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Question-1
Which of them are recorded in the debit side of profit & loss Appropriation Account?
(A)
Transfer to various reserves such as General Reserve
(B)
Balance of profit of the last year brought forward
(C)
Net profit of the current year
(D)
Transfer from such reserves which are in excess than normal requirement
Question-2
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-3
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-4
Which one of the item appeared on the liabilities side of the Balance Sheet?
(A)
Authorized capital
(B)
Goodwill
(C)
Land
(D)
Buildings
Question-5
Which of the items are recorded in the credit side of profit & Loss Appropriation Account?
(A)
Balance of loss of the last year brought forward (if any)
(B)
Net loss of the current year
(C)
Transfer to various reserve such as General reserve.
(D)
Balance of profits of the last year brought forward (if any)
Question-6
Identity the Year of Income Tax Act.
(A)
1951
(B)
1947
(C)
1961
(D)
1971
Question-7
______________ 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-8
If up to 10% of the paid up capital as proposed Dividend what will the percentage of profit transferred to Reserves.
(A)
2.5%
(B)
5%
(C)
7.5%
(D)
Nil
Question-9
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-10
_____________ 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
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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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