hitechpathshala

Q. 1

All of the following are examples of monetary items except:

Trade Payables.

Inventory.

Trade Receivables.

Share Capital

Q. 2

Goods may be invoiced to branch at

(a) Cost or Selling price.

(b) Wholesale price.

(c) Both (a) and (b).

(d) Either (a) or (b).

Q. 3

Incomes and expenses of a NFO is translated at

Average rate that approximates the actual exchange rates.

Exchange rate at the date of transaction.

Either 1or 2.

Both 1and 2.

Q. 4

Under debtors method, opening balance of debtors is

Debited to branch account.

Credited to branch account.

Debited to H.O account.

Credited to H.O account.

Q. 5

Under branch trading and profit loss account method

(a) H.O prepares profit and loss account.

(b) Each branch is treated separate entity.

(c) Both (a) and (b).

(d) Either (a) or (b).

Q. 6

If goods are invoiced to branches at cost, trading results of branch can be ascertained by

(a) Debtors method.

(b) Stock and debtors method.

(c) Either (a) or (b).

(d) Both (a) and (b).

Q. 7

Assets and liabilities of a non-integral foreign operation should be converted at

Closing exchange rate.

Average exchange rate.

Opening exchange rate.

none of the above

Accounting for Branches including Foreign Branches.