Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2006 M.B.A Financial Management FINANCE

c. Trading A/c
d. Balance sheet

18. Trading account indicates
a. Gross profit
b. Net profit
c. Notional profit
d. Both a & b

19. Omission of recording a transaction in the primary book is called
a. fault of principle
b. fault of omission
c. Both a & b
d. fault of commission

20. ________ indicates the position of Assets and Liabilities of a business entity as on a particular date.
a. P & L A/c
b. P & L appropriation A/c
c. Balance sheet
d. Suspense Account

21. In India Corporate entities registered as per
a. Companies Act 1948
b. Companies Act 1956
c. Banking Regulation Act 1947
d. None of the above

22. Reserve is the part of
a. Profit
b. Dividend
c. Bonus
d. All of the above






23. Minute books are maintained as per
a. Sec 143
b. Sec 157
c. Sec 193
d. Sec 307

24. The abridged statements shall be audited and approved by the
a. Board of Directors
b. Accountant
c. Finance Manager
d. All of the above

25. Historical cost of inventories may be determined by using
a. FIFO
b. LIFO
c. Both a & b
d. Variable Costing Method

26. Variable costing is also called
a. Direct costing
b. Absorption costing
c. Both a & b
d. None of the above

27. ________ have a residual interest in corporate profits.
a. Debenture Capital
b. Preference Share Capital
c. Equity Share Capital
d. Both a & b

28. Statutory books are needed to be maintained by a Companies Act.
a. 1932
b. 1948
c. 1949
d. None of the above

29. Intangible assets
a. Have physical existence
b. Have no physical existence
c. Which can be seen
d. None of the above


30. The term ‘depreciable assets’ refers to:
a. Tangible assets
b. Tangible fixed assets
c. Intangible assets
d. None of the above

31. Prevision for taxation is shown under the head _______ in the Balance Sheet.
a. P & L
b. Reserves

Earning:   Approval pending.