Top 1000+ Solved Financial Accounting MCQ Questions Answer

From 16 to 30 of 1818

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

  • c. refund of equity share capital

Q. 8. Accounting for Absorption is governed by______________

a. as 1

b. as 13

c. as 11

d. as 14

  • d. as 14

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

  • c. compromise/ arrangement

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

  • d. preferential creditors

Q. 12. Buy Back must be completed within_______________

a. 3 months

b. 6 months

c. 2 months

d. 12 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

  • b. which is amalgamated into another company

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

  • b. no company is 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

  • c. over-riding preferential creditors

Q. Banks show the provision for income tax under the head ……….

a. Contingent liabilities

b. Deposits

c. Other liabilities and provisions

d. Borrowings

  • c. Other liabilities and provisions

Q. Rebate on bills discounted is ………..

a. An income accrued but not received

b. A liability

c. An expense

d. Income received in advance

  • 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

  • b. Capital

Q. . ………… is shown under Schedule 15.

a. Interest earned

b. Profit

c. Interest Expended

d. Appropriations

  • c. Interest Expended

Q. Acceptance, endorsements and other obligations come under the head…

a. Provisions and Contingencies

b. Contingent liabilities

c. Deposits

d. Borrowings

  • b. Contingent liabilities
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