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Advanced Accounting MCQS Past Papers Solved

Advanced Accounting MCQS Past Papers Solved for B.Com Part-2 Download in Pdf

1.Advanced accounting is the extended shape of.
A. Cost accounting
B. Managerial accounting
C. Financial accounting
D. Tax accounting
ANSWER: C

2.The Maximum amount of capital which a company is authorised to raise is called.
A. Nominal capital
B. Issued capital
C. Subscribed capital
D. Called up capital
ANSWER: A

3.The company offers to its shareholders the right to buy 2 shares at price Rs.140 each for every 4
shares of Rs. 100 each already held in the company. The market value of the share is Rs.200 each.
What is the value per right.
A. Rs.16
B. Rs.20
C. Rs.60
D. Rs.100
ANSWER: B

4.The authorised capital of a company is 5000 ordinary shares of Rs.100 each.It has issued 2500 shares
of Rs.100 each. The company declares 5% divident. What is the amount of divident.
A. Rs.500000
B. Rs.25000
C. RS.12500
D. RS.5000
ANSWER: C

5.In case of company final account, when closing stock is given in Trial Balance it will be processed on.
A. Credit side of Trading acount only.
B. Asset and credit side of Trading account
C. Appropriation account credit side only
D. Asset side in Balance Sheet only.
ANSWER: D

6.A claim of Rs.2500 for workmen’s compensation is being disputed by the company. It will be treated
as.
A. Liability
B. Expense
C. Liability and expense
D. None of the above.
ANSWER: D

7.A manager is entitled a commission of 5% on net profit subject to minimum of Rs.10000 p.a. If the
annual profit is Rs.150000, the amount of commission paid will be.
A. Rs.75000
B. Rs.10000
C. Rs.15000
D. Rs.150000
ANSWER: B

8.Two companies, X co., and Y co., go into liquidation and a new company; Z Ltd. is formed. It is a case
of.
A. Absorption
B. External Reconstruction
C. Amalgamation
D. Internal Reconstruction
ANSWER: C

9.When the purchase consideration is more than the Net Worth of the liquidating company, the
purchasing co. will debit the Account with excessive amount.
A. Capital Reserve
B. Goodwill
C. Purchase Consideration
D. Formation Expenses
ANSWER: B

10.A Ltd., takes over B Ltd., and agrees to allot its shares. The intrinsic value of A Ltd., and B Ltd., are
Rs.150 and Rs.100 respectively. The basis of exchange on intrinsic value between A Ltd., and B Ltd.,
should be.
A. One share of A Ltd., for one share of B Ltd.,
B. Two shares of A Ltd.,for three shares of B Ltd.,
C. Three shares of A Ltd., for two shares of B Ltd.,
D. Two shares of A Ltd., for One share of B Ltd.,
ANSWER: B

11.When the Rebate on bill discounted is given in adjustment in case of Banking co. it is processed in.
A. Profit and loss account only
B. Balance Sheet only
C. Profit and loss account and Balance Sheet
D. None of the above
ANSWER: C

12.Interest on loan in case of Banking company is treated as.
A. Income
B. Expense
C. Liability
D. Asset
ANSWER: A

13.Interest on deposit in case of Banking co. is treated as.
A. Expense
B. Income
C. Contingent Liability
D. Asset
ANSWER: A

14.Commission, exchange etc. in case of Banking company is treated as.
A. Expense
B. Liability
C. Income
D. Asset
ANSWER: C

15.Contribution for provident fund given in adjustment is treated as.
A. Expense only
B. Income only
C. Expense and Liability
D. Income and Asset
ANSWER: C

16.Total capital of the conpany is sub-divided into small units and each unit is known as.
A. debebture
B. Right issue
C. Share
D. Bonus
ANSWER: C

17.When 4000 shares of Rs.10 each are issued at a discount of 10%, the amount of discount will be.
A. Rs.36000
B. Rs.40000
C. Rs.4000
D. Rs.4400
ANSWER: C

18.When a company issues bonus shares out of its reserve fund then it will debit the account named.
A. Bonus account
B. Reserve fund account
C. Premium account
D. Discount account
ANSWER: B

19.In case of company final account, the amount of unclaimed dividend given in trial balance will be
treated as.
A. Income
B. Expense
C. Asset
D. Liability
ANSWER: D

20.In case of company, compensation paid to Ex-director will be treated as.
A. Expense
B. Income
C. Asset
D. Contingent liability
ANSWER: A

21.In company final accounts wages paid for adding rooms to premises will be.
A. Asset
B. Income
C. Expense
D. Liability
ANSWER: A

22.Machinery given in trial balance is Rs.50000 out of which machinery worth Rs.20000 was installed on 1st October and rate of depreciation is 10% p.a. What will be the amount of depreciation on
December 31, at the completion of the year.
A. Rs.5000
B. Rs.4000
C. Rs.3500
D. Rs.3000
ANSWER: C
23.X co. goes into liquidation and an existing Z Ltd. purchases the business of X co. It is a case.
A. Absorption
B. Amalgamation
C. Reconstruction
D. Re-organization
ANSWER: A

24.When the purchase consideration is less than Net Worth of the liquidating company, the purchasing
company will credit the account with differential amount.
A. Capital Reserve
B. Goodwill
C. Reconstruction Account
D. Realisation Account
ANSWER: A

25.In case of liquidation of the company, the Reserve and profit Balance is transferred to the account
named.
A. Realisation account
B. Goodwill account
C. Shareholders account
D. Share capital account
ANSWER: C

26.When rebate on bill discounted in case of a Baking company is given in trial Balance, it is processed
in.
A. Profit and loss account only
B. Balance Sheet only
C. Profit and loss account and Balance sheet
D. None of the above
ANSWER: B

27.Interest on cash credit in case of Baking company is treated as.
A. Income
B. Expense
C. Contingent Liability
D. Liability
ANSWER: A

28.Interest on overdraft in case of baking company is a part of.
A. Expense
B. Income
C. Asset
D. Liability
ANSWER: B

29.Transfer fee given in trial Balance, in case of a banking company is treated as.
A. Fictitious asset
B. Income
C. Liability
D. Expense
ANSWER: B

30.Contribution for provident fund given in trial Balance in case of a banking company is treated as.
A. Income
B. Expense
C. Liability
D. Expense and liability both
ANSWER: B

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