Financial Accounting MCQs and Notes

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📊 Financial Accounting
Q. The proceeds of assets not specifically pledged & nthe surplus of the assets specifically pledged is first available for_________________
  • (A) preferential shareholders
  • (B) legal charges, liquidators remuneration & expenses
  • (C) unsecured creditors
  • (D) preferential creditors
💬 Discuss
✅ Correct Answer: (B) legal charges, liquidators remuneration & expenses
📊 Financial Accounting
Q. Fictitious Assets are to be transferred to ___________________
  • (A) internal reconstruction
  • (B) share capital
  • (C) securities premium
  • (D) capital reserve
💬 Discuss
✅ Correct Answer: (A) internal reconstruction
📊 Financial Accounting
Q. 'Pooling of interest' is a method of_____________________
  • (A) charging depreciation
  • (B) account of absorption
  • (C) calculation of purchase consideration
  • (D) accounting of amalgamtion
💬 Discuss
✅ Correct Answer: (D) accounting of amalgamtion
📊 Financial Accounting
Q. In case of Buy Back at a discount the amount of discount is transferred to _________________
  • (A) capital reserve a/c
  • (B) general reserve a/c
  • (C) capital redemption reserve a/c
  • (D) securities premium a/c
💬 Discuss
✅ Correct Answer: (A) capital reserve a/c
📊 Financial Accounting
Q. If a part of the issue of share or debenrues is underwritten, it is termed as__________________-
  • (A) sole underwriting
  • (B) firm underwriting
  • (C) complete underwriting
  • (D) partial underwriting
💬 Discuss
✅ Correct Answer: (D) partial underwriting
📊 Financial Accounting
Q. If the remuneration to liquidator is payable as a percentage of collection_______________
  • (A) exclude opening cash & bank balance
  • (B) exclude opening cash & bank balance
  • (C) includes opening cash & bank balance
  • (D) exclude both opening & closing cash & bank balance
💬 Discuss
✅ Correct Answer: (A) exclude opening cash & bank balance
📊 Financial Accounting
Q. The existing 1,000 shares of Rs. 100 each are altered to 10,000 shares of Rs.10 each. This is known as__________________
  • (A) sub-division
  • (B) surrender
  • (C) conversion in stock
  • (D) consolidation
💬 Discuss
✅ Correct Answer: (A) sub-division
📊 Financial Accounting
Q. On Amalgamation, Profit & Loss A/c (Dr.) balance of the vendor company is closed by___________
  • (A) debit to profit & loss a/c
  • (B) debit to equity shareholders a/c
  • (C) credit to equity shareholders a/c
  • (D) debit to realisation
💬 Discuss
✅ Correct Answer: (B) debit to equity shareholders a/c
📊 Financial Accounting
Q. Buy Back must expenses may be treated as_________________
  • (A) deffered revenue expenses
  • (B) revenue expenses
  • (C) revenue or deffered revenue expenses
  • (D) capital expenses
💬 Discuss
✅ Correct Answer: (C) revenue or deffered revenue expenses
📊 Financial Accounting
Q. If the whole of the issue of shares or debentures is underwritten it is known as_______________________
  • (A) partial underwriting
  • (B) frim underwriting
  • (C) sole underwriting
  • (D) complete or fully underwriting
💬 Discuss
✅ Correct Answer: (D) complete or fully underwriting

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