Corporate Accounting Set 23

Bachelor of Business Administration (BBA),

Bachelor of Commerce (B Com)

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This set of Corporate Accounting Multiple Choice Questions & Answers (MCQs) focuses on Corporate Accounting Set 23

Q1 | Final accounts of the companies is prepared under the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • Partnership Act 1932
  • Insurance Act 1938
  • Companies Act 1956
  • Banking Regulation act 1949
Answer: Companies Act 1956
Q2 | Requirements given in part II of the schedule VI apply to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • The Trading Account
  • The Profit and Loss Account
  • The balance sheet
  • Final Accounts
Answer: The Profit and Loss Account
Q3 | Requirements given in part I of schedule VI apply to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • Income statement
  • Statement of profit or loss
  • Balance sheet
  • Final accounts
Answer: Balance sheet
Q4 | Requirements given in part II of ‐‐‐‐‐‐‐‐‐‐‐‐‐apply to statement of profit or loss
  • Schedule III
  • Schedule IV
  • Schedule V
  • Schedule VI
Answer: Schedule VI
Q5 | Requirements given in part I of ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ apply to Balance sheet
  • Schedule I
  • Schedule VI
  • Schedule II
  • Schedule V
Answer: Schedule VI
Q6 | Ordinarily ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ are not available for the distribution of dividend.
  • Revenue profits
  • Capital profits
  • Gross profit
  • Net profit
Answer: Capital profits
Q7 | Ordinarily ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ are available for the distribution of dividend.
  • Revenue profits
  • Capital profits
  • Gross profit
  • Trading profits
Answer: Revenue profits
Q8 | Dividend paid or declared are subject to corporate dividend Tax @ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ as per recentfinance Act.
  • 12.5%
  • 17%
  • 15%
  • 10%
Answer: 17%
Q9 | Dividend paid or declared are subject to corporate Dividend Tax @ 17% as per recent ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • Finance Act
  • Companies Act
  • Partnership Act
  • Insurance Act
Answer: Finance Act
Q10 | Dividend paid are subject to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Tax @ 17% as per recent Finance Act
  • Income Tax
  • Gift Tax
  • Corporate Dividend Tax
  • None of these
Answer: Corporate Dividend Tax
Q11 | Assets in to Balance sheet of a limited company are arranged in order of :‐
  • Liquidity
  • Permanence
  • Durability
  • Turnover
Answer: Permanence
Q12 | Calls in arrear is shown on the liability side of the balance sheet:‐
  • Under the heading current liabilities
  • Under the head current assets
  • Under the head fixed assets
  • By deducting the amount from the called up capital
Answer: By deducting the amount from the called up capital
Q13 | Fictitious assets are shown on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐side of the balance sheet.
  • Liability side
  • Income
  • Balance sheet
  • Assets
Answer: Assets
Q14 | Fictitious Assets shown on the Asset side of the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • Project and loss account
  • Income statement
  • Balance sheet
  • Revenue account.
Answer: Balance sheet
Q15 | Fictitious Assets are shown on the asset side of the balance sheet of a company under the heading ‐‐‐‐‐‐‐‐‐‐‐
  • Fixed assets
  • Current assets
  • Tangible assets
  • Miscellaneous Expenditure
Answer: Miscellaneous Expenditure
Q16 | Goodwill incase of a joint stock on the assets side under the heading of ‐‐‐‐‐‐‐‐‐‐
  • Fixed assets
  • Current Assets
  • Tangible assets
  • Intangible assets
Answer: Fixed assets
Q17 | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ in case of a joint stock company is shown on the Asset side under heading of intangibleassets
  • Goodwill
  • Plant & machinery
  • Land
  • Building
Answer: Goodwill
Q18 | Goodwill in case of a joint stock company is shown on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ side under the heading ofintangible assets
  • Liability side
  • Asset side
  • Credit side
  • Debit side
Answer: Asset side
Q19 | Share forfeited Account is shown on the liabilities side of the balance sheet‐‐‐‐‐‐‐‐‐‐‐‐
  • By adding to the paid up capital
  • Under the head reserves and surpluses
  • Under the head current liabilities
  • Under the head current Assets
Answer: By adding to the paid up capital
Q20 | Unclaimed dividend is shown on the liability side of the balance sheet under the heading:‐
  • Reserves & Surpluses
  • Current liabilities
  • Provisions
  • Unsecured Loans.
Answer: Current liabilities
Q21 | Unclaimed dividend is shown on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the balance sheet
  • Assets side
  • Credit side
  • Liability side
  • Debit side
Answer: Liability side
Q22 | Uncliamed dividend is shown on the liability side of the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ under the heading currentliabilities.
  • Profit and loss account
  • Income statement
  • Revenue Account
  • Balance sheet
Answer: Balance sheet
Q23 | The difference between Gross dividend receivable and dividend received is debited to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐
  • Tax deducted at source
  • Dividend deducted at source
  • Interest deducted at source
  • None of these.
Answer: Tax deducted at source
Q24 | The difference between ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ receivable and dividend received is debited to tax deducted atsource.
  • Gross dividend
  • Net dividend
  • Average dividend
  • Final dividend
Answer: Gross dividend
Q25 | Dividend declared between two ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ is known as interim dividend
  • Annual general meeting
  • Directors meeting
  • Special meeting
  • Board meeting
Answer: Annual general meeting
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