AYUSH RANJAN ([email protected].

in)
Assessment Date : 25-12-2023 09:59:47 (GMT+05:30)

This report helps you to achieve your

targets as per below stated objectives:
Improve your conceptual understanding
Address specific areas of improvement
personalized to you
 Time Management
Below table shows the time you spent in each section.

SECTION (GROUP) TIME SPENT BY YOU (IN MINS)

Accounting for Managers 6104 (Accounting for Managers 6104) 42:17

Total time spent 42:17

Recommendations
1. It is essential for each aspirant to plan and schedule time for each section diligently. This is important to score well in each section and ultimately meet the
cut-off.
2. This will also help you in attempting all the questions in each section and hence not missing the opportunity to score more.

Performance Analysis: Accounting for Managers 6104

1. The below table analyzes your performance at question level
2. It highlights conceptually strong and improvement areas within the section and areas that require reinforcement of concepts.
3. The accuracy of the response to each question and time spent are correlated and interpreted in terms of expert advice on preparedness level.

Question wise details

Please click on question to view detailed analysis

= Not Evaluated = Evaluated = Correct = Incorrect = Not Attempted

= Marked for Review = Answered = Correct Option = Your Option

Question Details
 Q1. Net Profit of a company before charging manager's commission is Rs.21,000. If the manager is entitled to 5% commission
after charging such commission, how much manager will get as commission?

Status : Correct

Options :

1. Rs.1050
 2. Rs.1000
3. Rs.2100
4. Rs.2000

Timespent (in sec): 28 Comments: You are on the right preparation track on this topic.

Q2. Accrual concept is based on:

Status : Correct

Options :
1. Matching Concept
2. Dual Aspect Concept
3. Cost Concept
4. Going Concern Concept

Timespent (in sec): 27 Comments: You are on the right preparation track on this topic.

Q3. From the following information, calculate Interest Coverage Ratio: Net Profit after Tax Rs.7,00,000 6% Debentures
Rs.20,00,000 Tax Rate @ 30%

Status : Correct

Options :

1. 9.33 Times
2. 9.25 Times
3. 9.18 Times
4. 9.05 Times

Timespent (in sec): 33 Comments: You are on the right preparation track on this topic.
 Q4. Due to which of the following window dressing is prohibited:

Status : Correct

Options :
1. Convention of Consistency
2. Accounting Period Concept
3. Convention of Full Disclosure
4. Money Measurement Concept

Timespent (in sec): 36 Comments: You are on the right preparation track on this topic.

Q5. A transaction involving increase in Debt-Equity Ratio and no change in Current Ratio is:

Status : Incorrect

Options :

1. Issue of debentures for cash

2. Redemption of Preference shares for cash
3. Issue of shares for cash
4. Issue of debentures against the purchase of fixed asset

Timespent (in sec): 72 Comments: You have most probably committed a numerical or conceptual mistake or you would have guessed the answer.

Q6. The book value of an asset after three years of depreciation on reducing balance method @ 15% p.a. is Rs.49,130. What was
its original vale?

Status : Correct

Options :

1. Rs.40,000
2. Rs.80,000
3. Rs.45,000
4. Rs.70,250

Timespent (in sec): 51 Comments: You are on the right preparation track on this topic.
 Q7. Calculate the Earning per share from the following data: EBIT = Rs.500000 10% Debentures Rs.10 lacs 12% Preference
shares Rs.5 lacs 10000 equity shares @ Rs.10 each Corporate income tax @ 50%

Status : Marked For Review

Options :
1. Rs.10
2. Rs.11
3. Rs.12
4. RS.14

Timespent (in sec): 198 Comments: You need to do more practise on this topic.

Q8. The accountant of a firm desires that adjustments for outstanding expenses and prepaid expenses should not be made
while preparing financial statements. Which accounting concept will be violated?

Status : Correct

Options :
1. Matching Concept and Cost Concept
2. Accrual Concept and Matching Concept
3. Accrual Concept and Prudence Cocept
4. Accrual Concept and Accounting Period Concept

Timespent (in sec): 153 Comments: You are on the right preparation track on this topic.
 Q9. Closing Trade Receivables Rs.4,00,000; Cash Sales being 25% of Credit Sales; Excess of Closing Trade Receivables over
Opening Trade Receivables Rs.2,00,000; Net Sales Rs.15,00,000. Calculate Trade Receivables Turnover Ratio

Status : Correct

Options :
1. 4 Times
2. 3 Times
3. 5 Times
4. 2 Times

Timespent (in sec): 40 Comments: You are on the right preparation track on this topic.

Q10. Which of the following is the error of principle?

