Financial Accounting

MCQ Problems / Explanations

Partnership firm is constituted under the....

Last updated: Sat, 30 May

The maximum number of Partners which can be allowed as partners in a firm are...

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The limit on the number of partners is indirectly placed by...

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In peicemeal distribution of cash, the first external liabilities to be paid are...

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Pro-rata payment is applicable when the cash available for competing liabilities of the same class is...

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Purchase consideration can be calculated by...

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ABC & Co. takes over the running business of PQR & Co. This is known as...

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The Liability of the members of a limited company is...

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Foreign Debtors appear at the year end on...

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Accounting Standard 11 (AS 11) is prescribed by the...

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The underwriting commission in the case of debentures as per Companies Act, should not exceed_________

Last updated: Sat, 30 May

The Buy Back of equity shares is governed by________________ of Companies Act

Last updated: Sat, 30 May

A feature which is common in all cases or merger__________________-

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Changes in the rate of Preference dividend payable in future without any change in the amount of capital is known a...

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In the case of members voluntary winding up liquidator is appointed by _____________

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R LTD. Issued a debenture of Rs.100 each at Rs.90. The underwriting commission will be paid on___________

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Buy Back refers to______________

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Accounting for Absorption is governed by______________

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Equity Shareholders giving up their claim to the reserves & accumulated profit amounts to______________

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Amount of retirement benefits of employees exceeding Rs.20,000 per employees is treated as____________

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M LTD. Issued share at a face value of Rs. 100 with a premium of Rs.20 per share. The underwrting commission will b...

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Buy Back must be completed within_______________

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According to AS 14, Transferor company means the company__________

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In Interanl Reconstruction____________________

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Accrued Holiday remuneration becoming payable to any workman is treated as ________________________

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If the whole of the issue of shares or debentures is underwritten it is known as_______________________

Last updated: Sat, 30 May

Buy Back must expenses may be treated as_________________

Last updated: Sat, 30 May

On Amalgamation, Profit & Loss A/c (Dr.) balance of the vendor company is closed by___________

Last updated: Sat, 30 May

The existing 1,000 shares of Rs. 100 each are altered to 10,000 shares of Rs.10 each. This is known as_____________...

Last updated: Sat, 30 May

If the remuneration to liquidator is payable as a percentage of collection_______________

Last updated: Sat, 30 May

If a part of the issue of share or debenrues is underwritten, it is termed as__________________-

Last updated: Sat, 30 May

In case of Buy Back at a discount the amount of discount is transferred to _________________

Last updated: Sat, 30 May

'Pooling of interest' is a method of_____________________

Last updated: Sat, 30 May

Fictitious Assets are to be transferred to ___________________

Last updated: Sat, 30 May

The proceeds of assets not specifically pledged & nthe surplus of the assets specifically pledged is first availabl...

Last updated: Sat, 30 May

The underwriting commission in the case of debentures as per Companies Act, should not exceed_________

Last updated: Sat, 30 May

Non-Monetary Items which are carried in terms of historical cost determinated in a foreign currency should be repor...

Last updated: Sat, 30 May

A feature which is common in all cases or merger__________________-

Last updated: Sat, 30 May

Accounts of LLP are to be audited by _____________

Last updated: Sat, 30 May

In the case of members voluntary winding up liquidator is appointed by _____________

Last updated: Sat, 30 May

Conversion of currency is covered in AS______

Last updated: Sat, 30 May

Certificate of incorporation of LLP is issued by_______________

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Amount of retirement benefits of employees exceeding Rs.20,000 per employees is treated as____________

Last updated: Sat, 30 May

The Balance in receivable as on the date of Balance sheet is converted at rate______________

Last updated: Sat, 30 May

According to AS 14, Transferor company means the company__________

Last updated: Sat, 30 May

LLP can be dissolved by the order of____________

Last updated: Sat, 30 May

If the whole of the issue of shares or debentures is underwritten it is known as_______________________

Last updated: Sat, 30 May

The depreciation of Fixed Assets is converted at rate________________

Last updated: Sat, 30 May

On Amalgamation, Profit & Loss A/c (Dr.) balance of the vendor company is closed by___________

Last updated: Sat, 30 May

A Limited Liability Partnership has ________

Last updated: Sat, 30 May

If a part of the issue of share or debenrues is underwritten, it is termed as__________________-

Last updated: Sat, 30 May

The Balance in exchange difference on transaction of export sale is transferred to _________________

Last updated: Sat, 30 May

'Pooling of interest' is a method of_____________________

Last updated: Sat, 30 May

rights/ Duties of partners are governed by_______________

Last updated: Sat, 30 May

The proceeds of assets not specifically pledged & nthe surplus of the assets specifically pledged is first availabl...

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Out Of The following, Direct Expense Is

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Goodwill is a

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Income received in advance is

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Sales are equal to

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Interest on drawings is

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Which of the following is not a fixed asset

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Which of the following is a current liability

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Which of the following is not an intangible asset

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In the case of net worth method of single entry system, the net profit is ascertained by

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Capital at the beginning of the year is ascertained by preparing

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The amount of opening stock can be ascertained by preparing

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The closing balance in the creditors account can be ascertained from the

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the depreciation charged on an asset is debited to

Last updated: Sat, 30 May

in case of straight line method, the amount of deprecation

Last updated: Sat, 30 May

amortization is related to

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Depletion method is more suitable for

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Depletion is a process of

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The main objective of providing depreciation is

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Under diminishing balance method, depreciation is calculated on

Last updated: Sat, 30 May

Loss on sale of machinery should be written off against

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Loss on sale of asset is

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Depreciation arises because of

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When provision for depreciation account is maintained, the amount of depreciation is debitedto

Last updated: Sat, 30 May

If original cost of an asset is rs. 60000 and its scrap value is Rs. 10000, its depreciable cost is

Last updated: Sat, 30 May

Under diminishing balance method,

Last updated: Sat, 30 May

The term ‘depletion’ applies to decrease in value of

Last updated: Sat, 30 May

The term amortization applies to decrease in book value of

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For providing depreciation on lease hold property, the appropriate method is

Last updated: Sat, 30 May

Accumulated depreciation is an example of

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Share application is classified as

Last updated: Sat, 30 May

A newly established company cannot issue shares at par

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The minimum share application is

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The difference between subscribed capital and called up capital

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The number of days required from the time of issue of the prospectus to the completeallotment should not exceed

Last updated: Sat, 30 May

The excess price received on the par value of shares should be credited to

Last updated: Sat, 30 May

The security premium will be shown under the heading

Last updated: Sat, 30 May

As per Table A of the companies act, the interest on calls in advance is

Last updated: Sat, 30 May

The rate of interest a company can charge on calls in arrears according to Table A of thecompanies act is

Last updated: Sat, 30 May

The rate of discount on shares cannot exceed.

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Premium on issue of shares can be used for

Last updated: Sat, 30 May

When shares are forfeited the share capital account is debited by

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When forfeited shares (which were originally issued at a discount ) are reused at a premium,the amount of such prem...

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When an existing company offers its shares for sale to the existing shareholders, it is knownas

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Dividends are usually paid on

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Which of the following should be deducted from the shares capital to find out paid up capital

Last updated: Sat, 30 May

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