Search This Blog

Monday, May 28, 2012

Financial Accounting Basics - Questions Answers (Accounting Quiz - 7)

1. According to which of the following accounting concepts consolidated financial statements are prepared when a parent-subsidiary relationship exists?
[A]Going concern
[B]Business entity

2. Which of the following factors is used as multiplier of super profits in valuation of goodwill of a business?
[A]Average capital employed in the business
[B]Simple profits
[C]Number of years’ purchase
[D]Normal rate of return

3. XLNT Ltd. purchased 12% bonds with a face value of Rs.2,00,000 at a discount of 15% in the open market as investments and intends to hold them to maturity. The market value of the investments is Rs.1,80,000. The investments should be accounted at

4. Which of the following statements is false with regard to consolidated financial statements?
[A]The object of consolidated financial statement is to present financial position of a parent and its subsidiary as a single economic activity
[B]These are prepared in the same format as that followed by the parent, for preparation of its separate financial statements
[C]These are not substitutes for separate financial statements
[D]Dissimilar activities of parent and its subsidiary can be a reason for non-preparation of consolidated financial statements

5. XY Ltd. has a share capital of 6,000 equity shares of Rs.100 each having a market value of Rs.176 per share. The company wants to raise additional funds and offers to existing equity shareholders the right to apply for a new share at Rs.106 per share for every four shares held by them. The value of right is
[C]Rs. 56
[D]Rs. 14

6. H. Ltd. acquired 80% shares of S. Ltd. on December 1, 2002. S. Ltd. owed Rs.50,000 for purchase of stock from H. Ltd. The entire stock was held by S. Ltd. as on March 31, 2003. H. Ltd. made a profit of 30% on selling price. The unrealized profit on that stock was

7. Aski Ltd purchased land and building from Cibera Company for a book value of Rs.2,00,000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account is credited with

8. The excess price received over the par value of shares, should be credited to
[A]Calls-in-advance account
[B]Share capital account
[C]Reserve capital account
[D]Securities premium account

9. Rights shares are the shares
[A]Issued by a newly formed company
[B]Legally issued to the public at large
[C]Offered to the existing equity shareholders
[D]That have a right of redemption

10. On July 1, 2002, Delux Ltd. purchases 100 of its own 12% debentures for a price of Rs.9,900 which is the cum-interest price. The company pays interest half-yearly on September 30 and March 31 every year. The cost of 100 debentures is
[C]Rs. 9,900
[D]Rs. 9,600

11. Amazon Ltd. issued 20,000 shares of Rs.100 each at a premium of Rs.10 per share, of which 18,000 shares are subscribed for. The amount to be paid is as follows:
Rs.60 - on application, including premium of Rs.10
Rs.30 - on allotment
Rs.20 - on first and final call.
Call money was not received on 1,000 shares. On forfeiture of these shares, the amount standing to the credit of securities premium account is

12. Consider the following data pertaining to Detofex Ltd.:
Particulars Rs.
Nominal equity share capital 25,000
Issued and called-up capital 24,000
Paid-up capital 24,000
Calls in advance 1,000
20% Preference share capital (fully paid-up) 25,000 If the company declares a dividend of 20%, the total dividend payable is
[C]Rs. 9,900
[D]Rs. 9,800

13. Consider the following data pertaining to Sapru Ltd. as on April 1, 2002:
Particulars Rs.
12% Debentures 50,000
Debenture sinking fund 40,000
Debenture sinking fund investment (represented by 18%, secured bond worth Rs.46,000) 40,000
The company sold the investments at 80% on March 31, 2003 and the debentures were paid off. The loss incurred on account of sinking fund investment account is

14. Which of the following denotes the dividend declared by the directors between two annual general meetings?
[A]Proposed dividend
[B]Final dividend
[C]Interim dividend
[D]Declared dividend

15. Which of the following is a real account?
[A]Salary account
[B]Cash account
[C]Outstanding rent account
[D]Sundry creditors account



