McqMate
| 1. |
_______________ are the financial statements of a group of companies. |
| A. | Subsidiary Accounts |
| B. | Group Accounts |
| C. | Holding Accounts |
| D. | None of the above |
| Answer» B. Group Accounts | |
| 2. |
___________ establishes principles for presenting and preparing consolidated financial statements when an entity controls one or more other entities. |
| A. | IFRS 12 |
| B. | IFRS 17 |
| C. | IFRS 10 |
| D. | IFRS 11 |
| Answer» C. IFRS 10 | |
| 3. |
A _________ includes the income and expenses of a subsidiary in the consolidated financial statements from the date it gains control until the date when the reporting entity ceases to control the subsidiary. |
| A. | Holding entity |
| B. | Reporting entity |
| C. | Group Accounts |
| D. | AS 110 |
| Answer» B. Reporting entity | |
| 4. |
______________ is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. |
| A. | Goodwill |
| B. | Capital Reserve |
| C. | Plant and Machinery |
| D. | Drawings |
| Answer» A. Goodwill | |
| 5. |
___________ transactions are transactions between entities within a group of entities and that group is consolidated into one set of Consolidated Financial Statements. |
| A. | Inter-group |
| B. | Intra-group |
| C. | Group |
| D. | Financial |
| Answer» B. Intra-group | |
| 6. |
The _____________ account appear in the Balance Sheet of the Holding company at the time of consolidation. |
| A. | Bonus Share |
| B. | Security Premium |
| C. | share premium |
| D. | Capital Reserve |
| Answer» C. share premium | |
| 7. |
__________ is the corporate management term for the act of reorganizing the legal, ownership, operational or other structures of a company for the purpose of making it more profitable or better organized for its present needs. |
| A. | Merger |
| B. | Restructuring |
| C. | External Reconstruction |
| D. | Consolidation |
| Answer» B. Restructuring | |
| 8. |
A merger is defined as the joining of two or more companies to form a single legal entity. |
| A. | Acquisition |
| B. | Restructuring |
| C. | Merger |
| D. | Internal Construction |
| Answer» C. Merger | |
| 9. |
All business combinations must be treated as _________ for accounting purposes. |
| A. | Acquisition |
| B. | Restructuring |
| C. | Merger |
| D. | Internal Construction |
| Answer» A. Acquisition | |
| 10. |
In external reconstruction, the liquidated company is called ______________________. |
| A. | Purchasing Company |
| B. | Vendor Company |
| C. | Holding Company |
| D. | Group Company |
| Answer» B. Vendor Company | |
| 11. |
The tax effect on the timing differences is termed as ___________________. |
| A. | Current Tax expense |
| B. | Income tax |
| C. | Deferred Tax |
| D. | Provision for tax |
| Answer» C. Deferred Tax | |
| 12. |
The objective of ________________is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures to apply in relation to finance and operating leases. |
| A. | IAS 11 |
| B. | IAS 17 |
| C. | IAS 7 |
| D. | IAS 19 |
| Answer» B. IAS 17 | |
| 13. |
In finance lease agreement, the option for the lessee to purchase the property or equipment at a specific price is known as __________________________. |
| A. | Balloon |
| B. | Operating Leasing |
| C. | Running Cost |
| D. | Administrative Expense |
| Answer» A. Balloon | |
| 14. |
________________ provides information to the management regarding human resource cost and value. |
| A. | MIS |
| B. | Human Resource Accounting |
| C. | Financial Statements |
| D. | Cost Sheet |
| Answer» B. Human Resource Accounting | |
| 15. |
______________________is the assistance of finance professionals to settle disputes concerning allegations, fraudulence, suspicion of fraud and misconduct in business. |
| A. | Forensic accounting |
| B. | Human Resource Accounting |
| C. | Financial Accounting |
| D. | Cost Accounting |
| Answer» A. Forensic accounting | |
| 16. |
____________ aims to measure and inform the general public about the social welfare activities undertaken by the enterprise and their effects on the society |
| A. | Corporate Accounting |
| B. | Forensic Accounting |
| C. | Social Audit |
| D. | Environmental Accounting |
| Answer» C. Social Audit | |
| 17. |
________________ also called green accounting. |
| A. | Corporate Social Responsibility |
| B. | Corporate Accounting |
| C. | Environmental accounting |
| D. | Forensic Accounting |
| Answer» C. Environmental accounting | |
| 18. |
