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Accountant exam practice set

46. If opening sales is Rs. 10000 purchases Rs. 30000 direct expenses Rs. 4000 and closing stock Rs. 5000 the costs of goods is sold would be—
(A) Rs. 39000
(B) Rs. 40000
(C) Rs.41000
(D) Rs. 44000

47. Premium on issue of shares is shown in balance sheet as—
(A) An asset
(B) A liability
(C) An expense
(D) A revenue

48. Which of the following is known as ‘backbone of auditing’?
(A) Verification of assets
(B) Internal check
(C) Vouching
(D) Internal audit

49. A limited company? 100 shares of Rs. 10/- cash fully called up on which Rs. 4/- per share was paid up. The company reissued 50 shares at the rates of Rs. 8/- each. The amount transferred to capital reserve will be—
(A) Rs. 500
(B) Rs.200
(C) Rs. 250
(D) Rs. 100

50. Sale of long term investments indicates—
(A) A change in current assets
(B) Application of funds
(C) Increase in working capital
(D) Source of funds