Que. 1 : Q1) Revenue Account shall be prepared in Form B-RA, Profit and Loss Account in Form B-PL and Balance sheet in Form B-BS as specified in ____________.
1. a) Part V in schedule B of Reg.3
2. b) Part 111 of the IRDAI regulation
3. c) Part IV of Schedule B
4. d) The Companies Act 2013
Que. 2 : Q2) Which of the following is true for accounting for investments as per AS – 13?
1. a) It is not applicable to investment in financial instruments
2. b) It is not applicable to investment in immovable property
3. c) It is applicable to operating lease but not to financial lease
4. d) It is applicable only to short term investments
Que. 3 : Q3) Bank deposits with more than __________ maturity shall be disclosed separately.
1. a) 3 months
2. b) 6 months
3. c) 9 months
4. d) 12 months
Que. 4 : Q4) Deferred tax is the effect of timing differences. Say whether True or False.
1. a) True
2. b) False
Que. 5 : Q5) What refers to owners’ capital or residual interest in the assets of the enterprise after deducting all the liabilities?
1. a) Liabilities
2. b) Assets
3. c) Equity
4. d) Revenues