Accounting - Practice Test

[#2431] . . . . . . . . is deducted from the called-up capital in order to calculate paid-up capital.

(A) calls in arrear

(B) calls in advance

(C) uncalled capital

(D) reserve capital

Correct Answer

(A) calls in arrear

[#2432] Capital redemption reserve is created out of:

(A) Dividend equalization fund

(B) P/L account

(C) General reserve account

(D) All of these

Correct Answer

(D) All of these

[#2433] Under which of the following circumstances can a company resort to internal reconstruction?

(A) accumulated huge losses

(B) shortage of capital

(C) over valued assets

(D) All of these

Correct Answer

(D) All of these

[#2434] A, B and C are partners. They share profits and losses in $$frac{1}{2}:,frac{1}{3}:,frac{1}{6}.$$ xa0 C died what will be the gaining ratio of A and B?

(A) 3 : 2

(B) 2 : 3

(C) $$frac{1}{2}:,frac{1}{3}$$

(D) 1 : 1

Correct Answer

(A) 3 : 2

[#2435] Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

(A) liability

(B) contingent liability

(C) provision

(D) None of these

(E) Contingent liability

(F) Liability

(G) Provision

(H) Reserve

Correct Answer

(C) provision
(G) Provision

Accounting - Study Mode

[#2431] . . . . . . . . is deducted from the called-up capital in order to calculate paid-up capital.

Correct Answer

[#2432] Capital redemption reserve is created out of:

Correct Answer

[#2433] Under which of the following circumstances can a company resort to internal reconstruction?

Correct Answer

[#2434] A, B and C are partners. They share profits and losses in $$frac{1}{2}:,frac{1}{3}:,frac{1}{6}.$$ xa0 C died what will be the gaining ratio of A and B?

Correct Answer

[#2435] Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

Correct Answer