Download UOC (University of Calicut) M.Com (Master of Commerce) Advanced Corporate accounting 2 Question Bank (Important Questions)
ADVANCED CORPORATE ACCOUNTING
1. GAAP stands for
a. Generally accepted accounting principles
b. globally accepted accounting principles
c. Generally allowable accounting principles
d. Generally allowable accounting practices
2. Standards issued by the lnternational Accounting Standards Board (IASB) are known as:
a. Financial reporting standards b. international accounting standards c. international
financial reporting standards d. international financial standards
3. The body to which the lnternational Accounting Standards Board is responsible is:
a. The IFRS Advisory Councilb. The IFRS lnterpretations Committee
c. The IFRS Foundation d. the monitoring board
4. Depreciation accounting is
a. AS1 b.AS2 c.AS6 d.AS3
5. The lnternational Accounting Standard Committee was set up in
a. 1982 b. L976 c.L967 d.2009
6. The convergence of the lndian Accounting Standards with IFRS began in
a. April 11 b. April 10 c. August 9 d. December L1
7. As per lnd AS 115, a promise to transfer to the customer either goods or services known as
a. Agreement b. contract c. performance obligation d. liability
8. Accounting standard for income tax is given in
a. lnd AS 38 b. lnd AS 39 c. lnd AS 45 d. lnd AS 22
9. lnternational accounting standards are known as
a. IFRS b. AS c. lnd AS d. none of the above
10. ............, ls a principle thatEuides and standardises accounting practices
a. GAAP b. financial statements c. accqunting standards d.
profit % loss statements
11. IFRS 10 deals with
a. Joint arrangements b. fair value rneasurernent c. consolidated financial statement d.
none
12. Profits of the subsidiary company made after thg date of purchase of shares in the subsidiary
company by the holding company are called
a. post- acquisition profit
b. revenue profit c. both a and b d. none
13. Premium on issue of shares can be used for
a. lssue of bonus shares b. distribution of profits
c. transferring to general reserve d.
none of the above
14. Premium on issue of debentures is a
a. capital loss b. capital profit c, revenue profit d. revenue loss
15. Minority interest is shown on the of holding company
a. liability side of balance sheet b, asset side of balance sheet c. debit side of P&L account
d. none
16. When amalgamation is in the nature of merger, the accounting method to be followed is
a. equity method b. purchase method c pooling of interest method d. consolidated
method
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ADVANCED CORPORATE ACCOUNTING
1. GAAP stands for
a. Generally accepted accounting principles
b. globally accepted accounting principles
c. Generally allowable accounting principles
d. Generally allowable accounting practices
2. Standards issued by the lnternational Accounting Standards Board (IASB) are known as:
a. Financial reporting standards b. international accounting standards c. international
financial reporting standards d. international financial standards
3. The body to which the lnternational Accounting Standards Board is responsible is:
a. The IFRS Advisory Councilb. The IFRS lnterpretations Committee
c. The IFRS Foundation d. the monitoring board
4. Depreciation accounting is
a. AS1 b.AS2 c.AS6 d.AS3
5. The lnternational Accounting Standard Committee was set up in
a. 1982 b. L976 c.L967 d.2009
6. The convergence of the lndian Accounting Standards with IFRS began in
a. April 11 b. April 10 c. August 9 d. December L1
7. As per lnd AS 115, a promise to transfer to the customer either goods or services known as
a. Agreement b. contract c. performance obligation d. liability
8. Accounting standard for income tax is given in
a. lnd AS 38 b. lnd AS 39 c. lnd AS 45 d. lnd AS 22
9. lnternational accounting standards are known as
a. IFRS b. AS c. lnd AS d. none of the above
10. ............, ls a principle thatEuides and standardises accounting practices
a. GAAP b. financial statements c. accqunting standards d.
profit % loss statements
11. IFRS 10 deals with
a. Joint arrangements b. fair value rneasurernent c. consolidated financial statement d.
none
12. Profits of the subsidiary company made after thg date of purchase of shares in the subsidiary
company by the holding company are called
a. post- acquisition profit
b. revenue profit c. both a and b d. none
13. Premium on issue of shares can be used for
a. lssue of bonus shares b. distribution of profits
c. transferring to general reserve d.
none of the above
14. Premium on issue of debentures is a
a. capital loss b. capital profit c, revenue profit d. revenue loss
15. Minority interest is shown on the of holding company
a. liability side of balance sheet b, asset side of balance sheet c. debit side of P&L account
d. none
16. When amalgamation is in the nature of merger, the accounting method to be followed is
a. equity method b. purchase method c pooling of interest method d. consolidated
method
17. Under
pooling
of interest method the difference between
purchase consideration and share
capital of transferee company should be adiusted to
a.
general reserve
b.
amalgamated adjustment account c.
goodwillor capital reserve d.
none
18. X Ltd. goes into liquidation and an existing company Z ttd.
purchases the business ofX Ltd. lt
is a case of:
a. Absorption b. External reconstruction c. Amalgamation.d. none
19. When the expenses of liquidation are to be borne by the vendor company, then the vendor
company debits:
(a)
Realisation account
(b)
gank
account
(c)
Goodwill account.
