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M Com Exam Question With Answer For Practice
3) Standard cost method related to the valuation of inventory of finished goods and work-in-progress is: [Question ID = 1574]
- Only a method of determination of cost for the purpose of valuation of inventory [Option ID=6293]
- Only a method of valuation of inventory [Option ID=6294]
- Both a method of determination of cost for the purpose of valuation of inventory and also a method of valuation of inventory [Option ID=6295]
- Neither a method of determination of cost for the purpose of valuation of inventory nor a method of valuation of inventory [Option ID = 6296]
Correct Answer: Only a method of determination of cost for the purpose of valuation of inventory [Option ID= 6293]
4) As per Accounting Standard (AS) 10 ‘Property, Plant and Equipment, the costs for regular major inspection for faults as a condition of continuing to operate an item of property, plant, and equipment (PPE): [Question ID = 1575]
- Should not be recognized in the carrying amount of that item of PPE even if decided by the management of the entity [Option ID=6297]
- Should be recognized in the carrying amount of that item of PPE only if decided by the management of the entity [Option ID=6298]
- Should be charged as an expense in the period in which these costs are incurred [Option ID=6299]
- Should be recognized in the carrying amount of that item of PPE and additionally, the carrying amount of previous inspection or if the carrying amount of previous inspection is not determinable, the cost thereof should be derecognized [Option ID 6300]
Correct Answer: Should be recognized in the carrying amount of that item of PPE and additionally, the carrying amount of the previous inspection or if the carrying amount of the previous inspection is not determinable, the cost thereof should be derecognized [Option ID=6300]
5) Under ‘Stock and Debtors’ method related to a dependent inland branch, for abnormal loss of stock at the branch, besides credit to ‘Branch Stock A/c’ by ‘Branch Profit and Loss A/c’ and ‘Branch Adjustment A/c'[Question ID=1576]
- Only cost of abnormal loss is debited to ‘Branch Profit and Loss A/c [Option ID=6301]
- Only loading margin of abnormal loss is debited to ‘Branch Adjustment A/c’ [Option ID=6302]
- Neither cost of abnormal loss is debited to ‘Branch Profit and Loss A/c’ nor is loading margin of abnormal loss debited to ‘Branch Adjustment A/c’ [Option ID= 6303]
- Cost of abnormal loss is debited to ‘Branch Profit and Loss A/c’ and loading margin of abnormal loss is debited to ‘Branch Adjustment A/c’ [Option ID = 6304]
Correct Answer: Cost of abnormal loss is debited to ‘Branch Profit and Loss A/c and loading margin of abnormal loss is debited to ‘Branch Adjustment A/c’ [Option ID = 6304]
6) Unless otherwise stated a Preference Share is always deemed to be[Question ID = 1577]
- Cumulative, Non-Participating and Non-Convertible. [Option ID = 6305]
- Non-Cumulative, Non-Participating and Non-Convertible. [Option ID=6306]
- Cumulative, Participating and Non-Convertible. [Option ID = 6307]
- Cumulative, Participating and Convertible. [Option ID=6308]
Correct Answer: Cumulative, Non-Participating, and Non-Convertible. [Option ID=6305]
| Author | Delhi University (DU) |
| Language | English |
| No. of Pages | 15 |
| PDF Size | 5 MB |
| Category | Exam |
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