CS Executive Corporate and Management Accounting PYQ December 2023: Question Paper and Available Answers
CS Executive
Corporate and Management Accounting
PYQS Series
December 2023
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 2023). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- This amount is made available to be distributed to the owners in the event of closure of the business after payment of all liabilities:
- These are the books meant for specific transactions of similar nature:
- These represent possession of properties that have no physical existence but can be measured in terms of money and have value attached to them:
- These accounts always show debit balances:
- It is the quick reference to all the balances:
- You are given with the shareholdings details of the following persons in SK Ltd.: A is holding 10% of equity shares as on the Balance Sheet date. B is holding 10% of preference sha
- K Ltd. signed an agreement with its labour union on 20 th October, 2023 to increase wages from 1 st January, 2023. In this case, the additional wages payable from 1 st January to 3
- Profit on sale of investments realized by a manufacturing company is shown in the Statement of Profit and Loss under:
- As per Schedule III of the Companies Act, 2013 unamortised portion of the Discount on Issue of Shares/Discount on Borrowings etc. must be shown under the head:
- Current maturities of all Long-Term Borrowings will be disclosed under:
- PV Ltd. issued 40,000 shares of ₹ 10 each at a premium of ₹ 2 per share. The shares were payable as ₹ 2 on application, ₹ 5 on allotment (including premium) and ₹ 5 on call. All th
- A public company can allot its shares if the minimum subscription fixed __________ has been subscribed by the public.
- On 1 st May, 2023, Z Ltd. makes an issue of 10,000 equity shares of ₹ 10 each payable as ₹ 2 on application, ₹ 3 on allotment with premium and ₹ 6 on first and final call after thr
- A limited company decides to buy-back 50,000 equity shares of ₹ 20 each at a premium of 15%. Earlier if the company offered one buy-back scheme from 1 st April 2023 to its equity s
- A listed company, after the completion of a buy-back under Rule 17, shall file a return in Form No. SH-11 along with the fee with:
- If the sinking fund created for redemption of debentures is non-cumulative, then the interest received from Sinking Fund Investment is:
- A company purchased 1000, 12% debentures of ₹ 100 each @ ₹ 97 (cum-interest) on 1 st May, 2023. The company has the practice to close its books of accounts on 31 st December every
- Issue of __________ signals the management's confidence in accelerating or maintaining the profit growth.
- Beta Ltd. granted 5000 options to employees and directors under Employee Stock Option Scheme on 1 st April, 2023 @ ₹ 170 when the market price was ₹ 310. If the vesting period is 2
- Visva Ltd. issued 50,000 shares of ₹ 10 each. The entire issue was underwritten by Ragu. If the net liability (including firm underwriting) and firm underwriting are respectively 2
- When a company purchases its own shares out of free reserves, a sum equal to the __________ of the shares so purchased shall be transferred to the Capital Redemption Reserve Accoun
- A company gave an offer to purchase its own shares having a nominal value of ₹ 180 crores for a consideration of ₹ 200 crores. The amount to be deposited in the Escrow Account shal
- If debentures are issued by a company at a discount, it is prudent to write-off the discount:
- The voting right in respect of shares with differential rights in a company shall not exceed __________ of the total voting power including voting power in respect of equity shares
- A commission called as Over-riding Commission is paid by the company to the principal underwriters to encourage:
- In a limited company there are two whole-time directors, one part-time director and one manager. In a financial year the net profit of the company before provision for income tax a
- The sitting fee payable to women directors should be:
- The net profit of BT Ltd. during the past five financial years was as follows: 2018-19 – ₹ (0.40) crores 2019-20 – ₹ 0.90 crores 2020-21 – ₹ 1.5 crores 2021-22 – ₹ 1.2 crores 2022-
- Segment reporting given as per AS 17 helps the users of the financial statements to have:
- An audit query shall be:
- If the financial years of both the subsidiary and holding companies do not coincide, the preceding year's balance sheet and other statements of the subsidiary company should be att
- AZ Ltd. acquired 6000 equity shares of BZ Ltd. out of its 8000 equity shares of ₹ 10 each at a price of ₹ 1,50,000 on 01.04.2022. The balance sheet of BZ Ltd. on 01.01.2022 showed
- Balance Sheet as on 31 st March 2023: Liabilities H. Ltd. (₹) S.Ltd. (₹) Assets H.Ltd. (₹) S.Ltd. (₹) Share capital 1,50,000 1,00,000 Sundry Assets 1,00,000 1,52,000 Share of ₹ 10
- While preparing the consolidated balance sheet, some of the items are shown by adding the amount of holding company and subsidiary company and some of the items are shown in the am
- Which of the following profit & loss on revaluation of fixed assets of subsidiary company should be treated as a revenue item and adjusted with balance of the profit and loss a
- Which one of the following is not a corrective measure to improve Economic Value Added (EVA)?
