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Corporate Accounting

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Corporate Accounting (MCQ)
Prepared by
S. B. Bansode
1. After getting the…………the public Ltd. company can start the busines...
8. The shares received from the new company is recorded at
A. Face value
B. Market value
C. Average price
D. None of these...
15. Forfeiture can be made only if it is authorized by …………
A. AOA
B. MOA
C. ROC
D. C.G
16. Return of partly paid shares b...
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Corporate Accounting

  1. 1. Corporate Accounting (MCQ) Prepared by S. B. Bansode 1. After getting the…………the public Ltd. company can start the business A. Certificate of commencement of business B. Memorandum of Association C. GSTIN D. Articles of Association 2. Shares issued at premium ……….. account is credited. A. Share forfeited account B. Share premium account C. Share allotment account D. Share first call account 3. Minimum number of members in case of public company is………... A. 4 B. 5 C. 6 D. 7 4. Maximum number of members in public limited company is……….. A. 10 B. 20 C. 50 D. No Limit 5. After getting minimum subscription of shares, the company has to allot shares within………..days. A. 90 B. 100 C. 110 D. 120 6. If the minimum subscription is not received by the company, then the refund of application money should be made within ………..days. A. 7 B. 9 C. 10 D. 22 7. If Company X purchases the majority shares of Company Y, what combination would this be referred to? A. Amalgamation B. Takeover C. Absorption D. Merger
  2. 2. 8. The shares received from the new company is recorded at A. Face value B. Market value C. Average price D. None of these 9. If the market price of the shares to be given for Purchase Consideration at the time of absorption,…………. of the share is to be determined A. Fair Value B. Face Value C. Intrinsic Value D. Yield Value 10. Equity shareholders are …………of company. A. Customers B. Owners C. Creditors D. Debtors 11. Reduction of share capital requires the permission of A. Central government B. Court C. SEBI D. company registrar 12. 'Non-convertible' debentures refer to………… A. Owner's capital B. loan capital C. Short-term debts D. All of the above 13. That portion of the share capital which cannot be called-up except on the winding up is known as A. called-up capital B. paid-up capital C. Authorised capital D. reserve capital 14. A company invited application for subscription of 10,000 shares. The application were received for 12000 shares. The share were allotted on pro-rata bases. If Jhon applied for only 180 shares, how many shares would be allotted to him? A.180 B. 200 C.150 D.175 Solution: Shares Applied = 12000, Shares Allotted = 10000, Ratio = 100000: 120000 (5:6) Jhon applied for = 180 shares Shares allotted to Jhon = 180*5/6 =150
  3. 3. 15. Forfeiture can be made only if it is authorized by ………… A. AOA B. MOA C. ROC D. C.G 16. Return of partly paid shares by the shareholders to the company is………… A. Surrender B. Forfeiture C. Lien D. None of the above 17. …………Days be given for payment of call money from the date of service of notice A. 14 B. 13 C. 12 D. 11 18. Name of the member is struck off from the register in case of …………. A. Issue of share certificate B. Share warrant C. Forfeiture D. None of the above 19. When shares are issued to promoters for the services offered by them, the account that will be debited with the nominal value of shares is …………. A. Preliminary expenses account B. Goodwill account C. Capital reserve account D. Current assets account 20. A company forfeited 1000 shares of Rs.10 each on which Rs.6,000 have been received. Forfeited shares were re-issued for Rs.7,000. The amount of capital reserve would be : A. Rs.3,000 B. Rs.4,000 C. Rs.6,000 D. Rs.1,000 21. According to Companies Act, 2013 the application money must be atleast …………of the face value of shares whereas as per SEBI guidelines application money must not be less than …………of the issue price. A. 5%, 25% B. 25%, 5% C. 5%, 5% D. 25%, 25% 22. When shares are forfeited, share capital account is debited by : A. Forfeited amount B. Called-up amount of shares
