CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 2 - MCQExams.com

If the taxable income of a domestic company for the Assessment Year $$2011-12$$ is $$Rs. 9,00,000$$, its tax liability will be _____________.
  • $$Rs. 2,76,800$$
  • $$Rs. 2,78,100$$
  • $$Rs. 3,70,800$$
  • $$Rs. 3,70,880$$
Which of the following is not relevant to the dividend decision?
  • Availability of disposable profit.
  • Investors' expectations for dividend.
  • Capital market conditions.
  • Industry practice.
Pre-acquisition profit in subsidiary company is considered as ______________.
  • Revenue profit
  • Capital profit
  • Goodwill
  • Minority interest
 Item to be included in reserve & surplus ?
  • Capital redemption reserves
  • General reserve
  • Securities premium
  • All of the above
The balance of payments account is conventionally divided into :
  • Current Account and Capital Account
  • Visible Account and Invisible Account
  • Long-term Capital Account and Short-term capital account
  • None of the above
Current liabilities refer to such liabilities, which mature _____.
  • within a period of nine months
  • within a period of one year.
  • within a period of six months
  • within a period of three year.
Types of fixed assets are ______.
  • Tangible asset
  • Intangible asset
  • None of the bove
  • Both A & B
'Comparison of the financial statements of the current year with the performance of previous years of the same firm', is known as :
  • Trend Analysis
  • Horizontal Analysis
  • Intra-firm comparision
  • All of the above
Which of the following is a revenue reserve?
  • Capital Reserve
  • Capital Redemption Reserve
  • Security Premium Account
  • Debenture Redemption Reserve
Which of the following is not source of Funds?
  • Issue of share capital
  • Sale of fixed assets
  • Issue of bonus shares
  • Issue of shares for consideration other than cash
Unclaimed dividends is shown on the liability side of the balance sheet under the heading ____________ .
  • Reserves & Surplus
  • Provisions
  • Current Liabilities
  • Miscellaneous items
Which capital refers to the paid-up value of the issued capital?
  • Subscribed capital
  • Reserve capital
  • Issued capital
  • None of the above
Flow of foreign loans and investments affect
  • Trade balance
  • Current Account balance
  • Capital Account balance
  • None of the above
Match List-I with List-II and select the correct answer using the codes given below the lists:
List-I(Item of balance sheet of company)List-I(Heading of balance sheet)
(a) Profit prior to IncorporationProvisions
(b) Proposed dividend
Misc.Expenditure
(c) Interest paid out of CapitalCurrent liabilities
(d) Unclaimed dividendReserve & surplus
  • (a)-4, (b)-1, (c)-3, (d)-2
  • (a)-4, (b)-1, (c)-2, (d)-3
  • (a)-1, (b)-4, (c)-2, (d)-3
  • (a)-1, (b)-4, (c)-3, (d)-2
The debit balance of current account is shown on ___________________.
  • Asset side of Balance Sheet
  • Liabilities side of Balance Sheet
  • Credit side of Profit and Loss Account
  • None of the above
Investment comes under the _______head.
  • Liabilities
  • Assets
  • Reserve & surplus
  • None of the above
'Debenture Premium Account' is shown ___________________.
  • On the assets side of the Balance Sheet
  • On the liabilities side of the Balance Sheet under the head Reserve & Surplus
  • On the liabilities side of the Balance Sheet under the head capital
  • None of the above
The profit & loss disclosed by the accounts of a company is ________________.
  • Transferred to share capital account
  • Shown in the column of 'Current Liabilities and Provisions'
  • Shown in the column of ' Reserves & surplus' under a separate account
  • Transferred to general reserve
  • Transferred to Dividends payable account
Redeemable Preference Shares of Rs. 2,00,000 are to be redeemed at a premium of $$10\%$$. Balance sheet shows profit Rs. 30,General Reserve - Rs. 20,000; Share Premium - Rs. 8,000 and Dividend Equalization fund Rs.50,How much fresh capital should be issued in order to comply with the provisions of Sec.80 of the companies act, 1956?  
  • Rs. 2,00,000
  • Rs. 2,12,000
  • Rs. 2,62,000
  • Rs. 1,12,000
How the following liabilities are to be shown on the liability side of the balance sheet in the order of permanence ?
Current liabilities and provisions
Secured loans
Share capital
Unsecured loans
Reserves and surplus 
  • 3, 5, 2 , 4 , 1
  • 3 , 2 , 1 , 4 , 5
  • 1 , 4 , 2 , 5 , 3
  • 5, 4, 3, 2, 1
Consider the following statements :
The companies Act, 2013 provides provisions related to uniform financial year from 1st April to 31st, March.
2.  The companies Act, 2013 does not provides any provision related to 'Corporate Social Responsibility (CSR)'.
The companies Act, 2013 was passed by 'Rajya Sabha' on 8th August,2013.
Which of the above statement/s is/are not true ? 
  • 1 and 2
  • Only 1
  • Only 2
  • 2 and 3
Share forfeited account is shown on the liability side of the balance sheet _____________.
  • Under the heading of 'Reserve and surplus'
  • By adding to the paid up capital
  • Under the heading 'Current Liabilities, and provisions
  • Under the heading of "Miscellaneous'
Where a special permission has been granted by the registrar the 'financial year' of a company may at the most be ________________.
  • Extended to 13 months
  • Extended to 15 months
  • Extended to 18 months
  • Extended to 20 months
'Calls in arrears' is shown in the balance sheet on the liability side _____________.
  • By deducting the amount from the called up capital
  • Under the heading Reserves and Surplus
  • By deducting the amount from the called up capital reserves
  • By deducting the amount from the shares forfeited account
Unclaimed dividends is shown on the liability side of the balance sheet under the heading of ________________.
  • Reserves and Surplus
  • Provisions
  • Current Liabilities
  • Miscellaneous Items
When one existing company goes into liquidation and a new company is formed to take over its business, it is called an _____________.
  • Absorption
  • Amalgamation
  • External Reconstruction
  • Internal Reconstruction
Interim dividend is shown ______________.
  • in profit & loss account
  • in profit & loss appropriation account
  • on the assets side of balance sheet
  • on the liability side of balance sheet
The income tax deducted from interest paid on debentures is shown on the _____________.
  • Assets side of the balance sheet
  • Liability side of the balance sheet
  • Credit side of profit & loss account
  • Debit side of profit & loss account
Debentures are shown in the balance sheet of a company under the item ______________.
  • Secured loans
  • Unsecured loans
  • Current Liabilities
  • None of the above
Figures in Rs. Lacs
Calculate the amount of Purchase consideration, if Anju Ltd. agrees to take over only the floating assets and trade liabilities of Madhu Ltd. and to discharge the purchase consideration by issuing equity shares of Rs. 10 each at a premium of $$4.5\%$$.The market value of an equity share of Anju Ltd. at present is Rs. 100.
The Balance Sheets of Anju Ltd. and Madhu Ltd. as at 31-3-2014 is given, on which date Madhu Ltd was taken over by Anju Ltd.

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  • Rs. 4,10,000
  • Rs. 4,10,025
  • Rs. 4,09,970
  • Rs. 4,65,000
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