Financial Account MCQ PDF | Mumbai University Financial Account MCQ

Financial Account Basic Most Importance MCQ For

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F.Y.BAF, S.Y.BAF, T.Y.BAF .

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Q. 1. Unclaimed Dividend is shown under __
A.   Current Assets
B.   Fixed Liabilities
C.   Current Liabilities
D.   Contingent
ANS: C
 
Q.2.The capital reduction means reduction in which value of share
A.   paid-up capital
B.   uncalled capital
C.   called capital
D.   authorized capital
ANS: B
 
Q.3. Capital Reduction requires
A.   Interim order
B.   Company order
C.   Court order
D.   Manager order
ANS: B
 
Q.4.Fictitous assets are written off to
A.   Company A/c
B.   Capital A/c
C.   Assets A/c
D.   Capital Reduction A/c
ANS: C
 
Q.5.Bills Receivable are shown under
A.   Capital
B.   Loans and advances
C.   Current liabilities
D.   Loans
ANS: B
 
Q.6. The example of accounting policy is
A.   Consistency
B.   Going concern
C.   Accrual
D.   Depreciation
ANS: D
 
Q.7.Following is not a fixed asset
A.   Goodwill
B.   Machinery
C.   Vehicles
D.   Loose tools
ANS: D
 
Q.8.Capital Reduction is implemented per section ___ of companies Act
A.   77
B.   75
C.   80
D.   66
ANS: D
 
Q.9. Maximum buy back in a year can be __%
A.   10%
B.   20%
C.   25%
D.   30%
ANS: C
 
Q.10.The cost of investment sold is to be calculated as per ____method.
A.   FIFO
B.   LIFO
C.   Weighted Average
D.   Simple Average
ANS: C
 
Q.11. Bonus shares recieved increases
A.   Nominal value of shares held
B.   Cost of shares held
C.   Market Value of shares held
D.   face value of shares
ANS: B
 
Q.12.Buy-back must be authorised by
A.   Memorandum of Association (M/A)
B.   Auditors of company
C.   Article of Association (A/A)
D.   Central government
ANS: A
 
Q.13 The following is not free Reserve
A.   General Reserve
B.   Profit and Loss A/c
C.   Revaluation Reserve
D.   Dividend Equalisation Reserve
ANS: C
 
Q.14.The existing 1000 shares of Rs.100 each altered to 10000 shares of Rs.10 each is
A.   Consolidation
B.   Subdivision
C.   Conversion
D.   Surrender
ANS: A
 
Q15.In the event of profit remuneration to part time director,when there is no MD is maximum
A.   5% of net profit
B.   3% of net profit
C.   9% of net profit
D.   11% of net profit
ANS: B
 
Q.16The asset which is intangible is
A.   Railway siding
B.   Patent and copyright
C.   Building
D.   Vehicles
ANS: B
 
Q.17. Opening Balance of profit and loss A/c was Rs.7500, Dividend paid Rs. 1500,ending balance of Profit and loss A/c was Rs. 5000,Net income/Net loss was
A.   Loss Rs.1000
B.   Net loss Rs. 2000
C.   Net income Rs.1000
D.   Net income Rs. 6500
ANS: B
 
Q.18. IFRS means
A.   Interim Financial Reporting Standards
B.   International Financial Reporting Standards
C.   Indian Financial Reporting Standards
D.   Indian Foreign Reporting Standards
ANS: B
 
Q.19.The number of International Acounting Standards (IAS)
A.   41
B.   9
C.   33
D.   19
ANS: A
 
Q.20. In general terms ,'converagence' means
A.   to achieve compliance with IFRS
B.   to achieve identity with IFRS
C.   to achieve harmony in relation to IFRS
D.   to rename local accounting standards as IFRS
ANS: C
 
Q.21. Which ONE of the following terms best describe information that helps users to evaluate past, present or future events?
A.   Reliable
B.   Understandable
C.   Relevant
D.   Prospective
ANS: D
 
Q.22. The scheme of internal reconstruction involves ____ company.
A.   one
B.   two
C.   three
D.   many
ANS: A
 
Q.23 Prepaid insurance is shown under ___ .
A.   current assets
B.   loans and advances
C.   receivables
D.   secured loans
ANS: A
 
Q.24.Live stock is shown under_____
A.   Current Assets
B.   fixed asets
C.   investment
D.   current liabilities
ANS: B
 
Q.25. Short term loan is the loan due for not more than ____
A.   2 years
B.   1 year
C.   5 years
D.   3 years

ANS: A

 
 
M.COM PART 1
 
Strategic Management
1)   https://www.surajpateleducation.com/2021/04/strategic-management-mcq-pdf.html
 
 
Advance Cost
1)   https://www.surajpateleducation.com/2021/03/mcom-part-1-advance-cost-accounting-mcq.html
 
 
ECONOMICS OF GLOBAL TRADE & FINANCE
1)   https://www.surajpateleducation.com/2021/01/economics-of-global-trade-finance-mcq.html
 
Human Resource Management
1)   https://www.surajpateleducation.com/2021/01/human-resource-management-multiple.htm
 
 
Marketing Strategies
1)   https://www.surajpateleducation.com/2020/11/marketing-strategies-and-plans-mcom.html
 
Advanced financial
https://www.surajpateleducation.com/2020/11/advanced-financial-accounting-mcom-part_27.html
 
ADVANCED CORPORATE ACCOUNTING
1.   https://www.surajpateleducation.com/2021/04/advanced-corporate-accounting-mcom-part.html
 
 
M.COM PART 2
 
Financial Management
1.   https://www.surajpateleducation.com/2021/05/financial-management-mcq-book-pdf.html
 
ORGANISATIONAL BEHAVIOUR
1)   https://www.surajpateleducation.com/2021/01/mcom-part-2-organisational-behaviour-mcq.html
 
Entrepreneurship
1)   https://www.surajpateleducation.com/2021/01/entrepreneurship-mcom-part-2-multiple.html
 
Tax
1)   https://www.surajpateleducation.com/2021/01/direct-tax-mcom-part-2-importance-mcq.html

AUDITING
1.   https://www.surajpateleducation.com/2020/10/auditing-question-bank-2020.html
 
RESEARCH METHODOLOGY
1.   https://www.surajpateleducation.com/2020/10/suraj-patel-education-research.html

International Marketing
https://www.surajpateleducation.com/2021/02/international-marketing-mcq-with.html

 

 

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