______________manages business finances effectively, make the right decisions and maximize your profits. |
| A. | Corporate Accounting |
| B. | Inflation Accounting |
| C. | Environmental Accounting |
| D. | Proactive Accounting |
| Answer» D. Proactive Accounting | |
| 19. |
_____________ refers to the process of adjusting the financial statements of a company to show the real financial position of the company during the inflationary period. |
| A. | Corporate Accounting |
| B. | Inflation Accounting |
| C. | Environmental Accounting |
| D. | Proactive Accounting |
| Answer» B. Inflation Accounting | |
| 20. |
Increase in the price of various goods and services over a period of time is known as ___________________ |
| A. | Deflation |
| B. | Price Level Changes |
| C. | Shift |
| D. | Inflation |
| Answer» D. Inflation | |
| 21. |
During inflation the purchasing power of money ___________________. |
| A. | Increases |
| B. | Does not change |
| C. | Shift |
| D. | Decreases |
| Answer» A. Increases | |
| 22. |
Price for changes accounting can be done by the following method__________________. |
| A. | Current purchasing power, Current Value Accounting |
| B. | Replacement Cost Accounting, Current Cost Accounting |
| C. | Both a and b |
| D. | None of the Above |
| Answer» C. Both a and b | |
| 23. |
_________________Accounting deals with employees and management in an organization. |
| A. | Inflation |
| B. | Human Resource |
| C. | Environment |
| D. | Forensic |
| Answer» B. Human Resource | |
| 24. |
Forensic Accounting is very much useful to _____________ industry. |
| A. | Banking |
| B. | Communication |
| C. | Insurance |
| D. | None of the above |
| Answer» C. Insurance | |
| 25. |
A branch of accounting which decodes the human nature to hide failures, conceal problems, defend wrong decisions, and cover up mistakes is known as___________________. |
| A. | Inflation Accounting |
| B. | Human Resource Accounting |
| C. | Environment Accounting |
| D. | Forensic Accounting |
| Answer» D. Forensic Accounting | |
| 26. |
A ______________Accounting signifies the activities related to the conservation of Environment. |
| A. | Inflation |
| B. | Human Resource |
| C. | Environment |
| D. | Forensic |
| Answer» C. Environment | |
| 27. |
The main elements of environmental accounting are______________________. |
| A. | Environmental Conservation costs and activities and environmental benefits |
| B. | Environmental activities and environmental benefits |
| C. | Environmental conversion costs and environmental benefits |
| D. | None of the above |
| Answer» A. Environmental Conservation costs and activities and environmental benefits | |
| 28. |
What is the classical view of management's social responsibility? |
| A. | To create specific environment in work place |
| B. | To maximize profit |
| C. | To protect and improve society’s welfare |
| D. | All of the above |
| Answer» B. To maximize profit | |
| 29. |
__________ is when a firm engages in social actions because of its obligation to meet certain economic and legal responsibilities |
| A. | SocialObligation |
| B. | Social Responsibility |
| C. | Social Responsiveness |
| D. | None of the above |
| Answer» A. SocialObligation | |
| 30. |
The recognition of the close link between an organisation's decisions and activities and its impact on the natural environment is called __________. |
| A. | Global Environment |
| B. | Greening of management |
| C. | Social actions |
| D. | None of the above |
| Answer» B. Greening of management | |
| 31. |
The stakeholder view of social responsibility states that organisations must respond to the needs of |
| A. | employees and customers |
| B. | shareholders and owners |
| C. | all interested parties |
| D. | all those who might sue the organisation |
| Answer» C. all interested parties | |
| 32. |
_____________ establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. |
| A. | IFRS 18 |
| B. | IFRS 14 |
| C. | IFRS 15 |
| D. | IFRS 17 |
| Answer» C. IFRS 15 | |
| 33. |
The objective of _________ is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. |
| A. | Ind AS 115 |
| B. | Ind AS 100 |
| C. | Ind AS 110 |
| D. | Ind AS 114 |
| Answer» A. Ind AS 115 | |
| 34. |
_________is about the measurement of the items in the consolidated financial statements, such as goodwill, non-controlling interest, etc. |
| A. | IFRS 4 |
| B. | IFRS 10 |
| C. | IFRS 9 |
| D. | IFRS 3 |
