.
Select one:
a. Expenses
b. Amortisation
c. Tax
d. Depreciation
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10/16
5/25/2021
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Question 20
Complete
Mark 0.00 out of 0.50
The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Non Consolidated Financial Statements
b. Standalone Financial Statement
c. Individual Financial Statement
d. Consolidate Financial Statement
Question 21
Complete
Mark 0.50 out of 0.50

Primary objective of cash ow statement is to provide information about:
Select one:
a. Cash Flow Position Of The Company
b. All Of These
c. Pro t Earned During The Year
d. Future Plans Of Company
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11/16
5/25/2021
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Question 22
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving out ow of cash.
Select one:
a. Dividends.
b. Income Taxes Payments
c. Depreciation.
d. Interest Payments.
Question 23
Complete
Mark 0.50 out of 0.50

What is the balancing equation for the balance sheet?
Select one:
a. Assets + Stockholder’S Equity = Liabilities
b. Assets = Liabilities + Stockholder’S Equity
c. Assets + Liabilities = Stockholder’S Equity
d. Revenues – Expenses = Net Income
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12/16
5/25/2021
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Question 24
Complete
Mark 0.50 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
Question 25
Complete
Mark 0.00 out of 0.50

For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid expenses Rs. 25,000, Quick ratio 2.5 to 1 and
current liabilities Rs. 60,000. The current ratio is______________
Select one:
a. 4.42
b. 5.2
c. 4.10
d. 3.16
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13/16
5/25/2021
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Question 26
Complete
Mark 0.00 out of 0.50
Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Recoveries From A Loan
c. Cash Paid To Charities
d. Cash Used To Make A Payment Of Long Term Loan
Question 27
Complete
Mark 0.00 out of 0.50

One of the example of in uenced accounting problems is:
Select one:
a. Measurement Of Revenues As Operating And Non- Operating.
b. Categorizing Non-Operating Revenue/Income As Non- Operating.
c. Valuation Of Reserves.
d. Aggressive Revenue Identi cation.
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14/16
5/25/2021
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Question 28
Complete
Mark 0.00 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 22%
b. 28%
c. 32%
d. 15%
Question 29
Complete
Mark 0.00 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. A Rule That Accountants Can Choose To Follow
b. Revenue Is Recorded When Cash Is Received
c. Revenue Is Recorded When A Contract Is Signed
d. Revenue Must Be Recorded When It Is Earned
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15/16
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Question 30
Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A & B
b. Option A
c. Option B & C
d. Option B

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

16/16
5/25/2021
Assignment - 1: Attempt review
Started on Monday, 24 May 2021, 6:21 PM
State Finished
Completed on Monday, 24 May 2021, 7:05 PM
Time taken 43 mins 53 secs
Grade 6.00 out of 15.00 (40%)
Question 1
Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. Financial Statement Analysis
c. Cost Accounting
d. None Of The Above
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
1/16
5/25/2021
Assignment - 1: Attempt review
Question 2
Complete
Mark 0.50 out of 0.50
What does the income statement measure for a rm?
Select one:
a. The Financing And Investment Activities For A Period
b. The Changes In Assets And Liabilities That Occurred During The Period
c. The Financial Position Of A Firm For A Period.
d. The Results Of Operations For A Period
Question 3
Complete
Mark 0.00 out of 0.50

Which of the following will not result in an increase in net working capital?
Select one:
a. Increase In Cash.
b. Decrease In Inventory
c. Decrease In Creditors.
d. Decrease In Bank Borrowings.
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2/16
5/25/2021
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Question 4
Complete
Mark 0.00 out of 0.50
What is the statement of stockholder’s equity?
Select one:
a. It Is A Statement Reconciling The Di erence Between Stock Issued At Par Value And Stock Issued At Market Value
b. It Is A Statement That Reconciles Only The Treasury Stock Account
c. It Is The Same As A Retained Earnings Statement
d. It Is A Statement That Lists The Causes Of Changes In The Stockholder’S Equity During The Financial Year
Question 5
Complete
Mark 0.00 out of 0.50

