Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2007 M.B.A Finance FA - Financial Accounting and Management - Question Paper

a. 191
b. 195
c. 198
d. 211

40. The Income Tax Act ________
a. 1958
b. 1968
c. 1972
d. 1961


PART – B
41. Expand MAT
a. Modified Annual Tax
b. Minimum option Tax
c. Maximum Annual Tax
d. Maximum option Tax

42. An Annual Report comprises
a. Director’s Report
b. Auditor’s Report
c. Annual Account
d. All of the above

43. Loans found against hypothecation of an asset is called
a. Unsecured Loan
b. Capital
c. Secured Loan
d. All of the above

44. 1. The schedules to the Balance Sheet and Profit & Loss A/c contain as much details as possible.
2. Finance charges include lease rentals, bank commission, bank charges. Etc.
a. 1-True; 2-False
b. 1-False; 2-False
c. 1-True; 2-True
d. 1-False; 2-True

45. ICAI has issued Accounting Standard- six (AS-6) on:
a. Material charges
b. Dividend
c. Depreciation Accounting
d. All of the above

46. Where the effective capital of the company is less than Rs.1crore , monthly managerial remuneration payable shall not exceed Rs.
a. 40,000
b. 57,000
c. 72,000
d. 87,500

47. It is a part of total equity of a company. The holders of these shares enjoy certain privilege is called
a. Equity Share capital
b. Preference Share capital
c. Capital Structure
d. Leverage

48. 1.Double entry accounting is not followed while recording transactions.
2. The books of accounts are maintained on accrual basis.
a. 1-True; 2-True
b. 1-False; 2-False
c. 1-True; 2-False
d. 1-False; 2-True

49. ‘It’ is an artificial account which appear in the Trial Balance to account for undetected errors. Here ‘It’ stands for:
a. Fixed A/c
b. Reserve A/c
c. Suspense A/c
d. None of the above

50. Which of the subsequent is arrived at by deducting the direct cost of goods sold from sales proceeds?
a. Net profit
b. Gross profit
c. Balance Sheet profit
d. All of the above

51. Which of the subsequent is a document supporting cheques deposited into the bank?
a. Bank statement
b. Pass book
c. Cash book
d. Pay-in-slip

52. Folio means the page of
a. A Journal
b. A Ledger
c. Both a & b
d. None of the above

53. Furniture Account is
a. Real A/c
b. Nominal A/c
c. Personal A/c
d. Representative Personal A/c

54. A credit sale of Rs.500 to Gopal has been wrongly passed through the purchase book. The rectification entry will be
a. Gopal’s A/c Dr. 1,000

Earning:   Approval pending.