Question : The ratio of Current Assets (Rs.16,00,000) to Current Liabilities (Rs.10,00,000) is 1.6: 1. The accountant of the firm is interested in maintaining a Current Ratio of 2: 1, by paying off a part of the Current Liabilities. The amount of the Current Liabilities will be that should be paid, so that the Current Ratio at the level 2: 1 may be maintained.
Option 1: Rs 4,00,000
Option 2: Rs 5,00,000
Option 3: Rs 8,00,000
Option 4: Rs 10,00,000
Correct Answer: Rs 4,00,000
Solution : Answer = Rs 4,00,000
C. Assets = 16,00,000
C. liab = 10,00,000
C.Ratio =1.6:1
Let the amount of the current liab should be paid = $x$
$\frac{16,00,000-x}{10,00,000-x}$ = $\frac{2}{1}$
16,00,000-$x$ = 20,00,000 - 2$x$
$x$ = 4,00,000
C. liab should be paid = Rs. 4,00,000 Hence, the correct option is 1.
Question : The ratio of Current Assets (Rs.3,00,000) to Current Liabilities is Rs.2,00,000 then the ratio is 1.5:1. The accountant of this firm is interested in maintaining a Current Ratio of 2:1 by acquiring some Current Assets on Credit. The amount of Current Assets which must be acquired for this purpose.
Option 1: Rs 1,00,000
Option 2: Rs 50,000
Option 3: Rs 1,50,000
Option 4: Rs 2,00,000.
Question : Select the option that expresses the given sentence in direct speech. The officer asked the accountant why the accounts had not been reconciled.
Option 1: The officer said to the accountant, "Why have the accounts not being reconciled?"
Option 2: The officer said to the accountant, "Why the accounts had not been reconciled?"
Option 3: The officer said to the accountant, "Why the accounts have not been reconciled?"
Option 4: The officer said to the accountant, "Why have the accounts not been reconciled?"
Question : Select the correct direct form of the given sentence. The receptionist asked me if I wanted to meet the accountant.
Option 1: The receptionist said to me, "Did you want to meet the accountant?"
Option 2: The receptionist said to me, "Do I want to meet the accountant?"
Option 3: The receptionist said to me, "Have you met the accountant?"
Option 4: The receptionist said to me, "Do you want to meet the accountant?"
Question : Who holds the highest law office in India?
Option 1: Attorney General
Option 2: Accountant General
Option 3: Lieutenant General
Option 4: Solicitor General
Question :
Assertion (A) : Rajiv and Vinod, who share the profit and losses in 2 : 3, are dissolving the firm. There is a general reserve in the balance sheet of Rs.60000. The accountant transferred Rs.24000 in Rajiv's capital account and Rs.36000 in Vinod's capital account.
Reason (R) : The undistributed profit and losses and reserves are always transferred to partners' capital account in their profit sharing ratio and not to the realisation account.
Option 1: Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct eplanation of Assertion (A).
Option 2: Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct eplanation of Assertion (A).
Option 3: Assertion (A) is true, but Reason (R) is false
Option 4: Assertion (A) is false, but Reason (R) is true.
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