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MULTIPLE CHOICE QUESTIONS
Second Semester M.Com (School of Distance Education)
ADVANCED CORPORATE ACCOUNTING
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- Amalgamation may be resorted to
- To obtain economies of scale
- To avoid competition
- To avail tax advantage
- All the above
- Acquisition by a steel company of an iron ore mine is an example of
- Horizontal integration
- Backward integration
- Forward integration
- None of the above
- Except for fractional shares, purchase consideration is paid to willing share holders of acquiree in shares of acquirer when amalgamation is in the nature of
- Purchase
- Merger
- Internal reconstruction
- External reconstruction
- If the acquirer revalues the assets of acquiree on amalgamation, it is a case of
- Purchase
- Merger
- Pooling of interest
- All the above
- A new company is formed to take over the assets and liabilities of old company in the case of
- Amalgamation
- Absorption
- Internal reconstruction
- External reconstruction
- No liquidation or formation takes place in the case of
- External reconstruction
- Amalgamation
- Internal reconstruction
- Take over
- Full information regarding different forms of payment are stated when purchase consideration is determined under
- Net asset method
- Intrinsic value method
- Net payment method
- Lump sum payment method
- Intention of the acquirer to carry on the business of acquiree is a necessary condition in
- Merger
- Purchase
- Reconstruction
- All the above
- Full information regarding value of assets taken over and liabilities assumed is given when purchase consideration is determined under
- Net payment method
- Net asset method
- Lump sum payment method
- Intrinsic value method
- Amount of purchase consideration is the payment made to..........
- Share holders of the acquiree
- Equity holders and debenture holders of acquiree
- Creditors of the acquiree
- All the above
- A realisation account is prepared in the books of
- Transferee company
- Transferor company
- Sole trader
- Partnership firm
- Assets taken over by transferee company are ............ in realisation account.
- Credited
- Debited
- Neither debited nor credited
- None of the above
- Assets taken over are transferred to realisation account at
- Book value
- Agreed value
- Original cost
- None of the above
- Liabilities assumed by transferee are ............ in realisation account.
- Credited
- Debited
- Neither credited nor debited
- None of the above
- Liabilities undertaken by transferee are transferred to realisation account at
- Book value
- Agreed value
- Actual amount paid
- None of the above
- Purchase consideration received from transferee are ............ in realisation account.
- Credited
- Debited
- Neither credited nor debited
- None of the above
- AS 14 deals with
- Liquidation of companies
- Depreciation
- Inventories
- Amalgamation of companies
- Sections 390 to 396 of the Companies Act pertain to
- Liquidation of companies
- Alteration of share capital
- Internal reconstruction
- Amalgamation of companies
- Any payment to preference share holders in excess of paid up value of preference shares is debited to ............account.
- Capital A/C
- Preference share holders' A/C
- Realisation A/C
- Securities premium A/C
- Profit on acquisition of business is credited to...........
- Goodwill
- Cost of control
- Capital reserve
- Revenue reserve
- Loss on amalgamation is debited to.......... .A/C by the transferee company.
- Goodwill
- Surplus A/C
- Revenue reserves
- None of the above
- Pooling of interest method is applied in the case of
- Amalgamation in the nature of purchase
- External reconstruction
- Amalgamation in the nature of merger
- Internal reconstruction
- Share holders who refuse to sell their shares to the transferee company under the terms of amalgamation are known as
- Assenting share holders
- Dissenting share holders
- Contributories
- Minority share holders
- Intercompany holding means
- Transferee holding shares in transferor
- Transferor hold shares in transferee
- Both (a) and (b) simultaneously
- All the above
- Transferee company holding debentures of transferor company is a case of
- Intercompany holding
- Intercompany trading
- Intercompany owing
- All the above
- An enterprise controlled by another enterprise is a
- Parent
- Subsidiary
- Group company
- None of the above
- A company holding majority shares in another company is called
- Holding Company/Parent
- Subsidiary
- Transferee
- None of the above
- AS -21 deals with
- Amalgamation
- Cash flow statement
- Consolidated financial statements
- Accounting for price level changes
- In a wholly owned subsidiary, the parent company holds........ shares.
