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12th Standard Accounts Company Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

    (a)

    General reserve account

    (b)

    Capital reserve account

    (c)

    Securities premium account

    (d)

    Surplus account

  2. Which of the following statement is false?

    (a)

    Issued capital can never be more than the authorised capital

    (b)

    In case of under subscription, issued capital will be less than the subscribed capital

    (c)

    Reserve capital can be called at the time of winding up

    (d)

    Paid up capital is part of called up capital

  3. Match the pair and identify the correct option

    (1) Under subscription (i) Amount prepaid for calls
    (2) Over subscription (ii) Subscription above the offered shares
    (3) Calls in arrear (iii) Subscription below the offered shares
    (4) Calls in advance (iv) Amount unpaid on calls
    (a)
    (1) (2) (3) (4)
    (i) (ii) (iv) (iv)
    (b)
    (1) (2) (3) (4)
    (iv) (iii) (ii) (i)
    (c)
    (1) (2) (3) (4)
    (iii) (ii) (iv) (i)
    (d)
    (1) (2) (3) (4)
    (iii) (iv) (i) (ii)
  4. Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

    (a)

    Rs.700

    (b)

    Rs.800

    (c)

    Rs.900

    (d)

    Rs.1,000

  5. The liability of the shareholders of the company is limited to the extent of face value of the shares held by the

    (a)

    shareholders

    (b)

    cardholders

    (c)

    debenture holders

    (d)

    none of these

  6. Issue of equity shares to the public through prospectus by a public company is call

    (a)

    Public issue

    (b)

    Private placement

    (c)

    Rights issue

    (d)

    Bonus issue

  7. The last installment called

    (a)

    first call money

    (b)

    allotment money

    (c)

    application money

    (d)

    final call money

  8. All applications are alloted in proportion of shares applied for, it is known as

    (a)

    application money

    (b)

    pro-rata allotment

    (c)

    first call money

    (d)

    final call money

  9. _____ needed by the company could be raised by inviting the general public to buy shares and invest in the business.

    (a)

    Money

    (b)

    Cash

    (c)

    Capital

    (d)

    None of these

  10. _____ towards the repayment of capital on winding up of the company.

    (a)

    Equity share

    (b)

    Preference

    (c)

    Debenture

    (d)

    Dividend

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