#AhilyaBaiHolkarJayanti #Current Affairs #FamousPersons #GeneralKnowledge #GK #GS #Hindi #HinduSamrajyaDiwas #Ling #Management #ShivajiMaharaj 2012 2012 GK 2013 Current Affairs 2013 Daily Logo Quiz 2013 General Knowledge 2013 Logo Game Quiz 2014AugustCA 2014AugustGK 2014AugustGS 2014AugustIPC 2014CA 2014DecemberCA 2014DecemberGK 2014DecemberGS 2014DecemberIPC 2014JulyCA 2014JulyGK 2014JulyGS 2014JulyIPC 2014JuneCA 2014JuneGK 2014JuneGS 2014JuneIPC 2014MayCA 2014MayGK 2014MayGS 2014MayIPC 2014NovemberCA 2014NovemberGK 2014NovemberGS 2014NovemberIPC 2014OctoberCA 2014OctoberGK 2014OctoberGS 2014OctoberIPC 2014SeptemberCA 2014SeptemberGK 2014SeptemberGS 2014SeptemberIPC 2015GK 2015GScience 2015IndianPolity 2017 Current Affairs 2017August 2017December 2017November 2017October 2017September 2018 Current Affairs 2018FebruaryCA 2018JanuaryCA 2019GK 2020 Current Affairs 2020AugustCA 2020DecCA 2020GeneralScience 2020GK 2020JulyCA 2020JuneCA 2020MayCA 2020NovCA 2020OctCA 2020SepCA 2020SepGK 2021 April GK 2021 Current Affairs 2021 Feb GK 2021 January GK 2021 March GK 26 January A.R.M.Y. Accounting Adjectives Allahabad AllahabadQuiz Ancient History Angular Framework AngularJS April 2012 April 2013 Current Affairs April 2013 GK April 2013 Vocabulary Quiz April 2014 Aptitude Articles Assam August 2012 August2020 Authors Auto Quiz Automobile Quiz Automotive Quiz B School Banaras Bangalore Quiz Bangtan Sonyeondan Bank Exam Entrance Bank PO Exam Banking Banking Clerical Preparation Banking GK Banking Terminology BAT BCA Benares Benares Quiz Bengaluru Bharat Bollywood Quiz BollywoodPersons Books Boudh Festival Britain BTS Buddhism Festivals Bulletproof Boy Scouts Business Communication Business Current Affairs 2012 Business Ethics Business Law Business Management Business Quiz Business School Interview Business World C Programming Capital Market CAT Celebrity Quiz Christmas Quiz Cities of India City Quiz Civil Service Exams Class12English Class2Computer Class2English Class2GA Class2Maths Class3English Class3GA Class3GK Class3Maths Class4English Class7 Class7English Class8Science Class9English Cloud Computing CMMI-DEV Commodity and Derivatives Commodity Market Quiz Compensation and Benefits Compensation Management Computer Quiz Computers Conjunctive Adverbs Corporate Laws Countries Country Quiz Current Affairs Daily Quote Data Mining Data Science Database Management System DataBase Quiz DBMS DBMS True False Questions December 2012 Current Affairs December 2012 GK December 2013 Deepawali Delhi Delhi Quiz Demonetization Dev Anand Quiz Dev Sahab Dilli Diwali Diwali Quiz Dus ka Dum Eco Quiz Economics Economics MCQ Economics Multiple Choice Economics True False Quiz Email Etiquette English Environment Estimation Models EVS Facts about Allahabad Facts about Bangalore Facts about Delhi Facts about Dev Anand Facts about India Facts about Mahatma Gandhi Facts about Patna Facts about Rabindranath Tagore Facts about Varanasi FamousAuthors FamousBooks February 2012 February 2013 Current Affairs February 2013 GK February 2014 Festival Quiz Festivals of India FestivalWishes Filmy Quiz Finance Finance MCQ Finance Multiple Choice Finance Objective Questions Finance Quiz Finance True False Financial Accounting Financial Institutions Financial Management Fun Quiz FunTrivia Gautam Buddha Gender General Knowledge GeneralAwareness Geography Gerunds Ghrisneshwar Jyotirling Temple GK GK Quiz GK2016 GKToday GMAT Grammar GRE English GurPurab Gurudev Rabindranath Tagore GuruPurnima Gyan Guru HarryPotter HCM Helping Verbs