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5Points Quiz

Cost method means

        A.   adding all cost of every asset and input together

        B.   A & C

        C.   aggregate all cost to date on each class of livestock

        D.  1. A & B

Answer: C

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Which of the method can be used to value Arable stock?

        A.   it should be valued at cost or net realizable value

        B.   arable stock should be value at average stock

        C.   arable stock must be valued at FIFO

        D.   arable stock should be value at LIFO

Answer: A

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What is one approach to valuation of stock of live stock?

        A.   cost approach, net realizable value

        B.   cost investment method and cost reduction

        C.   appraisal devaluation method

        D.   A & B

Answer: A

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What did you understand by semi autonomous branch in the context of branch accounting

        A.   it operate independent at every branch and need office

        B.   it operate almost as a separate entity independent of ite head office

        C.   semi autonomous branch operate departmental of the branch and head office

        D.   A & B

Answer: B

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When is the temporal method applicable for translation of the financial statement of foreign branches?

        A.   it is usually applicable when foreign branch is periodic

        B.   it is usually applicable when foreign branch is autonomous

        C.   it is usually applicable when foreign branch is non autonomous

        D.   when goods are over sent

Answer: C

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State how revenue and expense are translated under the closing rate method

        A.   revenue and expenses are translated of periodic rate value

        B.   revenue and expenses are translated at closing period

        C.   revenue and expenses are translated at average rate for the period

        D.   they are charge at average appropriate price value

Answer: C

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Some of the reasons why branch current account may not agree with head office current account are:

        A.   goods sent is usually overcast

        B.   goods sent to branch account is some time under cast

        C.   cash in transit and stock in transit

        D.   cash and stock are sometime diminishing of decreasing

Answer: C

For More Quiz Questions click here to download Global Quiz on Google PlayStore


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