Words of Wisdom:

"to be or not to be?" - IMDave357

Intoxication

  • Date Submitted: 06/17/2013 03:51 AM
  • Flesch-Kincaid Score: 81.8 
  • Words: 267
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  1) Assets purchased and payment being made by issue of Shares/Debentures. This transaction will be classified as                                                             in the Cash Flow Statement :

  a) Operating Activities
  b) Financing Activities
  c) Investing Activities
  d) None of these.

  2) Which ratio is known as Acid-Test Ratio :
  a) Current Ratio
  b) Quick Ratio
  c) Debt Equity Ratio
  d) Price-to-Earnings Ratio

  3) Income Tax paid by the proprietor Rs.10,000/-. The entry to be passed is :
  a) Income Tax A/c …….Dr
        To Bank A/c……Cr
  b) Drawings A/c…………Dr
        To Capital A/c…..Cr
  c) Drawings A/c………..Dr
        To Bank A/c…..Cr
  d) Capital A/c……………Dr
      To Profit/Loss A/c….Cr

  4) Goods sent on Sale or Approval basis Rs.50,000/-. Out of this, Rs.20,000/- goods was only sold as on 31st March, 2013. The unsold goods lying with the party will be shown under :
  a) Debtors A/c
  b) Closing Stock
  c) Sales A/c
  d) None of the Above

  5) ABC Co. Ltd purchased 1000 shares @ Rs.500/- each (Long-term investments). The market price of the share as on 31.03.2013 is Rs.650/- each. Which of the following is true for the given situation ?
  a)   Investments will be shown at Rs.6,50,000/- as on 31.03.2013
  b) Profit/Loss account will be credited by Rs.1,50,000/-
  c) Investments will be shown at Rs.5,00,000/- as on 31.03.2013
  d) Unearned Income of Rs.1,50,000/- will be shown under Current Assets.

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