What is the accrual basis of accounting?
Select one:
a. Matching Expenses With Revenue In The Appropriate Accounting Period.
b. None Of The Above
c. Recognition Of Revenue In The Accounting Period When The Sale Is Made Rather Than When Cash Is Received
d. Recognition Of Revenue When It Is Received In Cash
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3/16
5/25/2021
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Question 6
Complete
Mark 0.00 out of 0.50
The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 12.5 Times, 1.67 Times, 1 Times
b. 12.5 Times, 2.2 Times, 0.12 Times
c. 11.1 Times, 1.2 Times, 0.63 Times
d. 12.0 Times, 1.3 Times, 0.73 Times
Question 7
Complete
Mark 0.50 out of 0.50

Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Budget
b. Cash Flow Statement
c. Fund Flow Statement
d. None Of The Above
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4/16
5/25/2021
Assignment - 1: Attempt review
Question 8
Complete
Mark 0.00 out of 0.50
The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. Unlisted Companies
b. Listed Companies
c. All Of These
d. Private Companies
Question 9
Complete
Mark 0.00 out of 0.50

For companies registered under companies act 2013 statuary audit is performed by:
Select one:
a. Any Of These
b. Company Secretary
c. Chartered Accountant
d. Cost Accountant
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5/16
5/25/2021
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Question 10
Complete
Mark 0.50 out of 0.50
The purpose of directors responsibility statement is to give an assurance to stakeholders that
Select one:
a. Going Concern Principle Being Followed In The Preparation Of Annual Accounts
b. Relevant Accountant Standards And Policies Have Been Followed
c. Internal Controls Are In Place
d. All Of These
Question 11
Complete
Mark 0.50 out of 0.50

Income is increase in economic bene ts during the accounting period in the form of
Select one:
a. Increases In Assets And Decreases In Liabilities
b. Increase In Asset But No Change In Liability
c. Decrease In Asset But No Change In Liability
d. Increases In Assets And Increases In Liabilities
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6/16
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Question 12
Complete
Mark 0.50 out of 0.50
Amount set aside to meet the losses is a
Select one:
a. Reserve
b. Liability
c. Loans
d. Pro t
Question 13
Complete
Mark 0.00 out of 0.50

The measurement and timings error in nancial statements quality can be in the form of:
Select one:
a. Correct Measurement Of Revenue.
b. Wrong Estimation Of Life Of The Asset.
c. Both A And B.
d. Correct Provisioning Of Certain Expenses.
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Question 14
Complete
Mark 0.00 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. Measurement And Timing Problems.
b. Classi cation Problems.
c. All Of The Above.
d. In uenced Accounting.
Question 15
Complete
Mark 0.00 out of 0.50

Which of the following would be considered a cash- ow item from an "investing" activity?
Select one:
a. Cash In ow From Dividend Income.
b. All Of These.
c. Cash Out ow To Acquire Fixed Assets.
d. Cash In ow From Interest Income.
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Question 16
Complete
Mark 0.50 out of 0.50
Under indirect method how will the changes in accounts receivables are re ected?
Select one:
a. Can Be Adjusted In Any Statement
b. Adjustment To Net Income
c. Adjustment To Sales
d. Adjustment To Balance Sheet
Question 17
Complete
Mark 0.00 out of 0.50

Net Income is
Select one:
a. None Of The Above
b. Revenue - Total Expense - Deferred Tax
c. Total Revenue - Cost Of Goods Sold
d. Total Revenue - Total Expense
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5/25/2021
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Question 18
Complete
Mark 0.00 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Recognise Revenue When (Or As) The Entity Satis es A Performance Objective.
b. Complete The Contract
c. Pay The Transaction Price
d. Perform The Activity
Question 19
Complete
Mark 0.00 out of 0.50

