T.Y.B.Com – Financial Accounting (SEM VI)
Important
Objective
Type
Questions
Multiple Choice Questions:
1) The mean of
the exchange rates in force during a period is known as _____
(a) average rate
(b)
closing rate
(c)
reporting rate
(d)
fair rate average rate
2) Non-monetary
items _____
(a) are
the items exchanged at fair value
(b) are
the items other than assets and liabilities
(c) are assets and liabilities other
than monetary items
(d) none
of the above
3) The
exchange difference arising due to import of raw material is transferred to _____
(a)
purchase
(b) Profit & Loss
A/c
(c)
trading
(d)
suppliers
4) When
amalgamation is in the nature of merger, the accounting method to be followed
is _____
(a) equity
method
(b)
purchase method
(c) pooling of interest method
(d)
none of the above
5) Under the
‘Purchase method of accounting’, the transferee company incorporates in its
books _____
(a) the
assets and liabilities of the transferor company
(b) the assets, liabilities and
statutory reserves of the transferor company
(c) the
assets, liabilities and reserves of the transferor company
(d) None
of the above
6) Amalgamation
of Companies is governed by _____
(a) AS-13
(b) AS-14
(c)
AS-9
(d)
AS-11
7) According
to AS 14, transferor company means the company _____
a) Which is amalgamated into another
company.
b)
into which a company is amalgamated
c)
which is newly formed
d)
none of above.
8) According
to AS 14, Transferee company means the company _____
a) Which
is amalgamated into another company.
b) into which a company
is amalgamated
c)
which is liquidated
d)
none of above.
9) On
amalgamation of companies, Profit and Loss Account appearing on asset side of
Balance sheet of the vendor company _____
a) is
closed by debit to Realization A/c
b) is closed by debit
to Equity shareholders A/c
c)
is closed by debit to profit and loss A/c
d)
is closed by credit to equity shareholders A/c
10) On
amalgamation of companies, Profit and Loss Account appearing on asset side of
Balance sheet of the vendor company _____
a) is
closed by debit to Realization A/c
b) is closed by debit
to Equity shareholders A/c
c)
is closed by debit to profit and loss A/c
d) is closed by credit to equity shareholders A/c
11) Unmarked applications refer to _____
a) Firm
underwriting
b) Applications
issued by the company
c) Applications
bearing the stamp of underwriter
d) Applications from the public received
directly by the company without bearing any stamp of underwriter
12) LLP is governed by _____
(a) Partnership Act, 1932
(b) Companies Act, 1956
(c) Limited Liability
Partnership Act, 2008
(d) Companies Act, 2013
13) Remuneration
to investigator upon investigation of the affairs of company is treated as_____
(a) Secured creditor
(b) Over-riding preferential creditor
(c) Preferential
creditor
(d) Unsecured creditor
14) Amount of
Retirement benefits of employees exceeding Rs. 20,000 per employee is treated
as _____
(a) Secured creditor
(b) Over-riding preferential creditor
(c) Preferential
creditor
(d) Unsecured creditor
15) Preference
dividend in arrears on the date of winding up is_____
(a) treated as Secured creditor
(b) treated as Over-riding preferential creditor
(c) treated as Preferential creditor
(d) added to Preference
Share Capital
16) Accrued
holiday remuneration becoming payable to any workman is treated as _____
(a) Secured creditor
(b) Over-riding
preferential creditor
(c) Preferential creditor
(d) Unsecured creditor
17) A
contributory is a _____
(a) Unsecured creditor
(b) Preferential creditor
(c) Shareholder
(d) Debenture holder
18) List
‘A’ in statement of affairs gives the list of _____
(a) Assets specifically pledged
(b) Assets not
specifically pledged
(c) Preferential creditors
(d) Unsecured creditors
19) List
‘E’ in statement of affairs gives the list of _____
(a) Preferential creditors
(b) Debenture holders
(c) Unsecured creditors
(d) Secured creditors
20) Secured
creditors are shown in the statement of affairs under _____:
(a) List A
(b) List B
(c) List C
(d) List D
21) Preferential
creditors are shown in the statement of affairs under _____:
(a) List D
(b) List B
(c) List C
(d) List A
22) Any
sum due to an employee out of provident fund is an example of _____:
(a) Unsecured creditor
(b) Preferential
creditor
(c) Secured creditor
(d) Partly secured creditor
23) When
the sale proceeds of pledged security is not sufficient to pay off secured
creditors fully, the balance due to them should be added to
_____
(a) Unsecured creditors
(b) Preferential creditors
(c) Equity share capital
(d) Preference share capital
24) _____
difference is the difference resulting from exporting the same number of units
of a foreign currency in the reporting currency at different exchange rates.
(a) Exchange
(b) Currency
(c) Cash
(d) None of above
25) _____
items are money held and assets and liabilities to be received or paid in fixed
or determinable amounts of money.
(a) Exchange
(b) Currency
(c) Monetary
(d) None of above
26) The
receivable and payable in foreign currency are called _____ items.
(a) Exchange
(b) Currency
(c) Monetary
(d) None of above
27) In
_____ a new company is formed to take over the business of two or more
companies.
(a) Conversion
(b) Amalgamation
(c) Absorption
(d) None of above
28) If
the business of an existing company Padma Ltd. is taken over by another
existing company Tanwani Ltd., it is called _____
(a) Conversion
(b) Amalgamation
(c) Absorption
(d) None of above
29) AS
14 recommends that Goodwill arising on amalgamation should be written off
within _____ years.
