Corporate Accounting Set 17
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This set of Corporate Accounting Multiple Choice Questions & Answers (MCQs) focuses on Corporate Accounting Set 17
Q1 | ……….is an agreement between two insurance companies whereby one transfers a part of risk to other.
- Reinsurance
- Sub insurance
- Shared Policy
- None of these
Q2 | The commission given by insurance companies to others for receiving business under reinsurance is called …………………
- Commission on reinsurance accepted
- Agents’ commission
- Commission on reinsurance ceded
- None of these
Q3 | Profit and Loss Account of General Insurance Companies are prepared in …………
- Form A‐PL
- Form B‐RA
- Form B‐PL
- Form B‐BS
Q4 | Section ….. of the Companies Act deals with issue of bonus shares
- 63
- 73
- 68
- 70
Q5 | When 4,000 equity shares of Rs.10 each is bought back at Rs.20 per share,the amount to be transferred to Capital Redemption Reserve is
- 80,000
- 40,000
- 4,000
- none
Q6 | A contract that evidences a residual interest in the assets of an undertakingafter deducting all its liabilities is called
- bilateral contract
- equity instrument
- standard instrument
- none
Q7 | Bonus shares can be issued only on getting approval of
- articles of the company
- board of directors
- shareholders
- all
Q8 | Unsecured debentures are otherwise known as……. Debentures
- simple
- mortgage
- complex
- none
Q9 | Ind AS 28 deal with……..
- investments in association and joint ventures
- investment in parent company
- investment in subsidiary company
- investment in foreign company
Q10 | The new Electricity Act was passed in the year…
- 2003
- 2008
- 2004
- 2000
Q11 | IFRS….. deals with business combination
- IFRS 4
- IFRS 3
- IFRS 6
- none
Q12 | The principle of subrogation is applicable to……………
- Fire Insurance
- Marine Insurance
- Burglary Insurance
- All of the
Q13 | Capital redemption reserve and security premium can be utilised for issuing………bonus shares
- fully paid
- partly paid
- fully paid or partly paid
- none
Q14 | In case of buyback of shares by a listed company, the letter of offer to theshareholders shall be dispatched not earlier than –
- 10 days from its submission to the SEBI in draft form
- 15 days from its submission to the SEBI in draft form
- 21 days from its submission to the SEBI in draft form
- 30 days from its submission to the SEBI in draft form
Q15 | Under double account system, fixed assets are shown at…..
- original cost
- historical cost
- future cost
- none
Q16 | Own debenture account will appear on the …… side of B/S
- Liability
- asset
- both side
- none
Q17 | The most important income of a bank is
- commission
- interest
- registration fee
- locker rent
Q18 | Under Ind AS 103, assets and liabilities are recorded at
- fair value
- book value
- intrinsic value
- none
Q19 | When the directors refund the fees already received by them,……. a/c iscredited.
- cash
- Capital reduction
- directors
- fees
Q20 | In the case of marine hull insurance, reserve for unexpired risk is to bemaintained @....... %of net premium
- 50%
- 80%
- 100%
- 20%
Q21 | The cost of replacing an asset in its original condition is known as……
- replacement cost
- revaluation cost
- revenue cost
- reconstruction cost
Q22 | The method of rapidly posting entries in the books of banks is called as ……….
- Single Entry
- Cash Method
- Slip System
- None of these
Q23 | The P&L A/c of Banking Companies are prepared as per …………. of Banking Regulation Act.
- Form A of Schedule III
- Form B of Schedule III
- Form A of Sch edule VI
- Form B of Schedule VI
Q24 | …….. deals with separate financial statements.
- Ind AS 110
- Ind AS 100
- Ind AS 112
- Ind AS 120
Q25 | The pre- acquisition loss of subsidiary should be deducted from …….. whilecalculating net assets
- share capital
- equity share capital
- debentures
- none