corporate account MCQ.docx

8/18/2019 corporate account MCQ.docx

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Reser&eAnswer: -ritin o%% capital losses

0. !he rate o% discount on share cannot e ceeda) $ b) 0$c) #$ d) 1'$Answer: 1'$

. ,iscount on issue o% shares A/C is shown ona) Assets side o% /S b) *iabilities side o% /Sc) ,ebit side o% /S d) Credit side o% P+* A/C

Answer: Assets side o% /S3. ,iscount on issue o% share is a

a) Re&enue loss b) Capital lossc) ,e%erred re&enue

e penditured) Neither o% the abo&e

Answer: Capital loss4. Interest on calls paid in ad&ance has to be paid 5

a) ($ b) 0$c) $ d) 4$Answer: 0$

1'. Interest 5 666666666666 is char ed on call6in6arrears accordin to !able 7A8 o%a) #$ b) 4$c) $ d) 12$Answer: #$

11. -hen shares are %or%eited9 the share capital A/C is debited b"a) Paid6up6capital b) Called6up6capitalc) Calls6in6arrear d) Nominal &alue o% such shareAnswer: Called6up6capital

12. ,iscount on reissue o% %or%eited shares should not e ceed

a) #$ subscribed capital b) 1'$ reissued capital


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c) !he amount recei&ed so %ar on %or%eited shares

d) Neither o% the abo&e

Answer: !he amount recei&ed so %ar on %or%eited shares1 . !he pro%it on reissue o% %or%eited shares is trans%erred to

a) eneral reser&e b) Capital redemption reser&ec) Capital reser&e d) Pro%it + *oss A/CAnswer: Capital reser&e

1(. I% share o% Rs. 1'9 on which Rs. 3 has been called and Rs. # has been recei&a) Rs.2 b) Rs. #

c) Rs. 3 d) Rs. 1'Answer: Rs. 3

1#. Ri ht shares are those share which area) Issued b" a newl" %ormed

compan" b) irst o%%ered to the e istin sharehol

c) Issued to the directors o% thecompan"

d) Issued to holders o% con&ertible deb

Answer: irst o%%ered to the e istin shareholders10. !he di%%erence between subscribed capital and called6up6capital is called

a) ;ncalled capital b) Calls6in6arrear c) Paid6up capital d) Calls6in6ad&anceAnswer: ;ncalled capital

1 . Capital redemption reser&e is createda)


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Answer: c) eneral reser&e14. !rans%er to capital redemption reser&e A/C is not allowed %rom:

a) P+ * A/ C b) ,ebenture redemption %undc) -or?men8s accident %und d) Pro%it prior to incorporationAnswer: d) Pro%it prior to incorporation

2'. Capital redemption reser&e A/C can be used %or:a) -ritin o%% past losses b) Issuin %ull" paid bonus sharesc) ,eclarin di&idends d) ,eclarin bonus to emplo"eeAnswer: b) Issuin %ull" paid bonus shares

21. !he premium on redemption o% pre%erence share can be pro&ided out o%:a) Securities premium b) Insurance %undc) or%eited shares A/C d) ,epreciation reser&e A/CAnswer: a) Securities premium

22. -hich section o% the companies Act 14#0 pro&ides %or issue and redemptioa) Section 3' b) Section 3

c) Section A d) Section Answer:2 . ,ebenture represent the:

a) ana er8s share in a business

b) In&estment b" shareholders in a busi

c) *on term borrowin o% a business

d) None o% the abo&e

Answer: c) *on term borrowin o% a business2(. ,ebenture holders are the:

a) Customers o% the compan" b) Creditors o% the compan"c)


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c) Share capital d) Current liabilitiesAnswer: a) Secured loan

20. Accordin to companies Act 14449 the premium on issue o% debentures shoa) Share premium A/C b) ,ebenture premium A/Cc) Securities premium A/C d) None o% the abo&eAnswer: c) Securities premium A/C

2 . ,iscount on issue o% debenture is shown under the %ollowin headin in a ca) i ed Assets b) *oans and Ad&ancesc) in&estments d) iscellaneous e penditure

Answer: d) iscellaneous e penditure23. Interest on debenture is normall" pa"able:

a) Bal% "earl" b) uarterl"c) Annuall" d) onthl"Answer: a) Bal% "earl"

