To calculate net cash flows from Financing Activities for preparing cash flow statement, what variables are to be taken and how these are adjusted? 1 Payment of dividend (–) 2 Increase in equity (+) 3 Decrease in borrowings (–)

The amount of trade credit which the suppliers are willing to provide depends on which of the following factors? 1 Industry practice 2 Payment record of the firm and its reputation 3 Liquidity position of the firm 4 Firm's profitability over last few years

To keep a track of financial transactions and tax payment status of persons and entities, Income Tax Department has introduced which system?

When issue is at a discount, which of the following is a correct statement: 1 discount on issue of shares account is debited 2 discount amount is adjusted into books at the time of passing journal entry when allotment money becomes due. 3 discount amount is recorded on the asset side under the head discount of shares. 4 amount of discount is written off over a period of time

For arriving at the net cash flow, the activities of a business entity are grouped under 3 categories. These are 1) operating activities 2)______ activities, 3) _____ activities

Which schedule in Companies Act 2013, prescribes Forms in which the balance sheet and profit and loss account should be prepared?

As per Accounting standard, Ind AS 116, a lease is classified as an ____ lease if it does not transfer substantially, all the risks and rewards incidental to ownership of an underlying asset?

Profit or Loss on foreign currency position including pending forward exchange contracts is required to be accounted for at :

Various computerised accounting software are available in the market. These perform which of the following types of functions? 1 Maintenance of all statutory books, i.e. books required to be maintained under various laws and regular books of account. 2 Generate various reports such as moneys receivable from the clients against goods sold or services rendered, area-wise list of sales, etc. 3 In case of an entity having branches all over India and abroad, the software maintains accounts of all the branches and the head office. The software also prepares a consolidated trial balance and financial statement of the entity as a whole. 4 The software is capable of giving profit earned by the entity product-wise, area-wise, etc., and thus, help the management in planning.

Some statements regarding key differences between Direct and Indirect Tax are given below and marked True or False. Which of the these are correctly marked? 1 Direct tax help reducing inflation. Indirect tax may enhance inflation as it is added to price of goods and services-TRUE 2 Direct taxes are considered to be regressive while indirect taxes are considered to be progressive – TRUE 3 Direct taxes help in reducing inequalities while indirect taxes enhance inequalities-FALSE 4 Indirect taxes involve lesser administrative costs, while direct taxes involve higher administrative costs-TRUE

Read the statements below regarding term loans and working capital loans given by banks. Which of these are True and false? 1 TLs are provided for acquiring the fixed assets 2 Working capital loans are provided for maintaining current assets level. 3 Term loan is expected to be repaid out of the future cash flows of the borrower 4 Working capital loans are paid from the capital provided by the promoters.

Firm-A had total debtors of Rs.150000. During the year it found that debtors worth Rs.5000 are not traceable and have to be treated as bad debt. The firm wants to make provision of 5% on the outstanding debtors. Based on this information, calculate the amount, on which provision shall be required to be made?

To provide information about net non-performing advance in the notes on accounts in the balance sheet (Schedule-17) the Net NPAs mean gross NPAs minus (1) balance in Interest advances Suspense Account (2) ECGC claims received and held pending adjustment (3) part payment received and kept in Suspense Account (4) provisions held for loan losses.

A company that is established under a special order issued by the King or Emperor or a Head of State, which are not found in India, is called?

Under Rule 15 of Banking (Regulating (Company) Rules 1949 banks are to publish their final accounts and auditor report in a news paper within ___ months from the period to which these relate?

Cash budgets method is used for assessment of working capital needs in which of the following cases? 1 Opening Letter of Credit, 2 Ad hoc working capital facility, 3 Financing construction activities, 4 Financing seasonal industries

As per definition u/s 5 (b) of Banking Regulation Act 1934, which of the following is not correct in the context banking business:

An entity is required to present a statement of changes in equity, as one of the financial statements. Ind AS-1 prescribes the following information to be presented in the statement of changes in equity? 1 total comprehensive income for the period 2 for each component of equity, the effects of retrospective application or retrospective restatement recognised 3 for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately (as a minimum) 4 for each component of equity, the source of funds

Given hereunder are some statements regarding Derivatives. Read the statements and mark these as True or False? 1 A derivative is a financial instrument that is settled in future. 2 The derivatives do not have any direct value of themselves. 3 Derivative’s value is derived from stock exchange 4 Value is based on the expected future price movements of the underlying assets.

For comparing a leasing decision with a buying decision, purely on financial considerations, there are three methods that can be adopted. These are 1) Net present value method, 2) Internal Rate of Return Method, 3) _______ method.