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CMA Intermediate Exam: Financial Accounting Practice Test
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The CMA Intermediate Course Syllabus includes the following topics for Paper 6: Financial Accounting:
Accounting basics
Preparation of financial statements
Self-balancing ledgers
Royalties
Hire purchase and installment system
Branch and departmental accounts
Accounting in a computerized environment and standards

CMA Intermediate Exam: Financial Accounting Practice Test
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25 Questions

1. Which of the following is not a method of charging depreciation?
2. Accounting standard in India are issued by
3. Income and Expenditure Account is a
4. Depreciation is a charge against profit.
5. Discount given in the Sales - Invoice itself is
6. Goods are transferred from Department X to Department Y at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is `48,000, then the amount of stock reserve on closing stock will be
7. Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
8. As per AS-7 expenses recognized in the period in which the work to which expenses relate is performed.
9. If any stock is taken by a co-venturer, it will be treated as
10. Capital Profit arises from which of the following?
11. Bad debts are apportioned among departments in the proportion of
12. Minimum rent is also called dead rent or fixed rent.
13. Compensation paid to employees who are retrenched is Capital expenditure.
14. At the end of the accounting year the capital expenditures are shown in the
15. Materiality Principle is an exception to the
16. Consignee is the person who sends goods to agents.
17. Bad debts Recovered `750. It will be
18. In case of a Club, the excess of expenditure over income is called as
19. Current Liability represents a potential obligation that could be created depending on the outcome of an event.
20. As on 31st March, 2017 debtors and additional bad debts are Rs. 8,00,000 and Rs. 10,000 respectively. If the provision for bad debts is made at 5% on debtors then amount of such provision will be
21. The balance in consignment account shows
22. A resource owned by the business with purpose of using it for generating future profit, is known as
23. Provision for bad debts is
24. Receipts and Payments account is a
25. In absence of partnership deed the profit or loss should be distributed among partners in their capital ratio.

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