CS Executive Corporate and Management Accounting PYQ December 2021: Question Paper and Available Answers
CS Executive
Corporate and Management Accounting
PYQS Series
December 2021
100 Questions Indexed
ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Executive Corporate and Management Accounting PYQS (December 2021). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- When complete sequence of accounting procedure is done, which happens frequently, and repeated in same directions during an accounting period, it is called an ..........
- While preparing a trial balance, in which method are totals of both the sides of the accounts written in the separate columns?
- If the owner's equity is ₹5,00,000 and outsiders' equity is ₹3,00,000, calculate total equity.
- Statement I: It may be prepared on a loose sheet of paper. Statement II: The ledger accounts are balanced at first. They will have either "debit-balance" or "credit balance" or "ni
- Purchase goods of the list price of ₹25,000 from Mohan less 20% trade discount and 2% cash discount. The amount of cash discount is ..........
- If the Company's Issued Capital is more than the Authorized Capital, and approval of increase in Authorized Capital is pending, the amount of Share Application Money received over
- The term "Continuing Default" is used with respect to:
- According to the rules for the purposes of Sub-section (1) of Section 129, the class of companies as may be notified by the Central Government from time to time, shall mandatorily
- Section 68(4); Every buy-back shall be completed within a period of .......... from the date of passing of the special resolution, or as the case may be, the resolution passed by t
- According to section 68(1) of the Companies Act 2013, a company cannot purchase its own shares or other specified securities (referred to as buy-back) out of:
- XYZ Ltd. issued 60,000, 12% debentures of ₹100 each. 70% of the issue was underwritten by ABC Ltd. Applications for 56,000 debentures were received by the XYZ Ltd. The liability of
- P Ltd. issued 12% 10,000 debentures of ₹100 each at a discount of 10% on 1st April 2016. The company pays interest half yearly on 30th June and 31st December every year. On 31st Ma
- Debenture can be issued: (i) For Cash (ii) For Consideration other than Cash (iii) As Collateral Security
- Financial statements include:
- Corporate Social Responsibility Committee of the Board consisting of ..........
- A .......... is a business segment or a geographical segment identified on the basis of foregoing definitions for which segment information is required to be disclosed by this Stan
- The amount set aside out of profits is called ..........
- LMN Ltd. allotted 20,000 shares to the applicants of 28,000 shares on pro-rata basis. The amount payable on application is ₹25 per share. Kanika applied for 700 shares, the number
- At the time of forfeiture of shares the share capital account is debited with:
- A Ltd. forfeited 1,000 shares of ₹10 each fully called up for non-payment of first & final call of ₹3 per share. 600 of these shares were reissued at ₹9 per share, fully paid u
- If any director contravenes the provision of this section 197 (i.e. Recovery of Remuneration received by director in contravention of section 197 of the Companies Act, 2013), shall
- Match the List I with items in List II: List I (a) AS 06 (b) AS 09 (c) AS 12 (d) AS 15 List II (i) Employee Benefits (ii) Revenue Recognition (iii) Depreciation Accounts (iv) Accou
- The standard-setting procedure of Accounting Standards Board cannot be outlined as:
- As per IFRS disclosure to be made in only consolidated financial of the parent company for:
- In case there is any conflict between provisions of any applicable Act and Accounting Standards, the .......... shall prevail.
- Trustees of IFRS Foundation have been appointed for a :
- Members of the IFRS Advisory Council are appointed by the :
- Ind AS shall be adopted by specific classes of companies based on their:
- From 1st April 2019 if Net worth is more than or equal to ₹250 crore but less than ₹500 crore it becomes mandatory to apply Ind AS for ..........
