Financial Accounting

The Capital of the Company is called...............

• Debenture Capital

• Preference Capital

• Share Capital

• Others

The originator of Double Entry System

• Lucas Pacioli

• Marshall

• Pikles

• Batliboi

According to the concept of conservation, the stock-in-trade is valued at:

• Cost Price

• Market Price

• Cost or Market which ever is higher

• Cost or Market which ever is lower

If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

• Trading A/c

• Profit & Loss A/c

• Assets

• Liabilities

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-

• Rs. 4,40,000

• Rs. 4,70,000

• Rs. 4,00,000

• Rs. 5,00,000

_____ is the excess of the purchase consideration over the net value of assets

• cash

• goodwill

• purchase consideration

• capital reserve

The person or firm that sells its business to another firm or company is referred to as

• goodwill

• capital reserve

• vendor

• purchase consideration

Who issues International Financial Reporting Standards?

• The government

• The International Accounting Standards Board

• The stock exchange

• The IFRS Advisory Committee

What is the role of the IASB?

• Oversee the standard setting and regulatory process

• Formulate international financial reporting standards

• Review defective accounts

• Control the accountancy profession

The loss on sale of furniture is debited to ........... account

• Profit and loss

• Furniture

• Depriciation

• Trading