(a) Five
(b) Four
(c) three
(d) None of above
30) AS-14
covers only amalgamation of _____
(a) Companies
(b) Firm
(c) Society
(d) None of above
31) When
a limited company takes over the business of another limited company the excess
of net assets value over purchase consideration is _____
(a) Capital reserve
(b) Goodwill
(c) Fixed assets
(d) None of above
32) On
amalgamation of companies, Provident Fund Account A/c in Balance Sheet of the
vendor company is transferred to the _____
(a)
Capital reserve
(b) Goodwill
(c) Realization A/c
(d) None of above
33) Price payable by the transferee company to transferor company for taking over transferor company’s business is called _____
(a) Purchase consideration
(b) Goodwill
(c) Contribution
(d) None of above
34) Limited Liability Partnership Act, 2008 came into effect by way of notification dated _____
(a) 31-3-2009
(b) 31-3-2010
(c) 31-3-2019
(d) None of above
35) Every
limited liability partnership shall have at least _____ designated partners who are individuals.
(a) two
(b) three
(c) one
(d) None of above
36) At least _____
of the designated partners of every limited liability partnership shall be a
resident in India.
(a) two
(b) three
(c) one
(d) None of above
37) In absence of
LLP Agreement, the mutual rights of Partners and in relation to LLP will be
determined as per Schedule _____of the LLP Act 2008.
(a) III
(b) II
(c) I
(d) None of above
38) A Limited
Liability Partnership whose contribution exceeds Rs _____ is required to
annually get its accounts audited by any chartered Accountant in practice.
(a) 25 Lakh
(b) 3 Lakh
(c) one Lakh
(d) None of above
39) A
Limited Liability Partnership whose turnover exceeds Rs _____ is required to
annually get their accounts audited by any Chartered
Accountant in practice.
(a) 25 Lakh
(b) 40 Lakh
(c) 1 Lakh
(d) None of above
40) In case there
is any change in name and address of partner he shall inform the same to LLP
within _____ days of such change.
(a) 25
(b) 15
(c) 1
(d) None of above
41) The
Liability of Partners in LLP is limited to the extent of their _____
(a) Capital
(b) Contribution
(c) Share
(d) None of above
42) Any vacancy
arising in the office of Designated Partner shall be filled within _____ days.
(a) 30
(b) 15
(c) 1
(d) None of above
43) In case of
conversion of Private Limited Company into LLP, all the _____of the Company
must become partners in the LLP and no one else.
(a) Shareholders
(b) Debenture holders
(c) Creditors
(d) None of above
44) Limited
Liability Partnerships who mandatorily require auditing of their accounts shall
appoint an auditor within _____ days before the end of each Financial Year.
(a) 25
(b) 30
(c) 1
(d) None of above
45) When shares or debentures are allotted to the underwriters, the Underwriters A/c is _____
(a) Debited
(b) Credited
(c) Cancelled
(d) None of above
46) When commission becomes payable to the underwriters, the Underwriters A/c is _____
(a) Debited
(b) Credited
(c) Cancelled
(d) None of above
47) Bank A/c is _____ when the net amount due from the underwriters on the shares taken up by them is received.
(a) Debited
(b) Credited
(c) Cancelled
(d) None of above
48) List
‘E’ in statement of affairs gives the list of _____
(a) Preferential creditors
(b) Debentureholders
(c) Unsecured creditors
(d) Secured creditors
49) Secured
creditors are shown in the statement of affairs under _____:
(a) List A
(b) List B
(c) List C
(d) List D
50) When the sale proceeds of pledged security is not sufficient to pay off secured creditors fully, the
balance due to them should be added to _______
(a) Unsecured
creditors
(b) Preferential creditors
(c) Equity share capital
(d) Preference share capital
51) Any sum due to an employee out of provident fund is an example of _______
(a) Unsecured creditor
(b) Preferential
creditor
(c) Secured creditor
(d) Partly secured creditor
52) A contributory is a _______
(a) Unsecured creditor
(b) Preferential creditor
(c) Shareholder
(d) Debentureholder
53) On
amalgamation, the transferer company transfer its assets to Realisation Account
at _______
(a) agreed
value
(b)
book value
(c)
market value
(d)
original cost
54) The underwriting commission in case of debentures as per the
Companies Act shall not exceed _______
a) 5 percent of issue price
b) 2.5 percent of the
issue price
c) 10 percent of the issue price
d) 2 percent of the issue price
55) As per SEBI guidelines, the underwriting commission on
equity shares
_______
a) 10 per cent of the issue price
b) 5 per cent of the issue price
c) 2.5 per cent of the
issue price
d) 2 per cent of the issue price
56) The underwriting commission in case of Rs 4 lakh preference shares capital
subscribed to by the public, under Ministry of Finance guidelines, should not
exceed
_______
a) 2.5 per cent
b) 1 per cent
c) 2.00 per cent
d) 1.5 per cent
57) According to the Companies Act the underwriting commission
on shares should not exceed _______
a) 5 per cent
b) 1 per cent
c) 2.00 per cent
d) 1.5 per cent
58) When
amalgamation is in the nature of merger, the accounting method to be followed is
_______
(a) equity
method
(b)
purchase method
(c)
pooling of interest method
(d)
none of the above
59) When an
underwriter agrees to buy a definite number of shares in addition to
unsubscribed shares, it is termed as _______
a) Partial underwriting
b) Firm underwriting
c) Complete underwriting
d) None of the above
60) Unmarked
applications refer to
a) Firm underwriting
b) Applications issued by the company
c) Applications bearing the stamp of underwriter
d) Applications from
the public received directly by the company without bearing any stamp of
underwriter
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ReplyDeletethank you so much sir may God bless you
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