Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Entrance fee, unless otherwise stated, is treated as—
a. Revenue Receipts
b. Capital Receipts
c. Liability
d. None of these
Q. Receipts and Payments Account usually indicates—
a. Surplus
b. Capital Fund
c. Debit Balance
d. Credit Balance
Q. In not-for-profit organisations, excess of expenditure over income is called—
a. Loss
b. Profit
c. Deficit
d. Surplus
Q. The excess of assets over liabilities in non-trading concerns is treated as—
a. Capital Fund
b. Capital
c. Profit
d. Net Profit
Q. Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet—
a. Assets Side
b. Liabilities Side
c. Debit Side
d. Credit Side
Q. Income and expenditure Account shows a balance of:
a. Cash in in hand
b. Capital Account
c. Net Profit
d. Excess of revenue over expenditure or vice versa.
Q. . ………….company Is a company created by a special Act in Parliament
a. Government
b. Registered
c. Chartered
d. Statutory
Q. A company registered with Registrar of Companies under Indian Companies Act is calledas………..
a. Government
b. Registered
c. Chartered
d. Statutory
Q. The company in which the liability of members is liable to pay the agreed amount at thetime of winding up is called as …………..
a. Unlimited Company
b. Company limited by shares
c. Company limited by guarantee
d. Liquidating Company
Q. A company in which the transferability of share is restricted is called as …………..
a. Government Company
b. Private Company
c. Public Company
d. Foreign Company
Q. . ……….is the first stage in the formation of a public company
a. Promotion
b. Incorporation
c. Capital Subscription
d. Commencement
Q. Authorised capital is called as……………
a. Reserve capital
b. Nominal Capital
c. Capital Reserve
d. Subscribed capital
Q. . …………..is that portion of capital which is called up only on winding up of the company.
a. Authorised Capital
b. Issued capital
c. Subscribed capital
d. Reserve capital
Q. In case of ……………..preference shares, the arrears of dividend are carried forwardand paid out of the profits of the subsequent years.
a. Participating
b. Convertible
c. Cumulative
d. Redeemable