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Q:

Key Difference between Indian accounting standards and international accounting standards is:

Answer

In international accounting LIFO and extraordinary items are prohibited

In international accounting, proposed dividend entry is made in the Year in which it is declared, but in Indian Accounting Standards Proposed Divided entry is passed in the year for which dividend is declared. e.g. Dividend for 09-10 declared in AGM on 14 Sept 2010, Financial (Accounting) Year = 2009-10

In Indian Accounting entry would be passed in 2009-10 Accounts books, but in International Accounting entry would be passed in the year 2010-11 Accounts books.

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Subject: Accounts Receivable

Q:

The angle between the minute hand and the hour hand of a clock when the time is 8:30

A) 80 Degrees	B) 75 Degrees
C) 60 Degrees	D) 105 Degrees

Answer & Explanation Answer: B) 75 Degrees

Explanation:

Angle traced by hour hand in 17/2 hrs = ${(\frac{360}{12} \times \frac{17}{2})}^{o}$ = 255

Angle traced by min hand in 30 min = ${(\frac{360}{60} \times 30)}^{o}$ = 180

Therefore, Required angle = (255 - 180) = $75^{o}$

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Filed Under: Clocks

Q:

4 kg of a metal contains 1/5 copper and rest in Zinc. Another 5 kg of metal contains 1/6 copper and rest in Zinc.The ratio of Copper and Zinc into the mixture of these two metals:

A) 49 : 221	B) 39:231
C) 94:181	D) None of these

Answer & Explanation Answer: A) 49 : 221

Explanation:

Copper in 4 kg = 4/5 kg and Zinc in 4 kg = 4 x (4/5) kg

Copper in 5 kg = 5/6 kg and Zinc in 5 kg = 5 x (5/6) kg

Therefore, Copper in mixture = $\frac{4}{5} + \frac{5}{6} = \frac{49}{30}$ kg

and Zinc in the mixture = $\frac{16}{5} + \frac{25}{6} = \frac{221}{30}$ kg

Therefore the required ratio = 49 : 221

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Filed Under: Alligation or Mixture

Q:

A milk man sells the milk at the cost price but he mixes the water in it and thus he gains 9.09%. The quantity of water in the mixture of 1 liter is :

A) 83.33 ml	B) 90.90 ml
C) 99.09 ml	D) can't be determined

Answer & Explanation Answer: A) 83.33 ml

Explanation:

Profit (%) = 9.09 % = 1/11

Since the ratio of water and milk is 1 : 11,

Therefore the ratio of water is to mixture = 1:12

Thus the quantity of water in mixture of 1 liter = 1000 x (1/12) = 83.33 ml

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Filed Under: Alligation or Mixture

Q:

In an NGO the daily average wages of 20 illiterate employees is decreased from Rs.25 to Rs.10, thus the average salary of all the literate and illiterate employees is decreased Rs.10 per day. The No. of educated employees working in the NGO is :

A) 15	B) 20
C) 10	D) Data Insufficient

Answer & Explanation Answer: C) 10

Explanation:

Total employees = $\frac{(25 - 10) \times 20}{10} = 30$

Hence number of educated employees = 30-20 = 10

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Filed Under: Average

Q:

The average of 26,29,n,35 and 43 lies between 25 and 35. If n is always an integer and greater than the average of the given integers then the value of n is :

A) 33	B) 34
C) 33	D) None of these

Answer & Explanation Answer: C) 33
Explanation:

Average of 26,29,35 and 43 is 33.25 . Also the average of 26 , 29, n, 35 and 43 lies between 25 and 35 i.e,

$25 < \frac{26 + 29 + n + 35 + 43}{5} < 35$

=> 125 < 26+29+n+35+43 < 175

=> 125 < 133 + n < 175

=> n < 42

Since the value of n is an integer and greater than 33.25 then 33 < n < 42 for every integer n.

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Filed Under: Average

Q:

The average value of property of Mittal, Ambani and Singhania is Rs.11111 crore. The property of Singhania is as less than the property of Mittal is greater than the average property of both the Singhania and Mittal. The value of property of Ambani is :

A) Rs.111 crore	B) Rs. 1111 crore
C) Rs. 11111 crore	D) can't be determined

Answer & Explanation Answer: C) Rs. 11111 crore

Explanation:

$\frac{M + A + S}{3} = 11111$

also $\frac{S + M}{2} = 11111$ ( $∵$ M - 11111 = 11111 - S)

=>A = 11111

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Filed Under: Average

Q:

Amithab's average expenditure for the January to June is Rs. 4200 and he spends Rs.1200 in January and Rs.1500 in july.The average expenditure for the months of febraury to July is:

A) Rs. 4250	B) Rs. 4520
C) Rs. 4060	D) None of these

Answer & Explanation Answer: A) Rs. 4250

Explanation:

Amithab's total expenditure for Jan - June = 4200 x 6 = 25200

Expenditure for Feb - June = 25200-1200 = 24000

Expenditure for the months of Feb - July = 24000 + 1500 =25500

The average expenditure = 25500/6 = 4250

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Filed Under: Average

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