NICL Administrative Officer (AO) Finance Exam 2013 Question paper

Instructions

For the following questions answer them individually

Question 31

Closing stock is valued at cost or market price, whichever is

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Question 32

A company’s auditor is expected to give

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Question 33

Name of the board set up by the council of the ICAI to formulate accounting standards.

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Question 34

What does net working capital stand for ?

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Question 35

Identify the items shown under fixed assets in the company’s balance sheet.
A: Patents
B: Investments
C: Work-in-progress
D: Plant and machinery

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Question 36

The company pays its creditors by cheque. What is the effect on assets and liabilities?

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Question 37

Provision for doubtful debts account is a_____ account.

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Question 38

According to Companies Act when the dividend proposals exceed 20% of the Paid Up Capital, the amount to be transferred to reserve shall not be less than

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Question 39

In the balance sheet audit, such audit work as vouching and posting

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Question 40

A person insures his goods worth Rs. 1,000 for Rs. 800 and suffers a loss of Rs. 900. His claim can be for

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NICL Administrative Officer (AO) Finance Exam 2013 Question paper

Closing stock is valued at cost or market price, whichever is

A company’s auditor is expected to give

Name of the board set up by the council of the ICAI to formulate accounting standards.

What does net working capital stand for ?

Identify the items shown under fixed assets in the company’s balance sheet.A: PatentsB: InvestmentsC: Work-in-progressD: Plant and machinery

The company pays its creditors by cheque. What is the effect on assets and liabilities?

Provision for doubtful debts account is a_____ account.

According to Companies Act when the dividend proposals exceed 20% of the Paid Up Capital, the amount to be transferred to reserve shall not be less than

In the balance sheet audit, such audit work as vouching and posting

A person insures his goods worth Rs. 1,000 for Rs. 800 and suffers a loss of Rs. 900. His claim can be for

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Identify the items shown under fixed assets in the company’s balance sheet.
A: Patents
B: Investments
C: Work-in-progress
D: Plant and machinery