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

Posted Date:-2022-10-19 02:12:32


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

1.78

2. 79

3.52

4.53

Posted Date:-2022-10-19 02:16:03


Question:
A joint stock company is :

1.An artificial legal person

2.Natural person

3.A general person

4. None of these

Posted Date:-2022-10-19 01:48:40


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.

Posted Date:-2022-10-19 02:17:47


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

Posted Date:-2022-10-19 02:11:34


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

Posted Date:-2022-10-19 02:06:09


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

Posted Date:-2022-10-19 02:22:26


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

Posted Date:-2022-10-19 02:23:02


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

Posted Date:-2022-10-19 02:13:48


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

1. Authorised Capital

2. Issued Capital

3.Subscribed Capital

4.Paid-up Capital

Posted Date:-2022-10-19 02:05:34


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

Posted Date:-2022-10-19 01:43:36


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

Posted Date:-2022-10-19 02:12:01


Question:
Equity shareholders are :

1.Customers

2. Creditors

3.Debtors

4.Owners

Posted Date:-2022-10-19 01:49:15


Question:
Forfeiture of shares results in the reduction of:

1.Paid-up Capital

2. Authorised Capital

3. Fixed Assets

4. Reserve Capital

Posted Date:-2022-10-19 02:10:57


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

Posted Date:-2022-10-19 02:07:46


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

Posted Date:-2022-10-19 02:09:52


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

Posted Date:-2022-10-19 02:21:26


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

Posted Date:-2022-10-19 02:08:48


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

Posted Date:-2022-10-19 01:35:05


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

Posted Date:-2022-10-19 01:35:58


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

Posted Date:-2022-10-19 02:09:15


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

Posted Date:-2022-10-19 01:39:12


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

Posted Date:-2022-10-19 01:38:38


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

Posted Date:-2022-10-19 01:38:01


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

Posted Date:-2022-10-19 02:20:56


Question:
Premium on issue of shares is a :

1.Capital Gain

2. Capital Loss

3.General Profit

4.General Loss

Posted Date:-2022-10-19 02:18:16


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

Posted Date:-2022-10-19 02:18:56


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

Posted Date:-2022-10-19 02:14:59


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

Posted Date:-2022-10-19 02:03:58


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

Posted Date:-2022-10-19 01:40:01


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

Posted Date:-2022-10-19 01:46:04


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

Posted Date:-2022-10-19 02:04:36


Question:
Share Allotment Account is :

1.Personal A/c

2.Real A/c

3.Nominal A/c

4.None of these

Posted Date:-2022-10-19 02:19:31


Question:
Share Application Account is :

1. Personal Account

2. Real Account

3.Nominal/ Account

4.None of these

Posted Date:-2022-10-19 01:45:20


Question:
Shareholders get:

1.Interest

2. Dividend

3.Commission

4. Profit

Posted Date:-2022-10-19 02:17:15


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

Posted Date:-2022-10-19 02:16:43


Question:
Shares may be issued :

1.At par value

2.At FYemimum

3.At Discount

4.Both (a) & (b)

Posted Date:-2022-10-19 02:05:05


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

Posted Date:-2022-10-19 01:42:22


Question:
The liability of members in a company is :

1.Limited

2. Unlimited

3.Stable

4.Fluctuating

Posted Date:-2022-10-19 02:12:58


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

Posted Date:-2022-10-19 02:21:57


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

Posted Date:-2022-10-19 02:20:00


Question:
Total amount of liabilities side includes :

1.Authorised Capital

2. Issued Capital

3.Subscribed Capital

4.Paid-up Capital

Posted Date:-2022-10-19 02:15:34


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

Posted Date:-2022-10-19 02:14:22


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

Posted Date:-2022-10-19 01:34:36


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

Posted Date:-2022-10-19 01:44:36


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

Posted Date:-2022-10-19 01:40:40


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

Posted Date:-2022-10-19 02:08:15


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

Posted Date:-2022-10-19 02:23:37


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

1.Prospectus

2.Articles of Association

3. Memorandum of Association

4.All of these

Posted Date:-2022-10-19 01:42:58


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.

Posted Date:-2022-10-19 02:10:29


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