Top 550+ Solved Corporate Accounting MCQ Questions Answer
Q. Accounting principles are generally based upon:
a. Practicability
b. Subjectivity
c. Convenience in recording
d. None of the above
Q. The system of recording based on dual aspect concept is called:
a. Double account system
b. Double entry system
c. Single entry system
d. All the above
Q. Fixed assets and current assets are categorized as per concept of:
a. Separate entity
b. Going concern
c. Consistency
d. Time period
Q. Accounting standards and Standards on Auditing establish standards which have to be complied with to ensure that financial statements are prepared in accordance with ______.
a. Generally acceptable Audit Procedure
b. Accounting Principles
c. Ind AS
d. Accounting Standards
Q. Change in accounting estimate is __________
a. Prior Period Item
b. Change in accounting policy
c. Extra-ordinary item
d. Ordinary item
Q. Indian accounting standards are the International financial reporting standards converged standards issued by the central government of India under the supervision and control of accounting standards board of ICAI and in consultation with __________.
a. Ministry of corporate affairs
b. NFRA
c. Accounting Standards Board
d. All of the above
Q. Preparation of consolidated Balance Sheet of Holding Co. and its subsidiarycompany as per
a. As 11
b. AS – 22
c. AS 21
d. AS – 23
Q. The share of outsiders in the Net Assets in subsidiary company is known as under :
a. Assets
b. subsidiary company's liability
c. Minority Interest
d. outsiders liability
Q. Pre-acquisition profit in subsidiary company is considered as:
a. Revenue profit
b. Capital profit
c. Goodwill
d. Non of the above
Q. Excess of paid up value of the shares over cost of investment is considered as:
a. Goodwill
b. Capital Reserve
c. Minority Interest
d. Non of above
Q. Profit earned after acquisition of share is treated as
a. Capital profit
b. Revenue profit
c. General Reserve
d. Revaluation Loss
Q. A subsidiary company shall be excluded from consolidation when:
a. Control is intended to be temporary
b. It operates under severe long-term restrictions which significantly impair its ability to transfer funds to the parent
c. Always included for consolidation
d. Both a and b.
Q. The form of balance sheet is………………..
a. Vertical
b. Horizontal
c. Horizontal and vertical
d. None of the above
Q. P&L statement is also known as
a. Statement of operations
b. Statement of income
c. Statement of earnings
d. All of the above