Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Remuneration to investigator upon investigation of the affairs of company is treated as
a. Secured creditor
b. Over-riding preferential creditor
c. Preferential creditor
d. Unsecured creditor
Q. Amount of Retirement benefits of employees exceeding ` 20,000 per employee is treated as
a. Secured creditor
b. Over-riding preferential creditor
c. Preferential creditor
d. Unsecured creditor
Q. Secured creditors are shown in the statement of affairs under :
a. List A
b. List B
c. List C
d. List D
Q. Interest on debentures and unsecured loan is payable upto the date of actual payment
a. if the company is solvent
b. if the company is insolvent
c. whether the company is solvent or insolvent
d. none of the above
Q. Accrued holiday remuneration becoming payable to any workman is treated as
a. Secured creditor
b. Over-riding preferential creditor
c. Preferential creditor
d. Unsecured creditor
Q. Which of the following is not a preferential creditors
a. All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee.
b. Compensation under workmen’s compensation act.
c. Amount due under empoyees state insurance act for 12 months previous to the winding up
d. Amount due to employee undeer amalgamation or reconstruction
Q. When Winding Up Takes Place, Shareholders Are Described As
a. Member
b. Creditor
c. Debtor
d. Contributor
Q. The deficiency shown by deficiency account will be equal to the deficiency revealed by
a. Liquidator final statement of account
b. Liquidator report
c. Statement of affairs
d. none
Q. Surplus Of Amount In Statement Of Affairs Should Be Distributed To
a. Creditors
b. Government
c. Liquidator
d. Equity Share Holders
Q. If the Assets of A ltd having Book Value of Rs 10,00,000 are taken over at Rs 15,00,000 and Liabilities having a book value of Rs 5,00,000 are taken over at Rs 4,00,000 than Purchase Consideration payable would be
a. (a) Rs 5,00,000
b. (b) Rs 11,00,000
c. (c ) 6,00,000
d. (d) Rs 10,00,000
Q. If ABC Limited and DEF Limited are taken over by a new company AKSHAY Limited
a. (a) it is called absorption
b. (b) it is called Internal Reconstruction
c. (c) it is called external reconstruction
d. (d) It is called as Amalgamatiom
Q. On amalgamation, Share issue Expenses A/c appearing on Assets side of the balance sheet of the vendor company
a. (a) is closed by debit to Realisation A/c
b. (b) is closed by debit to Equity Shareholders A/c
c. (c) is closed by debit to Profit & Loss A/c
d. (d) is closed by credit to EquityShareholders A/c
Q. On amalgamation, if the dissolution expenses are paid as well as borne by the purchasing company
a. (a) Entries are passed in the books of the purchasing as well as the vendor company
b. (b) no entry is passed in the books of the vendor company
c. (c) no entry is passed in the books of the purchasing company
d. (d) no entry is passed in the books of the purchasing as well as the vendor company
Q. Amalgamation adjustment reserve is opened in the books of transferee company to incorporate
a. (a) The assets of the transferor company
b. (b) The liabilities of the transferor company
c. (c) The statutory reserves of the transferor company
d. (d) Goodwill of Transferor company