- The following details are given for painting decision of a car manufacturing company: Net operating profit before interest and tax ₹ 80 crores Equity capital employed ₹ 100 crores
- RR Ltd. in its capital structure has 1,00,000 equity shares of ₹ 10 each and 5000 preference shares of ₹ 100 each. At present the market value of equity shares is ₹ 16 and preferen
- Which of the following is the new reporting clause added in the Companies (Auditor's Report) Order, 2020?
- Board's Report and annexures thereto of a company shall be signed by the chairperson of the company if he/she is authorized by the Board. If he/she is not so authorized, it should
- Using the following information find out the net cash flow from investing activities: 31.12.2021 (₹) 31.12.2022 (₹) Building (WDV) 2,00,000 4,00,000 Building costing ₹ 50,000 on wh
- Following information are given: Particulars 2021 (₹) 2022 (₹) Equity Share Capital 4,50,000 6,50,000 10% Debentures 3,00,000 1,50,000 Long term loan ---- 80,000 Securities Premium
- Which of the following items are taken into account while preparing Cash Flow Statement under AS-3? Bonus issue of shares Dividend received Surplus on revaluation of non-current as
- With the help of cash flow statements users can assess the reliability of __________.
- Cash from operations is equal to:
- Exclusion of an enterprise from the applicability of Accounting Standards would be permissible if __________ of the activity of such enterprise is commercial, industrial or busines
- Non-corporate entities whose equity or debt instruments are listed on any stock exchange in or outside India are classified under __________ with regard to obligatory requirements
- Entities which are required to or voluntarily opt to prepare and present interim financial report should comply with:
- AS 28, dealing with Impairment of Assets, should be applied in accounting for the impairment of all assets except:
- Both executive and non-executive directors are considered as Key Management Personnel (KMP) under:
- Which of the following institute, through a joint venture with the Chartered Institute of Management Accountants, has established the Chartered Global Management Accountant designa
- External Reporting Board (XRB) is functioning from:
- Financial Accounting Standards Board (FASB) is an independent, private sector and not-for-profit organization establishes financial accounting and reporting standards for _________
- As a part of accounting policy for valuation of intangible assets, Ind AS 28 permits:
- If Market Value Added (MVA) is positive, it states that the market-to-book ratio is:
- Listed companies having net worth of .......... were required to prepare their financial statements by adopting Indian Accounting Standards (Ind ASs) for the accounting period endi
- Joint arrangements coming under the scope of Ind AS 111 shall be in the form of:
- Ind AS 1 allows classification of expenses based on:
- Which of the following is a disclosure requirement of AS 3 in a Cash Flow Statement?
- Preparation of consolidated financial statements is a mandatory requirement under:
- Which is responsible for cost incurrence?
