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Marks: 10 Tick the right option 1 The consideration that would have to be paid if same or an equivalent asset is acquired. Such kind of consideration is called: Current cost Periodic cost Fixed Cost Semi-annual cost 2 _______________ is the undiscounted amounts of cash or cash equivalents expected to be paid to satisfy the liabilities in the normal course of business. Settlement value Realizable value Residual value None of the given options 3 Which of the following is a tool of measuring financial position of an entity? Balance sheet Income statement Cash flow statement All of above 4 ___________ are included in the cost on inventories only to the extent that they are incurred in bringing the inventories to their present location and condition. Other costs Installation cost Transportation cost Carrying cost 5 In perpetual Inventory systems inventory is recorded as: Receipt of inventory is debited to purchases account. No recording is made for individual issue in the General Ledger. Receipt of inventory is credited to Stock Account. Issues are Credited to Stock Account and Debited to Material Consumption Account. 6 Which of the following is not a component of financial statement? Balance sheet and Income statement Statement of changes in equity Cash flow statement None of the above 7 Cash discounts are received on early payment of the outstanding amount. These discounts are: Non conditional and reduce from the value of the inventory. Conditional and reduce from the value of the inventory. Non conditional and are not reduced from the value of the inventory. Conditional and are not reduced from the value of the inventory. 8 Stores and spares are valued at: Cost value Market value Cost or market value whichever is less Cost or market whichever is greater 9 Stores and spares include items which may result in _____________ but are not distinguishable. Revenue expenditure Fixed capital expenditure Both capital and revenue expenditure None of the above 10 The cost of inventories may not be recoverable if: Those inventories are damaged They have become wholly or partially obsolete Their selling price has declined All of above