Corporate Accounting MCQs
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Q 81. The share premium account can be utilized to write off the ‐‐‐‐‐‐‐‐‐‐‐‐‐ expense of the company.
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Q 82. The issue of shares at discount provided the discount does not exceed 10% as specified in ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐ of the companies Act.
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Q 83. a preference share is one which enjoys a preferential right regarding payment of ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
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Q 84. When debentures are redeemed in annual installments the redemption is known as ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐.
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Q 85. When debentures are redeemed from out of profits an equal amount is transferred to ‐‐‐‐‐‐‐‐‐‐‐‐ account.
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Q 86. For the same purchase price profit on cancellation of debentures is more when purchase on ‐‐‐‐‐‐‐‐‐‐‐ ‐‐ basis.
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Q 87. When own debentures are cancelled, any profit on cancellation is transferred to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐
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Q 88. No journal entry is required for the cancellation of ………. Share capital
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Q 89. In subdivision of shares, …… capital does not change
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