D:-non banking assets
Correct Answer:- Option-D
Question77:-The statement prepared by Life Insurance Company to find out profit
A:-policy holders account
B:-shareholders account
C:-valuation balance sheet
D:-balance sheet
Correct Answer:- Option-B
Question78:-Investment made to earn regular income
A:-Short term investment
B:-fixed investment
C:-trade investment
D:-marketable investment
Correct Answer:- Option-B
Question79:-The account prepared to find out the stock as on the date of fire
A:-trading account
B:-stock account
C:-memorandum trading account
D:-loss of stock account
Correct Answer:- Option-C
Question80:-Overriding commission is given for
A:-selling goods at higher price
B:-for bearing loss
:-for bearing expenses
D:-for bearing bad debts
Correct Answer:- Option-A
Question81:-AS-3 relates to ...........
A:-cash flow statement
B:-valuation balancesheet
:-disclosure of accounting policies
D:-accounting for amalgamation
Correct Answer:- Option-A
Question82:-'anticipate no profit but provide for all possible losses' is based on ---- concept/convention
A:-consevatism
-consistancy
C:-revenue
D:-materiality
Correct Answer:- Option-A

Question83:-If a plant purchased for Rs.10000, its book value is Rs.6000 and it sold for Rs.12000. what is its capital profit

A:-Rs.2000
-Rs.6000
C:-Rs.4000
D:-Rs.3000
Correct Answer:- Option-A

Question84:-Cost of Rs.300000 for dismantling, removing and reinstalling a plant by a medium size sugar mill incurred in

connection with the removal of works to a more suitable locality is considered as
A:-capital expenditure
B:-revenue expenditure
C:-deferred revenue expenditure
D:-capital loss
Correct Answer:- Option-C
Question85:-Give an example of indirect expenses
A:-customs duty
B:-royalty
C:-trade expense
D:-cartage and freight
Correct Answer:- Option-C
Question86:-An amount of Rs.500 received from M credited to N, it would affect
A:-M's Account