50. The party who sends the goods for sales on fixed commission basis is known as

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Drawer
Drawee
Payee
Consignor
✅ The correct answer is D.
The party who sends the goods for sales on fixed commission basis is known as Consignor. Person or firm (usually the seller) who delivers a consignment to a carrier for transporting it to a consignee (usually the buyer) named in the transportation documents.

569. Required increasing in current assets and an increasing in current liabilities is subtracted to calculate

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change in net working capital
change in current assets
change in current liabilities
change in depreciation
✅ The correct answer is A.
Net working capital is the aggregate amount of all current assets and current liabilities. It is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner.

535. “Calculate the value of closing stock from the following according to FIFO method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 4.50 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”

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Rs. 765
Rs. 805
Rs. 786
Rs. 700
✅ The correct answer is A.
Calculation of Closing Stock:
1st January, 20XX: Opening balance: 50 units @ Rs 4 = 50 × 4 = Rs. 200
Issue: 2nd January, 20XX: 30 units = 30 × 4 = Rs. 120
Remaining Stock = (50 – 30) × 4 = Rs. 80
Reciept: 5th January, 20XX: 100 units @ Rs 5 = 100 × 5 = Rs. 500
Reciept: 12th January, 20XX: 200 units @ Rs 4.50 = 200 × 4.5 = Rs. 900
Remaining Stock = Rs. 80 + Rs. 500 + Rs. 900 = Rs. 1480
Issue: 18th January, 20XX: 150 units = (20 × 4) + (100 × 5) + (30 × 4.5) = Rs. 80 + Rs. 500 + Rs. 135 = Rs. 715
Remaining Stock = (200 – 30) × 4.5 = Rs. 765.

532. Which among the following is true regarding life insurance contracts?

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They are verbal contracts not legally enforceable
They are verbal which are legally enforceable
They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872
They are similar to wager contracts
✅ The correct answer is C.
They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872 is true about life insurance contracts.

523. Cost of abnormal wastage is:

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Charged to the product cost
Charged to the profit & loss account
charged partly to the product and partly profit & loss account
not charged at all
✅ The correct answer is B.
Cost of abnormal wastage is charged to the profit & loss account. It is in excess of the standard percentage of wastage set up to account for the normal wastage. The cost of abnormal waste should be excluded from the total cost and charged to Costing Profit and Loss Account. If any value is realized from the waste, the Process Account concerned may be credited.

517. Securities with less predictable prices and have longer maturity time is considered as

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cash equivalents
long-term investments
inventories
short-term investments
✅ The correct answer is D.
Securities with less predictable prices and have longer maturity time is considered as short-term investments. Short-term investments are designed to provide considerable returns in a short period of time, which could be a few months or even a year.