24. A %i ed percenta e o% interest on debenture is calculated on:

a) !he issue price o% debenture b) !he nominal &alue o% debenturec) !he %ace &alue o% debenture plus premium

d) None o% the abo&e

Answer: b) !he nominal &alue o% debenture'. Pro%it on cancellation o% own debenture is trans%erred to:

a) Pro%it and loss A/C b) ,i&idend e=ualiDation A/Cc) Capital Reser&e d) None 'o% the abo&eAnswer: c) Capital Reser&e

,N'T 1 ''1. A compan" is ha&in ('9''' e=uit" shares o% Rs 1# paid. I% the di&idend

mar?et &alue o% share will be 666666666666a) Rs 12. b) Rs 3. .c) Rs 1'. d) Rs 12.#.

Answer: d) Rs 12.#.


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2. !he relationship between normal rate o% return and P.F ratio is 666666666666666a) In&erse. b) ,irect.c) Irre ular. d) None o% these.Answer: a) In&erse.

. oodwill is a GGGGGGGGGGGGGGGGG.a) i ed Asset. b) Current Asset.c) Intan ible Asset. d) !an ible Asset.Answer: c) Intan ible Asset.

(. !he &alue o% oodwill is more in case o%666666666666666.

a) Annuit" ethod. b) Super pro%it ethod.c) air &alue method. d) CapitaliDation ethod.Answer: a) Annuit" ethod.

#. !he di&idend that is declared between A is6666666666666.a) Interim ,i&idend. b) inal ,i&idend.c) Semi ,i&idend. d) Bal%6"earl" di&idend.

Answer: a) Interim ,i&idend.0. A business has a capital o% (''''' at the end . It has earned pro%its o% #'' be66666666666.a) (29'''. b) 9#''.c) #9'''. d) ('9'''Answer: b) 9#''.

. !he business has an a&era e capital o% 0''''' and the normal rate o% retur a) Rs. 1'9''' b) Rs. 49'''c) Rs. 1#9''' d) Rs. 39'''Answer: b) Rs. 49'''

3. !he super pro%it o% a business is 0''' and the normal rate o% returns o% promethod isa) 0'9''' b) 0''

c) #'' d) 0'


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Answer: b) 0''4. ;nder the "ield method o% &aluation o% e=uit" share capital9. I% %or an e

e pected rate o% return is #$9 then the &alue o% e=uit" shares is66666666666666a) 2# b) #'c) 33 d) 1''Answer: d) 1''

('. or calculatin price earnin s ratio it is essential to ?now66666666666.a) ar?et &alue per share. b) Nominal &alue per share.c) Paid6up &alue per share. d) ;n paid6up &alue per share.

Answer: a) ar?et &alue per share.(1. or calculatin &alue o% e=uit" share b" earnin capacit" method9 it is esse

a) Nominal &alue per share. b) Rate o% earnin s.c) ,i&idend per share. d) Paid6up &alue per share.Answer: a) Nominal &alue per share.

(2. Super pro%it is the di%%erence between:a) Capital emplo"ed and

A&era e capital emplo"ed. b) A&era e pro%it and normal pro%it.

c) Current "ear pro%it and last"ear pro%it.

d) None o% the abo&e.

Answer: b) A&era e pro%it and normal pro%it.( . !he a&era e return o% similar concerns should be considered as:

a) A&era e pro%it. b) F pected rate o% return.c) Normal rate o% return. d) None o% the abo&eAnswer: c) Normal rate o% return.

((. rom the point o% &iew o% &aluation o% oodwill9 the term capital emplo"ed b":a) Shareholders onl". b) ,ebenture holders onl".c) oth shareholders and

,ebenture holders.

d) Shareholders9 ,ebenture holders an


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Answer: a) Shareholders onl".(#. or calculatin the &alue o% an e=uit" share b" intrinsic &alue method9 it is

a) Normal rate o% Return. b) F pected rate o% Return.c) Net Assets. d) None o% the abo&e.Answer: c) Net Assets.

(0. or calculatin the &alue o% an e=uit" share b" "ield method9 it is essentiala) F pected rate o% return. b) Called up e=uit" share capital.c) Capital emplo"ed. d) None o% the abo&e.Answer: a) F pected rate o% return.

