0

Accountancy

Description: Accounting for UGC Depreciation Financial AccountingBranch AccountingPartnership - Definition, Prevision Relating to Appropriation of Profits, Admission & Retirement of a PartnerSharesCompany AccountsInsurance Companies Accounts
Number of Questions: 25
Created by:
Tags: Accounting for UGC Depreciation Financial Accounting Branch Accounting Partnership - Definition, Prevision Relating to Appropriation of Profits, Admission & Retirement of a Partner Shares Company Accounts Insurance Companies Accounts
Attempted 0/25 Correct 0 Score 0

Directions: Choose the correct option for the given question.

Which of the following depreciation methods doesn't bring the value of asset to zero?

  1. Annuity method

  2. Diminishing value method

  3. Fixed installment method

  4. None of these


Correct Option: B

Directions: Choose the correct option for the given question.

Which of the following methods for providing depreciation is not a calendar year method?

  1. Sum of the Year Method

  2. Depletion Method

  3. Fixed Installment Method

  4. None of these


Correct Option: B

Directions: Choose the correct option for the given question.

Which account will be debited, when materials are purchased under joint venture?

  1. Joint bank account

  2. Joint venture account

  3. Co-ventures account

  4. None of these


Correct Option: B

Directions: Choose the correct option for the given question.

Which account will be credited in the books of consignor, when expenditure incurred to the consignee in connection with the consignment?

  1. Bank account

  2. Consignment account

  3. Consignee account

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

A branch account is a personal account under which of the following methods?

  1. Synthetic system

  2. Analytical system

  3. Final account system

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

Under which of the following methods, branch account is not necessary for calculating branch profit?

  1. Analytical system

  2. Final account system

  3. Synthetic system

  4. None of these


Correct Option: A

Directions: Choose the correct option for the given question.

A and B are partners, sharing profits and losses in the ratio of 2:1. They decided to change their profit sharing ratio to 3:1. What is the loss of B?

  1. 1/9

  2. 1/7

  3. 1/8

  4. 1/12


Correct Option: D

Directions: Choose the correct option for the given question.

In which of the following processes 'revaluation account' is not prepared?

  1. Admission of partner

  2. Retirement of partner

  3. Dissolution of firm

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

Unrecorded assets are mentioned in .............. account/ statement.

  1. balance sheet

  2. P & L account

  3. revaluation account

  4. none of these


Correct Option: C

Directions: Choose the correct option for the given question.

For what purposes, share premium account can be used?

  1. To conduct the bonus issue

  2. To write off the preliminary expenses

  3. To write off discount on issue of shares

  4. All of the above


Correct Option: D

Directions: Choose the correct option for the given question.

�Maximum method' is used for

  1. piecemeal distribution

  2. revaluation of assets and liabilities

  3. adjustment of capital of partners

  4. none of these


Correct Option: A

Directions: Choose the correct option for the given question.

Which method, for providing depreciation, is suitable for live stocks?

  1. Revaluation method

  2. Double decline method

  3. Reducing installment method

  4. None of these


Correct Option: A

Directions: Choose the correct option for the given question.

Which of the following sources is not used for redemption of preference shares?

  1. Profit

  2. Fresh Issue

  3. Debenture issue

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

Which of the following methods is not used for calculating purchase consideration?

  1. Net Asset Value

  2. Share Exchange Method

  3. Net Payment Method

  4. None of these


Correct Option: D

Directions: Choose the correct option for the given question.

'Goodwill' will be shown in the balance sheet of a company under

  1. Fixed Assets

  2. Fictitious Assets

  3. Loans and advances

  4. None of these


Correct Option: A

Directions: Choose the correct option for the given question.

'Unclaimed dividend' is positioned in the balance sheet of a company under

  1. Secured Creditors

  2. Provisions

  3. Current Liabilities

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

In which of the following purposes 'Capital Redemption Reserve Account' is used?

  1. Declaring Bonus Issue

  2. Can be transferred to general reserve

  3. To write off fictitious assets

  4. None of these


Correct Option: A

Directions: Choose the correct option for the given question.

Balance of share forfeiture account becomes

  1. Capital reserve

  2. Reserve Capital

  3. Either (1) or (2)

  4. None of these


Correct Option: A

Directions: Choose the correct option for the given question.

---------- is termed as 'Technical account' while preparing the final account of an insurance company.

  1. Share holders' account

  2. Policy holders' account

  3. Both (1) and (2)

  4. None of these


Correct Option: B

Directions: Choose the correct option for the given question.

Which of the following schedules will not be considered for total while preparing the balance sheet of a banking company?

  1. Schedule 10

  2. Schedule 11

  3. Schedule 12

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

Debts overdue for a period of exceeding 18 months should be treated as

  1. standard assets

  2. sub-standard assets

  3. loss assets

  4. doubtful assets


Correct Option: D

Directions: Choose the correct option for the given question.

Which of the following schedules will be written in revenue account of an insurance company?

  1. Schedule 10-14

  2. Schedule 5-8

  3. Schedule 1-4

  4. None of these


Correct Option: C

Directions: Choose the correct option for the given question.

When sinking fund exists, interest on own debenture will be transferred to

  1. profit and loss account

  2. sinking fund account

  3. either (1) or (2)

  4. none of these


Correct Option: B

Directions: Choose the correct option for the given question.

Which of the following heads of balance sheet of a company will be affected, when bonus issue was declared?

(i) Share Capital (ii) Reserve and Surplus (iii) Current Liabilities and Provision

  1. (i) & (ii)

  2. (ii) & (iii)

  3. (i) & (iii)

  4. All of the above


Correct Option: A

Directions: Choose the correct option for the given question.

At the time of amalgamation 'capital reserve or goodwill' account is opened in the books of --------- Co.

  1. Transferor Company

  2. Transferee Company

  3. Both (1) and (2)

  4. None of these


Correct Option: B
- Hide questions