Inventories
Online Mock Tests in Inventories in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA
Inventories-Test 3
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Inventories -Test 3
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Question 1 of 30
1. Question
1 pointsCalculate Closing stock using FIFO Method :
Particulars Units Rate
Opening stock 100 Rs.50
Purchases 50 Rs.40
Issue 125
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Question 2 of 30
2. Question
1 pointsCost of Goods sold =
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Question 3 of 30
3. Question
1 pointsOpening Stock = Rs.6,000
Closing Stock = Rs.8,000
Cost of Goods Sold = Rs.87,000
Calculate the value of purchases ?
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Question 4 of 30
4. Question
1 pointsThe opening stock is overstated by Rs.10,000 and closing stock is understated by Rs.15,000. The impact of these on net profit for the current year is :
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Question 5 of 30
5. Question
1 pointsThe revised Accounting Standard – 2 (Valuation of Inventories) permits which of the following method for computation of cost of inventory ?
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Question 6 of 30
6. Question
1 pointsWhen closing stock represents the latest purchased goods, then the stock has been issued under
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Question 7 of 30
7. Question
1 pointsFour washing machines are in stock with a dealer
Model A Model B Model C Model D
Cost 15,000 20,000 22,500 30,000
Realizable value 13,500 22,000 20,500 32,500
Find out the value of stock for balance sheet as per AS – 2
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Question 8 of 30
8. Question
1 pointsThe success of Perpetual Inventory System depends upon :
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Question 9 of 30
9. Question
1 pointsX & Company, a furniture dealer, due to some business problem could take physical stock taking on April 20 and arrived at the cost at Rs.5,25,000. Between April 01 and April 20 firm even though purchased goods worth Rs.3,25,000 including credit purchases of Rs.75,000 only goods costing Rs.50,000 was not actually received before April 20. Cost of goods held at godown on March 31 was :
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Question 10 of 30
10. Question
1 pointsIf the closing stock is increased by Rs.5,000 and Gross Profit rate is 10%, then :
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Question 11 of 30
11. Question
1 pointsAt the time of stock taking conducted on 31st March 2009, there were contain goods costing Rs.1,000 that were lying in stock in the godown. These goods were billed for Rs.1,200 on March 15, 2009. What should be included for calculating inventory for the year ended on 31.3.2009 ?
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Question 12 of 30
12. Question
1 pointsIf cost of goods sold is Rs.80,700, Opening stock Rs.5,800 and closing stock Rs.6,000, then the amount of purchase will be :
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Question 13 of 30
13. Question
1 pointsFind the value of closing stock :
A B C D
Historical cost 20,000 18,000 24,000 25,000
NRV : 18,000 24,000 23,000 26,000
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Question 14 of 30
14. Question
1 pointsOpening stock 300 units at Rs.8,00,000 purchases 300 units at Rs.8,50,000 sold 500 units.
Find closing stock using weighted average method.
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Question 15 of 30
15. Question
1 pointsCalculate the amount of gross profit :
Opening stock – Rs. 24,000
Closing stock – Rs. 15,000
Sales – Rs.6,00,000
Cost of goods sold – Rs.4,55,000
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Question 16 of 30
16. Question
1 pointsIf closing stock is undervalued by Rs.10,000 and opening stock is overvalued by Rs.10,000, then the impact on the gross profit of the business would be :
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Question 17 of 30
17. Question
1 pointsA manufacturer purchased an item of raw material in the month of December as detailed below :
Date Unit Price (Rs.) Per Unit
1st Dec 500 50
15th Dec 200 60
28th Dec 300 70
Material was issued on 29th December 2011, 600 units as per LIFO method. Closing stock as on 31st December, 2011 would be :
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Question 18 of 30
18. Question
1 pointsFollowing figures have been extracted from the books for the year ended 31st March, 2011 :
(i) Cost of goods sold Rs.35,000
(ii) Closing stock as on 31st March, 2011 Rs.8,000
(iii) Opening stock as on 1st April, 2010 Rs.10,000
(iv) Purchase Return Rs.5,000
What would be the amount of gross purchases for the year ended 31st March, 2011 ?
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Question 19 of 30
19. Question
1 pointsMr. A, a dealer of construction material, due to unavoidable reasons took physical stock of inventories on 11th April. The cost of stock was Rs.4,20,000 (including goods received on consignment). The dealer received goods costing Rs.1,00,000 in March for sale on consignment basis. 20% of the goods has been sold before 31st March and 60% between 1st April & 10th April. What was the cost of stock as at 31st March ?
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Question 20 of 30
20. Question
1 pointsSterling limited revealed the following information as on 31st March 2013 :-
Stock as on April 01, 2012 Rs.1,60,000
Purchases during the year Rs.3,20,000
Sales during the year Rs.4,00,000
The goods worth Rs.60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of Rs.40,000. The company’s gross profit on sales has remained constant at 25%, the value of closing stock as on 31st March would be :
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Question 21 of 30
21. Question
1 pointsFrom the following information provided by M/s xyz, calculate the value of inventory
Item No. No. of units Cost per unit Market price per unit
1 14 100 120
2 15 50 40
3 20 20 20
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Question 22 of 30
22. Question
1 pointsOpening stock 400 units @ Rs.20 per unit. Purchases 200 units @ Rs.25 per unit and issued 250 units. Find out the value of closing stock by LIFO method.
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Question 23 of 30
23. Question
1 pointsNet realizable value is :
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Question 24 of 30
24. Question
1 pointsMr. X took physical stock of his inventory on April 20 and the value of stock of cost was Rs.1,60,000, between April 01 and April 20 he sold goods worth Rs.40,000 as detailed below :
(i) Damaged goods sold for Rs.15,000 at a loss of 20% to cost
(ii) Balance goods sold were 25% profits to cost
The damaged goods to be valued at net realizable value and other stock to be valued at cost. On this basis, the value of closing stock as on March 31 was
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Question 25 of 30
25. Question
1 pointsThe opening stock is overstated by Rs.10,000 & closing stock is understated by Rs.15,000. The impact of these on net profit for the current year is :
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Question 26 of 30
26. Question
1 pointsWhich of the following is an exception to Non-historical cost method of valuation ?
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Question 27 of 30
27. Question
1 pointsOpening stock Rs.50,000
Goods available for Sales Rs.1,60,000
Sales Rs.1,60,000
Gross Profit 30%
The closing stock will be :
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Question 28 of 30
28. Question
1 pointsIf average stock is Rs.14,000, closing stock is Rs.3,000 more than opening stock then value of closing stock will be :
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Question 29 of 30
29. Question
1 pointsConsider the following for Ram Co. for the year 2013-14 :
Cost of goods available for sale Rs.1,00,000
Total Sales Rs. 80,000
Opening inventory of goods Rs. 20,000
Gross profit margin 25%
Closing inventory of goods for the year 2013-14 was.
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Question 30 of 30
30. Question
1 pointsGee Ltd. follows perpetual inventory system. On March 31st 2014, the company took physical inventory verification and found the value of inventory as per records different from the value as per the physical inventory due to :
Goods purchased for Rs.10,000 were received and included in the physical inventory but no entry were made in the books. Goods costing Rs.30,000 were sold and entered in the books but the goods are yet to be delivered.
Goods worth Rs.5,000 are returned to the supplier but is omitted to be recorded. If the inventory is valued in the books at Rs.1,50,000, the value of the physical inventory is :
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