All India Management Association (AIMA) 2007 M.B.A Marketing Management Accounting for ision Making – I - Question Paper
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(c) After deduction of calls-in-arrear from the issued capital
(d) After deduction of calls-in-arrear from the authorized capital
(e) After addition of calls-in-arrear to the called-up capital.
( 1 mark)
48. Pavithra Ltd., has furnished the subsequent data for the year 2007-08:
Cost of goods available for sale Rs.1,00,000
Total sales Rs. 80,000
Gross profit margin on sales 25%
Closing stock of goods as on March 31, 2008 was
(a) Rs.80,000
(b) Rs.60,000
(c) Rs.36,000
(d) Rs.40,000
(e) Rs.20,000.
( 2 marks)
49. The accent of the Indian accounting standard is on
(a) Reporting
(b) Substance
(c) Analysis
(d) Localization
(e) Immateriality.
( 1 mark)
50. Which of the subsequent is a not a difference ranging from US GAAP and Indian Accounting Standard (Indian AS)?
(a) US GAAP is Rule-based, whereas Indian AS is Principle-based
(b) US GAAP is relatively less flexible compared to Indian AS
(c) According to Indian AS, goodwill arising on amalgamation is amortized over a period of five years where as goodwill is generally not amortized as per US GAAP
(d) According to US GAAP, capitalization of interest on constructed assets is needed whereas according to Indian AS capitalization is not needed
(e) Revaluation of plant and equipment is prohibited according to US GAAP but it is allowed as per Indian AS.
( 1 mark)
51. According to US GAAP, the emphasis is on protection of
(a) Creditor
(b) Debtor
(c) Investor
(d) Liquidator
(e) Customer.
( 1 mark)
52. Consider the subsequent data of a company:
Particulars Rs.
Net annual sales 18,25,000
Cost of sales 5,00,000
avg. trade debtors 4,50,000
Accounts payable 3,00,000
The avg. collection period (assuming 365 days a year) was
(a) 60 days
(b) 90 days
(c) 150 days
(d) 200 days
(e) 100 days.
( 2 marks)
53. Sarika Ltd., presented the subsequent information:
Particulars Rs.
Preliminary expenses
Discount allowed on problem of shares
Development expenditure
Provision for proposed dividend 45,000
66,000
58,000
90,000
The total of Miscellaneous expenditure of Sarika Ltd., was
(a) Rs.2,59,000
(b) Rs.1,69,000
(c) Rs. 79,000
(d) Rs.2,01,000
(e) Rs.1,48,000.
( 2 marks)
54. According to US GAAP, the foreign exchange differences on monetary transactions are
(a) Recorded in net income
| Earning: Approval pending. |
