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CMA Intermediate Exam: Financial Accounting Practice Test 2 (Fill the blanks)
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CMA Intermediate Exam: Financial Accounting Practice Test 2 (Fill the blanks)
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25 Questions

1. __________________ can be made payable to the bearer.

2. A transaction forgotten to be entered in books of accounts is an error of ___________

3. As per ________________ concept business is assumed to exist for an indefinite period

4. Rebate is given in case of ______________of a bill

5. Assets like brand value, copy rights, goodwill are known as _______________

6. Vehicles represent __________ expenditure while repairs to vehicle would mean __________ expenditure

7. The ______ discount is not recorded in the books of accounts

8. The debts which may or may not be realized are called ____________ debts

9. A bill of exchange drawn on 12th April, 2017 for four months, the date of maturity will be ________________

10. __________ property may be the subject matter of consignment

11. Profit means excess of _________ over ________________

12. The parties of joint venture is called ______________

13. In case of departmental accounting each department is considered to be an ___________Centre.

14. _________________ method for depreciation is followed to have a uniform charge for depreciation and repairs and maintenance together

15. The Bank A/c is a _________Account

16. The _______________ shows financial position of the business as on a particular date.

17. Assets are classified as non-current asset and current assets as per ______________ Principle

18. The amount invested by owners into business is called___________.

19. Depreciation Accounting is the process of __________and not __________

20. At the time of goods sent to consignee, the proforma invoice is prepared by ________.

21. The __________ Loss is included in the valuation of inventories

22. ______________________amount is the higher of asset's net selling price and its value in use

23. According to AS-2 inventories should be valued at lower of cost and ________________ value

24. Net Worth is excess of _____________ over ______________

25. The relation between Consignee and Consignor is that of ________________.

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