Question : Select the correct direct form of the given sentence.

The receptionist asked me if I wanted to meet the accountant.

Option 1: The receptionist said to me, "Did you want to meet the accountant?"

Option 2: The receptionist said to me, "Do I want to meet the accountant?"

Option 3: The receptionist said to me, "Have you met the accountant?"

Option 4: The receptionist said to me, "Do you want to meet the accountant?"

Question : Fardeen Ltd. received interest on an item and the accountant classified it unde Investing Activity while preparing Cash Flow Statement. Name another item for which such a treatment is possible.

Option 1: Dividend paid

Option 2: Dividend received

Option 3: Issue of equity shares

Option 4: Interest on call - in arrear

Question :

Assertion (A) : Rajiv and Vinod, who share the profit and losses in 2 : 3, are dissolving the firm. There is a general reserve in the balance sheet of Rs.60000. The accountant transferred Rs.24000 in Rajiv's capital account and Rs.36000 in Vinod's capital account.

Reason (R) : The undistributed profit and losses and reserves are always transferred to partners' capital account in their profit sharing ratio and not to the realisation account.

Option 1: Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct eplanation of Assertion (A).

Option 2: Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct eplanation of Assertion (A).

Option 3: Assertion (A) is true, but Reason (R) is false

Option 4: Assertion (A) is false, but Reason (R) is true.

Question : The ratio of Current Assets (Rs.16,00,000) to Current Liabilities (Rs.10,00,000) is 1.6: 1. The accountant of the firm is interested in maintaining a Current Ratio of 2: 1, by paying off a part of the Current Liabilities. The amount of the Current Liabilities will be that should be paid, so that the Current Ratio at the level 2: 1 may be maintained.

Option 1: Rs 4,00,000

Option 2: Rs 5,00,000

Option 3: Rs 8,00,000

Option 4: Rs 10,00,000

Question : Select the option that expresses the given sentence in direct speech.
The officer asked the accountant why the accounts had not been reconciled.

Option 1: The officer said to the accountant, "Why have the accounts not being reconciled?"

Option 2: The officer said to the accountant, "Why the accounts had not been reconciled?"

Option 3: The officer said to the accountant, "Why the accounts have not been reconciled?"

Option 4: The officer said to the accountant, "Why have the accounts not been reconciled?"

Question : Fardeen Ltd. received interest on an item and the accountant classified it unde Investing Activity while preparing Cash Flow Statement. Name another item for which such a treatment is possible.

Option 1: Dividend paid

Option 2: Dividend received

Option 3: Issue of equity shares

Option 4: Interest on call - in arrear

Question : Ram is the personal manager of X limited company. He have been directed by the directors of the company to select a chartered accountant for the company. Which of the following process he will choose?
 

Option 1: Recruitment

Option 2: Selection

Option 3: Training

Option 4: None of the above

Question : Assertion A:- In many situations, the accountant has to make a choice out of alternatives available, e.g., choice in the method of inventory valuation, choice in the method of depreciation (straight line or written down value)

Reason R: - The subjectivity is inherent in personal judgment, the financial statements are, therefore, not free from bias. It is a limitation of financial statements.

Option 1: Both Assertion A and reason R are correct but reason R is not the correct explanation of Assertion A

Option 2: Both Assertion A and reason R are correct but reason R is the correct explanation of Assertion A

Option 3: Both Assertion A is correct but the reason R is not correct

Option 4: Both Assertion A and reason R are not correct