ICSE XII/MCQ Questions for Class 12 Accountancy set-6 Sample Test,Sample questions

Question:
A company has…………

1. Separate Legal Entity

2.Perpetual Existence

3.Limited Liability

4. All the above


Question:
A company issues its shares at premium under which Section of Indian Companies Act, 2013 ?

1.78

2. 79

3.52

4.53


Question:
A joint stock company is :

1.An artificial legal person

2.Natural person

3.A general person

4. None of these


Question:
According to Table E of the Companies Act, 2013 interest on calls in arrears charged should not exceed :

1. 5% p.a.

2.6% p.a.

3.8%p.a.

4. 10%p.a.


Question:
Amount of calls in Arrear is :

1.Added to capital

2.Deducted from share capital

3.Shown on the assets side

4.Shown an the equity and liability side


Question:
An issue of shares which is not a public issue but offered to a selected group of persons is called :

1.Public offer

2.Private placement of shares

3.Initial public offer

4.None of these


Question:
As per Table F the maximum rate of interest on calls in advance paid is:

1. 8% p.a.

2. 12% p.a.

3. 5 % p.a.

4. None of these


Question:
As per the Companies Act, only preference shares, which are redeemable within …………. can be issued.

1.24 years

2. 22 years

3. 30 years

4. 20 years


Question:
Balance of Forfeited Shares Account after reissue of forfeited shares is transferred to :

1.Profit & Loss A/c

2. Capital Reserve Account

3.General Reserve Account

4.None of these


Question:
Capital included in the liabilities of a company is called :

1. Authorised Capital

2. Issued Capital

3.Subscribed Capital

4.Paid-up Capital


Question:
Company can utilise securities premium for :

1.Writing off loss incurred on revaluation of asset

2. Issuing fully paid bonus shares

3.Paying divided

4.Writing off trading loss


Question:
Discount allowed on reissue of forfeited shares is debited to:

1. Share Capital A/c

2.Share Forfeiture A/c

3. Profit & Loss A/c

4. General Reserve A/c


Question:
Equity shareholders are :

1.Customers

2. Creditors

3.Debtors

4.Owners


Question:
Forfeiture of shares results in the reduction of:

1.Paid-up Capital

2. Authorised Capital

3. Fixed Assets

4. Reserve Capital


Question:
If a share of ₹ 10 on which ₹ 8 has been called and ₹ 6 is paid is forfeited, the Share Capital Account should be debited with :

1. ₹ 8

2.₹ 10

3. ₹ 6

4. ₹ 2


Question:
If a share of ₹ 10 on which ₹ 8 has been paid up is forfeited, it can be reissued at the minimum price of…….

1.10 Rs. per share

2. 8 Rs. per share

3.5 Rs. per share

4.2 Rs. per share


Question:
If equity share of ₹ 10 Rs. each is issued at ₹ 12 each, it is called:

1. Issued at Par

2. Issued at Premium

3.Issued at Discount

4. None of these


Question:
If the loss on reissue of shares is less than the amount forfeited, the ‘surplus’ or profit is transferred to :

1.Capital Reserve

2.Revenue Reserve

3.Profit & Loss A/c

4.None of these


Question:
If the total assets are ₹ 3,25,000 and the total outside liabilities ₹ 45,000 then the amount of all partner’s capital will be:

1. ₹ 3,70,000

2. ₹ 2,80,000

3. ₹ 3,00,000

4. None of these


Question:
Insolvency of a partner will come under what type of dissolution of a firm ?

1.Dissolutiuon by Court

2.Compulsory Dissolution

3. On happening of certain contingencies

4. None of these


Question:
J. Ltd. re-issue 2,000 shares which where forfeited by crediting share forfeiture account by ₹ 3,000. These shares were re-issued at ₹ 9 per share. The amount transferred to capital reserve will be :

1.₹ 3,000

2.₹ 2,000

3. ₹ 1000

4.Nil


Question:
On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all:

1.Partner’s Capitals

2.Partner’s Loan to Firm

3. Partner’s additional capital

4. Outside Creditors


Question:
On dissolution of a firm, realisation account is debited with:

1.All assets to be realised

2. All outside liabilities of the firm

3. Cash received on sale of assets

4.Any assets taken over by one of the partners


Question:
On firm’s dissolution, which one of the following account should be prepared at the last ?

1. Realisation Account

2.Partner’s Capital Accounts

3.Cash/Bank Account

4. Partner’s Loan Account


Question:
Premium on issue of shares can be used for :

1.Issue of Bonus shares

2.Distribution of Profit

3.Transferring to General Reserve

4. All these


Question:
Premium on issue of shares is a :

1.Capital Gain

2. Capital Loss

3.General Profit

4.General Loss


Question:
Premium on issue of shares is shown on which side of the Balance sheet.

1.Assets

2.Liabilities

3. Both

4.None of these


Question:
Reight shares are the shares, which :

1. Are issued to the Direction of the company

2.Are issued to existing shareholders of the company

3. Are issued to promoters in consideration of their services

4. Are issued to the vendors for purchasing assets


Question:
Reserve capital means :

1. A part of subscribed uncalled capital

2.Reserve Profit

3.A part of Capital Reserve

4. A part of Capital Redemption Reserve


Question:
Reserve share capital means :

1.Part of authorised capital to be called at the beginning

2.Portion of uncalled capital to be called only at liquidation

3.Over subscribed capital

4. Under subscribed capital


Question:
Secrities Premium can not be applied :

1. For paying dividend to members

2.For issuing bonus shares to members

3.For writing off preliminary expenses of company

4. For writing off discount on issue of debentures


Question:
Securities Premium is shown under which head in the Balance Sheet ?

1. Reserve and Surplus

2. Miscellaneous Expenditure

3. Current Liabilities

4.Share Capital


Question:
Share Allotment Account is :

1.Personal A/c

2.Real A/c

3.Nominal A/c

4.None of these


Question:
Share Application Account is :

1. Personal Account

2. Real Account

3.Nominal/ Account

4.None of these


Question:
Shareholders get:

1.Interest

2. Dividend

3.Commission

4. Profit


Question:
Shares can be forfeited :

1.For failure to attend meetings

2.For non-payment of call money

3.For failure to repay the loan to the Bank

4.For which shares are pledged as a security


Question:
Shares may be issued :

1.At par value

2.At FYemimum

3.At Discount

4.Both (a) & (b)


Question:
The difference between subscribed capital and called up capital is called :

1.Calls-in-arear

2. Calls-in-advance

3. Uncalled capital

4.None of these


Question:
The liability of members in a company is :

1.Limited

2. Unlimited

3.Stable

4.Fluctuating


Question:
The maximum capital beyond which a company is not allowed to raise funds, by issue of shares is called …………..

1.Issued capital

2. Reserve capital

3.Authorised capital

4. Subscribed capital


Question:
The portion of the authorised capital which can be called-up only on the liquidation of the company is called:

1. Issued Capital

2. Called-up Capital

3. Uncalled Capital

4. Reserve Capital


Question:
Total amount of liabilities side includes :

1.Authorised Capital

2. Issued Capital

3.Subscribed Capital

4.Paid-up Capital


Question:
Under the provisions of Companies Act, company can issue:

1.Only equity shares

2.Only preference shares

3. Preference shares and equity shares

4.None of these


Question:
What will be the total assets (except cash) of the firm from the following: if Creditor ₹ 15,000, Partner’s loan ₹ 10,000, Partners’ capital ₹ 40,000. Cash in hand ₹ 5,000

1. ₹ 60,000

2. ₹ 65,000

3. ₹ 70,000

4. ₹ 55,000


Question:
When a company issues shares at a premium, amount of premium may be received by the company :

1. Along with application money

2. Along with application money

3. Along with calls

4.Along with any of the above


Question:
When full amount is due on any call but it is not received, then the short fall is debited to :

1.Calls-in-advance

2.Calls-in-arrear

3. Share Capital

4.Suspense Account


Question:
When shares are forfeited, the Share Capital Account is debited with:

1.Nominal value of Shares

2.Market value of Shares

3.Called-up value of Shares

4.Paid-up value of Shares


Question:
Which one of the following is the registered capital of the company ?

1.Paid-up capital

2.Uncalled capital

3. Authorised capital

4.Issued capital


Question:
Which statement is issued before the issue of shares ?

1.Prospectus

2.Articles of Association

3. Memorandum of Association

4.All of these


Question:
Z & Co. forfeited 100 shares of 10 Rs. each for non-payment of final call of 2 Rs. per share. All the forfeited shares were re-issued at 9 Rs. per share. What amount will be transferred to Capital Reserve A/c ?

1. 700 Rs.

2. 800 Rs.

3. 900 Rs.

4. 1,000 Rs.


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