………...…. reduces the value of property, plant, and equipment on the balance sheet as the value of assets is lowered over time due to wear
and tear and the reduction of their useful life.
Select one:
a. Expenses
b. Amortisation
c. Tax
d. Depreciation
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10/16
5/25/2021
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Question 20
Complete
Mark 0.00 out of 0.50
The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Non Consolidated Financial Statements
b. Standalone Financial Statement
c. Individual Financial Statement
d. Consolidate Financial Statement
Question 21
Complete
Mark 0.50 out of 0.50

Primary objective of cash ow statement is to provide information about:
Select one:
a. Cash Flow Position Of The Company
b. All Of These
c. Pro t Earned During The Year
d. Future Plans Of Company
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5/25/2021
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Question 22
Complete
Mark 0.50 out of 0.50
Identify the transaction not involving out ow of cash.
Select one:
a. Dividends.
b. Income Taxes Payments
c. Depreciation.
d. Interest Payments.
Question 23
Complete
Mark 0.50 out of 0.50

What is the balancing equation for the balance sheet?
Select one:
a. Assets + Stockholder’S Equity = Liabilities
b. Assets = Liabilities + Stockholder’S Equity
c. Assets + Liabilities = Stockholder’S Equity
d. Revenues – Expenses = Net Income
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Question 24
Complete
Mark 0.50 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
Question 25
Complete
Mark 0.00 out of 0.50

For Ramesha Industries some details are furnished below.Inventory is Rs.90,000,Prepaid expenses Rs. 25,000, Quick ratio 2.5 to 1 and
current liabilities Rs. 60,000. The current ratio is______________
Select one:
a. 4.42
b. 5.2
c. 4.10
d. 3.16
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13/16
5/25/2021
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Question 26
Complete
Mark 0.00 out of 0.50
Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Recoveries From A Loan
c. Cash Paid To Charities
d. Cash Used To Make A Payment Of Long Term Loan
Question 27
Complete
Mark 0.00 out of 0.50

One of the example of in uenced accounting problems is:
Select one:
a. Measurement Of Revenues As Operating And Non- Operating.
b. Categorizing Non-Operating Revenue/Income As Non- Operating.
c. Valuation Of Reserves.
d. Aggressive Revenue Identi cation.
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14/16
5/25/2021
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Question 28
Complete
Mark 0.00 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 22%
b. 28%
c. 32%
d. 15%
Question 29
Complete
Mark 0.00 out of 0.50

Which of the following is TRUE about the revenue recognition principle?
Select one:
a. A Rule That Accountants Can Choose To Follow
b. Revenue Is Recorded When Cash Is Received
c. Revenue Is Recorded When A Contract Is Signed
d. Revenue Must Be Recorded When It Is Earned
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Question 30
Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A & B
b. Option A
c. Option B & C
d. Option B

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

16/16
6/27/2021
Assignment - 1: Attempt review
Started on Friday, 25 June 2021, 2:12 PM
State Finished
Completed on Friday, 25 June 2021, 2:47 PM
Time taken 35 mins 23 secs
Grade 14.50 out of 15.00 (97%)
Question 1
Complete
Mark 0.50 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 15%

c. 22%
d. 32%
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1/16
6/27/2021
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Question 2
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When A Contract Is Signed
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When Cash Is Received
Question 3

Complete
Mark 0.50 out of 0.50
P&L account can also be named as
Select one:
a. Statement Of Expenses
b. Statement Of Income
c. Statement Of Position
d. None Of The Above
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6/27/2021
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Question 4
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Pro t after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.12, 10.80
c. Rs. 3.04, 13.16
d. Rs. 3.33, 10.34

Question 5
Complete
Mark 0.50 out of 0.50
FTL Ltd. reported pro t of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which nancial statement should investors of FTL Ltd.
refer to for an understanding of situation?
Select one:
a. Cash Flow Statement
b. Pro t And Loss Account
c. Director’S Responsibility Statement
d. Balance Sheet
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3/16
6/27/2021
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Question 6
Complete
Mark 0.50 out of 0.50
The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the context of intangible assets.
Select one:
a. Depreciation, Depletion
b. Amortisation, Depletion
c. Amortisation, Depreciation
d. Depreciation, Amortisation
Question 7

