ICSE XII/MCQ Questions for Class 12 Accountancy set-8 Sample Test,Sample questions

Question:
A company issued ₹ 1,00,000 12% debentures of ₹ 100 each. The amount of interest on debentures will be:

1. ₹ 12,000

2.₹ 1,20,000

3. ₹ 12,00,000

4. None of these

Posted Date:-2022-10-20 07:39:16


Question:
According to which part of Schedule III of the Indian Companies Act, 2013, Indian companies have to prepare Balance Sheet:

1. Part 1

2.Part 2

3. Part 3

4.Part 4

Posted Date:-2022-10-20 09:55:55


Question:
An Annual Report is issued by a company to its:

1.Directors

2.Authors

3. Shareholders

4.Management

Posted Date:-2022-10-20 09:39:49


Question:
As per provisions of Companies Act, 2013 under which Section, the final accounts of a company is prepard :

1. 128

2.210

3.129

4.212

Posted Date:-2022-10-20 09:55:25


Question:
‘Premium on issue of debentures’ is shown in the Balance Sheet on:

1. Assets side

2. Liabilities side

3. None of these

4.All of these

Posted Date:-2022-10-20 07:32:22


Question:
Balance Sheet is a :

1.Account

2.Statement

3.Both (a) and (b)

4.All the above

Posted Date:-2022-10-20 09:45:38


Question:
Balance sheet of companies is now prepared in :

1. Horizontal Form

2. Vertical Form

3. Either (a) or (b) Form

4.None of these

Posted Date:-2022-10-20 09:58:02


Question:
Consideration of Debenture is:

1.Profit

2. Dividend

3. Interest

4.None of these

Posted Date:-2022-10-20 09:26:09


Question:
Contingent Liabilities are exhibited under the heading:

1.Fixed Liabilities

2.Current Liabilities

3. As a footnote

4.None of these

Posted Date:-2022-10-20 09:50:43


Question:
Current Assets on the Assets side of Balance Sheet of a Company includes:

1. Sundry Debtors

2. Cash in hand

3.Stock

4.All of these

Posted Date:-2022-10-20 09:54:55


Question:
Debenture holder gets:

1.Dividend

2. Profit

3. Interest

4. Interest at fixed rate

Posted Date:-2022-10-20 07:34:59


Question:
Debenture holder receives:

1. Dividend

2. Interest

3.Both Dividend and Interest

4. Bonus

Posted Date:-2022-10-20 07:38:26


Question:
Debenture holders are called of the company.

1. Creditors

2. Debtors

3. Owners

4. Bankers

Posted Date:-2022-10-20 07:38:50


Question:
Debenture is the part of:

1.Share Capital

2. Long-term Borrowings

3.Owned Capital

4.None, of these

Posted Date:-2022-10-20 09:25:36


Question:
Debenture premium can be used to :

1.Write off the discount on issue of shares or debentures

2.Write off the premium on redemption of shares or debentures

3. Write off capital loss

4.All of the above

Posted Date:-2022-10-20 07:42:24


Question:
Debentures carries interest at: .

1. 12% p.a.

2.Fixed Rate

3.20% p.a.

4.6% p.a.

Posted Date:-2022-10-20 07:24:43


Question:
Debentures represent:

1.Director’s Share in a Company

2. Investments by Equity Shareholders

3.Long-term Debt of the Business

4.None of these

Posted Date:-2022-10-20 07:23:58


Question:
Debit Balance of Profit & Loss Statement will be shown on:

1. Assets Side of Balance Sheet

2. Liabilities Side of Balance Sheet

3. Under the head Reserve & Surplus

4.Under the head Reserves and Surplus as a negative item

Posted Date:-2022-10-20 09:49:08


Question:
Discount on issue of Debentures should be written off:

1. Out of Securities Premium Account

2.Out of Capital Profits

3.Out of Statements of Profit and Loss

4.In the above order over the period of debentures

Posted Date:-2022-10-20 07:33:51


Question:
Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :

1. ₹ 1.70,000

2. ₹ 1,50,000

3.₹1,10,000

4. ₹ 80,000

Posted Date:-2022-10-20 09:38:23


Question:
F Ltd. purchased machinery for a book value of ₹ 4,00,000. The consideration was paid by issue of 10% Debentures of ₹ 100 each at a discount of 20%. The Debenture Account will be credited by :

1. ₹ 4,00,000

2.₹ 5,00,000

3. ₹ 3,20,000

4.₹ 4,80,000

Posted Date:-2022-10-20 07:34:19


Question:
Financial Statements are :

1.Anticipated facts

2. Recorded facts

3.Estimated facts

4.None of these

Posted Date:-2022-10-20 09:52:11


Question:
Financial statements are the product of accounting process.