( . ;nder net assets method9 the &alue o% a share depends on the amount thata) Pre%erence Shareholders. b) F=uit" shareholders.c) Creditors. d) None o% the abo&e.Answer: b) F=uit" shareholders.

(3. !he present &alue o% annuit" o% Re. 1 %or 3 "ears at 1'$ is Rs. 2.(3 . SupeA.

.C.,.a) Rs. #9( 1 b) Rs. 292''c) Rs. 19 (# d) Rs. #(9 1(Answer: d) Rs. #(9 1(

(4. In comparison to %ace &alue9 the &aluation o% shares is usuall":a) ore b) *essc) F=ual d) *ess or moreAnswer: d) *ess or more

#'. -hen &alue o% shares is %ound out on the basis o% its di&idend or e pecteda) Asset >aluation ethod b) Hield or Income >aluation ethodc) air >alue ethod d) None o% the abo&e

Answer: b) Hield or Income >aluation ethod


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#1. In respect o% the &aluation o% shares9 the emplo"ed capital means:a) Cost price o% all the assets b) ar?et &alue o% all the assetsc) oo? &alue o% all the assets d) All the abo&e &aluesAnswer: b) ar?et &alue o% all the assets

#2. !he &alue o% per shares on di&ision o% amount o% net assets b" number o% sa) Intrinsic >alue b) oo? >aluec) Cost Price d) ar?et >alueAnswer: a) Intrinsic >alue

# . I% the net assets ta?en o&er b" the compan" are less than the purchase consi

a) Secret Reser&e b) oodwillc) Capital Reser&e d) eneral Reser&eAnswer: b) oodwill

#(. A characteristic o% a %i ed asset is that it isGGGGGGGGGGGGG.a) intan ible b) used in the operations o% a businessc) held %or sale in the ordinar"

course o% the businessd) not currentl" used in the business bu

Answer: c) held %or sale in the ordinar" course o% the business##. !he &alue o% ood will9 accordin to the simple pro%it method is

a) !he product o% current "ears pro%it and no. o% "ears

b) !he product o% last "ears pro%it and

c) !he product o% a&era e pro%ito% the i&en "ears and no. o% "ears

d) !he product o% ne t "ears pro%it and

Answer: c)!he product o% a&era e pro%it o% the i&en "ears and no. o% "ears#0. F penses o% mana ement is shown in

a) Re&enue a/c b) Pro%it or loss a/c.c) Pro%it or loss a/c appropriate

a/cd) Nominal a/c.

Answer: a)Re&enue a/c


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# . !rans%er %ee is shown ina) Re&enue a/c b) Pro%it or loss a/c.c) Pro%it or loss a/c appropriate

a/c.d) Nominal.

Answer: c) Pro%it or loss a/c appropriate a/c.#3. *e al %ee shown onGGGGGGGGG

a) Re&enue a/c. b) Pro%it or loss a/c.c) Pro%it or loss a/c appropriate

a/c.d) Nominal a/c

Answer: b) Pro%it or loss a/c.#4. Public limited companies cannot issueGGGGGGGGGGGGG.

a) F=uit" shares b) ,e%erred sharesc) Pre%erence shares d) ,ebenturesAnswer: b) ,e%erred shares

0'. Pre%erence di&idend is to be paid be%oreGGGGGGGGGGGGGGGGGG.a) Pa"ment o% debenture

interest b) Pa"ment o% Income ta

c) ,istribution o% e=uit"di&idend

d) All the abo&e

Answer: c) ,istribution o% e=uit" di&idend,N'T " '''

01. Accountin standard %or Amal amation is

a) AS63 b) AS62'c) AS61( d) AS6Answer: c) AS61(

02. Poolin o% interest methods is used to account %or Amal amation in the nata) Purchase b) Salesc) er er d) None o% the abo&e

Answer: c) er er


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0 . Purchase consideration9 as per AS61(9 should include cash and securitiecompanies.a) Shareholders b) Shareholders + ,ebenture holdersc) Creditors. ,ebenture holders

and Shareholdersd) None o% the abo&e

Answer: a) Shareholders0(. F penses o% li=uidation o% trans%eror compan" ma" be shown as 7Reimb

a reed to be paid b" :a) !rans%eror compan" b) !rans%eree Compan"

c) oth the companies d) Neither compan"Answer: b) !rans%eree Compan"