  4. 4. C. Paid-up amount of shares D. Nominal values of shares 23. R & S Ltd. issued 1,50,000 shares of Rs.100 each at a discount of 10%. Mr. Raj to whom 300 shares were allotted, failed to pay the final call of Rs.30 per share and hence, all his shares were forfeited. At the time of forfeiture of shares, what amount will be transferred to shares forfeited account ? A. Rs.9,000 B. Rs.18,000 C. Rs.28,000 D. Rs.17,000 Solution: (Shares issues at discount .i.e 100-10%= 90, i.e Mr. Raj only pay Rs. 60 (90-30) for each shares and not pay only final call hence 300 X 60 = 18000) 24. Who are the real owners of a company? A. Government B. Board of Directors C. Equity shareholders D. Debentureholders 25. Calls in arrear is shown in Balance Sheet as………… A. Deduction from issued capital B. Addition to issued capital C. Deduction from called up capital D. Addition to paid up capital 26. Which of the following share capital is not shown in the Balance Sheet; A. Subscribed share capital B. Paid up share capital C. Authorized share capital D. Un-issued share capital 27. When shares are issued to promoters for services offered by them, the account that will be debited with the nominal value of shares is …………. A. Goodwill account B. Cash/Bank account C. Preliminary expenses account D. None of the above 28. A company Ltd. by shares before commencement of business, can issue its shares at discount. A. Possible B. Possible if permitted by stock exchange C. Not possible D. Possible if shareholders approve
  5. 5. 29. Underwriting Commission will not be paid on account of shares taken by : A. Directors B. Promoters C. Employees D. All of the above 30. Reserve capital means _________. A. Part of subscribed but uncalled capital B. A part of capital redemption reserve C. A part of capital reserve D. Accumulated profits 31. The Securities Premium amount may be utilized by a company for : A. Writing off any loss on sale of fixed assets B. Writing off the expenses on the issue of debentures C. Payment of dividends D. Writing off any loss of Revenue nature 32. Preference shares are those which carry the preferential rights as to -………… A. Payment of dividend at a fixed rate B. Return of capital on winding up of the company C. Both (A) & (B) D. Either (A) or (B) 33. ……….. will be entitled to receive arrears of their dividend. A. Cumulative Preference Share B. Non Cumulative Preference Share C. Convertible Debentures D. All of the above 34. Which of the following section of the Companies Act, 2013 prohibits to issue of shares at discount? A. Section 53 B. Section 54 C. Section 55 D. Section 56 35. Which of the following right may be given to preference share holder if provided by Articles? A. To participate in the surplus profits remaining after payment of equity dividend B. To receive arrears of dividend at the time of winding up C. To receive premium on redemption of preference shares D. All of above 36. Which of the following rights may be given to preference shareholder if provided by Articles? A. To participate in the surplus remaining after the equity shares are redeemed in winding up B. To participate in the surplus profits remaining after payment of equity dividend C. To receive arrears of dividend at the time of winding up D. All of above
  6. 6. 37. Which of the following security can be forfeited for non-payment of allotment or call money? I. Equity Shares II. Equity Shares, Preference Shares III. Preference Shares, Equity Shares & Debentures IV. Debentures Select the correct answer from the options given below – A. (I) only B. (III) only C. (I) & (IV) only D. (II) only 38. Dividends are ………… of profits. A. Appropriation B. Charge C. Transfer D. None of above 39. The preference shares can be redeemed: A. Out of profits B. Out of the proceeds of fresh issue of equity shares C. Partly out of profits and partly out of the proceeds of fresh issue of equity shares D. Any of the above 40. When preference shares are redeemed out of profits such profit must be -……………….. A. Profits which would otherwise available for dividend B. Capital Profit C. Revaluation Profit D. (B) or (C) 41. Only …………. preferences shares can be redeemed. A. Partly paid up B. Fully paid up C. (A) & (B) D. None of above 42. Where preferences shares are redeemed out of profits, a sum equal to the nominal amount of the shares so redeemed must be transferred to ………….. A. Capital Reserve A/c B. Capital Redemption Reserve A/c C. Capital Profit A/c D. Revenue Redemption Reserve A/c 43. Capital Redemption Reserve Account may be applied to issue -………… A. Right shares B. Bonus debentures C. Bonus to employees of the company D. Bonus shares