1. First

2. Second

3. End

4. None of these

Posted Date:-2022-10-20 09:46:17


Question:
Financial statements disclose :

1. Monetary information

2. Qualitative information

3.Non-monetary information

4.All the above

Posted Date:-2022-10-20 09:46:51


Question:
For a company discount on issue of debentures is :

1.Capital Loss

2.Revenue Loss

3.General Loss

4.None of these

Posted Date:-2022-10-20 07:31:53


Question:
Generally debentures are :

1.Secured

2.Unsecured

3. Partly Secured

4.None of these

Posted Date:-2022-10-20 07:25:13


Question:
Goodwill falls under which category of assets:

1.Current Assets

2.Tangible Assets

3. Intangible Assets

4.None of the above

Posted Date:-2022-10-20 09:50:13


Question:
Loss on issue of debentures is generally written off in :

1.5 years

2.10 years

3.15 years

4. Over the period of redemption

Posted Date:-2022-10-20 07:36:32


Question:
Loss on issue of debentures is recorded as :

1. Intangible Asset

2.Current Asset

3.Current Liability

4.Miscellaneous Expenditure

Posted Date:-2022-10-20 09:28:58


Question:
Patents and copyrights fall under the category of:

1.Current Assets

2.Liquid Assets

3.Intangible Assets

4.None of these

Posted Date:-2022-10-20 09:49:37


Question:
Preliminary expenses are shown in the Balance Sheet under the head:

1.Non-current assets

2.Current assets

3.Non-current liabilities

4.Deducted from securities premium reserve

Posted Date:-2022-10-20 09:47:53


Question:
Preliminary Expenses are shown in the Balance Sheet under which head ?

1. Fixed Assets

2. Reserves and Surplus

3.Loans & Advances

4. None of these

Posted Date:-2022-10-20 09:51:41


Question:
Premium on issue of debentures is a for Company :

1.Revenue Receipt

2.Profit

3.Capital Receipt

4. All of these

Posted Date:-2022-10-20 07:31:22


Question:
Premium on Redemption of Debenture A/c is.:

1. Asset

2. Liability

3. Expense

4. Revenue

Posted Date:-2022-10-20 09:26:42


Question:
Premium on redemption of debentures account is :

1. A real account

2. A nominal account

3. A personal account

4. None of these

Posted Date:-2022-10-20 07:41:47


Question:
Provision for Provident Funds is shown in the Balance Sheet of a company under the head :

1. Reserves and Surplus

2.Non-current Liabilities

3.Provision

4.Contingent Liabilities

Posted Date:-2022-10-20 09:51:11


Question:
Rate of interest on debentures is :

1.12% p.a.

2.20% p.a.

3. Fixed Rate

4. 15% p.a.

Posted Date:-2022-10-20 07:33:16


Question:
Statement of Profit & Loss is also called………:

1.Operating Profit

2.Balance Sheet

3. Income Statement

4. Trading Account

Posted Date:-2022-10-20 09:47:18


Question:
The assets of a business can be classified as :

1. Fixed and Non-fixed Assets

2. Tangible and Intangible Assets

3.Non-Current and Current Asset

4.None of these

Posted Date:-2022-10-20 09:40:55


Question:
The balance of discount on debentures is shown in the Balance Sheet on:

1.Assets side

2. Liabilities side

3.None of these

4. All of these

Posted Date:-2022-10-20 07:32:50


Question:
The profit and loss disclosed by the accounts of a company is:

1.Transferred to share capital account

2.Shown under the head of ‘Current liabilities’ and provisions

3.Shown under the head ‘Reserves and Surplus

4.None of these

Posted Date:-2022-10-20 09:40:23


Question:
The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:

1.Capital Reserve

2.General Reserve

3.Secret Reserve

4.Specific Reserve

Posted Date:-2022-10-20 09:38:55


Question:
The term current assets includes :

1.Stock

2.Debtors

3. Cash

4.All of these

Posted Date:-2022-10-20 09:52:43


Question:
The term financial statements includes :

1.Statement of Profit & Loss

2.Balance Sheet

3. Statement of Profit & Loss and Balance Sheet

4.None of these

Posted Date:-2022-10-20 09:45:03


Question:
Under which heading of Balance Sheet is general reserve shown:

1.Miscellaneous Expenditure

2.Share Capital

3.Reserves & Surplus

4. None of these

Posted Date:-2022-10-20 09:53:42


Question:
When debentures are issued as collateral security, which entry has to be passed ?

1.Debenture Suspense A/c Dr. To Debentures

2.No entry has to be made

3.(a) or (b)

4.None of these

Posted Date:-2022-10-20 07:37:06


Question:
Which of the following is false ?

1.A company can issue redeemable debentures

2.A company can issue debentures with voting rights

3.A company can buy its own shares

4. A company can buy its own debentures

Posted Date:-2022-10-20 09:25:04


Question:
Which of the following is not a part of financial statement of a company ?

1.Profit & Loss A/c

2.Balance Sheet

3. Ledger Account

4. Cash Flow Statement

Posted Date:-2022-10-20 09:53:12


Question:
Which of the following is not required to be prepared under the Companies Act:

1. Statement of Profit & Loss

2.Balance Sheet

3. Anditor’s Report

4.Fund Flow Statement

Posted Date:-2022-10-20 09:37:06


Question:
Which of the following is the element of financial statements?

1.Balance Sheet

2.Profit & Loss A/c

3.Both (a) and (b)

4. None of these

Posted Date:-2022-10-20 09:34:25


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