| Answer» D. IFRS 3 | |
| 35. |
Goodwill on amalgamation can rise only if ________Method is followed. |
| A. | Valuation |
| B. | Percentage |
| C. | Purchase |
| D. | Merger |
| Answer» C. Purchase | |
| 36. |
_____________ is the process of significantly changing a company's business model, management team or financial structure to address challenges and increase shareholder value. |
| A. | Corporate restructuring |
| B. | Corporate reporting |
| C. | Amalgamation |
| D. | Reconstruction |
| Answer» A. Corporate restructuring | |
| 37. |
A merger of two or more companies that compete in the same industry. |
| A. | Horizontal |
| B. | Conglomerate |
| C. | Vertical |
| D. | None of the above |
| Answer» A. Horizontal | |
| 38. |
Merger where two companies are in the same or related industries but do not offer the same products, but related products and may share similar distribution channels, providing synergies for the merger is known as ____________ Merger. |
| A. | Horizontal |
| B. | Co generic |
| C. | Vertical |
| D. | Conglomerate |
| Answer» B. Co generic | |
| 39. |
A form of corporate restructuring in which the entity's business operations are segregated into one or more components is known as __________________. |
| A. | Horizontal |
| B. | Disinvestment |
| C. | Demerger |
| D. | Takeover |
| Answer» C. Demerger | |
| 40. |
When one company takes over the management of the target company with the permission of the board, it is known as ________________ takeover. |
| A. | Friendly |
| B. | Hostile |
| C. | Acquiring |
| D. | Disinvestment |
| Answer» A. Friendly | |
| 41. |
Any agreement between two or more parties to collaborate with each other, in order to achieve certain objectives while continuing to remain independent organizations is called _______________. |
| A. | Strategic alliance |
| B. | Franchising |
| C. | Joint Venture |
| D. | Disinvestment |
| Answer» A. Strategic alliance | |
| 42. |
________________accounting is the process by which companies and organizations record the financial impact of agreements to rent or finance the rights to use specific assets. |
| A. | Corporate |
| B. | Responsibility |
| C. | Green |
| D. | Lease |
| Answer» D. Lease | |
| 43. |
A ______________ is defined as an entity that provides the right to use an asset for a period of time in exchange for consideration. |
| A. | Contractor |
| B. | lessor |
| C. | Lessee |
| D. | None of the above |
| Answer» B. lessor | |
| 44. |
A ____________ is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. |
| A. | Finance lease |
| B. | Operating lease |
| C. | Lessor |
| D. | Contract |
| Answer» A. Finance lease | |
| 45. |
____________ is the estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity. |
| A. | Economic Life |
| B. | Useful Life |
| C. | Fair value |
| D. | None of the above |
| Answer» B. Useful Life | |
| 46. |
______________ is a term used in the field of accounting which measures the environmental and natural resources accounting, which tends to incorporate the natural and environmental assets of the firm and it’s resources. |
| A. | Social Accounting |
| B. | Green Accounting |
| C. | Inflation Accounting |
| D. | None of the above |
| Answer» B. Green Accounting | |
| 47. |
_________ highlights both the contribution of business enterprises to economic wellbeing and the costs imposed in the form of pollution or resource degradation. |
| A. | Social Accounting |
| B. | Environmental Accounting |
| C. | Inflation Accounting |
| D. | None of the above |
| Answer» B. Environmental Accounting | |
| 48. |
_______________ is concerned with the development of measurement system to monitor social performance. |
| A. | Social Accounting |
| B. | Environmental Accounting |
| C. | Inflation Accounting |
| D. | None of the above |
| Answer» A. Social Accounting | |
| 49. |
__________ is the method were all assets and liabilities are recorded on a balance sheet according to the cost of replacing them rather than their historical costs. |
| A. | Replacement Cost Accounting |
| B. | Current Value |
| C. | Current Cost Accounting |
| D. | None of the above |
| Answer» A. Replacement Cost Accounting | |
| 50. |
___________ acts as an evidence of social commitment. |
| A. | Social Accounting |
| B. | Environmental Accounting |
| C. | Inflation Accounting |
| D. | None of the above |
| Answer» A. Social Accounting | |
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