T.Y. BCOM (SEM V) FINANCIAL ACCOUNTING MCQ Question bank 2020

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              T.Y,BCOM (SEM V) FINANCIAL ACCOUNTING  Question Bank 2020


                                                              

  1.Calls in arrears is to be ______
(a) Shown as Debtors
(b) reduced from share capital
(c) shown as Investments
(d) Ignored
 
2. The Liabilities of companies are divided ____needs.
(a)  4
(b) 5
(c) 6
(d) 3
 
3. The unpaid interest on loan is____
(a) loan
(b) current liabilities
(c) reserve
(d) contingent liabilities
 
4. Schedule II provides for _____.
(a) Depreciation
(b) Capital
(c) Loan
(d) Assets


    5. Which of the following items do not come under, reserves and surplus ___.
    (a) Capital Redemption Reserve
    (b) General reserve
    (c) Provident Fund
    (d) Sinking Fund
 
6. In Balancesheet, securities premium should be shown under _____.
(a) Share Capital
(b) Reserves and Surplus
(a)Current Liabilities
(a) Fixed Assets
 
7. The uncalled amount in investment in shares is shown as ____.
(a) Investment
(b) Contingent Liabilities
(c) Current Assets
(d) Current Liabilities
 
8. In Balancesheet, securities premium should be shown under _____.
(a) Share Capital
(b) Reserves and Surplus
(c) Current Liabilities
(d) Fixed Assets
 
9. The extract of balancesheet format profile is specified in Part ____ of Schedule III. 
(a) 1
(b) 2
(c) 3
(d) 4


10. Any amount payable within 12 months from date of balancesheet is called ____. 
(a) Capital
(b) Loan
(c) Contingent Liabilities
(d) Current Liabilities
 
11. Schedule III requires Profit and Loss Account to be prepared in
(a) Horizontal Form
(b) Vertical Form
(c) Convenient Form
(d) Column Form
 
12. Recommendation and declaration is necessary for ____.
(a) Final Dividend
(b) Interim Dividend
(a)Interest on Debentures
(a) none of the above
 
13. The example of accounting policy is ____.
(a) Consistency
(b) Going Concern
(a)Accrual
(a) Depreciation
 
14. Retained Earnings is the amount of ______.
(a) Profit after tax less dividend
(b) Profit before tax less dividend
(a)Profit before depreciation
(a) Profit after depreciation

15. As per AS-1, disclosure should be made of _____. 
(a) All accounting principles
(b) All accounting policies
(b) All accounting concepts
(b) All significant accounting policies
 
16. Unclaimed dividend is shown under _____.
(a) Current Liability
(b) Secured Loans
(a) Provisions
(a) Reserves
 
17. Final Dividend can be declared by _____.
(a) Shareholders only
(b) Directors only
(a) Stock Exchange
(a) None of the above
 
18. Payment to auditor should be shown in ____.
(a) Profit and Loss A/c
(b) Trading A/c
(a)Statement of Profit and Loss
(a) None of above
 
19. Live Stock is shown under _____.
(a) Current Assets
(b) Fixed Assets
(a)Investments
(a) Current Liabilities


20. Short term loan is the loan due for not more than ___. 
(a) 2yrs
(b) 1yr
(b)5yrs
(b) 3yrs
 
21. Net Block of Fixed Assets is shown under ______. 
(a) Horizontal Balancesheet
(b) Vertical Balancesheet under Fixed Assets 
(c)Schedule of Capital
(d) None of above
 
22. Prepaid Insurance is shown under _____
(a) Current Assets
(b) Loans and Advances
(a)Current Liabilities
(a) Secured Loans
 
23. Advance Tax is shown under ______.
(a) Current Liabilities
(b) Provisions
(a)Loans and Advances
(a) Current Assets
 
24. Dividend is calculated on ____.
(a) Paid up capital
(b) Called up capital
(a)Calls in Arrears
d) None of the above


25. Accounting policies are prescribed by ______.
(a) Companies Act
(b) AS1
(a)Income Tax Act
(a) Sales Tax Act
 
26. Interim dividend of a company can be declared by ____.
(a) Shareholders
(b) Board of Directors
(c) M.D
(d) SEBI
 
27. Following is not a fixed asset ____.
(a) Livestock
(b) Patents
(a)Loose Tools
(a) Machinery
 
28. Bank Deposits with more than 12 months maturity are disclosed under 
(a) Other Financial Assets
(b) Investments
(b)Loans
(b) Advances
 
