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Question 1/101/10
Accounting for Not-for-Profit Organisations
Accounting for Not-for-Profit Organisations
Accounting for Not-for-Profit Organisations
Complete the sentence: For a not-for-profit organisation, subscriptions received during the year are adjusted for outstanding and advance amounts to determine the subscription ______ for the Income and Expenditure Account.
Select the answer:Select the answer
1 correct answer
A.
income for the current accounting period
B.
cash balance at year-end
C.
capital expenditure incurred during the year
D.
closing balance of the General Fund
Subscription income for the Income and Expenditure Account is determined on the accrual basis. Subscriptions outstanding at the end are added, while subscriptions received in advance at the end are deducted. The cash balance reflects a balance-sheet position, not the period's income. Capital expenditure relates to acquiring long-term assets, and the General Fund is a capital fund rather than a measure of subscription income.
Right Answer: A
Quiz
Question 2/102/10
Cash Flow Statement
Cash Flow Statement
Cash Flow Statement
Under the indirect method, cash generated from operating activities is determined by adjusting profit for non-cash items and changes in ______.
Select the answer:Select the answer
1 correct answer
A.
Only non-current assets
B.
Working capital items
C.
Only financing liabilities
D.
Shareholders' equity balances
The indirect method begins with profit and adjusts it for non-cash expenses or incomes and changes in working capital items such as inventories, trade receivables, and trade payables. Non-current assets are mainly associated with investing activities, while financing liabilities and shareholders' equity relate primarily to financing activities. Therefore, the required completion is working capital items.
Right Answer: B
Quiz
Question 3/103/10
Company Accounts
Company Accounts
Company Accounts
When shares are issued at a price higher than their face value, the excess amount is credited to the __________ account.
Select the answer:Select the answer
1 correct answer
A.
Securities Premium Account
B.
Capital Reserve Account
C.
General Reserve Account
D.
Share Forfeiture Account
The amount received above the face value of shares is called securities premium and is credited to the Securities Premium Account. Capital Reserve is created from capital profits, while General Reserve is appropriated from profits. Share Forfeiture Account records amounts received on forfeited shares and does not record share premium.
Right Answer: A
Quiz
Question 4/104/10
Financial Statement Analysis
Financial Statement Analysis
Financial Statement Analysis
In a common-size income statement, every item is generally shown as a percentage of __________.
Select the answer:Select the answer
1 correct answer
A.
Total assets
B.
Net sales or revenue
C.
Current liabilities
D.
Gross working capital
A common-size income statement expresses each income and expense item as a percentage of net sales or revenue, which facilitates comparison across years or between enterprises of different sizes. Total assets are generally used as the base in a common-size balance sheet. Current liabilities and gross working capital are not the standard base for income statement items.
Right Answer: C
Quiz
Question 5/105/10
Accounting for Partnership
Accounting for Partnership
Accounting for Partnership
In the absence of a partnership deed, interest on a loan given by a partner to the firm is allowed at ______.
Select the answer:Select the answer
1 correct answer
A.
4% per annum
B.
6% per annum
C.
8% per annum
D.
No interest is allowed
When the partnership deed is silent, the Partnership Act provides for interest at 6% per annum on a loan advanced by a partner to the firm. The rate of 4% or 8% has no general statutory basis in this situation. Interest is not completely disallowed because a partner's loan is treated separately from the partner's capital contribution.
Right Answer: B
Quiz
Question 6/106/10
Accounting for Not-for-Profit Organisations
Accounting for Not-for-Profit Organisations
Accounting for Not-for-Profit Organisations
A sports club receives an entrance fee of Rs. 80,000 from new members. Its governing rules state that entrance fees are to be treated as capital receipts. The accountant should record this amount by
Select the answer:Select the answer
1 correct answer
A.
crediting the Income and Expenditure Account as revenue income
B.
debiting the General Fund because it increases capital
C.
crediting the General Fund as a capital receipt
D.
showing it only as a liability in the Balance Sheet
When the rules classify entrance fees as capital receipts, the amount is added to the General Fund, which represents the organisation's accumulated capital. It is not treated as ordinary revenue income in the Income and Expenditure Account. The General Fund is credited, not debited, because the capital of the organisation increases. A capital receipt is not ordinarily shown merely as a liability.
