general finance questions for competitive exams - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Tuesday, February 2, 2021

general finance questions for competitive exams


Topic:- GL_Finance


1) is a summary of all assets & liabilities.


Trial Balance

Profit & Loss Account

Balance Sheet

None of these


Correct Answer :-Balance Sheet


2) The term ‘Audit’ originated from the Latin word-


Audire

Adhere

Adihere

Oditum


Correct Answer :-Audire


3) Rs. 2,500 spent on overhauling on purchase of second hand machine is:


Capital Expenditure

Revenue Expenditure

Deferred Revenue Expenditure

None of these


Correct Answer :-Capital Expenditure


4) Working Capital is Rs.7,20,000; Trade Payables Rs.40,000; Other Current Liabilities

Rs.2,00,000. Calculate Current Ratio. 


Correct Answer :-4:1


5) The part of share capital, which can be called up only at the time of winding up of a gompany, is called as-


Authorized Capital

Called-Up Capital

Capital Reserve

Reserve Capital


Correct Answer :-Reserve Capital


6) Value Added Tax is an example of-


Graduated Tax

Progressive Tax

Proportional Tax

Regressive Tax


Correct Answer :-Proportional Tax


7)Which of the following is not a part of Inventories as per or ahh anh se Act, 2013?


Raw Materials

Work-in-progress

Loose Tools

Livestock


Correct Answer :-Livestock


8) The main objective of providing depreciation is to-


Reduce Tax Burden

Provide Funds for Replacement

Show the true financial position

Comply with legal requirements


Correct Answer :-Provide Funds for Replacement


9) A company had Current Assets of Rs.3,00,000 and Current Liabilities of Rs.1,40,000. Afterwards it purchased goods of Rs.20,000 on credit. Calculate Current Ratio after purchase.


Correct Answer :-2:1


10) If Closing Stock appears in Trial Balance then it appears in-


Trading Account

Profit & Loss Account

Balance Sheet

Profit & Loss Appropriation Account


Correct Answer :-Balance Sheet

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