Complete
Mark 0.50 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. All Of The Above.
b. Measurement And Timing Problems.
c. Classi cation Problems.
d. In uenced Accounting.
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4/16
6/27/2021
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Question 8
Complete
Mark 0.50 out of 0.50
All the assets that an entity controls are recognised in the ………...….
Select one:
a. Accounting Book
b. Financial Statement
c. Pro t & Loss Statement
d. Balance Sheet
Question 9

Complete
Mark 0.50 out of 0.50
Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is Rs 80,000 and Cost of goods sold is Rs
3,50,000.
Select one:
a. 4.38
b. 4.5
c. 2.89
d. 2.56
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5/16
6/27/2021
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Question 10
Complete
Mark 0.50 out of 0.50
Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Flow Statement
b. None Of The Above
c. Fund Flow Statement
d. Cash Budget
Question 11

Complete
Mark 0.50 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Complete The Contract
b. Pay The Transaction Price
c. Recognise Revenue When (Or As) The Entity Satis es A Performance Objective.
d. Perform The Activity
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6/16
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Question 12
Complete
Mark 0.50 out of 0.50
Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Non Current Assets
b. Current Liabilities And Provision
c. Share Capital
d. Investments
Question 13

Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. Financial Statement Analysis
c. Cost Accounting
d. None Of The Above
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7/16
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Question 14
Complete
Mark 0.50 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
Question 15

Complete
Mark 0.50 out of 0.50
Which of the following will not result in an increase in net working capital?
Select one:
a. Decrease In Bank Borrowings.
b. Decrease In Inventory
c. Increase In Cash.
d. Decrease In Creditors.
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8/16
6/27/2021
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Question 16
Complete
Mark 0.50 out of 0.50
Net Income is
Select one:
a. Total Revenue - Total Expense
b. Revenue - Total Expense - Deferred Tax
c. Total Revenue - Cost Of Goods Sold
d. None Of The Above
Question 17

Complete
Mark 0.00 out of 0.50
What are the other motives behind in uenced accounting?
Select one:
a. Both A And C.
b. Cleaning At The Time Of New Ceo Joining.
c. Management Perks And Bene ts.
d. To Forgo Tax Bene ts.
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9/16
6/27/2021
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Question 18
Complete
Mark 0.50 out of 0.50
The Accounting Standards Board was set up by
Select one:
a. Reserve Bank Of India
b. Institute Of Chartered Accountants Of India
c. Central Board Of Direct Taxes
d. Comptroller And Auditor General Of India
Question 19

Complete
Mark 0.50 out of 0.50
The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV Factory
recognize the revenue?
Select one:
a. No, The Revenue Must Be In Cash
b. No, The Revenue Was Not Received
c. Yes, The Revenue Is Realized
d. Yes, The Revenue Is Realizable
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10/16
6/27/2021
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Question 20
Complete
Mark 0.50 out of 0.50
The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. Unlisted Companies
b. Listed Companies
c. Private Companies
d. All Of These
Question 21

Complete
Mark 0.50 out of 0.50
Primary objective of cash ow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. Pro t Earned During The Year
c. All Of These
d. Cash Flow Position Of The Company
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11/16
6/27/2021
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Question 22
Complete
Mark 0.50 out of 0.50
What is revenue?
Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. . The Cash Received From Selling Goods And Services
c. The Amount Of Money A Business Earns From Selling Its Goods And Services
d. The Amount Of Money Owed To A Business By Its Customers
Question 23

