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Accountant exam practice set

66. Unclaimed dividend is shown on the liability side of the balance sheet under the heading—
(A) Revenue and surplus
(B) Provisions
(C) Current liabilities
(D) Miscellaneous items

67. Accounting standards in India are prescribed by—
(A) Company Law Board
(B) Institute of charted accountants of India
(C) Institute of coat and works accountants of India
(D) Indian standard Board

68. Which of the following is not correct—
(A) Purchase + Opening stock—Cost of goods sold = Closing stock
(B) Opening stock + Purchases — Closing stock = Cost of goods sold
(C) Closing stock + Cost of goods sold — Purchases = Opening stock
(D) Cost of goods sold — Closing stock + Purchases = Opening stock

69. A company bought assets worth Rs. 360000 and in lieu issued debentures of Rs. 100 each at a discount of 10%. The number of debentures issued will be—
(A) 3000
(B) 3600
(C) 3960
(D) 400

70. A person got insured his goods worth Rs. 10000 for Rs. 80QO against fire. Loss by fire to him was Rs. 9000. He can claim—
(A) Rs. 8000
(B) Rs. 9000
(C) Rs. 10000
(D) Rs. 7200