0#. F cess purchase consideration paid to the trans%eror compan" and debitedAmal amation should be written o%% within a period o%:a) 2"ears b) 3"earsc) 2'"ears d) #"earsAnswer:d) #"ears

00. !he compan" which is amal amated into another compan" is called ‐‐‐‐‐‐‐a) !rans%eror compan" b) !rans%eree compan"c) Boldin compan" d) Subsidiar" co.Answer: a) !rans%eror compan"

0 . -hen 2 or more companies carr"in on similar business o into li=uidationa) Amal amation b) Absorption

c) F ternal reconstruction d) Internal reconstruction.Answer: a)Amal amation

03. !he compan" which ta?es o&er another compan" is called ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ .a) !rans%eror compan" b) !rans%eree compan"c) Statutor" Compan" d) chartered compan"Answer: b) !rans%eree compan"

04. No li=uidation and no new %ormations identi%" the situation.


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a) Absorption b) Amal amationc) Internal reconstruction d) ConsolidationAnswer: c) Internal reconstruction

'. -hen an e istin compan" ta?es o&er the business o% one or more e istina) Amal amation b) Absorptionc) Boldin d) Internal reconstruction.Answer: b) Absorption

1. !his is a situation where there is compulsor" li=uidation and new %ormatioa) Amal amation b) Absorption

c) Redemption d) Internal reconstructionAnswer: a) Amal amation

2. !he di%%erence between a reed &alue o% asset and liabilities is called purch‐‐‐‐‐‐‐‐‐‐‐ ethod.a) *ump sum b) Net assetc) Net pa"ment d) intrinsic &alue.

Answer: b) Net asset. -hich is the Journal entr" to be passed in the boo?s o% trans%eree compan"

a) *i=uidator o% the trans%eror compan" ,r.!o business purchase.

b) usiness purchase a/c ,r.!oli=uidat

c) !rans%eree compan" a/c ,r.!o RealiDation a/c.

d) !rans%eror compan" a/c ,r. !o realiDation

Answer: b) usiness purchase a/c ,r. !o li=uidator o% the trans%eror compan".

(. As per AS K 1( purchase consideration is what is pa"able to

a) Shareholders b) Creditors

c) ,ebenture holders d) Shareholders and ,ebenture holders


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Answer: a) Shareholders#. -hen amal amation is in the nature o% mer er9 the accountin method to b

a) F=uit" method b) Purchase methodc) Poolin o% interests method d) Consolidated methodAnswer: c)Poolin o% interests method

0. -hen amal amation is in the nature o% Purchase9 the accountin method to

a) F=uit" method b) Purchase methodc) Poolin o% interests method d) Consolidated methodAnswer: b) Purchase method

. Amal amation is said to be in the nature o% mer er i%:a) All assets and liabilities o%

trans%eror compan" are ta?eno&er b" the trans%ereecompan".

b) usiness o% trans%eror compan" is in

c) Purchase consideration must be paid in e=uit" shares b"the trans%eree compan"e cept %or %raction shares.

d) All o% the abo&e

Answer: d) All o% the abo&e3. Amal amate adJustment account is opened in the boo?s o% trans%eree comp

a) !he assets o% the trans%eror compan"

b) !he liabilities o% the trans%eror comp

c) !he statutor" reser&es o% thetrans%eror compan"

d) !he non K statutor" reser&es o% the t

Answer: c) !he statutor" reser&es o% the trans%eror compan"4. oodwill arisin on amal amation is to be

a) Retained in the boo?s o% thetrans%eree compan"

b) Amortised to income on a s"stemati

c) AdJusted a ainst reser&es or pro%it and loss account d) All o% the abo&e


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balanceAnswer: b) Amortised to income on a s"stematic basis normall" %i&e "ears

3'. ;nder poolin o% interest method the di%%erence between the purchase cons

beadJusted to:a) eneral reser&e b) Amal amation adJustment accountc) oodwill or capital reser&e d) None o% the abo&eAnswer: a) eneral reser&e

31. ;nder purchase method the di%%erence between the purchase considerationto:

a) eneral reser&e b) Amal amation adJustment accountc) oodwill or capital reser&e d) None o% the abo&eAnswer: c) oodwill or capital reser&e

32. or amal amation in the nature o% mer er9 the shareholders holdin at leastcompan" becomes the e=uit" shareholders o% the trans%eree compan".a) #1$ b) 4'$c) 44$ d) 1''$Answer: b) 4'$

3 . AS K 1( is not applicable i% when trans%eree compan" ac=uires trans%eror c

a) Ceases to e ist b) Separate entit" is Continue to e istc) Applied in all cases d) None o% the abo&eAnswer:

3(. A *td. and *td. o into li=uidation and a new compan" L *td. is %ormed.

a) Absorption b) F ternal reconstructionc) Amal amation. d) None o% the abo&eAnswer: c) Amal amation.

3#. L *td. oes into li=uidation and a new compan" M *td. is %ormed to ta?e o

a) Absorption b) F ternal reconstructionc) Amal amation d) None o% the abo&e

Answer: b) F ternal reconstruction


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30. L *td. oes into li=uidation and an e istin compan" M *td. purchases the

a) Absorption b) F ternal reconstructionc) Amal amation. d) None o% the abo&eAnswer: Absorption

3 . !he share capital9 to the e tent alread" held b" the purchasin compan"9 is

a) Share capital account b) Purchasin compan" s accountc) Realisation account. d) None o% the abo&eAnswer: c) Realisation account.

33. In case o% intercompan" holdin s9 the purchasin compan"9 at the time o% p

the&endor compan" b" creditin :a) >endor compan" s account b) Shares in the &endor compan" accoc) Share capital account. d) None o% the abo&eAnswer: b) Shares in the &endor compan" account

34. or pa"in liabilities not ta?en o&er b" the purchasin compan"9 the &endo

a) Realisation account b) an? account

c) *iabilities account. d) None o% the abo&eAnswer: b) an? account

4'. !he &endor compan" trans%ers preliminar" e penses Oat the time o% absorpt

a) F=uit" shareholders account b) Realisation accountc) Purchasin compan" s

account.d) None o% the abo&e

Answer: a) F=uit" shareholders account,N'T 1 '

41. !he parent or aniDation ac=uirin the controllin interest in another compaa) Subsidiar" Compan". b) Boldin compan".c) Pri&ate Compan" d) ,eemed Public Compan".Answer: a) Subsidiar" Compan".

42. A compan" in which more than #'$ o% shares are held b" other compan" ia) Boldin compan". b) Subsidiar" compan".


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c) o&t. Compan". d) Public compan".Answer: a) Boldin compan".

4 . Pro%it made b" a subsidiar" compan" a%ter the date o% purchase o% shares ba) Re&aluation pro%its. b) RealiDation pro%its.c) Capital pro%its. d) Re&enue pro%its.Answer: b) RealiDation pro%its.

4(. Pro%it made b" a subsidiar" compan" up to the date o% ac=uisition o% sharesa) Re&aluation pro%its. b) RealiDation pro%its.c) Capital pro%its. d) Re&enue pro%its.

Answer: c) Capital pro%its.4#. !he e cess price paid b" a holdin compan" to ac=uire controllin interest

a) Capital reser&e. b) oodwill a/c.c) Re&enue reser&e. d) None o% the abo&e.Answer: b) oodwill a/c.

40. !o e cess o% the share in e=uit" or net assets o% the subsidiar" o&er and abo

a) Capital reser&e. b) Cost o% control.c) Re&enue reser&e. d) None o% the abo&e.Answer: b) Cost o% control.

4 . Preparation o% consolidated alance Sheet o% Boldin Co. and its subsidiar

a) AS 11 b) AS K 22c) AS 21 d) AS K 2Answer: c) AS 21

43. !he share o% outsiders in the Net Assets in subsidiar" compan" is ?nown as

a) outsiders liabilit" b) Assetsc) subsidiar" compan" s

liabilit"d) inorit" Interest

Answer: d) inorit" Interest44. Pre6ac=uisition pro%it in subsidiar" compan" is considered as :

a) Re&enue pro%it b) Capital pro%it


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c) oodwill d) None o% the abo&eAnswer: b) Capital pro%it

1''. F cess o% cost o% in&estment o&er paid up &alue o% the shares is considered

a) oodwill b) Capital Reser&ec) inorit" Interest d) None o% the abo&eAnswer: a) oodwill

1'1. F cess o% paid up &alue o% the shares o&er cost o% in&estment is considered

a) oodwill b) Capital Reser&ec) inorit" Interest d) Non o% abo&e

Answer: b) Capital Reser&e1'2. Pro%it earned be%ore ac=uisition o% share is treated as

a) Capital pro%it b) Re&enue pro%itc) eneral Reser&e d) Re&aluation *ossAnswer: a) Capital pro%it

1' . Pro%it earned a%ter ac=uisition o% share is treated as

a) Capital pro%it b) Re&enue pro%itc) eneral Reser&e d) Re&aluation *ossAnswer: b) Re&enue pro%it

1'(. Preparation o% consolidated statement as per AS 21 is

a)


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Answer: c) Pro%it and loss account1' . ;nrealised pro%it on oods sold and included in stoc? is deducted %rom :

a) Capital Pro%it b) Re&enue Pro%itc) i ed Assets d) inorit" interestAnswer: b) Re&enue Pro%it

1'3. ace &alue debentures o% subsidiar" co. held b" Boldin Compan" is dedu

a) ,ebentures b) Cost o% controlc) inorit" interest d) ,ebentures in consolidated balanceAnswer: b) Cost o% control

1'4. inorit" Interest includes : a) Share in share capital b) Share in Capital pro%itc) Share in Re&enue pro%it d) All o% the abo&eAnswer: d) All o% the abo&e

11'. !he !ime inter&al between the date o% ac=uisition o% shares in subsidiar" c?nown as :a) Pre ac=uisition period b) Post ac=uisition period

c) Pre commencement period d) Pre incorporation period.Answer: b) Post ac=uisition period

111. Pre ac=uisition di&idend recei&ed b" Boldin compan" is credited to

a) pro%it + loss A/c b) Capital pro%itc) In&estment A/c d) none o% the abo&e

Answer: c) In&estment A/c112. Post Ac=uisition di&idend recei&ed b" Boldin Compan" is debited to

a) an? A/c b) pro%it + loss A/cc) ,i&idend A/c d) In&estment A/cAnswer: b) pro%it + loss A/c

11 . -hich F chan e rate will be considered %or con&ersion o% share capital o%

a)


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Answer: d) Rate o% which date share ac=uired Oactual)11(. A subsidiar" compan" shall be e cluded %rom consolidation when:

a) Control is intended to betemporar"

b) It operates under se&ere lon term re

%unds to the parentc) Alwa"s included %or

consolidationd) oth a and b.

Answer: d) oth a and b.11#. A holdin compan" is one which holds more than

a) 2/ share capital o%

subsidiar" compan".

b) #'$ share capital o% subsidiar" com

c) ' $ share capital o%o&ernment Compan".

d) None o% the abo&e. .

Answer: b) #'$ share capital o% subsidiar" compan".110. A compan" in which more than #'$ o% shares are held b" other compan" i

a) Boldin compan". b) Subsidiar" compan".c) o&t. Compan". d) Public compan".Answer: a) Boldin compan".

11 . Pro%it made b" a subsidiar" compan" up to the date o% ac=uisition o% shares

a) Re&aluation pro%its. b) RealiDation pro%its.c) Capital pro%its. d) Re&enue pro%its.Answer: c) Capital pro%its.

113. ;nrealised pro%it included in stoc? is :

a) ,educted %rom stoc? incombined balance sheet.

b) ,educted %rom P+* a/c balance in c

c) ,educted %rom stoc? andP+* a/c balance incombined balance sheet.

d) Shown separatel" in asset side o% C

Answer: c) ,educted %rom stoc? and P+* a/c balance in combined balance

114. Pro%it made b" a subsidiar" compan" up to the date o% ac=uisition o% shares


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a) Re&aluation pro%its. b) RealiDation pro%its.c) Capital pro%its. d) Re&enue pro%its.Answer: c) Capital pro%its.

12'. !he e cess price paid b" a holdin compan" to ac=uire controllin interesta) Capital reser&e. b) oodwill a/c.c) Re&enue reser&e. d) None o% the abo&e.Answer: a) Capital reser&e.

