FINAL ANSWER KEY

Question Paper Code: 63/2022/0L
Category Code: 189/2019

Exam: Head of Section in Commercial Practice
Date of Test 11-08-2022

Department Technical Education

Alphacode A

‘Question1:-Intemational Accounting standards (IAS)/International Financial Reporting standards (IFRS) are issued by
۸8
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C-Central Government
D:-None of the above
Correct Answer: Option ®
Question2:-Which of the following statement is/are correct about Amalgamation in the nature of Merger?
0) The Pooling of interest method is for an amalgamation in the nature of merger
(il) All the assets, liabilities and reserves of the transferor company are recorded by the
transferee company at their existing carrying amounts
(ii) An amalgamation adjustment account arises when certain statutory reserves need to be

maintained by the transferee company which were previously maintained in the
transferor company's account

A-Only (ii) and (ii)
B-Only (i) and (i)
C-Only (i) and (ii)

D-All of the above
Correct Answer:- Option ®

Question3:-Issue of Bonus shares out of post-acquisition profits may result in
‘AcDecreases of cost of control
B:-Decrease in Minority interest
Cz-None of the above
D-All of the above
Correct Answer:- Option-é

न Liquidator of the company make the payment from amount received from the assets. not specifically pledged and the amounts contributed by the contributories in
which of the following order:

‘Ac Expenses of winding up, secured creditors, unsecured creditors, preferential creditors and surplus if any to contributories
B:-Preferential creditors, Expenses of winding up, secured creditors, unsecured creditors, surplus if any to contributories
C-Expenses of winding up, secured creditors, Preferential creditors, unsecured creditors.and surplus if any to contributories
D:-Preferential creditors, Expenses of winding Up, unsecured creditors, contributories and secured creditors

Correct Answer:- Option-C

QuestionS:-If Total Assets are Rs. 1,50,000, Non-current liabilities are Rs. 40,000, Shareholders Funds
Rs. 1,00,000, Fixed Assets Rs. 80,000 and Non current investment 50,000. What is the value of current assets and Current liabilities?

ಸ-20000, 30000
B:-1000, 2000
30000, 20000
0-20000,10000.
Correct Answer:- Option-D
‘Question6:-Cash advances and loan made to third parties other than advances and loans made by a financial enterprises are
‘AsCash flows arising from Financing activities
B:-Cash flows arising from Operating activities
CCash flows arising from Investing activities
D-None of the above
Correct Answer:- Option-C
Question7::Which of the following statement sare correct?
In case of Loss of profit policy, the claim shall comprises of

(i) Gross profit on short sales
(ii) Claim in respect to increased cost of working capital