Financial Questions and Answers
General Knowledge Financial Questions with Answers test understanding of finance, banking, and the economy. Common in Banking, SSC, and MBA exams, these questions enhance knowledge about financial systems and markets
Financial
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100 questions
71. V. V. Bros. purchased a machine on 1st October, 2003 at cost Rs. 2,70,000 and spent Rs. 30,000 on its installation. The firm written off depreciation 10% per annum on original cost every year. The books are closed on 31st March every year. The machine is sold on 30 September, 2006 for Rs. 1,90,000. How much amount will be transferred to P & L A/c as loss on sale of machinery ?
- Rs. 10,000
- Rs. 20,000
- Rs. 30,000
- Rs. 40,000
72. Accounting for Intangible Assets are related to-
- AS - 10
- AS - 12
- AS - 24
- AS - 26
73. Indian Accounting Standard – 28 is related to-
- Accounting for taxes on income
- Financial Reporting of Interests in Joint Venture
- Impairment of Assets
- Provisions, Contingent Liabilities and Contingent Assets
74. Recording of capital contributed by the owner as liability ensures the adherence of principle of-
- Consistency
- Going concern
- Separate entity
- Materiality
75. A company made the purchases of an item during its financial year. January 2007 200 @ Rs. 50 each May 2007 400 @ Rs. 60 each August 2007 600 @ Rs. 70 each Novem- 2007 300 @ Rs. 80 each ber Closing inventories were 500 articles. Find out the value of closing stock as per Weighted Average Method-
- 33,333•33
- 16,666•66
- 66,666•67
- 96,666•66
76. A fire occurred in the premises of ‘M’ Ltd. on 30th September, 2007. The stock was destroyed except to the extent of Rs. 10,000. From the information given below, calculate the value of stock burnt by fire on 30th September, 2007. Stock on 1st April 2006, Rs. 90,000, Purchases less returns during 2006-07-10,00,000, Sales less returns during 2006-07, 15,00,000; Stock on 31st March, 2007-1,80,000, Purchases less returns from 1st April 2007 to 30th September 2007, 7,00,000. Sales less returns from 1st April, 2007 to 30th September 2007, 10,00,000. It was the practice of the company to value stock less 10%-
- 3,00,000
- 2,90,000
- 1,90,000
- 2,80,000
77. Social Accounting means-
- Accounting for social benefits and social costs
- Accounting for Government Revenue & Govt. Cost
- Accounting for private revenue and private cost
- None of the above
78. It is given that cost of stock is Rs. 100. However, its market price is Rs. 98 (buying) and Rs. 140 (selling). If the market price is interpreted as the replacement cost, then the stock should be valued at-
- Rs. 98
- Rs. 100
- Rs. 140
- Rs. 40
79. If the goods purchased are in transit, then the Journal Entry at the end of the period will be-
- Goods in Transit A/c Dr. To Supplier’s A/c
- Goods in transit A/c Dr. To Purchases A/c
- Stock A/c Dr. To Goods in Transit A/c
- Supplier’s A/c Dr. To Goods in Transit
80. Calculate Return on Investment/ Return on Proprietor’s fund. Gross profit of a firm is Rs. 3,20,000, Operating expenses Rs. 1,00,000, Taxes Rs. 20,000, Owner’s fund Rs. 5,00,000, Debenture Interest Rs. 50,000-
- 20%
- 30%
- 40%
- 50%