Accountancy MCQ B.COM PART II SEM III SGBAU
(a) Book value (b) Par value
(c) Market Value (d) None of them
2. Premium received on lssue of share is shown on :
(a) Liability side of Balance Sheet
(b) Asset side of Balance Sheet
(c) Credit side of P & L A/c
(d) Debit side of P & L A/c
3. Discount on issue of shares is a
(a) Capital loss
(b) Revenue Loss
(c) Deferred revenue expenditure
(d) Direct expenses
4. The part of subscribed capital which has been called-up or demanded by the company is called
(a) lssue capital
(b) Subscribed capital
(c) Called-up capital
(d) Paid-up capital
5. Dividend is paid on
(a) Issue Price
(b) Market Price
(c) Face Value
(d) Paid up amount on shares
6. Goodwill is___________
(a) Fixed Asset
(b) Current Asset
(c) Intangible Asset
(d) tangible asset
7. In Balance sheet of a company, fictitious assets like discount on issue of debentures are shown under the heading___________
(a) fixed asset
(b) investment
(c) Current Asset
(d) Miscellaneous expenditure
8. Patent is shown in the Balance sheet under the head________
(a) Fixed Asset
(b) Loans and advances
(c) Current asset
( d) Miscellaneous Assets
9. Profit prior to incorporation is the profit earned
(a) between the date of incorporation and commencement of a business
(B) between the date of purchase of business and date of incorporation.
(C) between the date of purchase of business and commencement of a business
(D) between the date of incorporation and date of receipt of commencement of business.
10. Rent is divided in ratio while calculating Pre-incorporation Profit
(a) Time Ratio
(b) Sales Ratio
(c) Adjustment Ratio
(d) Purchase Ratio
11. Profit prior to incorporation should be credited to
(a) Goodwill A/C
(b) Revenue Reserve A/c
(c) Capital reserve A/C
(d)None
12. Interest paid to vendors should be divided between pre and post incorporation period
(a) Adjustment time ratio
(b) Time ratio
(c) Internal construction
(d) External Reconstruction
13. When two or more companies go into liquidation and new company is formed then it is known as
(a) Absorption
(b) Amalgamation
(c) Internal Reconstruction
(d) Preliminary Expenses
14. The Excess of P.C over Net Assets is _______
(a Securities Premium A/C
(b) Capital Reserve A/C
(c) Goodwill
(d) Preliminary Expenses
15. Profit on realisation A/C must be transferred to________
(a) Equity Shareholders
(b) Preference Shareholders
(c) Debenture holders
(d) Creditors
16. Value of assets taken over- value of liabilities taken over:
(A)Lump Sum Method
(B) Net Assets Method
(C) Net Payment Method
(D) Intrinsic value method
17. 'A' Ltd. takes over 'B' Ltd. With an exception of creditors and agrees to pay Rs. 500000 to the share holder to B Ltd. Creditors stood up at Rs.100000 the PC is to be taken as__
(A) Rs. 500000
(B) Rs. 600000
(C) Rs. 400000
(D) Rs. 700000
18. 'A' Ltd takes over 'B'Ltd and agrees to discharge debenture holders of B Ltd at the premium of 5%. The premium should be debited in the books of the vendor company to______
(A) Realisation A/C
(b) Shareholders A/C
(C) P & L account
(D) Bank A/C
19. Net Assets of R.D co. for PC worth Rs. 200000 at the time of absorption the company has paid 16000 equity shares each at 10% premium then remaining cash will be :
(A) Rs. 24000
(B) Rs. 42000
(C) Rs. 40000
(D) Rs. 60000
20. LDB Com Ltd PC is 12345 and net assets Rs. 4568 then ____
(A) Goodwill Rs 7777
(B) Capital Reserve Rs. 7777
(C) Goodwill Rs. 16913
(D) Capital Reserve Rs 16913
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