62.

63.

64.

65.

66.

67.

68.

69.

70.

092/23

The Indian Accounting Standard for Investment in Associates and Joint Ventures is
detailed in
A) IND-AS: 28 B) IND-AS: 20 C) IND-AS: 12 D) IND-AS: 10

What is meant by contributory in liquidation of Limited company ?
A) Secured Debenture holder

B) Creditors

C) Partly paid up Equity shareholder

D) Preference shareholder

When purchasing company pays purchase consideration, the consideration is
debited to

A) Liquidator of Vendor Company’s Account

B) Liquidator of Purchasing Company’s Account

C) Business Purchase Account

D) Equity Shareholder’s Account

The profit on reissue of forfeited shares is transferred to
A) Reserve fund B) Forfeited share account
C) General reserve D) None of the above

If the rate of Gross loss on sales is 20% and the cost of goods sold is Rs. 1,20,000,
What is the amount of sales ?

A) Rs. 1,50,000 B) Rs. 1,44,000

C) Rs. 1,00,000 D) Rs. 96,000

Bad debts written off previously, if recovered subsequently
A) Credited to profit and loss account

B) Credited to provision account

C) Credited to debtors’ account

D) Debited to profit and loss account

Assets are recorded at their original purchase price according to the

A) Business entity principle B) Consistency principle
C) Materiality principle D) Historical cost principle
Who will oversee the Corporate Insolvency Resolution Process ?

A) Company Law Board B) Board of Directors

C) Resolution Professional D) SEBI

Which of the following is an example of a short-lived asset not subject to inflation
accounting ?

A) Goodwill B) Land

C) Inventory D) Debtors