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Question-1
Assets which are acquired for permanent use in the business and are not meant for resale are called________________.
(A)
Authorized capital
(B)
Issued capital
(C)
Fluctuating asset
(D)
Fixed asset
Question-2
--------------------- is prepared in order to indicate the Financial position of the company as on the last data of the trading period.
(A)
Lost Accounting
(B)
Trading Account
(C)
Profit & Loss A/C
(D)
Balance Sheet
Question-3
Every company must prepare Final accounts ----------------------- year.
(A)
Half Yearly
(B)
Quarterly
(C)
Two
(D)
Every
Question-4
According to Income Tax Act 1961, it is compulsory to provide income tax as per rate on dividend distributed to share holders as per prescribed rates. It is called ------------------
(A)
Interim Dividend
(B)
Proposed Dividend
(C)
Final Dividend
(D)
Corporate Dividend
Question-5
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-6
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-7
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-8
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-9
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-10
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
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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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