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CA Foundation Accounts - All Chapters

CA Foundation - Principles and Practice of Accounting  - All Chapters Consolidated Quiz

1 / 10

Consider the following data pertaining to Alpha Ltd.:

Cost of machinery purchased on 1st April, 201610,00,000
Installation charges1,00,000
Market value as on 31st March, 201712,00,000

While finalizing the annual accounts, if the company values the machinery at Rs. 12,00,000. Which of the following concepts is violated by the Alpha Ltd.?

2 / 10

PQ draws a bill on XY for Rs. 130,000 on 1.1.2017. X accepts the same on 4.1.2017 for period of 3 months after date. What will be the maturity date of the bill:

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If the equipment account has a balance of Rs. 22,50,000 and the accumulated depreciation account has a balance of  Rs. 14,00,000, the book value of the equipment is

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Two primary qualitative characteristics of financial statements are

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While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result

6 / 10

In the financial statements, contingent liability is

7 / 10

Purchase of office furniture Rs. 1,200 has been debited to General Expense Account. It is:

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A Ltd. has a Rs. 35,000 account receivable from Mohan. On January 20, Mohan makes a partial payment of Rs. 21,000 to A Ltd. The journal entry made on January 20 by A Ltd. to record this transaction includes:

9 / 10

If a purchase return of Rs. 1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers’ account, the total of the

10 / 10

Financial statements are part of

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