20. When the
purchasing company makes payment of the purchase consideration, it debits:
(a) Business purchase account
(b) Assets account (c)
vendor company's account
21. When one or more existing companies
go in to liquidation and some existinB company buys
the business, it is known as
-----
a. external reconstruction b. liquidation c. absorption d. amalgamation
22. A
------
company is a company which acquires maiority of equity shares of other
company.
a. Holding b. subsidiary c. liquidating d. vendor
23.
-----
is a
person who is liable to contribute to the assets of the company in the case of
winding up.
a. Liquidator b.Vendor c. Subsidiary d. Contributory
24. The amount which is paid
by the company to the vendor is called------
a. Contrlbution b. Purchase consideration c. External Reconstruction d. Remuneration
25. Limitation of historical accounting
a. unrealised
profits
b. diffeiential basis c. insufficient provision for depreciation d. allthe
above
26. Cost based models of human resource accounting consists of
a. replacement cost model b. standard cost model c. dasgupta model d. both a and b
27. The first lndian who suggest a model on human resources of an enterprise.
a. Chakraborty b. Flamholtz c. Das gupta
d. none
28. Standard cost method of human resource accounting is developed by
a. David Watson b. Jones c. Hekiman d. none
29. Voyage account is debited
a. bunker cost b. depreciation c. insurance d. all the above
30. The expenses which are incurred in loading of goods on the ships and unloading from the
ships are known as
a.
port
charges b. stevedoring charges c. bunker cost d. none
31. The meihod of accounting followed by ...............companies are called voyage acconting
a. Banking b. lnsurance c. Shipping d. allthe above
32. lf the company is unable to pay its debts, then wound up by the
a. Tribunal b. Voluntary c. both a and b d. none
33. The person who is appointed for the purpose
of liquidation
a. Contributory b. Liquidator c. Creditor d. None
34. A complete list of
preferential
creditors are included in
a. List A b. tist C b. List D d . tist F
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ADVANCED CORPORATE ACCOUNTING
1. GAAP stands for
a. Generally accepted accounting principles
b. globally accepted accounting principles
c. Generally allowable accounting principles
d. Generally allowable accounting practices
2. Standards issued by the lnternational Accounting Standards Board (IASB) are known as:
a. Financial reporting standards b. international accounting standards c. international
financial reporting standards d. international financial standards
3. The body to which the lnternational Accounting Standards Board is responsible is:
a. The IFRS Advisory Councilb. The IFRS lnterpretations Committee
c. The IFRS Foundation d. the monitoring board
4. Depreciation accounting is
a. AS1 b.AS2 c.AS6 d.AS3
5. The lnternational Accounting Standard Committee was set up in
a. 1982 b. L976 c.L967 d.2009
6. The convergence of the lndian Accounting Standards with IFRS began in
a. April 11 b. April 10 c. August 9 d. December L1
7. As per lnd AS 115, a promise to transfer to the customer either goods or services known as
a. Agreement b. contract c. performance obligation d. liability
8. Accounting standard for income tax is given in
a. lnd AS 38 b. lnd AS 39 c. lnd AS 45 d. lnd AS 22
9. lnternational accounting standards are known as
a. IFRS b. AS c. lnd AS d. none of the above
10. ............, ls a principle thatEuides and standardises accounting practices
a. GAAP b. financial statements c. accqunting standards d.
profit % loss statements
11. IFRS 10 deals with
a. Joint arrangements b. fair value rneasurernent c. consolidated financial statement d.
none
12. Profits of the subsidiary company made after thg date of purchase of shares in the subsidiary
company by the holding company are called
a. post- acquisition profit
b. revenue profit c. both a and b d. none
13. Premium on issue of shares can be used for
a. lssue of bonus shares b. distribution of profits
c. transferring to general reserve d.
none of the above
14. Premium on issue of debentures is a
a. capital loss b. capital profit c, revenue profit d. revenue loss
15. Minority interest is shown on the of holding company
a. liability side of balance sheet b, asset side of balance sheet c. debit side of P&L account
d. none
16. When amalgamation is in the nature of merger, the accounting method to be followed is
a. equity method b. purchase method c pooling of interest method d. consolidated
method
17. Under
pooling
of interest method the difference between
purchase consideration and share
capital of transferee company should be adiusted to
a.
general reserve
b.
amalgamated adjustment account c.
goodwillor capital reserve d.
none
18. X Ltd. goes into liquidation and an existing company Z ttd.
purchases the business ofX Ltd. lt
is a case of:
a. Absorption b. External reconstruction c. Amalgamation.d. none
19. When the expenses of liquidation are to be borne by the vendor company, then the vendor
company debits:
(a)
Realisation account
(b)
gank
account
(c)
Goodwill account.
20. When the
purchasing company makes payment of the purchase consideration, it debits:
(a) Business purchase account
(b) Assets account (c)
vendor company's account
21. When one or more existing companies
go in to liquidation and some existinB company buys
the business, it is known as
-----
a. external reconstruction b. liquidation c. absorption d. amalgamation
22. A
------
company is a company which acquires maiority of equity shares of other
company.
a. Holding b. subsidiary c. liquidating d. vendor
23.
-----
is a
person who is liable to contribute to the assets of the company in the case of
winding up.
a. Liquidator b.Vendor c. Subsidiary d. Contributory
24. The amount which is paid
by the company to the vendor is called------
a. Contrlbution b. Purchase consideration c. External Reconstruction d. Remuneration
25. Limitation of historical accounting
a. unrealised
profits
b. diffeiential basis c. insufficient provision for depreciation d. allthe
above
26. Cost based models of human resource accounting consists of
a. replacement cost model b. standard cost model c. dasgupta model d. both a and b
27. The first lndian who suggest a model on human resources of an enterprise.
a. Chakraborty b. Flamholtz c. Das gupta
d. none
28. Standard cost method of human resource accounting is developed by
a. David Watson b. Jones c. Hekiman d. none
29. Voyage account is debited
a. bunker cost b. depreciation c. insurance d. all the above
30. The expenses which are incurred in loading of goods on the ships and unloading from the
ships are known as
a.
port
charges b. stevedoring charges c. bunker cost d. none
31. The meihod of accounting followed by ...............companies are called voyage acconting
a. Banking b. lnsurance c. Shipping d. allthe above
32. lf the company is unable to pay its debts, then wound up by the
a. Tribunal b. Voluntary c. both a and b d. none
33. The person who is appointed for the purpose
of liquidation
a. Contributory b. Liquidator c. Creditor d. None
34. A complete list of
preferential
creditors are included in
a. List A b. tist C b. List D d . tist F
35. The method of internal reconstruction
a. alteration of share capital b. scheme of compromise c. reduction ofsharecapital d.all
the above
36. The balance in Capital Reduction Account is used to write off
a. Fictitious asset b.
past'losses
c. excess value of assets d. all the above
37. What term is used to describe increase in the price level?
a. lnflation b. GNP c. Deflation d. Exchange rate
38. lnternal Reconstruction is done due to ...........
A. Accumulated Losses B. Shortage Of working capital C. Large Amount of fictitious assets
D. All Of these
39. Purchase consideration includes ...........
A. Cash B. Shares C. Debentures D. All ofthese
40. Capital of a company can be reduced by .........,..
A. Authorization of Articles B.
passing
of a special resolution C. Confirmation of court D. All
of these
41. ln internal reconstruction, amount sacrificed by sha reholders are credited to........
A. Capital reserve B. General Reserve C. Capital reduction account D. None ofthese
42. ln..........,anexistingcompany'sfinancialstructureisreorganizedwithoutliquidatingthe
existing
companyandforminganeWcompany.
A.AmalgamationB.ExternalreconstructionC.AbsorptionD.lnternalreconstruction
43. The legal process
of winding up of a company is called--------
a. Amalgamation b. Absorption c. lncorporation
d. Liquidation
44. The vendor company transfers preliminary
expenses (at
the time of absorption) to:
(a)
Eq uity shareholders' account (b) Realisation account (c)
purchasing
company,s account.
45. When there is one liquidation and one formation it is known as
a. external reconstruction b. internal reconstruction c. take over d. none
46. When the transferee company hold shares in the transferor company, the set off entry in
the books of the transferor company is made by crediting the transferee company and
debiting the
a. Shareholders account. b. creditors account c. debtors account d.none
47. Under the pooling of interest method, shares are issued by the transferee company at
a. Par.b. premium
c. discount d. none
48. When the expenses of liquidation are to be borne by the purchasing
company, then the
purchasing
company debits:
(a)
Vendor company's account (b)
Bank account (c)
Goodwill account
49. x ttd. goes into liquidatioh and an existing company z Ltd. purchases
the business of x Ltd. rt
is a case of:
(a) Absorption (b)
External reconstruction (c)
Amalgamation.
50. For amalgamation in the nature of merger, the shareholders holding at least
_
or more
of the equity shares of the transferor company becomes the equity shareholders of the
transferee company.
(a)
sl%(b) so%lcl ee./"ldl t\o%
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This post was last modified on 26 December 2019