29. Debit balance on statement of profit and loss is shown under
(a) other equity
(b) Reserve & Surplus
(a)Current Assets
(a) Miscellaneous expenditure


30. Depreciation is provided as per the provision of ___.
(a) Schedule III
(b) Schedule II
(a)Schedule VI
(a) Schedule IX
 
31. Share option outstanding is shown under
(a) Equity
(b) Other equity
(a)Borrowings
(a) Investment
 
32. Following is not shown under current asset, loans and advances ____ .
(a) Closing Stock
(b) Bills Receivables
(c) Balance balance
(d) Preliminary expenses
 
33. When demand for tax is raised by the Income tax department and accepted by the company it is ______.
(a)Dr to profit and loss a/c and Cr. To provision for tax a/c
(a) It is shown as a contingent liability
(a)It is credited to profit and loss A/c
(a) It is debited to tax paid A/c
 
34. Following item cannot be shown under provision ____.
(a) Provision for bad debts
(b) Provision for taxation
(a)Provision for dividend
(a) Unclaimed dividend


35. Following is not a secured loan _____.
(a) Naked Debentures
(b) Mortgage Debtentures
(c) Mortagage Loans from Bank
(d) None of the above
 
36. When demand for tax is raised by the Income Tax Department _____. 
(a) No entry is passed
(b) it is shown as a contingent liability
(c) It is debited to profit and loss a/c
(d) it is debited too tax paid A/c
 
37. In the event of profit remuneration to M.D. shall be maximum
(a) 3% of net profit
(b) 7.5% of net profit
(a)5% of net profit
(a) 10% of net profit
 
38. Managerial remuneration is governed by
(a) Section 197
(b) Section 23
(a)Section 320
(a) Section 350
 
39. A Company is empowered to declare and pay interim dividend as per 
(a) Section 123
(b) Section189
(b)Section 350
(b) Section 2


40. In case of profit overall managerial remuneration shall not exceed.
(a) 12.5%
(b) 11%
(a)15%
(a) 5%
 
41. Forfeited shares is _____.
(a) Added to paid up share capital
(b) Deducted from paid up capital
(a)shown under reserve and surplus
(a) none of above
 
42. The company has 5% Govt. Securities having face value of $1,00,000 and Cost $95,000. The interest on Government Securities will be ____.
(a) 5,000
(b) 4,750
(a)9,750
(a) None of above
 
43. Uncalled amount on partly paid shares is shown under ____.
(A) A note to balancesheet
(b) Investment
(c) Share Capital
(d) provision
 
44. Bills Receivable is shown under ____.
(a) Current Liabilities
(b) Contingent liabilities
(a)Loans and Advances
(a) Current Assets


45. The requirements for final account of companies are specified in schedule ____. 
(a) I
(b) III
(b)XIII
(b) XIV
 
46. The transfer to reserve is
(a) 10%
(b) voluntary
(a)15%
(a) 25%
 
47. Payment of reconstruction expenses is debited to ____.
(a) Profit and Loss A/c
(b) Capital Reduction A/c
(c) Cash A/c
(d) Goodwill A/c
 
48. Interest accrued but not due on Loans is shown under_____.
(a) Current Liabilities
(b) Secured Loans
(a)Unsecured Loans
(a) None of the above
 
49. Repairs to building must be shown as a _____.
(a) Separate item on debit side of profit & loss A/c
(b) Separate item on credit side of profit & loss A/c
(a)Addition to other expenses on debit side of Profit & loss A/c
(a) None of the above


50. Cost of construction of building under construction is shown under ____.
(a) Miscellaneous expenditure
(b) Capital WIP
(c) Profit and Loss A/c
(d) Share Capital

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https://www.surajpateleducation.com/2021/03/tybcom-financial-accounting-mcq-with.html

 

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https://www.surajpateleducation.com/2021/01/marketing-research-tybcom-mcq-pdf.html


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https://www.surajpateleducation.com/2020/12/human-resource-management-tybcom-mcq.html

 

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https://www.surajpateleducation.com/2020/12/cost-accounting-tybcom-mcq-pdf.html

 

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https://www.surajpateleducation.com/2020/12/business-economics-tybcom-mcq-pdf.html

 

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