MCQ for CA Intermediate ACCOUNTING - Chapter 13 - ACCOUNTING FOR BRANCHES INCLUDING FOREIGN BRANCHES
Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 1 - ACCOUNTING - Chapter 13: ACCOUNTING FOR BRANCHES INCLUDING FOREIGN BRANCHES - For Practice relevant for May/November 23 Examinations
Q1. Goods may be invoiced to branch at(3)
- Cost or Selling price.
- Wholesale price
- Both (a) and (b).
Answer: 3
Q2. Cost of goods returned by branch will have the following effect(5)
- Goods sent to branch account will be debited.
- Branch stock account will be credited
- (a) and (b).
Answer: 3
Q3. Incomes and expenses of a NFO is translated at(9)
- Average rate that approximates the actual exchange rates
- Exchange rate at the date of transaction
- Either (a) or (b).
Answer: 3
Q4. All of the following are examples of monetary assets except:(7)
- Trade payables
- Inventory
- Trade Receivables
Answer: 2
Q5. AS 11 classifies foreign branches are classified as(10)
- Autonomous branches and non-autonomous branches
- Uncontrolled and fully controlled branches
- Integral and non-integral foreign operations.
Answer: 3
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