Interview Questions Answers in Accounting AllOther

lakshman

{ City } hyderabad
< Country > india
* Profession *
User No # 32987

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Questions / { lakshman }

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Answers / { lakshman }

Question { 13017 }

Distinguish between liability and provisions?please explain
it?

Answer

LIABILITY - A COMPANY IS LIABLE TO PAY
PROVISIONS - That which is provided or prepared; that which
is brought together or arranged in advance; measures taken
beforehand; preparation.

Is This Answer Correct ?

19 Yes

4 No

Question { 3626 }

Match the following: 1.
2.
3.
4. AS – 7
AS – 9
AS – 19
AS – 20 (i)
(ii)
(iii)
(iv) Earning per Share
Construction Contracts (Revised)
Revenue Recognition
Leases

Answer

AS 7 - CONSTRUCTION CONTRACTS (REVISED)
AS 9 - REVENUE RECOGNITION
AS 19 - LEASES
AS 20 - EARNINGS PER SHARE

Is This Answer Correct ?

1 Yes

0 No

Question { 17150 }

A company maintains a margin of safety of 25% on its
current sales and earns a profit of Rs. 30 lakhs per annum.
If the company has a profit volume (P/V) ratio of 40%, its
current sales amount to A. Rs. 200 lakhs;
B. Rs. 300 lakhs;
C. Rs. 325 lakhs;
D. None of the above.

Answer

Margin of Safety = profit/(p/v)ratio
= 30/.40
MOS = 75lacs
25%S = 75lacs
S =75/.25 = 300lacs

Is This Answer Correct ?

82 Yes

6 No