Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. 6. R LTD. Issued a debenture of Rs.100 each at Rs.90. The underwriting commission will be paid on___________
a. rs.95
b. rs.90
c. rs.105
d. rs.100
Q. 7. Buy Back refers to______________
a. refund of debentures
b. refund of preference share capital
c. refund of equity share capital
d. purchase of own debenture
Q. 9. Equity Shareholders giving up their claim to the reserves & accumulated profit amounts to______________
a. reduction of share capital
b. alteration of share capital
c. compromise/ arrangement
d. variation of shareholders rights
Q. 10. Amount of retirement benefits of employees exceeding Rs.20,000 per employees is treated as____________
a. secured creditors
b. unsecured creditors
c. over-riding preferential creditors
d. preferential creditors
Q. 11. M LTD. Issued share at a face value of Rs. 100 with a premium of Rs.20 per share. The underwrting commission will be calculated on __________
a. rs.120
b. rs.90
c. rs.100
d. rs.80
Q. 12. Buy Back must be completed within_______________
a. 3 months
b. 6 months
c. 2 months
d. 12 months
Q. 13. According to AS 14, Transferor company means the company__________
a. into which a company is amalgamated
b. which is amalgamated into another company
c. which is newly formed
d. which is any one old company into new comapny
Q. 14. In Interanl Reconstruction____________________
a. only on company goes into liquidation
b. no company is liquidated
c. one or more companies go into liquidation
d. two or more companies are liquidated
Q. 15. Accrued Holiday remuneration becoming payable to any workman is treated as ________________________
a. unsecured creditors
b. preferential creditors
c. over-riding preferential creditors
d. secured creditors
Q. Banks show the provision for income tax under the head ……….
a. Contingent liabilities
b. Deposits
c. Other liabilities and provisions
d. Borrowings
Q. Rebate on bills discounted is ………..
a. An income accrued but not received
b. A liability
c. An expense
d. Income received in advance
Q. Schedule 1 is concerned with ………….
a. Cash and balance with RBI
b. Capital
c. Reserves and Surplus
d. Investments
Q. . ………… is shown under Schedule 15.
a. Interest earned
b. Profit
c. Interest Expended
d. Appropriations
Q. Acceptance, endorsements and other obligations come under the head…
a. Provisions and Contingencies
b. Contingent liabilities
c. Deposits
d. Borrowings