All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Auditing and Secretarial Practice  >  Test: Verification and Valuation of Assets and Liabilities - B Com MCQ

Test: Verification and Valuation of Assets and Liabilities - B Com MCQ


Test Description

10 Questions MCQ Test Auditing and Secretarial Practice - Test: Verification and Valuation of Assets and Liabilities

Test: Verification and Valuation of Assets and Liabilities for B Com 2024 is part of Auditing and Secretarial Practice preparation. The Test: Verification and Valuation of Assets and Liabilities questions and answers have been prepared according to the B Com exam syllabus.The Test: Verification and Valuation of Assets and Liabilities MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Verification and Valuation of Assets and Liabilities below.
Solutions of Test: Verification and Valuation of Assets and Liabilities questions in English are available as part of our Auditing and Secretarial Practice for B Com & Test: Verification and Valuation of Assets and Liabilities solutions in Hindi for Auditing and Secretarial Practice course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Verification and Valuation of Assets and Liabilities | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Auditing and Secretarial Practice for B Com Exam | Download free PDF with solutions
Test: Verification and Valuation of Assets and Liabilities - Question 1
Save

What is the main purpose of patenting an invention?

Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 1
Patenting an invention grants the patentee exclusive rights over the making, using, selling, or importing of the patented product or process for producing that product without their consent. This protection is provided for a limited time and is mainly aimed at securing innovative inventions.
Test: Verification and Valuation of Assets and Liabilities - Question 2
Save

Which of the following can be copyrighted?

Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 2
Copyright is used to protect literary, dramatic, musical, and artistic works, including cinematograph films and sound recordings. It does not protect brands, names, slogans, methods, or concepts. Therefore, literary and artistic creations are covered under copyright protection.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Verification and Valuation of Assets and Liabilities - Question 3
Save

What type of intellectual property protection is suitable for safeguarding brand names and business names?

Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 3
Trademarks are used to protect brand names, business names, slogans, and more. They are visual symbols that distinguish goods or services from those of other entities. Copyright and patent do not serve the same purpose of protecting brand names.
Test: Verification and Valuation of Assets and Liabilities - Question 4
Save
What is the validity period for a patent registration in India?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 4
Patent registrations in India have a validity of 20 years from the date of filing of the patent application. This applies to both provisional and complete specifications. For international patent applications filed under PCT, the validity is also 20 years from the date of international filing.
Test: Verification and Valuation of Assets and Liabilities - Question 5
Save
Which type of intellectual property has a validity period of 60 years?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 5
Copyright has a validity period of 60 years. For original literary, dramatic, musical, and artistic works, this period is counted from the year following the death of the author. Other types of works, like cinematograph films and sound recordings, have a validity period of 60 years from the date of publication.
Test: Verification and Valuation of Assets and Liabilities - Question 6
Save
In what situation would you disclose a contingent liability in financial statements?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 6
Contingent liabilities are disclosed in financial statements when the liability is reasonably possible but not probable. This means that there is a chance of the event occurring, but it is not likely to happen. The disclosure helps provide transparency about potential future obligations.
Test: Verification and Valuation of Assets and Liabilities - Question 7
Save
Which financial ratio incorporates inventory values to measure the health of a business?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 7
The Inventory Turnover ratio is a financial ratio that incorporates inventory values to measure the health of a business. It shows how efficiently a company is managing its inventory by calculating the number of times inventory is sold and replaced over a period.
Test: Verification and Valuation of Assets and Liabilities - Question 8
Save
What does the term "capital" refer to in the context of business?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 8
In the context of business, the term "capital" refers to the accumulated financial resources or assets owned by a business. It represents the value that the business has for further development and generating income.
Test: Verification and Valuation of Assets and Liabilities - Question 9
Save
What is the primary purpose of common shares in a company?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 9
Common shares are issued to business owners and investors as proof of their ownership in the company. They represent ownership interests and provide the shareholders with a claim on the company's assets and earnings.
Test: Verification and Valuation of Assets and Liabilities - Question 10
Save
How do contingent liabilities affect a company's balance sheet?
Detailed Solution for Test: Verification and Valuation of Assets and Liabilities - Question 10
Contingent liabilities are not recognized as actual liabilities on the balance sheet. Instead, they are disclosed in the footnotes accompanying the financial statements. This provides transparency about potential future obligations that may arise from past events and depends on uncertain future events.
55 videos|53 docs|24 tests
Join Course
Information about Test: Verification and Valuation of Assets and Liabilities Page
In this test you can find the Exam questions for Test: Verification and Valuation of Assets and Liabilities solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Verification and Valuation of Assets and Liabilities, EduRev gives you an ample number of Online tests for practice
Download as PDF

Important Questions for Verification and Valuation of Assets and Liabilities

Find all the important questions for Verification and Valuation of Assets and Liabilities at EduRev.Get fully prepared for Verification and Valuation of Assets and Liabilities with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Verification and Valuation of Assets and Liabilities syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Verification and Valuation of Assets and Liabilities resources.

Verification and Valuation of Assets and Liabilities MCQs with Answers

Prepare for the Verification and Valuation of Assets and Liabilities within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Verification and Valuation of Assets and Liabilities Auditing and Secretarial Practice

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Verification and Valuation of Assets and Liabilities with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup