Companies Act is governed by

Own shares purchased by a company with a view to reduce its capital is called

A company in which there is only one member is called

Shares which have preferential rights are called

Which of the following is the registered capital of the company ?

Capital which is called only at the time of winding-up of the company is called

Which kind of preference share entitIes its holders to receive arrear of dividends of previous years ?

Which document is an invitation offer to public to subscribe for company’s share ?

The balance of share forfeiture account can be used to

A company issued 25,000 shares and received applications for 35,000 shares. Company wants to allot shares to everyone who has applied. What will be the ratio for allotment ?

A company issued 10,000 shares of Rs10 each. Amount is payable as Rs 2 on application, Rs 5 on allotment and Rs 3 on first and final call. A shareholder who had 1,000 shares failed to pay allotment and first call amount on due date. After a month, he paid the due amount. What will be the amount received by company against issue of shares ?

Nominal share capital is

Money received in advance from shareholders before it is actually called-up by the directors is

Shares can be forfeited

The profit on reissue of forfeited shares is transferred to

Balance of share forfeiture account is shown in the balance sheet under the item

Amox Ltd. is registered with a capital of 10,00,000 equity shares of Rs 10 each. 6,00,000 equity shares were offered for subscription to public. Applications were received for 6,00,000 shares. All calls were made and amount was duly received except final call of Rs 2 on 80,000 shares.What Will will be the amount of share capital shown in the balance sheet ?

Which amongst the following shares conter voting rights on its holders ?

Amount payable on shares can be received in installments by the company. What is the first installment called ?

Total capital specified in capital clause is Rs 50,00,000 which is divided in 35,000 equity shares of Rs 100 each and 15,000, 10% preference shares of Rs100 each. The company issued 10,000 equity shares and 5,000 preference shares. The public subscribed for 9,000 equity shares and 4,500 preference shares out of the issued shares. What will be the subscribed capital amount ?

Akash Ltd. registered capital is Rs 50,00,000 in shares of Rs 10 each.The company issued 2,00,000 of such shares, payable @ Rs 3 per share on allotment. What will be the amount due on allotment, if shareholder holding 20,000 shares paid all call money at the time of allotment only ?

The subscribed share capital of XYZ Ltd. is 80.00.000 divided in shares of Rs 100 each. There were no calls-in-arrears till the final call was made. The final call was paid on 77,500 shares. The calls-in-arrears amounted to Rs 62,500. Calculate the final call per share.

Shares for consideration other than cash can be issued at

Neton Ltd. has in its memorandum of association.Capital clause stating that it is formed with 75,000 equity shares of Rs 100 each. The company has issued the entire shares and the public has also subscribed and paid-up for the full amount on application itself. What will be the subscribed capital Rs

Shareholders receive ......... from the company as a benefit against their investment.

If the purchase consideration is more than net worth, then which account will be debited for the difference amount ?

Singh who was allotted 200 equity share of Rs 20 each by a ’company, failed to pay Rs 8 each on final call. Shares were re-issued to Kumar at Rs 20 each. What will be the journal entry on re-issue ?

Issued 10,000 shares of Rs 100 each to the Narayan Ltd. @10% premium and paid Rs 2,00,000 in cash for a consideration of running business purchased. Journalise this transaction .

Pass the journal entry for amount of first call, Rs 90,000 received after deducting calls-in-arrears of Rs 6,000 .

Which of the following is main source of income of non-profit organisation ?

There are 500 members in Diamond Club, paying an annual subscription of Rs 50 each. Subscription received during the year Rs 20,000 including Rs 2,000 for next year. Calculate amount to be shown as outstanding subscription.

Donation can be

In the final account of non-profit organisation, closing balance of cash will be recorded in

In the absence of any specific information, entrance fees may be treated as

Consider the following statements
I. Income and expenditure records both capital and revenue items.
II. Receipt and payment account records only revenue items during the year.
Choose the correct option

Find the cost of medicines consumed, if Opening stock of medicines Rs 30,000 Purchases during the year Rs 50,000 Closing stock Rs 20,000

For the year ending 31st March, 2022, the following entries appeared related to subscription received                                                  
2020-21                                 5,000
2021-22                                 96,000
2022-23                                 10,400
The club has 300 members, paying annual subscription of Rs 400 each. Subscription outstanding on 31st March, 2021 was Rs 8,000. Calcu late the amount of subscription to be shown in the income and expenditure account ?

What amount of rent will be transferred to debit side of income and expenditure account, if rent paid during the year was Rs 70,000, rent outstanding at the end of the year Rs 6,000 and rent outstanding at the beginning of the year Rs 8,000 ?

