Q. The minimum amount of capital which must be subscribed by the public before a public company can allot shares is ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (B)
Minimum subscription
Corporate Accounting MCQs and Notes
Q. Called up capital minus calls in appear is ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (C)
Paid up capital
Q. Preference shares cannot be redeemed unless they are ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (B)
Fully paid
Q. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ have priority over equity as to the receipt of individuals and as to assets in the event of liquidation.
✅ Correct Answer: (C)
Preference shares
Q. When shares are forfeited the share capital account is debited by ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (C)
Paid up amount
Q. Share can be forfeited for ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐.
✅ Correct Answer: (A)
For non‐payment of call money
Q. Dividend is payable on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the shares.
✅ Correct Answer: (A)
Paid up value
Q. Once the share premium account is credited the same, if the premium is not received.
✅ Correct Answer: (C)
Can be debited
Q. When shares originally issued at discount are forfeited, the discount in respect of them is to be ‐‐‐‐‐‐‐
✅ Correct Answer: (B)
Credited
Q. Which of the following not the uses of share premium.
✅ Correct Answer: (B)
Issue of fully paid bonus shares