CA (Chartered Accountant) Foundation Principles of Accounting: Questions 10 - 13 of 408

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Question 10

Question MCQ▾

Among the parties involved in a bill of exchange, which one of these is not included?

Choices

Choice (4)Response

a.

Payee

b.

Drawee

c.

Donor

d.

Drawer

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Question 11

Question MCQ▾

Which of these statement (s) are not correct about an enterprise preparing its financial statements?

Choices

Choice (4)Response

a.

Revenue profit is that has occurred due to a transaction or event which is not in the normal course of business and is casual in nature

b.

The amounts are generally stored in a capital reserve and are utilized to meet any capital loss that may occur

c.

Capital profit arises in the normal course of business activities such as sale of goods

d.

Both a. and c. are correct

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Question 12

Question MCQ▾

Due to which of the following reasons, difference in timing occurs?

Choices

Choice (4)Response

a.

Direct payment by banks

b.

Interest debited by bank

c.

Interest credited by bank

d.

All a., b. and c. are correct

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Question 13

Question MCQ▾

You are required to calculate the ending stock and cost of goods sold of Marks and Co. using the weighted average method assuming periodical system of inventory valuation. Marks and co. provides the following information

Marks and Co. Provides the Information
DateTransactionUnitsPrice per unit Rs.
March 2nd 2016Balance brought forward10001
March 9th 2016Purchases40001.5
March 14th 2016Sales3000
March 25th 2016Purchases50002
March 31stSales4000

weighted average cost will be

Choices

Choice (4)Response

a.

2.3

b.

1.7

c.

1.2

d.

1.5

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