CA (Chartered Accountant) Foundation Principles of Accounting: Questions 10 - 13 of 408
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🎯 408 MCQs (& PYQs) with Full Explanations (2024-2025 Exam)
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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 |
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 |
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 |
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
Date | Transaction | Units | Price per unit Rs. |
March 2nd 2016 | Balance brought forward | 1000 | 1 |
March 9th 2016 | Purchases | 4000 | 1.5 |
March 14th 2016 | Sales | 3000 | |
March 25th 2016 | Purchases | 5000 | 2 |
March 31st | Sales | 4000 |
weighted average cost will be
Choices
Choice (4) | Response | |
---|---|---|
a. | 2.3 | |
b. | 1.7 | |
c. | 1.2 | |
d. | 1.5 |