Complete
Mark 0.50 out of 0.50
If a rm have a current ratio of 1, then its net working capital will be
Select one:
a. Same
b. Zero
c. Positive
d. Negative
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12/16
6/27/2021
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Question 24
Complete
Mark 0.50 out of 0.50
The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Standalone Financial Statement
b. Non Consolidated Financial Statements
c. Consolidate Financial Statement
d. Individual Financial Statement
Question 25

Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A
b. Option B
c. Option A & B
d. Option B & C
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13/16
6/27/2021
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Question 26
Complete
Mark 0.50 out of 0.50
Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Used To Make A Payment Of Long Term Loan
c. Cash Paid To Charities
d. Cash Recoveries From A Loan
Question 27

Complete
Mark 0.50 out of 0.50
The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 11.1 Times, 1.2 Times, 0.63 Times
b. 12.0 Times, 1.3 Times, 0.73 Times
c. 12.5 Times, 1.67 Times, 1 Times
d. 12.5 Times, 2.2 Times, 0.12 Times
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14/16
6/27/2021
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Question 28
Complete
Mark 0.50 out of 0.50
The prime accountability of the nancial statements being a fair and true representation of the nancial health of the rm lies with the:
Select one:
a. Chief Accountant
b. Supervisor
c. Board Of Directors
d. Human Resource Manager
Question 29

Complete
Mark 0.50 out of 0.50
The term current asset doesn’t cover
Select one:
a. Cash
b. Vehicle
c. Stock
d. Prepaid Expense
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6/27/2021
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Question 30
Complete
Mark 0.50 out of 0.50
Misclassi cation of revenue expense as a capital expense leads to:
Select one:
a. An Increase In Expenses And A Decrease In Pro ts.
b. Leads Finance Managers To Treat Recurring Expenses As A One-Time Expense.
c. Decrease In Expenses And An Increase In Pro ts.
d. Leads To Increase In Inventory Turnover Ratio.


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
16/16
6/27/2021
Assignment - 1: Attempt review
Started on Friday, 25 June 2021, 2:12 PM
State Finished
Completed on Friday, 25 June 2021, 2:47 PM
Time taken 35 mins 23 secs
Grade 14.50 out of 15.00 (97%)
Question 1
Complete
Mark 0.50 out of 0.50
If net pro t margin is 10.50%, asset turnover is 0.80 and debt to asset ratio is 0.70 then what is the return on net worth ?
Select one:
a. 28%
b. 15%

c. 22%
d. 32%
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1/16
6/27/2021
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Question 2
Complete
Mark 0.50 out of 0.50
Which of the following is TRUE about the revenue recognition principle?
Select one:
a. Revenue Must Be Recorded When It Is Earned
b. Revenue Is Recorded When A Contract Is Signed
c. A Rule That Accountants Can Choose To Follow
d. Revenue Is Recorded When Cash Is Received
Question 3

Complete
Mark 0.50 out of 0.50
P&L account can also be named as
Select one:
a. Statement Of Expenses
b. Statement Of Income
c. Statement Of Position
d. None Of The Above
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2/16
6/27/2021
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Question 4
Complete
Mark 0.50 out of 0.50
The capital structure of AB Ltd. is as follows: 9% preference shares of Rs. 10 each Rs. 3,00,000 Equity shares of Rs. 10 each Rs. 8,00,000. The
following further information is available: Pro t after tax Rs. 2,70,000 Equity dividend paid 0% Market price of equity shares Rs.40 each.
From the above information, the EPS and PE ratio are ________and __________.
Select one:
a. 0
b. Rs. 3.12, 10.80
c. Rs. 3.04, 13.16
d. Rs. 3.33, 10.34

Question 5
Complete
Mark 0.50 out of 0.50
FTL Ltd. reported pro t of 10 lakhs for 2019 and cash balance decreased by 2,40,000. Which nancial statement should investors of FTL Ltd.
refer to for an understanding of situation?
Select one:
a. Cash Flow Statement
b. Pro t And Loss Account
c. Director’S Responsibility Statement
d. Balance Sheet
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3/16
6/27/2021
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Question 6
Complete
Mark 0.50 out of 0.50
The terms ‘………...….’ is used in the context of PP&E and the term '………...….' is used in the context of intangible assets.
Select one:
a. Depreciation, Depletion
b. Amortisation, Depletion
c. Amortisation, Depreciation
d. Depreciation, Amortisation
Question 7

