Search This Blog

Monday, July 2, 2012

Financial Accounting Objective Questions (Accounting Quiz - 12)

1. If the shares are re- issued at a price which is more than the face value of the shares, the excess amount will be credited to
[A]General Reserve
[B]Share premium account
[C]Share forfeiture account
[D]Profit & Loss account


2. The journal entry to record the replenishment of a petty cash fund involves
[A]A debit to office expenses account
[B]A credit to petty cash account
[C]A debit to miscellaneous expenses account
[D]A credit to cash account


3. The amount on shares actually demanded by the company is called
[A]Nominal capital
[B]Issued capital
[C]Subscribed capital
[D]Called up capital


4. Manish Ltd. maintains its current ratio at 2.5. If the working capital as on March 31, 2003 stood at Rs.60,000, then the current liabilities as on that date stood at
[A]Rs. 24,000
[B]Rs.1,00,000
[C]Rs. 40,000
[D]Rs. 60,000


5. In a Funds flow statement, the excess of uses of funds over sources of funds is known as
[A]Net profit
[B]Funds from operations
[C]Increase in working capital
[D]Decrease in working capital


6. Which of the following concepts is not considered as basic principle of accounting?
[A]Materiality concept
[B]Substance over form
[C]Consistency concept
[D]Matching concept


7. Which of the following factors are not primarily considered for determination of life of the useful asset?
[A]Asset usage
[B]SEBI guidelines
[C]Consumption or extraction
[D]Physical deterioration


8. ‘Outstanding salaries’ represents
[A]A personal account
[B]A real account
[C]A nominal account
[D]A deferred expense account


9. If closing stock appears in the trial balance, it should be
[A]Credited to the trading account
[B]Credited to the profit and loss account
[C]Deducted from the purchases in the trading account
[D]Shown on the assets side of the Balance sheet


10. Calls in advance account is shown on
[A]The assets side of the balance sheet
[B]The liabilities side of the balance sheet as a deduction from paid up share capital
[C]The liabilities side of the balance sheet as an addition to the paid up share capital
[D]The liabilities side of the balance sheet separately from the paid up share capital


11. The main objective of providing depreciation is to
[A]Calculate the true net profit
[B]Compute the actual cash profit
[C]Create funds for replacement of fixed assets
[D]Reduce tax burden


12. On July 01, 2003 a company purchased 200 of its own 12% Debentures of Rs.100 each at the rate of Rs.97 (ex-interest). The company pays interest on March 31 and September 30 every year. At the time of purchase the amount debited to own debenture account was
[A]Rs.20,000
[B]Rs.19,400
[C]Rs.20,600
[D]Rs.18,800


13. The maximum commission allowable to underwriters on issue of shares is
[A]5% of issue price of the shares
[B]10% of nominal value of the shares
[C]6 % of issue price of the shares
[D]5 % of the nominal value of the shares


14. The logic behind the creation of Capital Redemption Reserve is that
[A]It is required under the Companies Act, 1956
[B]It is required to maintain the capital intact
[C]It is required to protect the creditors’ interest
[D]Both (b) and (c) above


15. Mega Ltd. proposed a dividend of 12.5 %. The called-up equity share capital of Mega Ltd. is Rs.5,00,000; the share premium account is Rs.50,000. If the amount of calls-in-arrears is Rs.15,000, the amount of dividend payable by the company is
[A]Rs.62,500
[B]Rs.60,625
[C]Rs.68,750
[D]Rs.56,250


1 comments:

Unknown October 15, 2015 at 7:35 PM  

please give more question and answer on financial accounting for download

Labels

#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