Q. Reserve for unexpired risk is shown under
✅ Correct Answer: (C)
provisions
Corporate Accounting MCQs and Notes
Q. General insurance policies are generally taken for
✅ Correct Answer: (A)
one year
Q. In case of electricity companies, contingency reserve is created until it amounts to ….. of the original cost of the fixed assets.
✅ Correct Answer: (A)
5%
Q. Under Double account system, the balance sheet is prepared in ……parts
✅ Correct Answer: (B)
two
Q. No company limited by shares shall issue any preference share which is redeemable after the expiry of …….. years from the date of issue.
✅ Correct Answer: (A)
20
Q. Capital redemption reserve is created….
✅ Correct Answer: (B)
to meet legal requirements
Q. When preference shares are redeemed, it amounts to
✅ Correct Answer: (D)
none
Q. When the directors refund the fees already received by them,……. a/c is credited.
✅ Correct Answer: (B)
Capital reduction
Q. Under Ind AS 103, assets and liabilities are recorded at
✅ Correct Answer: (A)
fair value