Top 50+ Solved Advanced Corporate Accounting MCQ Questions Answer
Q. _______________ are the financial statements of a group of companies.
a. Subsidiary Accounts
b. Group Accounts
c. Holding Accounts
d. None of the above
Q. ___________ establishes principles for presenting and preparingconsolidated financial statements when an entity controls one or more other entities.
a. IFRS 12
b. IFRS 17
c. IFRS 10
d. IFRS 11
Q. A _________ includes the income and expenses of a subsidiary in theconsolidated financial statements from the date it gains control until the date when the reporting entity ceases to control the subsidiary.
a. Holding entity
b. Reporting entity
c. Group Accounts
d. AS 110
Q. ______________ is an asset representing the future economic benefitsarising from other assets acquired in a business combination that are not individually identified and separately recognized.
a. Goodwill
b. Capital Reserve
c. Plant and Machinery
d. Drawings
Q. ___________ transactions are transactions between entities within a groupof entities and that group is consolidated into one set of Consolidated Financial Statements.
a. Inter-group
b. Intra-group
c. Group
d. Financial
Q. The _____________ account appear in the Balance Sheet of the Holdingcompany at the time of consolidation.
a. Bonus Share
b. Security Premium
c. share premium
d. Capital Reserve
Q. __________ is the corporate management term for the act of reorganizingthe legal, ownership, operational or other structures of a company for the purpose of making it more profitable or better organized for its present needs.
a. Merger
b. Restructuring
c. External Reconstruction
d. Consolidation
Q. A merger is defined as the joining of two or more companies to form asingle legal entity.
a. Acquisition
b. Restructuring
c. Merger
d. Internal Construction
Q. All business combinations must be treated as _________ for accountingpurposes.
a. Acquisition
b. Restructuring
c. Merger
d. Internal Construction
Q. In external reconstruction, the liquidated company is called______________________.
a. Purchasing Company
b. Vendor Company
c. Holding Company
d. Group Company
Q. The tax effect on the timing differences is termed as ___________________.
a. Current Tax expense
b. Income tax
c. Deferred Tax
d. Provision for tax
Q. In finance lease agreement, the option for the lessee to purchase theproperty or equipment at a specific price is known as __________________________.
a. Balloon
b. Operating Leasing
c. Running Cost
d. Administrative Expense
Q. ________________ provides information to the management regardinghuman resource cost and value.
a. MIS
b. Human Resource Accounting
c. Financial Statements
d. Cost Sheet
Q. ______________________is the assistance of finance professionals to settledisputes concerning allegations, fraudulence, suspicion of fraud and misconduct in business.
a. Forensic accounting
b. Human Resource Accounting
c. Financial Accounting
d. Cost Accounting