Download Calicut University M.Com Latest 2020 Advanced Corporate accounting 2 Question Bank

Download UOC (University of Calicut) M.Com (Master of Commerce) Advanced Corporate accounting 2 Question Bank (Important Questions)

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ADVANCED CORPORATE ACCOUNTING

GAAP stands for
1. Generally accepted accounting principles
2. globally accepted accounting principles
3. Generally allowable accounting principles
4. Generally allowable accounting practices
Standards issued by the International Accounting Standards Board (IASB) are known as:
1. Financial reporting standards
2. international accounting standards
3. international financial reporting standards
4. international financial standards
The body to which the International Accounting Standards Board is responsible is:
1. The IFRS Advisory Council
2. The IFRS Interpretations Committee
3. The IFRS Foundation
4. the monitoring board
Depreciation accounting is
1. AS 1
2. AS 2
3. AS 6
4. AS 3
The International Accounting Standard Committee was set up in
1. 1982
2. 1976
3. 1967
4. 2009
The convergence of the Indian Accounting Standards with IFRS began in
1. April 11
2. April 10
3. August 9
4. December 11
As per Ind AS 115, a promise to transfer to the customer either goods or services known as
1. Agreement
2. contract
3. performance obligation
4. liability
Accounting standard for income tax is given in
1. Ind AS 38
2. Ind AS 39
3. Ind AS 46
4. Ind AS 22
International accounting standards are known as
1. IFRS
2. AS
3. Ind AS
4. none of the above
__________ is a principle that guides and standardises accounting practices
1. GAAP
2. financial statements
3. accounting standards
4. profit & loss statements
IFRS 10 deals with
1. Joint arrangements
2. fair value measurement
3. consolidated financial statement
4. none
Profits of the subsidiary company made after the date of purchase of shares in the subsidiary company by the holding company are called
1. post- acquisition profit
2. revenue profit
3. both a and b
4. none
Premium on issue of shares can be used for
1. Issue of bonus shares
2. distribution of profits
3. transferring to general reserve
4. none of the above
Premium on issue of debentures is a
1. capital loss
2. capital profit
3. revenue profit
4. revenue loss
Minority interest is shown on the __________ of holding company
1. liability side of balance sheet
2. asset side of balance sheet
3. debit side of P&L account
4. none
When amalgamation is in the nature of merger, the accounting method to be followed is
1. equity method
2. purchase method
3. pooling of interest method
4. consolidated method
Under pooling of interest method the difference between purchase consideration and share capital of transferee company should be adjusted to
1. general reserve
2. amalgamated adjustment account
3. goodwill or capital reserve
4. none
X Ltd. goes into liquidation and an existing company Z Ltd. purchases the business of X Ltd. It is a case of:
1. Absorption
2. External reconstruction
3. Amalgamation
4. none
When the expenses of liquidation are to be borne by the vendor company, then the vendor company debits:
1. Realisation account
2. Bank account
3. Goodwill account
When the purchasing company makes payment of the purchase consideration, it debits:
1. Business purchase account
2. Assets account
3. Vendor company's account
When one or more existing companies go in to liquidation and some existing company buys the business, it is known as __________
1. external reconstruction
2. liquidation
3. absorption
4. amalgamation
A __________ company is a company which acquires majority of equity shares of other company.
1. Holding
2. subsidiary
3. liquidating
4. vendor
__________ is a person who is liable to contribute to the assets of the company in the case of winding up.
1. Liquidator
2. Vendor
3. Subsidiary
4. Contributory
The amount which is paid by the company to the vendor is called __________
1. Contribution
2. Purchase consideration
3. External Reconstruction
4. Remuneration
Limitation of historical accounting
1. unrealised profits
2. differential basis
3. insufficient provision for depreciation
4. all the above
Cost based models of human resource accounting consists of
1. replacement cost model
2. standard cost model
3. dasgupta model
4. both a and b
The first Indian who suggest a model on human resources of an enterprise.
1. Chakraborty
2. Flamholtz
3. Das gupta
4. none
Standard cost method of human resource accounting is developed by
1. David Watson
2. Jones
3. Hekiman
4. none
Voyage account is debited
1. bunker cost
2. depreciation
3. insurance
4. all the above
The expenses which are incurred in loading of goods on the ships and unloading from the ships are known as
1. port charges
2. stevedoring charges
3. bunker cost
4. none
The method of accounting followed by __________ companies are called voyage accounting
1. Banking
2. Insurance
3. Shipping
4. all the above
If the company is unable to pay its debts, then wound up by the
1. Tribunal
2. Voluntary
3. both a and b
4. none
The person who is appointed for the purpose of liquidation
1. Contributory
2. Liquidator
3. Creditor
4. None
A complete list of preferential creditors are included in
1. List A
2. List C
3. List D
4. List F
The method of internal reconstruction
1. alteration of share capital
2. scheme of compromise
3. reduction of share capital
4. all the above
The balance in Capital Reduction Account is used to write off
1. Fictitious asset
2. past losses
3. excess value of assets
4. all the above
What term is used to describe increase in the price level?
1. Inflation
2. GNP
3. Deflation
4. Exchange rate
Internal Reconstruction is done due to __________
1. Accumulated Losses
2. Shortage Of working capital
3. Large Amount of fictitious assets
4. All Of these
Purchase consideration includes __________
1. Cash
2. Shares
3. Debentures
4. All of these
Capital of a company can be reduced by __________
1. Authorization of Articles
2. Passing of a special resolution
3. Confirmation of court
4. All of these
In internal reconstruction, amount sacrificed by shareholders are credited to..........
1. Capital reserve
2. General Reserve
3. Capital reduction account
4. None of these
In.........., an existing company's financial structure is reorganized without liquidating the existing company and forming a new company.
1. Amalgamation
2. External reconstruction
3. Absorption
4. Internal reconstruction
The legal process of winding up of a company is called __________
1. Amalgamation
2. Absorption
3. Incorporation
4. Liquidation
The vendor company transfers preliminary expenses (at the time of absorption) to:
1. (a) Equity shareholders' account
2. (b) Realisation account
3. (c) Purchasing company's account.