  7. 7. 44. No company limited by shares, issue any preference shares which is redeemable after the expiry of a period of from …………. the date of issue A. Ten years B. Five years C. Twenty years D. Twenty five years 45. As per the Companies Act, 2013, preference shares which are issued by company engaged in infrastructure project can issue preference share which are redeemable after ………….. A. 20 years B. 40 years C. 30 years D. 10 years 46. A preference shares is one which enjoy a: ……………….. A. Preferential right regarding payment of dividend B. Preferential right regarding allotment of shares C. Preferential right regarding payment of dividend and return of capital D. Preferential right regarding return of capital 47. To whom the bonus shares or rights shares can be issued? A. Equity shareholders B. Preference shareholders C. Both (A) and (B) D. Neither (A) nor (B) 48. Preference shares are entitled to a -……… A. Variable rate of dividend. B. Fixed rate of dividend. C. Both (A) and (B) D. Neither (A) nor (B) 49. A preference shareholder can vote – A. When his special rights as a preference shareholder are being varied B. On any resolution for the winding up of the company C. When their dividend has not been paid for a period of 2 years or more. D. All of the above 50. Redeemable Preference shares can be redeemed out of A. The sale proceeds of Investments B. The proceeds of a fresh issue of shares C. Share premium D. The proceeds of issue of debentures 51. N Ltd. had 9,000 8% preference shares of ₹ 100 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares. How much equity shares are required to be issued if new equity shares are to be issued at Rs. 10 each ‘
  8. 8. A. 90,000 equity shares B. 1,00,000 equity shares C. 75,000 equity shares D. 93,333 equity shares Solution : No. of shares to be issued = Amount payable to preference shareholder /Nominal value per share = 9,00,000/10=90,000 52. Debentures indicate the A. Short-term Borrowings of a Company B. Directors’ shares in a company C. The Investment of Equity-Shareholders D. Long-term Borrowings of a Company 53. Debenture holders are A. Debtors of the Company B. Creditors of the Company C. External users D. Owners of the Company 54. In debenture, interest payable is A. Transferred to general reserve B. Transferred to falling fund investment account C. Charged against the firm’s profits D. Appropriation of the company’s profits 55. The owner of the debenture is qualified for A. Fixed-rate interest B. Company’s voting rights C. Firm’s Profits share D. Fixed dividend 56. When a company is liquidated, the debenture holders have a prior right for : A. principal amount B. interest C. both (a)and (b) D. none of these 57. Debenture Application A/c is in the form of A. Current Account B. Nominal Account C. Personal Account D. Real Account 58. The form of a discount on issue of Debentures is in the nature of A. Deferred Revenue Expenditure B. Capital loss C. Revenue loss D. None of the above
  9. 9. 59. When all debentures are redeemed, balance in the Debenture Redemption Fund Account is transferred to: A. Capital Reserve B. General Reserve C. Profit & Loss Appropriation A/c D. None of these 60. The balance of ‘Sinking Fund Account’ after the redemption of debentures is transferred to : A. Profit & Loss Account B. Profit & Loss Appropriation Account C. General Reserve Account D. Sinking Fund Account 61. Premium on redemption of debentures is a : A. Personal A/c B. Real A/c C. Nominal A/c D. Suspense A/c 62. Premium on redemption of debentures is generally provided at the time of …………… A. Issue of debentures B. Redemption of debentures C. Writing off D. After 10 years 63. Debentures cannot be redeemed at: A. Par B. Premium C. Discount D. More than 10% premium 64. P&L statement is also known as A. Statement of operations B. Statement of income C. Statement of earnings D. All of the above 65. Business is said to be in a profit when A. Expenditure exceeds income B. Income exceeds expenditure C. Income exceeds liability D. Assets exceed expenditure 66.The form of balance sheet is……………….. A. Vertical B. Horizontal C. Horizontal and vertical D. None of the above
