Financial Accounting 2 MCQs

P

Priyanka Tomar • 31.09K Points
Instructor I

Q 31. Which of the following reserves which can be utilised to make partly paid shares into fully paid up:

(A) securities premium
(B) capital redemption reserve
(C) surplus arising from a change in the method of charging depreciation
(D) capital reserve from sale of fixed assets in cash

R

Ranjeet • 30.27K Points
Instructor I

Q 32. Right share are not offered to the existing equity shareholders if:

(A) the company in general meeting has so decided by a special resolution
(B) decided by an ordinary resolution and same has been approved by the central government
(C) right shares are offered to existing shareholders only
(D) both a and b.

S

Shiva Ram • 26.21K Points
Instructor II

Q 33. When a partner dies, firm will receive the:

(A) 1/2 amount of policy
(B) 1/4 amount of policy
(C) 3/4 amount of policy
(D) full amount of policy

R

Ranjeet • 30.27K Points
Instructor I

Q 34. Section 37 of partnership act provided interest on the amount left by retiring or decreased partner at:

(A) 5%
(B) 10%
(C) 6%
(D) bank rate

P

Priyanka Tomar • 31.09K Points
Instructor I

Q 35. When good will is brought in cash by new partner, method is known as:

(A) premium method
(B) revolution method
(C) memorandum revolution method
(D) none

P

Praveen Singh • 32.12K Points
Instructor I

Q 36. Revolution A/c is a:

(A) real a/c
(B) personal a/c
(C) cash a/c
(D) nominal a/c

R

Rakesh Kumar • 24.11K Points
Instructor III

Q 37. For any decrease in the value of liability, revolution A/c is to be:

(A) debited
(B) credited
(C) both (cr.) & (dr.)
(D) neither (dr.) & (cr.)

P

Priyanka Tomar • 31.09K Points
Instructor I

Q 38. A is drawing Rs. 500 regularly on the 16th of every month, he will have to pay interest in a year on Rs. 6000 for the total period of @ given rate of interest):

(A) 5 months
(B) 6 months
(C) 7 months
(D) 12 months

A

Admin • 32.61K Points
Instructor I

Q 39. Old profit sharing ratio minus new profit sharing ration is equal to:

(A) sacrificing ratio
(B) ratio of gain
(C) capital ratio
(D) none

P

Praveen Singh • 32.12K Points
Instructor I

Q 40. A credit balance on a partner’s current A/c is.

(A) fixed capital
(B) part of capital
(C) a current asset
(D) long – term liability

Download our easy to use, user friendly Android App from Play Store. And learn MCQs with one click.

Image