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Accountant exam practice set

61. Foreign exchange for import of goods is sanctioned by—
(A) Exim Bank
(B) Reserve Bank of India
(C) State Bank
(D) Ministry of commerce

62. The cost of a machine having a span of life of 5 years is Rs. 10000. It has a scrap value of Rs. 1000. The amount of depreciation in the first year under the sum of year’s digit method will be—
(A) Rs. 1600
(B) Rs. 1800
(C) Rs. 2000
(D) Rs. 3000

63. Given: Gross profit Rs. 60000 Gross profit ratio: 20% Debtor’s velocity 2 months The amount of debtors will be—
(A) Rs. 30000
(B) Rs. 50000
(C) Rs. 120000
(D) Rs.200000

64. Premium on issue of shares can be used for—
(A) Issue of Bonus shares
(B) Payment of Dividends
(C) Payment of operating expenses
(D) Redemption of debentures

65. If current ratio is 25, quick ratio (1) 5 and net working capital Rs. 15000. This value of inventory will be—
(A) Rs. 10000
(B) Rs. 15000
(C) Rs. 37500
(D) Rs. 52500