CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 5 - MCQExams.com

New Company promoted by persons without any track record can issue shares at ________.
  • $$10$$% premium
  • book building process
  • par
  • any premium
Secret reserves are disclosed in Balance Sheet.
  • True
  • False
Divisible profits means __________.
  • profit earmarked for some specific purpose
  • profits available for distribution as dividend
  • profit equal to normal profit of the industry
  • $$5\%$$ profit on total capitalization of the company
As per SEBI an existing company is free to price its share capital if _________.
  • it is promoted by an established group
  • it has a track record of three years consistent profitability
  • ot has accumulated reserves to the tune of $$Rs. 50$$ croroes
  • ot is promoted by MNC
Rs 2000 received from Mr X a debtor which was earlier written off as bad debt. Which account will be credited __________. 
  • Debtors a/c
  • X a/c
  • Miscellaneous Income a/c
  • Contra entry
When we say that a company has perpetual existence we mean ________.
  • its continuity is not affected by the change in its membership
  • its life is coterminous with the life of its chairman
  • its life is defined in the memorandum of association
  • its life is limited to the life of plant and machinery
The maximum amount beyond which a company is not allowed to raise funds, by issue of shares is known as ___________.
  • issued capital
  • reserve capital
  • nominal capital
  • subscribed capital
ICAI stands for _________.
  • Institute of Company Accountants of India
  • Institute of Certified Accountants of India
  • Institute of Chartered Accountants of India
  • None of these
_________ copy(s)of the Balance sheet and profit and loss a/c are required to be submitted to Registrar of the Companies with $$30$$ days of Annual General Meeting.
  • $$6$$
  • $$2$$
  • $$3$$
  • $$1$$
Divisible profit excludes ___________.
  • development rebate reserve
  • share premium a/c
  • forfeited shares a/c
  • all of the above
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ for Continuous Process Plant and Machinery is ____ years.
  • $$15$$
  • $$10$$
  • $$5$$
  • $$8$$
The useful life specified in Part C of Schedule II of the companies act, $$2013$$ for general plant and machinery is ______ years.
  • $$15$$
  • $$8$$
  • $$10$$
  • $$5$$
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ for factory building is ______ years.
  • $$15$$
  • $$30$$
  • $$10$$
  • $$5$$
Divisible profit excludes _____________.
  • capital reserve
  • dividend equalization fund
  • profit and loss account
  • general reserve
Which of the following statement is true?
  • Profit prior to incorporation is a capital profit
  • Shares of private company are freely transfereable
  • Shares cannot be issued at a premium more than $$20$$%
  • Balance in Share Forfeited A/c is transferred to Goodwill A/c
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ for furniture and fittings used in hotels, restaurant, school, colleges etc is _____ years.
  • $$15$$
  • $$10$$
  • $$3$$
  • $$8$$
Continuous process plant means ______.
  • plant which is required or designed to operate for $$24$$ hours a day
  • plant which is required or designed to operate for $$18$$ hours a day
  • plant which can be used for at least $$18$$ hours a day
  • plant which is required or designed to operate at least $$24$$ hours continuously
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ is for ____________.
  • whole of the asset
  • part of the asset
  • major part of the asset
  • for minor part of the asset
The useful life specified in Part C of Schedule II of the companies act, $$2013$$ for office equipment is ______ years.
  • $$15$$
  • $$8$$
  • $$10$$
  • $$5$$
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ for electrical installations and equipment is ______ years.
  • $$15$$
  • $$8$$
  • $$10$$
  • $$5$$
The useful life specified in Part C of Schedule II of the Companies Act, $$2013$$ for aircraft and helicopters is ____ years.
  • $$15$$
  • $$8$$
  • $$19$$
  • $$20$$
The books of account of a company are required to be preserved for at least _________.
  • $$6$$ years
  • $$8$$ years
  • $$10$$ years
  • $$9$$ years
Contingent liabilities are shown ________.
  • By way of note to balance sheet
  • In current liability
  • In non-current liability
  • In profit and loss A/c
Telephone bills of the proprietor paid by the business results in ___________.
  • reduction in profit
  • reduction in liability
  • increase in business assets
  • reduction in owners capital
A company cannot appoint an auditor for more than ______ years.
  • $$6$$
  • $$10$$
  • $$5$$
  • $$2$$
_______ is the major head under equity and liabilities part of company balance sheet.
  • Inventories
  • Shareholders fund
  • Non-current investment
  • Short-term loans and advances
As per Companies Act, $$2013$$ companies Books must give a ________.
  • true and fair view
  • fair view
  • clear view
  • true View
As per Companies Act, $$2013$$ Accounting Year of a company should be __________________.
  • Jan-Dec
  • April-March
  • July-June
  • Any of the above
Find the gross profit from the following details. Opening stock Rs.80,000, Purchased Rs.1,40,000 , wages Rs.60,000, Sales Rs.3,20,000,closing stock Rs.40,000
  • Rs.60,000
  • Rs.80,000
  • Rs.45,000
  • Rs.30,000
Opening stock Rs. 15000, Closing stock Rs. 6000, total purchases during the year Rs.Given that opening stock inadvertently includes postage stamps of Rs.Find the cost of goods sold
  • Rs.40,000
  • Rs.39,000
  • Rs.37,500
  • Rs.36,000
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