Corporate Accounting Set 24
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This set of Corporate Accounting Multiple Choice Questions & Answers (MCQs) focuses on Corporate Accounting Set 24
Q1 | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ declared between two annual general meeting is known as interim dividend
- Interest
- Dividend
- Final dividend
- Unclaimed dividend
Q2 | Dividend declared between two annual general meeting is known as ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- Final dividend
- Unclaimed dividend
- Interim dividend
- None of these.
Q3 | Calls in advance is shown on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the balance sheet
- Asset side
- Credit side
- Liability side
- Debit side
Q4 | Preliminiary expenses incurred on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of a company.
- Formation
- Fluctuation
- Absorption
- Amalgamation
Q5 | A Banking company should transfer ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of its profits to a statutory reserve.
- 20%
- 25%
- 15%
- 10%
Q6 | A banking company should transfer 25% of its profits to a ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- General reserve
- Capital reserve
- Statutory Reserve
- Reserve fund
Q7 | A ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ company should transfer 25% of its profits to a statutory reserve
- Joint stock company
- Insurance company
- Private limited company
- Banking company
Q8 | Rebate on bills discounted is a ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the Banking company.
- Liability
- Assets
- Expense
- Income
Q9 | Rebate on bills discounted is shown on the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ side of the balance sheet
- Asset
- Liability
- Credit
- Debit
Q10 | Rebate on bills discounted is shown on the liability side of the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- Profit and loss account
- Income statement
- Balance sheet
- None of these.
Q11 | Bills discounted is an ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the banking company
- Asset
- Liability
- Income
- Expense
Q12 | Banks are required to transfer ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of their profits to a statutory Reserve.
- 25%
- 205
- 15%
- 10%
Q13 | Rebate on bills discounted is ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- An item of income
- Income received in advance
- An asset
- Income accrued
Q14 | Banking business in India is largely governed by the Banking Regulation Act‐‐‐‐‐‐‐‐‐
- 1932
- 1956
- 1949
- 1938
Q15 | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ in India is largely governed by the Banking Regulation act 1949.
- Insurance business
- Banking business
- Joint Stock company
- Cooperative society.
Q16 | Banking business in India is largely governed by the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- Partnership Act
- Companies Act
- Insurance Act
- Banking Regulation Act
Q17 | A ‐‐‐‐‐‐‐‐‐‐‐‐ loan is payable on demand
- Short term Loan
- Demand Loan
- Fixed Loan
- Long term Loan
Q18 | A demand Loan is payable on ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- Demand
- At any time
- After one year
- After six months
Q19 | Revenue reserve means any reserve other than ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ reserve.
- General
- Capital
- Capital Redemption
- Other reserve.
Q20 | Money at call and short notice is an ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the Banking company.
- Liability
- Asset
- Income
- Expense
Q21 | Banks show provision for income tax under the head
- Contingency Account
- Other liabilities
- Contingent liabilities
- None of these.
Q22 | Contingency funds have been grouped in the balance sheet under the head ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
- Other liabilities
- Provisions
- Current liabilities
- Current liabilities and provisions.
Q23 | No profits and Loss Appropriation Account is prepared in case of a ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ company.
- Company
- Partnership
- Banking company
- None of these,
Q24 | Banks are required to prepare final accounts for each ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ year
- Financial year
- Calendar year
- Previous year
- None of these.
Q25 | A company required to prepare in profit & loss Account according to ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ in to IIIschedule to the banking regulation Act.
- Form A
- Form B
- Form C
- Form D