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)

  1. Cost or Selling price.
  2. Wholesale price
  3. Both (a) and (b).

Answer: 3

Q2.   Cost of goods returned by branch will have the following effect(5)

  1. Goods sent to branch account will be debited.
  2. Branch stock account will be credited
  3. (a) and (b).

Answer: 3

Q3.   Incomes and expenses of a NFO is translated at(9)

  1. Average rate that approximates the actual exchange rates
  2. Exchange rate at the date of transaction
  3. Either (a) or (b).

Answer: 3

Q4.  All of the following are examples of monetary assets except:(7)

  1. Trade payables 
  2. Inventory
  3. Trade Receivables

Answer: 2

Q5.  AS 11 classifies foreign branches are classified as(10)

  1. Autonomous branches and non-autonomous branches
  2. Uncontrolled and fully controlled branches
  3. Integral and non-integral foreign operations.

Answer: 3

 

CA Intermediate ACCOUNTING - MCQ for Chapter 14 -   

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