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Accountant exam practice set

51. Net working capital refers to—
(A) Current assets
(B) Current assets minus current liabilities
(C) Equity share capital minus fixed assets
(D) Retired earnings.


52. If sales Rs. 6000 gross profit is 1/3 on cost, purchases are R. 4900 and the closing stock is Rs. 900, the opening stock will be—
(A) Rs.400
(B) Rs.500
(C) Rs. 1100
(D) Rs. 2000


53. The primary objective of audit is—
(A) Detection and prevention of frauds
(B) Detection and prevention of errors
(C) Detection of frauds and errors
(D) To ensure the final accounts and statements exhibit true and fair position of business


54. ‘An auditor is a watch dog and not a blood hound’. This was observed in case of—
(A) London oil storage company
(B) Kingston cotton Mills Limited
(C) London General Bank
(D) Delightful Cigarette Company Ltd.


55. If two or more sugar mills combine together, it is known—
(A) Horizontal combination
(B) Vertical combination
(C) Lateral combination
(D) None of the above