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CA Inter AS 13 Accounting for Investments — practice questions — page 3

Explore 64 free AS 13 Accounting for Investments questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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AS 13 Accounting for Investments questions and exercises with answers

Showing questions 61–64 of 64.

A readily realisable investment made on 1 April is intended to be sold on 15 February next. It is:Read the answer and worked solution →A readily realisable investment is meant to be held for 18 months. It is:Read the answer and worked solution →Statements classify fixed assets, investments and current assets into:Read the answer and worked solution →Profits on disposal of current and long-term investments are shown:Read the answer and worked solution →

Worked practice questions

A readily realisable investment made on 1 April is intended to be sold on 15 February next. It is:

  1. an investment property
  2. a long term investment
  3. a plant or fixed asset
  4. a current investment
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Correct answer: D. a current investment

The planned holding of under eleven months is within one year, so it is a current investment.

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A readily realisable investment is meant to be held for 18 months. It is:

  1. a current investment
  2. a current liability
  3. an item of stock-in-trade
  4. a long term investment
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Correct answer: D. a long term investment

Holding it longer than one year means it is not a current investment, so it is long term.

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Statements classify fixed assets, investments and current assets into:

  1. revenue and capital
  2. separate categories
  3. a pair of groups
  4. one combined class
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Correct answer: B. separate categories

These three kinds of asset are presented in separate categories.

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More Accounting topics

AS 3 Cash Flow StatementSchedule III Division I Financial StatementsAS 19 LeasesValuation of Inventories (AS 2)AS 22 Taxes on IncomeAS 28 Impairment of AssetsProperty, Plant and EquipmentAS 17 Segment Reporting