Complete
Mark 0.50 out of 0.50
The factors that may a ect the quality of nancial statements are:
Select one:
a. All Of The Above.
b. Measurement And Timing Problems.
c. Classi cation Problems.
d. In uenced Accounting.
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4/16
6/27/2021
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Question 8
Complete
Mark 0.50 out of 0.50
All the assets that an entity controls are recognised in the ………...….
Select one:
a. Accounting Book
b. Financial Statement
c. Pro t & Loss Statement
d. Balance Sheet
Question 9

Complete
Mark 0.50 out of 0.50
Compute the working capital turnover ratio if, Current assets is Rs 1,60,000, current liabilities is Rs 80,000 and Cost of goods sold is Rs
3,50,000.
Select one:
a. 4.38
b. 4.5
c. 2.89
d. 2.56
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5/16
6/27/2021
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Question 10
Complete
Mark 0.50 out of 0.50
Out of the fund ow statement and cash ow statement which one is a broader concept: Select one:
a. Cash Flow Statement
b. None Of The Above
c. Fund Flow Statement
d. Cash Budget
Question 11

Complete
Mark 0.50 out of 0.50
5 steps that need to be followed in revenue recognition: 1. Identify the contracts 2. Identify the performance obligations 3. Determine the
transaction price 4. Allocate the transaction price 5. _______________
Select one:
a. Complete The Contract
b. Pay The Transaction Price
c. Recognise Revenue When (Or As) The Entity Satis es A Performance Objective.
d. Perform The Activity
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6/16
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Question 12
Complete
Mark 0.50 out of 0.50
Under which head of the Balance Sheet do we show tangible assets?
Select one:
a. Non Current Assets
b. Current Liabilities And Provision
c. Share Capital
d. Investments
Question 13

Complete
Mark 0.50 out of 0.50
The process of recognizing the strengths and weaknesses of the rm by establishing the relationship among various items of Balance Sheet
and Income Statement is termed as
Select one:
a. Merger & Acquisition
b. Financial Statement Analysis
c. Cost Accounting
d. None Of The Above
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7/16
6/27/2021
Assignment - 1: Attempt review
Question 14
Complete
Mark 0.50 out of 0.50
State which of the following statement is true:
Select one:
a. Internal Auditor Must Be A Practicing Chartered Accountant Or Cost Accountant
b. Internal Auditor Should Not Be A Practicing Chartered Accountant Or Cost Accountant
c. Internal Auditor May Be Or May Not Be A Practicing Company Secretary Or Cost Accountant
d. Internal Auditor May Be Or May Not Be A Practicing Chartered Accountant Or Cost Accountant
Question 15

Complete
Mark 0.50 out of 0.50
Which of the following will not result in an increase in net working capital?
Select one:
a. Decrease In Bank Borrowings.
b. Decrease In Inventory
c. Increase In Cash.
d. Decrease In Creditors.
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8/16
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Question 16
Complete
Mark 0.50 out of 0.50
Net Income is
Select one:
a. Total Revenue - Total Expense
b. Revenue - Total Expense - Deferred Tax
c. Total Revenue - Cost Of Goods Sold
d. None Of The Above
Question 17

Complete
Mark 0.00 out of 0.50
What are the other motives behind in uenced accounting?
Select one:
a. Both A And C.
b. Cleaning At The Time Of New Ceo Joining.
c. Management Perks And Bene ts.
d. To Forgo Tax Bene ts.
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Question 18
Complete
Mark 0.50 out of 0.50
The Accounting Standards Board was set up by
Select one:
a. Reserve Bank Of India
b. Institute Of Chartered Accountants Of India
c. Central Board Of Direct Taxes
d. Comptroller And Auditor General Of India
Question 19

