general finance questions for competitive exams

Topic:- GL_Finance

1) is a summary of all assets & liabilities.

Trial Balance

Profit & Loss Account

Balance Sheet

None of these

Correct Answer :-Balance Sheet

2) The term ‘Audit’ originated from the Latin word-

Audire

Adhere

Adihere

Oditum

Correct Answer :-Audire

3) Rs. 2,500 spent on overhauling on purchase of second hand machine is:

Capital Expenditure

Revenue Expenditure

Deferred Revenue Expenditure

None of these

Correct Answer :-Capital Expenditure

4) Working Capital is Rs.7,20,000; Trade Payables Rs.40,000; Other Current Liabilities

Rs.2,00,000. Calculate Current Ratio. 

Correct Answer :-4:1

5) The part of share capital, which can be called up only at the time of winding up of a gompany, is called as-

Authorized Capital

Called-Up Capital

Capital Reserve

Reserve Capital

Correct Answer :-Reserve Capital

6) Value Added Tax is an example of-

Graduated Tax

Progressive Tax

Proportional Tax

Regressive Tax

Correct Answer :-Proportional Tax

7)Which of the following is not a part of Inventories as per or ahh anh se Act, 2013?

Raw Materials

Work-in-progress

Loose Tools

Livestock

Correct Answer :-Livestock

8) The main objective of providing depreciation is to-

Reduce Tax Burden

Provide Funds for Replacement

Show the true financial position

Comply with legal requirements

Correct Answer :-Provide Funds for Replacement

9) A company had Current Assets of Rs.3,00,000 and Current Liabilities of Rs.1,40,000. Afterwards it purchased goods of Rs.20,000 on credit. Calculate Current Ratio after purchase.

Correct Answer :-2:1

10) If Closing Stock appears in Trial Balance then it appears in-

Trading Account

Profit & Loss Account

Balance Sheet

Profit & Loss Appropriation Account

Correct Answer :-Balance Sheet