- Pro-rata allotment of shares is made when there is:
- ABC Ltd. issued 10,000 equity shares of ₹100 each at par payable as under: On application ₹30; on allotment ₹20; on first and on final call ₹50 per share. Applications were receive
- The company shall not issue sweat equity shares for more than .......... of the existing paid up equity share capital in a year or shares of the issue value of rupees .......... wh
- As per section 149(1) of the Companies Act, 2013, at least one-woman director is to be appointed by:
- The escrow amount shall be payable in the following manner: (i) if the consideration payable does not exceed ₹100 crores; 25 per cent of the consideration payable (ii) if the consi
- When the holding company purchases the shares at a price above the nominal value, the excess price paid represents :
- Ind AS 104 on Insurance Contract will not be applicable to:
- The net profit after tax for the year was ₹30,00,000. Working capital increased during the year by ₹5,00,000. Depreciation for the year was ₹5,00,000 and tax expenses was ₹7,50,000
- Interest Payment by non-financial enterprises is classified as:
- Which of the following is not an investing cash flow ?
- Following is the comparative information of PQ Ltd. for 2 consecutive years : 31st March 2020 31st March 2021 ₹ ₹ Inventory 10,00,000 6,00,000 Accounts Payable 24,00,000 30,00,000
- MN Ltd. reported income tax expenses of ₹6,10,000 on its income statement for the year ended on 31st March 2020. The comparative balance sheet of the company showed that income tax
- The land account was debited by ₹60,00,000 and credited by ₹25,00,000 during the current year. The income statement reported a profit on sale of land in the amount of ₹2,00,000. Al
- CARO 2016 is applicable on small companies, if:
- As per section 138 of the Companies Act 2013, Internal Audit is compulsory if in the preceding financial year turnover :
- A Ltd. paid ₹9,00,000 for 70% of equity in B Ltd. on 1st April, 2019. On this date B Ltd. had share capital of ₹10,00,000 and retained earnings of ₹5,00,000. All of the assets and
- P Ltd. issues 10,000, 7% debentures of ₹100 each at a discount of 5% redeemable at the end of 7 years at a premium of 6%. Loss on issue of debenture account will be debited by :
- As per guidelines issued by SEBI, what percentage of the amount of debentures must be transferred to "Debenture Redemption Reserve" before the commencement of redemption of debentu
- In case of buy back of own shares, a company shall make a public announcement within two working days from the date of special resolution/Board of directors resolution in :
- ABC Ltd. issued 1,00,000 equity shares of ₹100 each, payable as under : On application ₹30; On allotment ₹30, On final call ₹40. 1,45,000 applications were received as under : Appl
- In the question number of 49, how much excess money received on application :
- ABC Ltd. issued 1,00,000 equity shares of ₹100 each, payable as under : On application ₹30; On allotment ₹30, On final call ₹40. 1,45,000 applications were received as under : Appl
- ABC Ltd. issued 1,00,000 equity shares of ₹100 each, payable as under : On application ₹30; On allotment ₹30, On final call ₹40. 1,45,000 applications were received as under : Appl
- When debenture is issued as collateral security, the final entry for recovered the collateral debenture in books is :
- Wind Ltd. issued 30,000 12% debentures of ₹10 each at par which are redeemable after 5 years at a premium of 10%. The amount of loss on redemption to be written off every year will
- If the purchase price for the debentures includes interest for the expired period, the quotation is said to be ............
- The managerial remuneration shall be payable to a person appointed within the meaning of ............
- If the sinking fund is non-cumulative, the interest received on Sinking Fund Investment is not invested and not credited to Sinking Fund A/c. The amount of interest is:
- A company after the completion of the buy-back under this sections, shall file with the Registrar a return in ............
- Which of the following is false :
- Which of the following is true with regard to, 12% debentures issued at a discount at 10% ?
- Recording of workers' time spent on different jobs or processes for determining labour cost of jobs/processes is called :
- According to CIMA, prime cost is ............
- Rent of own factory premises is an example of :
- The aspects of material control are ............
- Rule 6 of the Companies (Cost Records and Audit) Rules, 2014 requires the companies prescribed under the said rules to appoint an auditor within ............ of the commencement of
- The cost auditor shall submit the cost audit report along with his or its reservations or qualifications or observations or suggestions, if any, in Form ............