Complete
Mark 0.50 out of 0.50
The TV manufacturing Factory sells 5,000 TV on credit. They have shipped the TV but have not collected payment. Can the TV Factory
recognize the revenue?
Select one:
a. No, The Revenue Must Be In Cash
b. No, The Revenue Was Not Received
c. Yes, The Revenue Is Realized
d. Yes, The Revenue Is Realizable
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Question 20
Complete
Mark 0.50 out of 0.50
The Companies Act, 2013 requires all the------- companies to appoint an internal auditor
Select one:
a. Unlisted Companies
b. Listed Companies
c. Private Companies
d. All Of These
Question 21

Complete
Mark 0.50 out of 0.50
Primary objective of cash ow statement is to provide information about:
Select one:
a. Future Plans Of Company
b. Pro t Earned During The Year
c. All Of These
d. Cash Flow Position Of The Company
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Question 22
Complete
Mark 0.50 out of 0.50
What is revenue?
Select one:
a. The Amount Spent By A Business To Sell Its Goods And Services
b. . The Cash Received From Selling Goods And Services
c. The Amount Of Money A Business Earns From Selling Its Goods And Services
d. The Amount Of Money Owed To A Business By Its Customers
Question 23

Complete
Mark 0.50 out of 0.50
If a rm have a current ratio of 1, then its net working capital will be
Select one:
a. Same
b. Zero
c. Positive
d. Negative
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Question 24
Complete
Mark 0.50 out of 0.50
The statement of only parent rm without including the subsidiary statements are known as_____
Select one:
a. Standalone Financial Statement
b. Non Consolidated Financial Statements
c. Consolidate Financial Statement
d. Individual Financial Statement
Question 25

Complete
Mark 0.50 out of 0.50
Which of the following statements are true? A) Financial statements are only interim report.B) Financial statements are also known as
annual recordsC) Financial statements are historic
Select one:
a. Option A
b. Option B
c. Option A & B
d. Option B & C
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Question 26
Complete
Mark 0.50 out of 0.50
Which of the following is a nancing activity?
Select one:
a. Cash Received From Selling A Piece Of Equipment
b. Cash Used To Make A Payment Of Long Term Loan
c. Cash Paid To Charities
d. Cash Recoveries From A Loan
Question 27

Complete
Mark 0.50 out of 0.50
The following information is extracted from the nancial statement of KTS Ltd.: Cost of goods sold Rs. 25,00,000 Sales Rs. 50,00,000 Average
accounts receivable Rs. 4,00,000 Average inventory Rs. 15,00,000 Average assets Rs. 50,00,000 Net pro t Rs. 10,00,000. The accounts
receivable turnover, inventory turnover and total assets turnover for a rm are___________.
Select one:
a. 11.1 Times, 1.2 Times, 0.63 Times
b. 12.0 Times, 1.3 Times, 0.73 Times
c. 12.5 Times, 1.67 Times, 1 Times
d. 12.5 Times, 2.2 Times, 0.12 Times
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Question 28
Complete
Mark 0.50 out of 0.50
The prime accountability of the nancial statements being a fair and true representation of the nancial health of the rm lies with the:
Select one:
a. Chief Accountant
b. Supervisor
c. Board Of Directors
d. Human Resource Manager
Question 29

Complete
Mark 0.50 out of 0.50
The term current asset doesn’t cover
Select one:
a. Cash
b. Vehicle
c. Stock
d. Prepaid Expense
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Question 30
Complete
Mark 0.50 out of 0.50
Misclassi cation of revenue expense as a capital expense leads to:
Select one:
a. An Increase In Expenses And A Decrease In Pro ts.
b. Leads Finance Managers To Treat Recurring Expenses As A One-Time Expense.
c. Decrease In Expenses And An Increase In Pro ts.
d. Leads To Increase In Inventory Turnover Ratio.
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