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Question-1
Identity the Year of Income Tax Act.
(A)
1951
(B)
1947
(C)
1961
(D)
1971
Question-2
______________ 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-3
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-4
Proposed Dividend Exceeding 10% but not more than 12.5% of paid up capital then what will be the percentage of profits transferred to reserves.
(A)
2.5%
(B)
5%
(C)
7.5%
(D)
Nil
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
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-7
_____________ 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-8
Which one is appeared in the Profit & Loss Account ?
(A)
Only Expenses and losses of current year
(B)
Balance of last years profit during the year.
(C)
It is intended to show how the total profits of the enterprise are appropriated.
(D)
Opening and closing balance is found in that Account
Question-9
Which of the items are recorded in the credit side of profit & loss Appropriation A/C.
(A)
Net loss of the current year
(B)
Transfer to various reserve such as General Reserve
(C)
Interim Dividend
(D)
Net profit of the current year
Question-10
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%
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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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