Status : Correct

Options :

1. The purchase book was overcasted by Rs.500

2. Credit sale to Arun Rs.700 recorded as purchase from Arun
3. Goods returned to Charu Rs.4,000, posted to Chinoo's A/c
4. Wages paid for installation of machinery debited to Wages A/c

Timespent (in sec): 79 Comments: You are on the right preparation track on this topic.
 Q11. Ms/ Future Ltd. has invested Rs.10,000 in the shares of Relicam Industries Ltd. Current Value of these shares is Rs.10,500.
Accountant of Future Ltd. wants to show Rs.10,500 as value of investment in the books of accounts, Which accounting
convention restricts him from doing so:

Status : Correct

Options :
1. Full Disclosure
2. Consistency
3. Conservatism
4. Materiality

Timespent (in sec): 36 Comments: You are on the right preparation track on this topic.

Q12. Accounting policies should not be changed from one period to another is based on the principle of:

Status : Correct

Options :
1. Consistency
2. Full Disclosure
3. Conservatism
4. Matching

Timespent (in sec): 52 Comments: You are on the right preparation track on this topic.
 Q13. Buyback of shares is an extra-ordinary item for

Status : Correct

Options :
1. Operating activity
2. Investing activitiy
3. Financing Activity
4. Cash and Cash Equivalents

Timespent (in sec): 23 Comments: You are on the right preparation track on this topic.

Q14. XYZ Radiology Centre acquired a new imported X-ray machine for Rs. 10,50,000. Octroi paid on the machine was Rs. 5,000.
Expenses of setting up and starting the machine was Rs. 2,000. The Centre spent Rs. 2,500 on distribution of flyers, advertising
the new facility, and Rs. 50,000 on an inaugural ceremony by the District Collector. The amount that can be classified as capital
expenditure would be

Status : Correct

Options :

1. Rs. 10,59,500
2. Rs. 11,04,500
3. Rs. 10,55,000
4. Rs. 10,57,000

Timespent (in sec): 34 Comments: You are on the right preparation track on this topic.
 Q15. A sum of Rs.32,000 has been spent on a mchine as follows: (i) Rs.20,000 for addition to double the output, (ii) Rs.5,000 for
repairs necessitated by negligence and (iii) Rs.7,000 for replacement of worn-out parts.

Status : MarkedForReview

Options :
1. Rs.20,000 as capital expenditure and Rs.12,000 as revenue expenditure
2. Rs.27,000 as capital expenditure and Rs.5,000 as revenue expenditure
3. Rs.32,000 as capital expenditure
4. Rs.25,000 as capital expenditure and Rs. 7,000 as revenue expenditure

Timespent (in sec): 213 Comments: You need to do more practise on this topic.

Q16. A commenced business on 1st April, 2017 with a capital of Rs.5,00,000. On 31st March, 2018, his assets were worth
Rs.7,80,000 and liabilities Rs.70,000. Find out his profits earned furing the year?

Status : Correct

Options :

1. Rs.2,80,000
2. Rs.2,10,000
3. Rs.2,50,000
4. Rs. 7,10,0000

Timespent (in sec): 44 Comments: You are on the right preparation track on this topic.
 Q17. Sundry Debtors given in the Trial Balance are Rs.20,000. Further, bad debts amounted to Rs.1,000 and it is desired to
create a provision of 5% on debtors for doubtful detbts and 2% for discount. Sundry Debtors will appear in the Balance Sheet at
a figure of:

Status : Correct

Options :

1. Rs.18,620
2. Rs.18,600
3. Rs. 17,689
4. Rs. 17,670

Timespent (in sec): 36 Comments: You are on the right preparation track on this topic.

Q18. A transfer price is:

Status : Correct

Options :

1. an accounting device to turn profit centers into investment centers

2. the price charged by one segment of the company for goods or services provided to another segment
3. only useful in a segment that deals with outsiders as well as with other segments of the same company
4. the amount charged by a cost center for a service performed for a profit center

Timespent (in sec): 178 Comments: You are on the right preparation track on this topic.
 Q19. Provision __________ of the year in which it is created

Status : Incorrect

Options :
1. Increases the profit
2. Decreases the profit
3. Doest not affect the profit
4. May increase or decrease the profit

Timespent (in sec): 188 Comments: You have most probably committed a numerical or conceptual mistake or you would have guessed the answer.

Q20. The books of Raj Ratan Limited revealed the following information: Opening Inventory Rs. 6,00,000; Purchases during the
year 2021-2022 Rs.34,00,000; Sales during the year 2021-2022 Rs.48,00,000. On March 31,2022, the value of inventory as per
physical inventory-taking was Rs.3,25,000. The company's gross profit on sales has remained constant at 25%. The management of
the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing
inventory?

