Question9:-Which one of the following statement is not correct relating to Time
wage system?

A:-lt requires more supervision

B:-It emphasis is on quality of product

C:-Income through wages is uncertain and there is no job security
D:-It is favored by trade unions as it does not divide workers
Correct Answer:- Option-C

Question10:-Determine P/V ratio if sales is Rs. 1,00,000, Fixed cost is Rs. 30,000
and profit is Rs. 20,000.

A:-25%
B:-30%
C:-20%
D:-None of the above
Correct Answer:- Option-D
Question11:-The going concern concept is the underlying basis for
A:-Depreciating fixed assets over their useful lives
B:-Disclosing the market value of securities

C:-Consolidating the accounts of the subsidiary companies with those of
parent company

D:-Disclosing the sales and other operating information in the Income
statement

Correct Answer:- Option-A

Question12:-Which of the following statements are correct with relating to
Accounting Standard?

(|) AS 2 relates to Valuation of Inventories

(॥) AS 13 relates to Accounting for Amalgamation

(Ill) AS 9 relates to Investments

(IV) AS 10 relates to Accounting for Fixed Assets

A:-Statements (1) and (Il) are correct
B:-Statements (I) and (IV) are correct
C:-Statements (Ill) and (Il) are correct
D:-All the statements are correct
Correct Answer:- Option-B

Question13:-Income tax paid by a proprietor Rs. 4,000 appearing in the Trial
balance

A:-To be debited to Profit and Loss Account
B:-To be credited to Profit and Loss Account
C:-To be added to capital in Balance Sheet

D:-To be deducted from Capital in Balance sheet