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Accountant exam practice set

21. Inventory is valued at lower of the cost or net realisable value on account of the accounting principle of—
(A) Realisation
(B) Consistency
(C) Conservatism
(D) None of the above


22. In the period of rising prices, LIFO method may result in—
(A) Lowering the profit
(B) Raising the profit
(C) Raising the tax liability
(D) None of the above


23. Given, Total assets turnover 4 Net Profits 10% Total Assets Rs. 50000 Net profit will be—
(A) Rs. 15000
(B) Rs. 10000
(C) Rs. 25000
(D) Rs.20000


24. A company auditor addresses his audit report to-
(A) Board of directors
(B) Members
(C) Managing director
(D) Company secretary


25. Bonus shares means shares issued to—
(A) Workers
(B) Existing equity shareholders
(C) Preferential shareholders in lieu of dividend
(D) Debenture holders in lieu of interest