Top 550+ Solved Corporate Accounting MCQ Questions Answer
Q. Under Ind AS 16 how often the useful life of an asset should be reviewed?
a. at least at each financial year end
b. every six months
c. at management’s discretion
d. never
Q. Under Ind AS 16 if an asset is idle
a. depreciation is paused
b. depreciation for the entire period does not apply
c. depreciation is ignored
d. depreciation continues
Q. Rebate on bills discounted is also called --------
a. Unexpired discount
b. Earned discount
c. Expired discount
d. received discount
Q. While preparing P/L account , rebate on bills discounted to be provided shall bededucted from discount received in --------
a. Schedule 16
b. Schedule 15
c. Schedule 14
d. schedule 13
Q. Which of the following are performing assets?
a. Loss asset
b. Standard asset
c. Sub-standard asset
d. doubtful asset
Q. Interest on non-performing assets should be recognized on -------- basis.
a. actually received
b. accrual
c. standard
d. none
Q. Which of the following represents term deposit?
a. Savings deposit
b. current deposit
c. fixed deposit
d. none
Q. The short term advances made by a bank to the stock brokers and bill brokers arecalled ---------
a. Money at call
b. short loan
c. short provision
d. inter-office adjustment
Q. ------ is an annual payment made by a life insurance company in consideration forma lump sum received.
a. claim
b. annuity
c. bonus
d. premium
Q. Which of the following represents policy holders a/c?
a. P/L a/c
b. revenue a/c
c. balance sheet
d. none
Q. ------ is a device of reducing the risk undertaken by an insurance company.
a. re-insurance
b. double insurance
c. risk insurance
d. none of these
Q. Under ……policy the sum assured becomes payable on the attainment of a specificage or on death whichever is earlier
a. whole time life policy
b. endowment policy
c. with profit policy
d. none of these
Q. …….is a reserve created to meet any loss due to natural calamities.
a. revenue reserve
b. capital reserve
c. catastrophe reserve
d. none of these