Status : Marked For Review

Options :
1. Rs.75,000
2. Rs.25,000
3. Rs.1,00,000
4. Rs.4,00,000

Timespent (in sec): 115 Comments: You need to do more practise on this topic.
 Q21. A firm purchased on 1st April 2018 a second-hand machinery for RS.50,000 and spent Rs.10,000 on its installation. On 1st
July in the same year additional machinery was purchased for Rs.20,000. Depreciation is provided each year on 31st December
@ 5% p.a. on written down value method. The amount of depreciation in the first year will be:

Status : MarkedForReview

Options :
1. Rs.4,000
2. Rs.3,250
3. Rs.3,500
4. Rs.2,750

Timespent (in sec): 191 Comments: You need to do more practise on this topic.

Q22. The revised AS-2 (Valuation of inventories) permits which of the following method for computation of cost of inventory?

Status : Correct

Options :

1. LIFO
2. Standard Cost Method
3. FIFO
4. None of these

Timespent (in sec): 27 Comments: You are on the right preparation track on this topic.
 Q23. What will be the percentage of depreciation under SLM considering the given information: Original Cost of Machine
Rs.1,50,000 Salvage Value after 9 years Rs. 15,000 Repair charges in 2nd year Rs.10,000

Status : Correct

Options :
1. 0.1111
2. 0.1
3. 0.1034
4. 0.0937

Timespent (in sec): 115 Comments: You are on the right preparation track on this topic.

Q24. The accountant of a firm desires that adjustments for outstanding expenses and prepaid expenses should not be made
while preparing financial statements. Which accounting concept will be violated?

Status : Correct

Options :
1. Matching Concept and Cost Concept
2. Accrual Concept and Matching Concept
3. Accrual Concept and Prudence Cocept
4. Accrual Concept and Accounting Period Concept

Timespent (in sec): 70 Comments: You are on the right preparation track on this topic.
 Q25. From the following information relating to year ended March 31, 2020, calculate Net Profit Before Tax and Extraordinary
Items: Opening Balance in Statement of P&L (Surplus) Rs.2,00,000 Closing Balance in Statement of P&L (Surplus) Rs.6,72,000
Transfer to Debentures Redemption Reserve Rs.2,00,000 Proposed Dividend for the previous year ended March 31, 2019
Rs.1,80,000 Interim Dividend paid during the year Rs.1,44,000 Provision for Tax made during the Current Year Rs. 2,00,000 Income
Tax Paid Rs.2,16,000

Status : Incorrect

Options :

1. Rs.6,72,000
2. Rs.11,96,000
3. Rs.8,52,000
4. Rs.10,52,000

Timespent (in sec): 119 Comments: You have most probably committed a numerical or conceptual mistake or you would have guessed the answer.

Q26. Provision is made:

Status : Incorrect

Options :

1. To provide for known losses

2. To provide for unknown losses
3. To face the financial difficulties
4. To strengthen the financial position

Timespent (in sec): 120 Comments: You have most probably committed a numerical or conceptual mistake or you would have guessed the answer.
 Q27. Rent paid on 1st October, 2018 for one year upto 30th September, 2019 was Rs.2,400. Rent paid on 1st October for the
year upto 30th September, 2020 was Rs.3,200. Rent shown in the P&L A/c for the year ended on 31st December, 2019 would
be:

Status : Incorrect

Options :
1. Rs.6,000
2. Rs.3,200
3. Rs.3,000
4. Rs.2,600

Timespent (in sec): 115 Comments: You have most probably committed a numerical or conceptual mistake or you would have guessed the answer.

Q28. Sold to Pariksha goods costing Rs.1,00,000 at 40% profit, allowing 20% trade discount and 5% cash discount. Pariksha
made 60% payment immediately by cheque. How much payment Pariksha made?

Status : MarkedForReview

Options :

1. Rs.67,200
2. Rs.68,400
3. Rs.72,000
4. Rs.63,840

Timespent (in sec): 64 Comments: You need to do more practise on this topic.
 Q29. Which of the following will not result into flow of cash?

Status : Correct

Options :

1. Issue of equity sharesof Rs.1,00,000

2. Purchase of machinery of Rs.1,75,000
3. Redemption of 9% Debentures of Rs.3,50,000
4. Cash deposited into bank Rs.15,000

Timespent (in sec): 24 Comments: You are on the right preparation track on this topic.

Q30. Bought goods for cash for Rs.1,00,000 at 20% trade discount and 2% cash discount. Entry will be:

Status : Correct

Options :
1. Dr.Purchases by Rs.78,400 and Discount by Rs.1,600 and Cr. Cash by Rs.80,000
2. Dr.Purchases by Rs.78,400 and Cr. Cash by Rs.78,400
3. Dr.Purchases by Rs.80,000 and Cr. Cash by Rs.78,400 and Discount by Rs.1,600
4. Dr.Purchases by Rs.80,000 and Cr. Cash by Rs.78,400 and Discount by Rs.2,000

Timespent (in sec): 56 Comments: You are on the right preparation track on this topic.