Accounts Self Assessment Test CA IPCC Free SAT

In the Free Accounting Self Assessment Test, Multiple choice questions from Accounting Standards and all the topics covered in the syllabus were taken into account.

This Accounts SAT has been prepared by qualified Chartered Accountants, covering all the topics in CA IPCC Syllabus. The Test is for free of cost and students can take the test any number of times. We have also provided Self Assessment Mock Tests for Law, Costing and Taxation.

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Sample Questions from the Test:

Questions
Company S is the subsidiary company of Company H. Company H had turnover of Rs. 25 crores in the previous financial year and its paid up capital was Rs. 10 crore. It borrowed Rs. 15 crore during the previous year from bank as short term loan and repaid Rs. 10 crore during the year. What would be the classification of Company H and Company S respectively?
What is NOT a fundamental accounting assumption as per AS-1?
Which one from the below list is an example of change in the accounting policy?
Cost of the partly finished item is Rs. 170 at the year end. It will take another Rs. 40 to finish the item next year. Owing to market fluctuations, the item can only be sold at Rs. 210 by the next year but selling expenses of Rs. 20 needs to be incurred. What should be the value of the inventory at the year end ?
Which of the following items of expense DO NOT form part of inventory costs?
Which of the following disclosure is NOT required under AS-2 to be made in the financial statements?
Which of the following is NOT a Cash Equivalent as per AS-3?
A Ltd. is a registered NBFC. It has earned Rs. 10 lacs as interest income on loans advanced to its subsidiary. How should A Ltd. classify such interest income in its Cash Flow Statement?
A Ltd. is a registered NBFC. It has earned Rs. 1 lac as interest income on loans advanced to its employees pursuant to a general scheme which is open to all its employees as per ordinary course of its business. How should A Ltd. classify such interest income in its Cash Flow Statement?
A Ltd. is a manufacturing company. It has received Rs. 1 lac from General Insurance Company as full and final settlement for its claim against the loss of finished goods owing to a major fire in its factory. How should A Ltd. classify such receipt in its Cash Flow Statement?
A Ltd. is a manufacturing company. It has received Rs. 1 lac from General Insurance Company as full and final settlement for its claim against the damage of welding machine owing to a major fire in its factory. How should A Ltd. classify such receipt in its Cash Flow Statement?
Which one of the following is not an indicator of useful life of assets as per AS-6?
A component of a machine capable of being used independently even after the machine is disposed of, can be depreciated on its own?
A change in the method of depreciation is permissible under what circumstances?
What is not a type of construction contract?
What would not be an indicator of proportion of work performed in case of a construction contract?
What is an element of Revenue from the below lists?
AS-10-Accounting for Fixed Assets does not deal with which of the following?
When improvements and repairs can be capitalized as per AS-10?
AS-13 does not deal with?
A Current investment is an investment that is intended to be held for not more than?
A liquid fund unit was purchased for Rs. 1000. Its current value is Rs. 980 at the year end. However, it is expected that by the time it will be sold it will have a valuation of Rs. 1020. There will be transaction charges of Rs. 10 when the unit will be sold. What will be the value of such unit at the year end?
When we will see amalgamation in the nature of purchase?
What is pooling of interest method of accounting in case of amalgamation?
IFRS is considered as?
Updated: April 13, 2018 — 5:40 am

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