Right Answer: C
Quiz
Question 7/107/10
Cash Flow Statement
Cash Flow Statement
Cash Flow Statement
A business reported profit before tax of Rs. 80,000. Depreciation was Rs. 12,000, trade receivables increased by Rs. 8,000, and trade payables decreased by Rs. 5,000. Ignoring tax and other adjustments, cash flow from operating activities will be:
Select the answer:Select the answer
1 correct answer
A.
Rs. 89,000
B.
Rs. 75,000
C.
Rs. 85,000
D.
Rs. 79,000
Using the indirect method, operating cash flow equals profit before tax plus depreciation, less the increase in trade receivables, and less the decrease in trade payables. The calculation is Rs. 80,000 + Rs. 12,000 − Rs. 8,000 − Rs. 5,000 = Rs. 79,000. Depreciation is added back because it is a non-cash expense. An increase in receivables and a decrease in payables reduce operating cash flow.
Right Answer: D
Quiz
Question 8/108/10
Company Accounts
Company Accounts
Company Accounts
A company forfeited 100 equity shares of Rs. 10 each on which Rs. 5 per share had been received. These shares were reissued as fully paid at Rs. 7 per share. The amount transferred to Capital Reserve will be:
Select the answer:Select the answer
1 correct answer
A.
Rs. 100
B.
Rs. 150
C.
Rs. 200
D.
Rs. 300
The amount forfeited is Rs. 5 per share, totalling Rs. 500. Reissue at Rs. 7 for shares having a face value of Rs. 10 involves a discount of Rs. 3 per share, totalling Rs. 300. The surplus available for transfer to Capital Reserve is Rs. 500 minus Rs. 300, equal to Rs. 200. The other amounts either ignore the reissue discount or calculate the forfeiture incorrectly.
Right Answer: C
Quiz
Question 9/109/10
Financial Statement Analysis
Financial Statement Analysis
Financial Statement Analysis
A business reports current assets of Rs. 4.8 lakh, including inventory of Rs. 1.8 lakh, and current liabilities of Rs. 2.4 lakh. Its financial analyst makes an observation about liquidity. Select exactly one appropriate conclusion.
Select the answer:Select the answer
1 correct answer
A.
The current ratio is 2:1 and the quick ratio is 1.25:1
B.
The current ratio is 1.25:1 and the quick ratio is 2:1
C.
Both the current ratio and quick ratio are 2:1
D.
Both ratios are 1.25:1 because inventory is a current asset
The current ratio is calculated as current assets divided by current liabilities: Rs. 4.8 lakh ÷ Rs. 2.4 lakh = 2:1. Quick assets exclude inventory, so quick assets equal Rs. 3 lakh, giving a quick ratio of Rs. 3 lakh ÷ Rs. 2.4 lakh = 1.25:1. Inventory is included in current assets but excluded from quick assets because it may take time to convert into cash.
Right Answer: A
Quiz
Question 10/1010/10
Accounting for Partnership
Accounting for Partnership
Accounting for Partnership
Riya and Meera share profits in the ratio of 3:2. They admit Kavya for a one-fifth share, which she acquires equally from Riya and Meera. The sacrificing ratio of Riya and Meera will be:
Select the answer:Select the answer
1 correct answer
A.
3:2
B.
2:3
C.
1:2
D.
1:1
Kavya obtains one-tenth from Riya and one-tenth from Meera. Since both existing partners sacrifice equal portions of their shares, their sacrificing ratio is 1:1. The ratios 3:2 and 2:3 represent possible old profit-sharing relationships, not the sacrifice made for admission. A ratio of 1:2 would indicate unequal sacrifice.
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Info quiz:
Quiz name:CUET Accountancy Mock Test
Total number of questions:30
Number of questions for the test:100
Pass score:70%
Number of topics:5 Topics
Study topics:Number of questions:
Accounting for Not-for-Profit Organisations:6 Questions
Accounting for Partnership:6 Questions
Cash Flow Statement:6 Questions
Company Accounts:6 Questions
Financial Statement Analysis:6 Questions
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