Accounting - Practice Test

[#466] As per AS-14, purchase consideration is payable to

(A) debentureholders and creditors

(B) shareholders and creditors

(C) shareholders and debentureholders

(D) shareholders

Correct Answer

(D) shareholders

[#467] Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${frac{1}{5}^{{ ext{th}}}}$$ share. What will be new profit sharing ratio of partners?

(A) 5 : 3 : 1

(B) 5 : 3 : 2

(C) 5 : 3 : 3

(D) None of the above

Correct Answer

(B) 5 : 3 : 2

[#468] A change in the registered office of the company from one State to another can be effected by:

(A) A resolution of the board of directors

(B) A resolution passed in the General Meeting of the Company

(C) A special resolution of the company and approval of the Central Government

(D) A special resolution and confirmation of the company Law Board

Correct Answer

(D) A special resolution and confirmation of the company Law Board

[#469] Which one of the following is source of funds:

(A) Repayment of the long term loan

(B) Increase in Credit sales

(C) Increase in inventory

(D) Issue of new shares

Correct Answer

(D) Issue of new shares

[#470] Which of the following is correct equation?

(A) Opening stock + closing stock - purchases = cost of goods sold

(B) Opening stock + purchases - closing stock = cost of goods sold

(C) Purchases + closing stock - opening stock = cost of goods sold

(D) Closing stock - Purchases - opening stock = Cost of goods sold

(E) Assets = Capital

(F) Assets = Liabilities - Capital

(G) Assets = Liabilities + Capital

(H) None of the above

Correct Answer

(B) Opening stock + purchases - closing stock = cost of goods sold
(G) Assets = Liabilities + Capital

Accounting - Study Mode

[#466] As per AS-14, purchase consideration is payable to

Correct Answer

[#467] Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${frac{1}{5}^{{ ext{th}}}}$$ share. What will be new profit sharing ratio of partners?

Correct Answer

[#468] A change in the registered office of the company from one State to another can be effected by:

Correct Answer

[#469] Which one of the following is source of funds:

Correct Answer

[#470] Which of the following is correct equation?

Correct Answer