- 100%
- 90%
- 80%
- More than 50%
- The claim of share holders other than holding company in the ownership of subsidiary is
- Controlling interest
- Non controlling interest
- Majority interest
- None of the above
- Excess amount paid for acquiring controlling interest in subsidiary is called
- Cost of equity
- Cost of control
- Both (a) and (b)
- All the above
- Profit earned by subsidiary upto the date of acquisition by parent is counted as
- Revenue profit
- Capital profit
- Profit prior to incorporation
- None of the above
- ...........should be considered while calculating cost of control/capital reserve
- Paid up value of shares acquired
- Capital profit
- Capital loss not amortised
- All the above
- Profit earned after the date of acquisition is
- Revenue profit
- Capital profit
- Current profit
- None of the above
- On consolidation, goodwill in the Balance sheet of subsidiary can be
- Added with goodwill of parent
- Adjusted in capital reserve of parent
- Either (a) or (b)
- None of the above
- On consolidation, the profit on revaluation of fixed assets is treated as
- Revenue profit
- Capital profit
- Both (a) and (b)
- None of the above
- Claim of holding company in subsidiary is
- Controlling interest
- Non-controlling interest
- Minority interest
- None of the above
- Bonus shares issued by subsidiary out of pre-acquisition profits will.........
- Increase capital reserve
- Decrease capital reserve
- Either (a) or (b)
- Neither (a) nor (b)
- Dividend declared out of pre-acquisition profits will..........
- Increase capital reserve
- Decrease goodwill
- Either (a) or (b)
- Neither (a) nor (b)
- While consolidating balance sheets, dividend out of post acquisition profits should be
- Deducted from investments
- Included in Surplus
- Added to capital reserve
- None of the above
- While consolidating balance sheets, inter-company owing for purchases should be
- Deducted from total of trade receivables
- Deducted from total of trade payables
- Both (a) and (b)
- Either (a) or (b)
- While consolidating balance sheets, inter-company owing for debentures should be
- Adjusted in cost of control
- Deducted from paid up value of debentures
- Deducted from investments
- Both (b) and (c)
- On consolidation, unrealised profit in stock should be
- Deducted from stock
- Deducted from surplus account
- Both (a) and (b)
- Either (a) or (b)
- Amount of unrealised profit in Rs. 50000 stock with subsidiary, sold at a profit of 25% on cost by parent is
- Rs. 8000
- Rs. 12500
- Rs.10000
- None of the above
- Amount of unrealised profit in stock costing Rs. 30000, sold at a profit of 25% on selling price by parent to subsidiary is
- Rs. 7500
- Rs. 6000
- Rs.10000
- None of the above
- Minority interest includes
- Paid up value of minority shares
- Share of capital profit
- Share of revenue profit
- All the above
- Interim dividend is the dividend declared
- In the annual general meeting
- Between two annual general meetings
- Both (a) and (b)
- None of the above
- On consolidating balance sheets, interim dividend received from subsidiary is assumed to be
- for the first half of current year
- For the previous year
- For the entire current year
- None of the above
- On consolidating balance sheets, proposed dividend in the balance sheet of subsidiary is
- Added to surplus account of holding company
- Added to minority interest
- Not considered
- Both (a) and (b)
- While calculating capital reserve /goodwill, the share of revenue profit from subsidiary is
- Added to paid up value of shares
- Deducted from investments
- Included in capital profit
- Not considered
- Liquidator's final statement of account is prepared when
- Only in case of members voluntary winding up
- Only in case of compulsory winding up
- In all modes of winding up
- None of the above.
- Debentures having a floating charge on assets have priority in payment over.
- Secured creditors
- Unsecured creditors
- Preferential creditors
- None of the above
- In case a company being liquidated is solvent, the interest on debentures is paid upto the date of
- Commencement of winding up
- Balance sheet preparation date
- Payment to debentures
- None of the above
- Amount due to the government for purchases of goods is an example of
- Preferential creditors
- Unsecured creditors
- Secured creditor
- None of the above
- List H shows ............ account
- A list contributories
- B list contributories
- Deficiency or surplus
- Secured creditors
- The extra amount charged by a shipping company as a percentage of freight is termed as......
