37. Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?

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Fiscal year
Calendar year
Accounting period
Accrual period
✅ The correct answer is C.
Accounting period is time spann into which the total life of a business is divided for the purpose of preparing financial statements. This period defines the time range over which business transactions are accumulated into financial statements, and is needed by investors so that they can compare the results of successive time periods.

352. In the case of a Giffen good, the demand curve will be

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Horizontal
Downward to the right
Upward to the right
Vertical
✅ The correct answer is C.
In the case of a Giffen good, the demand curve will be Upward to the right. A Giffen good has an upward-sloping demand curve, which is contrary to the fundamental law of demand, which states that the quantity demanded for a product falls as the price increases, resulting in a downward slope for the demand curve.

36. Which of the following is a double entry for deprecation expenses?

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Accumulated depreciation Debit and depreciation expenses Credit
Depreciation expenses Debit and accumulated depreciation Credit
Cash Debit and Depreciation expenses Credit
Depreciation expenses Debit and Cash Credit
✅ The correct answer is B.
Depreciation expenses Debit and accumulated depreciation Credit is a double entry for deprecation expenses.

35. The charter of a company which defines the limitations and powers of the company is called

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Memorandum of Association
Articles of Association
Statutory Report
Certificate of Commencement
✅ The correct answer is A.
The memorandum of association of a company is the charter and defines the limitation of the power of the company established under Companies Act. Memorandum of Association is the most important document of a company. It states the objects for which the company is formed. It contains the rights, privileges and powers of the company. Hence it is called a charter of the company. It is treated as the constitution of the company. It determines the relationship between the company and the outsiders.

309. First step in calculating value of stock with non-constant growth rate is to

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estimate expected dividend
actual expected dividend
estimate number of share
estimate intrinsic shares
✅ The correct answer is A.
First step in calculating value of stock with non-constant growth rate is to estimate expected dividend. Dividend yield refers to a stock’s annual dividend payments to shareholders, expressed as a percentage of the stock’s current price.

306. Which is correct about a decreasing Term Insurance?

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Premium will increase over time
Premium will decrease over time
In decreasing term insurance the premium is constant through the term
Premium is returned periodically
✅ The correct answer is C.
In decreasing term insurance the premium is constant through the term. A term life insurance policy in which the policyholder pays a constant premium but the benefit decreases over time, either on a monthly, quarterly, or yearly basis.

300. Situation in which new business reduces an existing business of firm is classified as

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non-cannibalization effect
cannibalization effect
external effect
internal effect
✅ The correct answer is B.
Situation in which new business reduces an existing business of firm is classified as cannibalization effect. Market cannibalization is a sales loss caused by a company’s introduction of a new product that displaces one of its own older products rather than increasing the company’s overall market share.