Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Which of the following should be deducted from the share capital to determine the paid upshare capital.
a. Calls in advance
b. Calls in arrears
c. Security premium reserve
d. Discount on issue of shares.
Q. The security premium will be shown under the heading
a. Share capital
b. Current liability
c. Current assets
d. None of these
Q. Premium on issue of shares can be used for
a. Issue of bonus shares
b. Distribution of profit
c. Transferring to general reserve.
d. None of these
Q. When shares are forfeited the share capital account is debited by
a. Paid up amount
b. Called up amount,
c. Calls in arrear
d. Nominal value of such share.
Q. The profit on reissue of forfeited shares is transferred to
a. General reserve
b. Capital reserve
c. Capital redemption reserve
d. None of these
Q. When an existing company offers it shares for sale to the existing shareholders, it is knownas
a. Private placement
b. Bonus issue.
c. Right issue
d. Offer for sale
Q. Which of the following should be deducted from the share capital to find out paid up capital
a. Calls in advance
b. Calls in arrear
c. Shares forfeited account
d. Discount on issue of shares.
Q. In the balance sheet of a company, the discount on issue of debentures is shown under whichheading
a. Fixed asset
b. Current asset
c. Investment
d. Miscellaneous expenditure
Q. The original cost at which an asset or liability is acquired is known as --------
a. Amortization
b. Replacement cost
c. Historical cost
d. Carrying cost
Q. The international accounting standard Committee was set up in --------
a. 1982
b. 1976
c. 1967
d. 2009
Q. The process of converting foreign subsidiary financial statements into the homecurrency is known as -------
a. Transmission
b. Translation
c. Consolidation
d. Reconstruction
Q. Accounting in india is governed by the -----
a. Income tax department
b. Company law board
c. Institute of chartered accountants of india
d. Reserve bank of india
Q. Interim dividend paid is always shown
a. In P/L Appropriation A/c
b. On the asset side of the B/S
c. On the liability side of the B/S
d. None of these.
Q. Unclaimed dividend is shown in the B/S under the head
a. Current liability
b. Unsecured loan
c. Reserve and surplus
d. Provisions