Current Assets

Q.

Which of the following would not be a current asset?

1. Accounts Receivable

2. Land

3. Prepaid Insurance

4. Supplies

Q.

Classify the following activities into (i) Operating Activities, (ii) Investing Activities, and (iii) Financing Activities in case of (a) a Financial Enterprise, and (b) a Non-Financial Enterprise:
1. Purchase of securities fo a company.
2. Brokerage paid for the purchase fo securities.
3. Sale of securities of a Company.
4. Loans and advances made.
5. Receipts from the repayments of loans and advances.
6. Interest received on securities.
7. Dividend received on securities.
8. Interest paid on borrowings.
9. Dividend paid to shareholders.

Q.

How to calculate gross fixed assets on a balance sheet?

Q.

Which was the worlds first minicomputer and when was it introduced?

1. PDP-1, 1958

2. 1MB System/36, 1960

3. PDP-11, 1961

4. VAX 11/780, 1962

Q.

The term “sundry debtors” has been replaced with the term ..........

1. Trade payables

2. Short term borrowings

3. Trade receivables

4. All of these

Q.

BYOD Is Risk Free? True or False?

1. True
2. False

Q.

Which of the following is an asset account?

1. Accounts Payable

2. Prepaid Insurance

3. Unearned Revenue

4. None of these

Q.

Receivable management deals with

Q.

A corporation's working capital is calculated using which amounts?

1. None of these

2. Total Assets and Total Liabilities

3. Total Assets and Current Liabilities

4. Current Assets and Current Liabilities

Q.

Cash and cash equivalents are always classified under _____

1. Current assets

2. Current liabilities

3. Non current assets

4. None of these

Q.

Investments expected to realise within twelve months are considered as current investments under ................

1. Current assets

2. Non current assets

3. Current liabilities

4. None of these

Q.

Cash Balance will be classified under -

1. 12 months

2. 18 months

3. 6 months

4. None of these

Q.

As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.

1. None of these

2. True

3. Partially true

4. False

Q.

All inventories are treated as _____

1. Current assets

2. Current liabilities

3. Non current assets

4. None of these

Q.

In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.

1. Cash and bank balance

2. Trade receivables

3. Trade payables

4. Inventories

Q. What is marshalling of assets and liabilities?

Q.

A trade receivable will be treated as current, if it is likely to be realised within ______ from the date of balance sheet.

1. 12 months

2. 18 months

3. 6 months

4. None of these

Q. Balancing of account means total of debit and credit side.

1. True
2. False

Q. According to ________ useful life of an asset is normally the period over which it is expected to be used.

1. AS 3
2. AS 6
3. AS 2
4. AS 4

Q.

Cash Balance will be classified under -

1. 12 months

2. 6 months

3. None of these

4. 18 months

Q.

The weight of $72books$is $9kg.$ How many such books would weigh $6kg$ ?

Q. Under liquidity order of balance sheet _________ a/c is shown at the last.

1. FD with bank
2. cash in hand
3. goodwill
4. cash in bank

Q.

Cash and cash equivalents are always classified under _____

1. Current assets

2. Non current assets

3. Current liabilities

4. None of these

Q.

A trade receivable will be treated as current, if it is likely to be realised within ______ from the date of balance sheet.

1. 12 months

2. 18 months

3. 6 months

4. None of these