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TestPaperI/5/FAC/2012/T2
Question 1.
Choose the correct answer from the following alternatives:
(i) The cost of a Fixed Assets of a business has to be written off over its
(A) Natural Life
(B) Accounting Life
(C) Physical Life
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TestPaperI/5/FAC/2012/T2
(B) Vouchers
(C) Rough Register
(D) None of the above
(vii) When Sales = ` 1,80,000, Purchase =` 1,60,000, Opening Stock = ` 34,000 and rate
of the Gross Profit is 20% on cost, the Closing Stock would be
(A) `50,000
(B) `44,000
(C) `46,000
(D) None of the above
(viii) Goods are transferred from Department X to Department Y at a price so as to include a
profit of 33.33% on cost. If the value of closing stock of Department Y is ` 18,000, then the
amount of stock reserve on closing stock will be :
(A) ` 6,000
(B) ` 4,500
(C) ` 9,000
(D) None of the above
Question 2.
State whether the following statements are TRUE (T) or FALSE (F) :
(i) Original cost minus scrap value is the depreciable value of asset. TRUE
(ii) Royalty is a Revenue Expenditure to Lessor. FALSE
(iii) According to AS-2 Inventories are held for sale in normal course of business.
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TestPaperI/5/FAC/2012/T2
(ii) AS13
(iii) AS16
(iv) AS19
(iV) Leases
(V)No matching
statements found
Answers
i-II
ii-III
iii-I
iv-IV
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TestPaperI/5/FAC/2012/T2
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