Hindi Cinema Hindi Movies Quiz Hindi Synonyms Class 4 Hindi4 Hindu Festivals Hindu Gods Hindustan History Holi Quiz Holika Dahan HR HRD HRM Quiz Human Capital Management Human Resource Human Resource Management Quiz IAS IEO3English IEO4English IIFT IIM Interview IMO3Maths IMO4Maths IndependenceDay. SwatantraDiwas India Quiz Indian Budget Indian Cinema Indian Festivals Indian Polity and Constitution Information Technology International Days International Economics International Finance International Marketing Introduction to Management ISB Interview IT IT Aptitude Jain Festivals Janmashtmi January 2012 January 2013 Current Affairs January 2013 GK January 2014 Java Java Interview Questions Java MCQ Java Multiple Choice Java Programming July 2012 July 2013 Current Affairs July 2013 GK July 2013 Vocabulary Quiz July2020 June 2012 June 2013 GK June 2013 Vocabulary Quiz Jyotirling Kashi Vishwanath Mandir KBC KBC Questions Kedarnath Temple Know Allahabad Know Bangalore Know Delhi Know Patna Law MCQ Law Quiz Learn English LLB Quiz Logical Reasoning Logo Quiz Lohri Lord Buddha Macro Economics Mahatma Gandhi Quiz Maintenance Management MakarSankranti Mallikarjuna Jyotirlinga temple Management Management Accounting Management MCQ Management Quiz Managerial Economics Managerial Effectiveness Manipur MarathaKing March 2012 March 2013 Current Affairs March 2013 GK March 2013 Vocabulary Quiz March 2014 Mark II Function Point Analysis Marketing Marketing Management Quiz MAT MataVaishnoDevi Material Management Material Requirement Planning Materials Management May 2012 May 2013 Current Affairs May 2013 GK May 2013 Vocabulary Quiz May 2014 MBA MBA Entrance MBA IT MCA Medieval History Meghalaya Mental Ability Micro Economics Mizoram MM Modern History Monuments of India Multiple Choice Questions MyGov Quiz Nagaland National Days National Education Policy National Girl Child Day NCERT6Maths NCERT7Geog NCERT7Hindi NCERT7Maths NCERTGeography NCFM NEP2020 New Delhi Nouns November 2012 November 2012 GK November 2013 Numerical Ability OB OB Quiz October 2012 October 2012 GK Olympics Omkareshwar Jyotirlinga Temple Online Quiz Contest Operations Operations Management Organisation Behavior Organisation Behaviour Organizational Behaviour PADMAN Patliputra Patna Patna Quiz PCS Personality Quiz Personnel Administration Personnel Management Quiz PGCPM PGDBA PGDCA PGDIT Placement Papers of IT Companies PMP PMP Certification PMP Questions Portfolio Management Possessive Nouns Pratiyogita Darpan Prayag Production and Operation Management Programming Languages Project Management Project Management MCQ QMBlog QT Quant Quantitative Aptitude Quantitative Technique Quotations Rabindranath Tagore Quiz Rashtriya Ekta Divas RDBMS Republic Day Samanya Gyan Sangam Santa Claus SAP HANA SAT Satyamev Jayate Science Security Analysis September 2012 September 2012 GK Shree Mahakaleshwar Temple Shree Siddhivinayak Ganapati Temple Shree Somnath Temple Siddhartha SNAP Software Testing Spellings Sports SportsPersons Sri Ramanathaswamy Temple StatesOfIndia Static GK Strategic Finance Strategic Management Strategy Strategy True False SundayFun Swami Vivekanand Swami Vivekananda Quiz Synonyms Systems Quiz Taiwan National Day Tata Crucible Teasers Teej Temples Temples of India Time and Calendar TOEFL Trimbakeshwar Jyotirlinga Temple Tripura TV Show UK Quiz United Kingdom Vaidyanatha Jyotirlinga temple Varanasi Verbal Ability Vocab Vocabulary World Heart Day World Mental Health Day World Teachers Day World Tourism Day XLRI Interview