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Which has more efficiency: Diesel engine or Petrol engines? |
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Contingent asset is not recognized in the financial statements on the basis of _______ accounting concept:
a) Prudence
b) Materiality
c) Substance over form
d) Going concern |
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Contingent assets usually arise from unplanned or other unexpected events:
a) True
b) False
c) Partly True
d) None |
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Provision for contingencies are not made in respect of _________ since they do not relate to situation existing at the balance sheet date:
a) Unspecified business risk
b) Certain business risk
c) Specified business risk
d) Uncertain business risk |
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Is it possible to calculate the planned activity output through system? |
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Contingent liabilities are shown:
a) As current liability
b) As capital fund
c) As footnotes to balance sheet
d) As reserves |
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'Workmen Compensation Under Dispute' is an example of (a) Contingent Liability (b) Complete Liability (c) Nominal Liability (d) None
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Bill discounted with a bank is __________
a) Contingent liability
b) Current liability
c) Current Asset
d) None of these |
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Which of the following is not a contingent liability?
a) Claims against the firm not acknowledged as debt
b) guarantees given in respect of third parties.
c) Amount due to trade creditors which is not disputed
d) Bills discounted from bank |
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Income tax demand, disputed by a company is ______
a) Contingent Liability
b) Current Liability
c) Long term Liability
d) None of these |
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Contingent liability if becomes probable then it is _________
a) Provided in the books of A/c
b) Provided in Director's report
c) Shown in notes to accounts
d) None of these |
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_____________ appear as a footnote below the balance sheet?
(a) Related Party Transactions (b) Contingent Liabilities (c) Loans (d) Account Payable
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Which of the following is not a difference between a provision and contingent liability?
a) A provision meets the recognition of criteria whereas a contingent liability fails to meet the same.
b) Provision is a present liability of uncertain amount whereas contingent liability is a possible obligation which arises from past event.
c) Provision can't be measured whereas contingent liability can be accurately measured.
d) None of the above |
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In which of the following cases, accounting estimates are needed?
a) Employee benefit obligations
b) Impairment of losses
c) Inventory obsolescence
d) All of the above |
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