  10. 10. 67. Which of the following items do not come under, reserves & surplus…………… A. Capital redemption reserve B. General reserve C. Provident fund D. Sinking fund 68. The final accounts of companies are to be prepared in accordance with the provision of ……………of the Companies Act. A. Schedule VI B. Schedule III C. Schedule IX D. Schedule II 69. The summarised Balance Sheet in …………… form is supplemented by schedules giving detailed information. A. Vertical B. Conventient C. Horizontal D. none of the above 70. The additional information for specific items specified in Schedule III should be ……………to the extent applicable. A. Disclosed B. Reduced C. Added D. None of the above 71. The ……………value of investment should be indicated by way of a note. A. Market B. Actual C. Face D. None of the above 72. The balance in Share Forfeiture Account after reissue of forfeited shares is to be shown as ……………. A. General reserve B. Securities premium C. Capital reserve D. Provision for Taxation 73. The exchange difference for repayment of liability relating to purchase of fixed assets is to be disclosed as change on ……………. A. Reserve & Surplus B. Assets C. Profit and Loss A/c D. None of the above
  11. 11. 74. The amount of debtors due for more than …………… months is to be shown separately. A. Five B. Two C. Six D. Nine 75. The balance sheet discloses the financial position of a business: A. For a given period B. At a specific point in time correct C. On a certain fixed date D. All of the above 76. Tally Accounting Software is developed by…………… A. Tally solutions B. Tally corporation C. Tally company D. Tata company 77. Tally supports ……………accounting types. A. Cash B. Payroll C. Inventory D. All of them 78. Tally can provide …………… to each company. A. Password security B. No security C. Barrier D. Wrapper 79. Tally can maintain …………… accounts. A. Tax accounts B. Liabilities accounts C. Both a & b D. None of them 80. Tally allows data entry in …………… language. A. only Tamil B. only English C. only Hindi D. many Indian/Asian 81. Tally generates…………… reports automatically based on voucher/ journal entries. A. Balance sheet B. Stock report C. Profit & loss account D. All of the above
  12. 12. 82. …………… is the shortcut to company info from Gateway of Tally. (a) F1 (b) Alt+F1 (c) Alt+F2 (d) Alt+F3 83 …………… is the shortcut to shut a company in Tally. (a) F1 (b) Alt+F1 (c) Alt+F2 (d) Alt+F3 84. ……………is the shortcut to change the accounting period from Gateway of Tally. (a) F1 (b) Alt+F1 (c) Alt+F2 (d) Alt+F3 85. In order to delete a voucher, press A. Alt + D B. Alt + F4 C. Alt + F3 D. None of the above 86. Debit Note is used for A Sales Return B Purchase Return C Purchase Return only D None of the above 87. To define a ledger it is mandatory to maintain A Alias B Opening Balance C Group D None of the above 88. What is the shortcut key to select a company? A F1 B F2 C F3 D F4 89. Tally has been developed using A C B Visual Basic C C++ D None of the above
  13. 13. 90. The number of predefined ledger(s) in Tally is/are A 2 B 4 C 10 D 20 91. Tally data files are stored in A Data Directory B Application Directory C Configuration Directory D None of the above 92. Which is not the default group in Tally? A Suspense Account B Outstanding Expense C Sales Account D Investments 93. Through …………option, we can modify the ledger. A Alter B Display C Both of the above D None of the above 94. …………….is an advanced security system, which allows for encryption of the company data. A Tally Audit B Tally Vault C Tally Gold D None of the above 95. Balance sheet is produced …………….when accounts are maintained in Tally. A. Manually B. Automatically C. Remotely D. Randomly 96. Account Groups, Ledgers, Budget and scenario are available under …………….in Tally. A. Payroll Info B. Inventory Info C. Accounts Info D. None of them 97. …………….is the shortcut to create contra voucher in Tally. A. F6 B. F5 C. F4 D. F2
  14. 14. 98. …………….is the shortcut to create payment voucher in Tally. A. F6 B. F5 C. F4 D. F2 99. …………….is the shortcut to create receipt voucher in Tally. A. F6 B. F5 C. F4 D. F2 100. Tally is the …………….Accounting software. A. Single entry B. Double Entry C. Both A and B. D. None of the above *****

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