,N'T 1 121. Contributor" is a

a) ;n secured creditor b) Pre%erential creditor c) Share holder d) debenture holder Answer: c) Share holder

122. *ist 7A8 in statement o% a%%airs i&es the list o%:a) Assets speci%icall" pled ed b) Assets not speci%icall" pled edc) Pre%erential creditor d) ;nsecured creditors

Answer: b) Assets not speci%icall" pled ed12 . *ist 7F8 statement o% a%%airs i&es the list o% :a) Pre%erential creditor b) debenture holder c) ;nsecured creditors d) Secured creditorsAnswer: c) ;nsecured creditors

12(. Secured creditors are shown in the statement o% a%%airs under:a) *ist A b) *ist c) *ist C d) *ist ,Answer: b) *ist

12#. Pre%erential creditors are shown in the statement o% a%%airs under:a) *ist , b) *ist c) *ist C d) *ist AAnswer: c) *ist C

120. !he proceeds o% assets not speci%icall" pled ed and the surplus o% the asset


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a) Pre%erential creditors b) ;nsecured creditorsc) *e al char es9 *i=uidators

remuneration and li=uidatione penses

d) Pre%erence share holders

Answer: c) *e al char es9 *i=uidators remuneration and li=uidation e pens12 . An" sum due to an emplo"ee out o% pro&ident %und is e empt o%:

a) ;nsecured creditor b) Pre%erential creditorsc) Secured creditors d) Partiall" secured creditorsAnswer: Pre%erential creditors

123. *i=uidators %inal statement o% A/C is prepared:a)


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Answer: b) ;pto the date o% actual pa"ment o% liabilities1 2. Salaries due to cler? is pre%erential %or a period not e ceedin :

a) !wo months b) !hree months

c) our months d) i&e months

Answer: c) our months

1 . a imum GGGGGGGGGGG can be treated as pre%erential salar" and wa es.

a) 2'''' b) 2#'''

c) '''' d) (''''

Answer: a) 2''''1 (. Q *ist o% contributories are not liable:

a) I% shares are %ull" paid up b) or liabilities a%ter the" are ceases to

c) I% present shareholders paidthe unpaid amount o% the

shares trans%erred b" them.

d) All o% the abo&e

Answer: All o% the abo&e1 #. *i=uidator is appointed b" court

a) In case o% compulsor"windin up

b) embers &oluntaril" windin up

c) In case o% creditors

&oluntaril" windin up

d) None o% these

Answer: a) In case o% compulsor" windin up1 0. *i=uidator is appointed b" members

a) In case o% compulsor"windin up

b) embers &oluntaril" windin up

c) In case o% creditors&oluntaril" windin up

d) None o% these

Answer: b) embers &oluntaril" windin up


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1 . *i=uidator is appointed b" creditors and membersa) In case o% compulsor"

windin up b) embers &oluntaril" windin up

c) In case o% creditors&oluntaril" windin up

d) None o% these

Answer: c) In case o% creditors &oluntaril" windin up1 3. -hen compan" is wound up the entire person who ceased to be the share

GGGGGGGGG.a) *ist F b) *ist

c) *ist . d) *ist BAnswer: a) *ist F

1 4. *ist B shows GGGGGG accounta) Secured loan b) Pre%erred.c) ,ebentures. d) Creditors.Answer: a) Secured loan

1('. A public compan" can be wound up b" the court i% the number o% membersa) . b) #.c) . d) 1'.Answer: b) #

1(1. !he compan" has to submit the statement o% a%%airs to the o%%icial li=uidatoa) 1(da"s b) 21 da"sc) ' da"s d) (# da"sAnswer: a) 1(da"s

1(2. A compan" can be li=uidated b" GGGGG.a) Compulsor" windin up b"

the court. b) >oluntar" windin up b" the membe

c) -indin up under thesuper&ision o% the court

d) All o% the abo&e

Answer: a) Compulsor" windin up b" the court.


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1( . F=uit" shareholders are 66666666666.a) Creditors o% the compan" b)


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c) ;nsecured creditors d) Secured creditorsAnswer: c) ;nsecured creditors

1#'. Secured creditors are shown in the statement o% a%%airs under:a) *ist A b) *ist c) *ist C d) *ist ,Answer: b) *ist

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