December 2015 - Paper 2

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3. December 2015
4. Paper 2

6:   Interest on loan taken for the purchase of fixed assets is a :

A.	Revenue Expenditure
B.	Capital Expenditure
C.	Deferred Revenue Expenditure
D.	Capital Loss
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	Option: B Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

7:   Dual Aspect Concept results in the following accounting equation:

A.	Revenue = Expenses
B.	Capital + Profits = Assets + Expenses
C.	Capital + Liabilities = Assets
D.	Capital + Drawings = Owner's Equity
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	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

8:  

Match the items in Column -1 with the items in Column - 2 :

 

Column -1                                                                   Column - 2

 

(a) Materiality Concept                                       (i) The same accounting method used by a firm from

                                                                             one period to another

 

(b) Going Concern Concept                                (ii) An inappropriate assumption of a firm being bankrupt

 

(c) Historical Cost Concept                               (iii) A normal basis used for accounting assets

 

(d)ConSistency Concept                                   (iv) Relates to the importance of an item or event

 

 

A.	(iv) (ii) (iii) (i)
B.	(i) (ii) (iii) (iv)
C.	(ii) (iii) (iv) (i)
D.	(iv) (ii) (i) (iii)
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	Option: A Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

9:  

'X' Ltd. has a liquid ratio of 2 : 1. If its stock is ₹40,000 and its current liabilities are of ₹ 1 Lac, its current ratio will be :

A.	1.4 times
B.	2.4 times
C.	1.2 times
D.	3.4 times
	Answer Report Discuss
	Option: B Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

10:  

'Comparison of the financial statements of the current year with the performance of previous years of the same firm', is known as :

A.	Trend Analysis
B.	Horizontal Analysis
C.	Intra - firm comparison
D.	All of the above
	Answer Report Discuss
	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

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