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Question-1
_____________ are liabilities which have not arisen, but may arise upon the happening of a certain event.
(A)
Current liabilities
(B)
Current provision
(C)
Contingent liabilities
(D)
Current Asset
Question-2
Proposed Dividend Exceeding 12.5% but not more than 15% of the paid up capital. What will be the percentage of profits transferred to Reserve?
(A)
2.5%
(B)
5%
(C)
7.5%
(D)
10%
Question-3
Dividend proposed by the directors is declared by shareholders at the annual general meeting. After the declaration the proposed dividend is termed as -----------------
(A)
Interim Dividend
(B)
Proposed Dividend
(C)
Final Dividend
(D)
Corporate Dividend
Question-4
Which item are recorded in the debit side of profit & loss Appropriation A/C?
(A)
Balance of profit of the last year brought forward
(B)
Net profit of current year
(C)
Transfer from such reserves which are (i) excess than normal requirement
(D)
Net loss of the current year
Question-5
If loans have not been taken on the security of any asset of the company, such loans are called -----------------.
(A)
Unsecured loan
(B)
Loans and Advances
(C)
Secured loans
(D)
Current Asset
Question-6
Proposed Dividend Exceeding 20% of the paid up capital. Then identify the percentage of profit transferred to Reserve.
(A)
2.5%
(B)
5%
(C)
7.5%
(D)
10%
Question-7
Which of them are recorded in the debit side of profit & loss Appropriation Account?
(A)
Balance of profit of the last year brought forward
(B)
Balance of loss of the last year brought forward
(C)
Net profit of current years
(D)
Transfer from such reserves which are in excess than normal requirement.
Question-8
Which one of the item appeared on the liabilities side of the Balance Sheet?
(A)
Authorized capital
(B)
Goodwill
(C)
Land
(D)
Buildings
Question-9
______________ are the final product of accounting work done during the accounting period.
(A)
Bank Account
(B)
Current Account
(C)
Final Account
(D)
Cost Accounts
Question-10
The account showing the disposal of profit is called --------------------.
(A)
Profit & Loss Account
(B)
Profit & loss Appropriation Account
(C)
Trading Account
(D)
Current Account
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
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