- Brokerage
- Commission
- Primage
- Value addition
- The cash book usually maintained by the farmer is
- Petty cash book
- Two column cash book
- Analytical cash book
- All of these
- In farm accounting crops are value at
- Market price
- Cost price
- Economic value
- Capitalised value
- Grain consumed by livestock will figure
- In the live stock account
- In the crop account
- Both in the live stock and crop account
- None of the above
- Live stock in the case of mixed farming is
- A fixed asset
- A current asset
- A wasting asset
- A tangible asset
- In farming accounting, the output used by owner's family should be treated as
- Income
- Expenditure
- Abnormal loss
- Normal loss
- Losses due to natural calamities should be treated as
- Normal loss
- Business loss
- Abnormal loss
- None of these
- The work done by the family members of the farmer should be treated as
- Free work
- Labour like any other workers
- Drawings
- None of these
- In farm accounting, closing stock should be valued at
- Cost price
- Market price
- Cost price or market price whichever is less
- None of these
- The expenditure incurred on fuel oil, diesel, coal and fresh water used during voyage is known as
- Port charges
- Stevedoring charges
- Bunker cost
- Address commission
- The expenses incurred in loading of goods on the ship and unloading of goods from the ships are known as
- Port charges
- Stevedoring charges
- Bunker cost
- Address commission
- Fare collected from the passengers travelled in addition to the fare collected for merchandise is called
- Primage
- Frieght
- Passage money
- Bunker cost
- The farm output consumed by the proprietor is debited to ............ account
- Drawings
- Crop
- Wages
- Sales
- The farm output consumed by the proprietor is credited to ............ account
- Drawings
- Crop
- Wages
- Sales
- The farm produce consumed by the labourers working in the farm account should be debited to----- account
- Drawings
- Crop
- Wages
- Sales
- The farm produce consumed by the labourers working in the farm account should be credited to----- account
- Drawings
- Crop
- Wages
- Sales
- Grain consumed by the livestock will appear in.... account
- Live stock
- Crop account
- Both a and b
- None of these
- The Accounting Standards Board was set up in India in the year
- 1964
- 1975
- 1977
- 1980
- International Accounting Standards Committee came into being
- 1962
- 1973
- 1975
- 1980
- As per the Indian Accounting Standard, disclosure of accounting policies is based on
- AS1
- AS2
- AS3
- AS5
- As per the Indian Accounting Standard, valuation of inventory is provided in
- AS1
- AS2
- AS3
- AS5
- Cash Flow Statement is prepared as per the Indian Accounting standard
- AS1
- AS2
- AS3
- AS5
- Depreciation Accounting is based on the Indian Accounting Standard
- AS 4
- AS 5
- AS 10
- AS 6
- The excess of the replacement cost of a non- monetary asset sold on the date of its sale over its historical cost is known as.......
- Realised holding gain
- Unrealised holding gain
- Realised holding loss
- Unrealised holding loss
- The excess of the replacement cost of a non-monetary asset sold on the date of its sale over its historical cost is known as.......
- Realised holding gain
- Unrealised holding gain
- Realised holding loss
- Unrealised holding loss
- The book used for recording transactions between farm and farm household is
- Loan register
- Stock register
- Cost analysis register
- Register for notional transactions
- ........... gives the names and number and value of shares held by various preference shareholders.
- List B
- List D
- List F
- List G
- ........... gives the list of preferential creditors
- List C
- List D
- List H
- List G
- ........... list gives a complete list of assets which are specifically pledged in favour of fully secured and partly secured creditors
- List B
- List D
- List F
- List G
- ........... list gives the names and holdings of equity shareholders
- List F
- List G
- List H
- List A
- Which of the following IFRS specifies the accounting for assets held for sale and the preparation and disclosure of discontinued operations?
- IFRS 3
- IFRS4
- IFRS 5
- IFRS6
- Which of the following IFRS outlines the requirements for the preparation and presentation of consolidated financial statements?
- IFRS 10
- IFRS 11
- IFRS12
- IFRS1
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