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Question-1
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-2
Identity the Year of Income Tax Act.
(A)
1951
(B)
1947
(C)
1961
(D)
1971
Question-3
Dividend proposed by the directors whether for preference shares or equity shares is termed as --------------------
(A)
Interim dividend
(B)
Proposed Dividend
(C)
Final Dividend
(D)
Corporate Dividend
Question-4
Identify the current liabilities from the following items.
(A)
Bills receivable
(B)
Sundry debtors
(C)
Loans & Advances
(D)
Bills payable
Question-5
Identify the items are recorded in the credit side of profit & loss Appropriation A/C from the following.
(A)
Balance of loss of the last year brought forward
(B)
Net loss of the current year
(C)
Transfer from such reserves which are in excess than normal requirements.
(D)
Interim dividend
Question-6
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-7
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-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
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-10
______________ are the final product of accounting work done during the accounting period.
(A)
Bank Account
(B)
Current Account
(C)
Final Account
(D)
Cost Accounts
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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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