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

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


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

Test: Verification and Valuation of Assets and Liabilities for B Com 2024 is part of B Com 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.
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Test: Verification and Valuation of Assets and Liabilities - Question 1
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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
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Which of the following can be copyrighted?

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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.
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Test: Verification and Valuation of Assets and Liabilities - Question 3
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What type of intellectual property protection is suitable for safeguarding brand names and business names?

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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
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What is the validity period for a patent registration in India?
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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
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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
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In what situation would you disclose a contingent liability in financial statements?
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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
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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
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What does the term "capital" refer to in the context of business?
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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
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What is the primary purpose of common shares in a company?
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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
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How do contingent liabilities affect a company's balance sheet?
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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.
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