Company Accounts MCQs- Part 1

Company Accounts Multiple Choice Questions MCQs for competitive and Accountant Jobs
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1. The capital of a company is divided into units which are called:

A) Debenture

B) Share

C) Stock

(D) Bond

[efaccordion id=”01″] [efitems title=”Answer ” text=”Share“]  [/efaccordion]

2. A Forfeited Share can:    

A) Not be re-issued at discount

(B) Re-issued at a maximum discount of 10%

C) Be re-issued at a maximum discount equal to the amount forfeited

[efaccordion id=”01″] [efitems title=”Answer ” text=”Be re-issued at a maximum discount equal to the amount forfeited“]  [/efaccordion]

3. Which one of the following is not a part of subscribed capital:

A) Equity shares issued to the vendor

(B) Preference shares of the convertible type

C) Forfeited shares

(D) Bonus shares

[efaccordion id=”01″] [efitems title=”Answer ” text=”Forfeited Share“]  [/efaccordion]

4. An artificial person created by Law is called:

A) Sole Tradership

(B) Partnership Firm

C) Company

D) All of the Above

[efaccordion id=”01″] [efitems title=”Answer ” text=”Company“]  [/efaccordion]

5. Minimum number of members in a Public Company:
A) 7
B) 2
C) 5
D) 3

[efaccordion id=”01″] [efitems title=”Answer ” text=”7“]  [/efaccordion]

6. The profit on reissue of forfeited shares is transferred to:
A) General Reserve
B) Capital Redemption Reserve
C) Capital Reserve
D) Revenue Reserve [efaccordion id=”01″] [efitems title=”Answer ” text=”Capital Reserve“]  [/efaccordion]

7. Arrange the following in proper sequence as types of “Share Capital”
A) Paid-up capital
B) Issued capital
C) Subscribed capital
D) Called up capital

[efaccordion id=”01″] [efitems title=”Answer ” text=”Issued, Subscribed, Called –up, Paid-up.“]  [/efaccordion]

8. Formed by special act of the legislature or parliament Called
A) Chartered companies
B) Guarantee the company
C) Statutory Company
D) None of the options

[efaccordion id=”01″] [efitems title=”Answer ” text=”Statutory Company“]  [/efaccordion]

9. When forfeited shares are re-issued the amount of discount allowed on these shares cannot exceed:
A) 10% of called-up capital per share
B) 6% of paid-up capital per share
C) The amount received per share on forfeited shares
D) The unpaid amount per share on forfeited shares.

[efaccordion id=”01″] [efitems title=”Answer ” text=”The amount received per share on forfeited shares.“]  [/efaccordion]

10. The maximum limit of premium on shares is:
(A.) 32%
(B.) 20%
(C.) No limit
(D.) 100%

[efaccordion id=”01″] [efitems title=”Answer ” text=”No Limit“]  [/efaccordion]

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