Top 50+ Solved Company Liquidation Accounts MCQ Questions Answer
Q. Voluntary winding up:
a. If period fixed for the company is expired.
b. If company passes a special resolution the company wound up voluntarily.
c. Members voluntary winding up is applicable to solvent companies only.
d. All of the above
Q. Compulsory winding up:
a. If a company unable to pay its debt
b. If the number of members of company reduced below statutory limit.
c. If a company does commence its business within a year from its incorporation.
d. All of the above.
Q. The first item in order of payment to be made by liquidator is:
a. Secured creditors
b. Preferential creditors
c. Liquidation expenses
d. Preferential creditors
Q. Liquidator’s statement of receipts and payment is know as:
a. Cash flow statement
b. Cash book
c. Liquidator’s final statement of account
d. Deficiency accounts.
Q. A contributory is:
a. Creditor
b. A shareholder
c. A debenture holder
d. A convertible debenture holder
Q. A past member is not liable to contribute:
a. In respect of any liability contracted after he ceased to be member of the company.
b. One year passed since he ceased to be a member.
c. In case of company limited by shares, no liability arises if shares are fully paid up.
d. All of the above
Q. Which of the following is not a preferential creditors:
a. All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee.
b. Compensation under workmen’s compensation act.
c. Amount due under employees state insurance act for 12 months previous to the winding up
d. Amount due to employee under amalgamation or reconstruction
Q. Salaries due to clerk is preferential for a period not exceeding:
a. Two months
b. Three months
c. Four months
d. Nine months
Q. B” List of contributories are not liable:
a. If shares are fully paid up
b. For liabilities after they are ceases to be member of the company.
c. If present shareholders paid the unpaid amount of the shares transferred by them.
d. All of the above
Q. Which of the following is not a preferential creditors:
a. All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee.
b. Compensation under workmen’s compensation act.
c. Amount due under employee’s state insurance act for 12 months previous to the winding up
d. Amount due to employee under amalgamation or reconstruction
Q. Preference shareholders are legally entitled to the repayment of capital in the event ofliquidation of the company.
a. True
b. False
c. none
d. none
Q. The …………..has a legal right of forfeiting the shares of those who fail to pay theamount due.
a. Liquidator
b. Company
c. Government
d. directors
Q. ………………….on shares have priority over payment of paid up share capital ofthat class.
a. Calls in advance
b. Calls in arrears
c. Partially paid up shares.
d. Debentures
Q. All revenue, taxes due to government within ………..before the date ofcommencement of winding up is preferential.
a. 12 months
b. 24 months
c. 30 months
d. 180days
Q. Salaries due to director, manager, secretary etc. are preferential.
a. True
b. False
c. none
d. none