Accounting MCQs
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Question 3205hard
In order to raise finance, which of the following securities can be issued by a company?
1. Equity Shares
2. Redeemable Equity Shares
3. Redeemable Debentures
4. Redeemable Preference Shares
5. Bonus Shares
Select the correct answer:
1. Equity Shares
2. Redeemable Equity Shares
3. Redeemable Debentures
4. Redeemable Preference Shares
5. Bonus Shares
Select the correct answer:
Question 3206hard
Match List-I with List-II and choose answer
| List-I | List-II |
| a. Cash | 1. Equity share capital |
| b. Profit | 2. Permanent property |
| c. Discount on issue of shares | 3. Virtual asset |
| d. Machinery and plant | 4. Current asset |
Question 3207hard
Consider the following statements.
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?
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Question 3208hard
Which of the following statements is/are true?
i. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee.
ii. Lease transactions in India are governed by the Lease Act.
iii. A lessee should evaluate the lease options against the buying option.
iv. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
i. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee.
ii. Lease transactions in India are governed by the Lease Act.
iii. A lessee should evaluate the lease options against the buying option.
iv. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
Question 3209hard
Consider the following statements:
Assertion (A): If a shareholder fails to pay the amount of one or more calls on his shares, the company may forfeit his shares.
Reason (R): Even after the forfeiture of shares, that shareholder is responsible to pay the amount due from him until the company receives full amount on those shares.
Now select your answer:
Assertion (A): If a shareholder fails to pay the amount of one or more calls on his shares, the company may forfeit his shares.
Reason (R): Even after the forfeiture of shares, that shareholder is responsible to pay the amount due from him until the company receives full amount on those shares.
Now select your answer:
Question 3210easy
Arrange the following in chronological order about assets as per liquidity order.
1. Debtors
2. Building
3. Cash
4. Stock
1. Debtors
2. Building
3. Cash
4. Stock
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Question 3211hard
In settling the accounts of a firm after dissolution losses including deficiencies of capital, shall be paid in which sequence?
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer:
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer:
Question 3212hard
Following data appear in the books of XY & Co. as on 31st March 2003
Capital account = Rs. 13,00,000
Drawings account = Rs. 12,000
Land & building account = Rs. 10,00,000
Goodwill account = Rs. 3,50,000
Suspense account (Dr) = Rs. 50,000
Loss by theft account = Rs. 20,000
Business loss = Rs. 50,000
Loan given to AB & Co = Rs. 60,000
What will be the amount of sundry creditors?
Capital account = Rs. 13,00,000
Drawings account = Rs. 12,000
Land & building account = Rs. 10,00,000
Goodwill account = Rs. 3,50,000
Suspense account (Dr) = Rs. 50,000
Loss by theft account = Rs. 20,000
Business loss = Rs. 50,000
Loan given to AB & Co = Rs. 60,000
What will be the amount of sundry creditors?
Question 3213hard
Consider the following statements:
Assertion (A): In double account system, the final accounts of a company fails to disclose the true condition of its assets.
Reason (R): Because the assets of the company are shown at their cost price even when they are completely worn out.
Now, select your answer:
Assertion (A): In double account system, the final accounts of a company fails to disclose the true condition of its assets.
Reason (R): Because the assets of the company are shown at their cost price even when they are completely worn out.
Now, select your answer: