Wednesday , September 29 2021

Company Accounts MCQs- Part 1

Company Accounts Multiple Choice Questions MCQs for competitive and Accountant Jobs
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1. The capital of a company is divided into units which are called:

A) Debenture

B) Share

C) Stock

(D) Bond

Answer

Share
  

2. A Forfeited Share can:    

A) Not be re-issued at discount

(B) Re-issued at a maximum discount of 10%

C) Be re-issued at a maximum discount equal to the amount forfeited

Answer

Be re-issued at a maximum discount equal to the amount forfeited
  

3. Which one of the following is not a part of subscribed capital:

A) Equity shares issued to the vendor

(B) Preference shares of the convertible type

C) Forfeited shares

(D) Bonus shares

Answer

Forfeited Share
  

4. An artificial person created by Law is called:

A) Sole Tradership

(B) Partnership Firm

C) Company

D) All of the Above

Answer

Company
  

5. Minimum number of members in a Public Company:
A) 7
B) 2
C) 5
D) 3

Answer

7
  




6. The profit on reissue of forfeited shares is transferred to:
A) General Reserve
B) Capital Redemption Reserve
C) Capital Reserve
D) Revenue Reserve

Answer

Capital Reserve
  

7. Arrange the following in proper sequence as types of “Share Capital”
A) Paid-up capital
B) Issued capital
C) Subscribed capital
D) Called up capital

Answer

Issued, Subscribed, Called –up, Paid-up.
  

8. Formed by special act of the legislature or parliament Called
A) Chartered companies
B) Guarantee the company
C) Statutory Company
D) None of the options

Answer

Statutory Company
  

9. When forfeited shares are re-issued the amount of discount allowed on these shares cannot exceed:
A) 10% of called-up capital per share
B) 6% of paid-up capital per share
C) The amount received per share on forfeited shares
D) The unpaid amount per share on forfeited shares.

Answer

The amount received per share on forfeited shares.
  

10. The maximum limit of premium on shares is:
(A.) 32%
(B.) 20%
(C.) No limit
(D.) 100%

Answer

No Limit
  




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