- As per CCRA - Rules 2014 every regulated industry (Category - A) is required to maintain cost records if overall turnover exceeds or equals to :
- The requirement for cost audit rules shall not apply to a company which is covered in rule 3; and (i) whose revenue from exports, in foreign exchange, exceeds seventy-five per cent
- PQR factory produces two units of a commodity in one standard hours. Actual production during a particular year is 34,000 units and budgeted production for the year is 40,000 units
- Using the information from Q. No. 69, Capacity ratio is ............
- Using the information from Q. No. 69, Efficiency ratio is ............
- From the following data: Volume of production (units) 1,20,000 1,50,000 Maintenance expenses (₹) 84,000 1,02,000 The variable cost per unit is:
- Using the information from Q. No. 72, the total fixed cost is ............
- Using the information from Q. No. 72, what is the total variable overheads at the level of output 1,40,000 units ?
- Which is not the method of preparation of cash budget ?
- From the following information, calculate debtor's turnover ratio : Closing debtors ₹2,00,000, Cash sales 25% of credit sales; Excess of closing debtors over opening debtors ₹80,00
- Using the information in Q. No. 76, calculate average collection perod.
- Proprietary Funds is ............
- Match the List-I with items in List-II : List-I (a) All items on the statement are expresed as a percentage of the base item (b) Index number of the movements of the various financ
- Which is not a form of reporting ?
- The following figures are available from the records of ABC Enterprises as at 31st March: Year 2020 (₹ Lakh) 2021 (₹ Lakh) Sales 150 200 Profit 30 50 The P/V ratio is ............
- Using the information from Q. No. 81, the total fixed expenses is ............
- Using the information from Q. No. 81, the break-even sales is ............
- Using the information from Q. No. 81, Sales required to earn a profit of ₹90 lakh is ............
- Using the information from Q. No. 81, Profit or loss that would arise if the sales were ₹280 lakh is ............
- Match the List-I (Activity) with items in List-II (Cost Pool). List-I (a) Facility-level (b) Product-level (c) Batch-level (d) Unit-level List-II (i) Purchasing (ii) Quality Contro
- A Ltd. invested ₹500 lakh in assets. There are 50,00,000 shares outstanding. The par value of share is ₹10. It earns a rate of 15% on its investment and has a policy of retaining 6
- D Ltd. has the following details: Return on equity: 10% Expected earnings per share: ₹10 Pay-out ratio: 30% Required rate of return: 5% per annum Price of share of D Ltd. is ......
- An increase in earnings per share or a reduction in loss per share resulting from the assumption that convertible instruments are converted, that options or warrants are exercised
- Following are the objectives of: (1) To determine Fair Value. (2) To set out a single Ind AS framework for measuring fair value. (3) To require disclosures with respect to fair val
- "When a business is non-operating or has been generating losses, and the company's focus is holding investments or real estate." Which method of valuation is best used in this case
- ABC Ltd. has ₹50,00,000 in long term debts, ₹10,00,000 in preferred stock and ₹40,00,000 in common equity. All the values are on market value. The before tax cost of debts 10%. Cos
- Gas oil and company has two divisions: Transportation and Refining. Transportation division sales crude oil to Refining division. The cost of one barrel of crude is ₹50, direct lab
- Achieve goal congruence, Realistic performance evaluation and Maintain autonomy of the divisions are the objectives meet by which method of transfer pricing?
- If profit is ₹20,000, BEP is ₹2,00,000 and P/V Ratio is 40%. What will be margin of safety?
- A firm has a total capital investment of ₹2,25,000. The firm earned net profit during the last four years ₹35,000, ₹40,000, ₹60,000, ₹50,000. The fair return on the net capital emp
- Which is not the approach for valuing of intangible assets ?
- The date on which the company and employees agree to the terms of an employee share-based payment plan is :
- The relevant details of the company are: Equity share capital: ₹25,00,000; Face value of shares: ₹100; Profit for equity shareholders: ₹5,15,000; Dividend pay-out ratio: 40%; P/E r
- Equity share capital: ₹25,00,000; Face value of shares: ₹100; Profit for equity shareholders: ₹5,15,000; Dividend pay-out ratio: 40%; P/E ratio: 30. The dividend per share is .....
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