- It is an exercise towards recovery of overhead:
- Following data are taken from the cost records of a manufacturing concern: ₹ Material consumed 6000 Wages paid 9000 Selling overheads 1500 Works on cost was 50% of wages. If the sa
- When responsibility accounting took roots in performance appraisal, the concept which acquires significance is:
- Every company specified in item (A) of Rule 3 of the Companies (Cost Records and Audit) Rules, 2014 shall get its cost records audited if the overall turnover of the company from a
- The Cost Auditor appointed by the category of companies specified in rule 3 of cost audit shall continue in such capacity as cost auditor:
- Form for filing Cost Audit Report with the Central Government is:
- Costs which are common to many different activities, products and services and which can be prorated among services and products on an arbitrary basis only are classified as:
- The budget period for which normally a budget is prepared depends upon:
- The following are the data for a 60% activity to produce 600 units: Particulars ₹ p.u. Materials 100 Wages 50 Expenses 15 Factory overheads (40% Fixed)– ₹ 40,000 Administrative ove
- AX Ltd. plans to sell 1,10,000 units of product X in the first quarter, 1,20,000 units in the second quarter, 1,30,000 units in the third quarter and 1,40,000 units in the last qua
- Following is the summary of forecasted incomes and expenditures of AZ Ltd. for the months from January to March, 2024: Month Sales (₹) Purchase (₹) Wages (₹) December' 23 60,000 36
- The difference between owner's equity at the beginning and at the end of an accounting period is the:
- When inventory is ₹ 1,00,000, prepaid expenses are ₹ 20,000, current liabilities are ₹ 80,000 and quick-ratio is 2.5. Current ratio will be __________.
- From the following information, find the average collection period: Total sales – ₹ 4,00,000 Debtors – ₹ 40,000 Cash Sales – ₹ 80,000 No. of days in a year – 360 Creditors – ₹ 20,0
- Following information are given: Sales = ₹ 15,00,000 Gross profit ratio = 20% Stock Turnover ratio = 8 If closing stock is more than opening stock by ₹ 20,000, the value of closing
- Higher level management mostly involved in decision making by selecting best alternatives from among the available. Hence, reporting to higher level management should be with:
- Which one of the following is not the general principles to be followed in management reporting?
- This form of reporting to management helps to present and compare a fairly long period data within a short space:
- Absorption costing is required for:
- From the information given below, find out the selling price per unit if Break-Even Point is to be brought down to 10,000 units: Selling Price p.u. ₹ 120 Variable cost p.u. ₹ 90 Fi
- Product X can be produced either by plant A or Plant B. Plant A can produce 200 units of X per hour and Plant B can produce 300 units per hour. Contribution per unit from Plant A i
- Given: Sales ₹ 1,60,000 Marginal Cost – ₹ 1,20,000 Break-even sales – ₹ 1,00,000 Profit will be:
- Following are given: Sales 10,000 units Break-even sales 5,000 units Selling Price – ₹ 12 p.u. Fixed cost – ₹ 15,000 Find the variable cost per unit:
- Ashok Ltd. is having 12% debentures for ₹ 20,00,000 in its capital structure. If the incomes of the company are subject to 30% tax, the cost of debt is:
- Given: Earnings per share – ₹ 40 Dividend payout ratio – 60% Required rate of return from equity – 30% Growth rate of dividend – 15% Intrinsic value of equity is:
- The expected earnings per share of RR Ltd. for the current year are ₹ 8. The standard P/E ratio of the industry to which the company belongs to is 16 to 18 and the company is in th
- The Ind ASs are named and numbered in the same way as the corresponding:
- Valuation of shares based on rate of dividend is suitable for small shareholders because:
- Which method of valuation of shares is otherwise called as dual method of valuation?
- In the earning value approach of valuation of business, past earnings of the business, after some adjustments, multiplied by a capitalization factor. This capitalization factor is
- The net profit earned by MM Ltd. during the last three years were respectively ₹ 1,70,000, ₹ 2,20,000 and ₹ 2,40,000. Capital employed is ₹ 15,00,000. If the fair return on the net
- Ind AS 102 applies to:
- Which method of transfer pricing should be followed when the supplier division is a monopoly producer or the user division is a monopoly consumer?
- In case of restrictions due to limiting factors, to maximize profit, the management should decide based on:
- Following data are available: Share Capital: 50,000 equity shares of ₹ 10 each 20,000, 10% preference shares of ₹ 10 each Market price per equity share is ₹ 58 Profit after tax ₹ 3
- As per Capital Asset Pricing Model (CAPM), which of the following factor causes systematic risk?
- The actual return provided by a security is 24% whereas expected return is 22.4%. Its risk free rate is 8% and return on a broad market index is 20%. The beta of the security, if i
- Arbitrage Pricing Theory is based on the assumption that:
- GK Traders earned ₹ 3,60,000 during 2022. The normal rate of capitalization is 12%. The assets of the firm were ₹ 27,00,000 and liabilities were ₹ 6,00,000. The value of goodwill u
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