On 15th April, 2021, assets of Ashish club was as follows
Assets : Land and building Rs 1,00,000, Cash in hand Rs 30,000, Furniture Rs 65,000, Subscription receivable Rs 30,000 .
Liabilities : Bank overdraft Rs 1,25,000, Outstanding salaries Rs 15,000.Capital fund as on 1st April, 2021 will be

Consider the following information Sports fund investment Rs 70,000
Donation for sports fund Rs 15,000 Sports prizes awarded Rs 10,000
Expenses on sports events Rs 8,000 Income from sports fund investment Rs 5,000 Calculate amount of sport fund that will be shown in liability side of balance sheet.

Calculate the amount of locker rent to be transferred to income and expenditure account .
Particulars                            31st March, 2021 (Rs)         31st March, 2022 (Rs)
Outstanding Locker Rent               9,200                                      12,600
Advance Locker Rent                     6,000                                      8,000
Locker rent received during the year 2021-22, Rs. 64,000 .

Opening balance of prize fund was Rs 16,400. During the year, donations received towards this fund amounted to Rs 7,700, while amount spent on prizes was Rs 6,150 and interest received on prize fund investment was Rs 2,000. The closing balance of prize fund will be

Capital fund in non-profit organisation will be

Receipt and payment account is the summary of

The amount of subscriptions received in advance shown in

Receipt and payment account generally shows

Item that should be debited in the income and expenditure account of a college is

Receipt and payment account shows

Funds raised by non-profit organisation for its operation are credited to

Which of the following cannot be recorded in the receipt and payment account of a club ?

What is the primary objective of accounting?

The accounting principle that assumes a business will continue to operate indefinitely is:

Which accounting standard is primarily used in the United States?

A personal account relates to:

The concept that states revenue and expenses should be recorded in the period they occur is:

Which of the following is an example of a nominal account?

The convention of conservatism in accounting means:

of the following is a qualitative characteristic of financial information?

The double-entry system of accounting ensures:

The accounting equation is:

Which of the following is NOT an accounting convention?

A real account is related to:

The principle that financial statements should be prepared in the same way each year is:

Which of the following is an example of a personal account?

The concept that only significant transactions should be recorded is called:

Which of the following is a feature of financial accounting?

The accounting concept that separates the business from its owner is:

Which of the following accounts is closed at the end of the accounting period?

The principle that expenses should be matched with revenues is called:

Which of the following is NOT a function of accounting?

The convention that assumes all material facts should be disclosed is:

Which account is debited when goods are purchased on credit?

The primary purpose of GAAP is to:

Which of the following is a temporary account?

The accounting concept that assumes all transactions are recorded at their original cost is:

Which of the following is a liability?

The process of recording transactions in a journal is called:

Which of the following is NOT a characteristic of IFRS?

The account that represents the owner’s investment in the business is:

Which principle requires that financial statements reflect economic reality?

A nominal account is also known as a:

The accounting convention that ensures similar accounting methods are used over time is:

Which of the following is an example of a real account?

The concept that assumes a business will remain in operation for the foreseeable future is:

Which of the following is a feature of management accounting?

The accounting principle that prevents overstatement of income is:

Which account is credited when cash is received from a debtor?

The qualitative characteristic that ensures financial information is free from error is:

Which of the following is a characteristic of a real account?

The accounting equation must always:

The principle that ensures expenses are recorded when incurred is:

Which of the following is a personal account?

The convention that requires all significant information to be disclosed is:

Which of the following is NOT a type of account?

The accounting concept that separates personal transactions from business transactions is:

Which of the following is a feature of GAAP?

The account debited when rent is paid in cash is:

The principle that ensures financial statements are comparable across periods is:

The Balance Sheet represents a company’s financial position:

Which of the following is an example of a current asset?

What is the primary purpose of Cost Accounting?

Which of the following best describes Management Accounting?

What is 'Costing' defined as?

Which of these is NOT an objective of Cost Accounting?

Management Accounting information is primarily directed towards whom?

Which of the following is a key difference between Cost Accounting and Management Accounting?

What is a 'Cost Unit'?

What is a 'Cost Centre'?

Which of the following is an example of a direct material cost?

What are 'Overheads'?

How is Prime Cost calculated?

What does 'Conversion Cost' include?

Which of the following is a characteristic of a fixed cost?

What is a 'Variable Cost'?

What is a 'Semi-variable Cost'?

Telephone expenses, where there is a fixed rental charge and a variable charge per call, are an example of what type of cost?

Which of the following is generally considered a controllable cost by a departmental manager?

What is a 'Sunk Cost'?

What is 'Opportunity Cost'?

Which cost is also known as 'Relevant Cost'?

What are 'Imputed Costs' or 'Notional Costs'?

Rent on owned building is an example of what type of cost?

Which of the following is a primary element of cost?

Factory overheads are also known as what?

Which of these costs is part of Selling and Distribution Overheads?

Research and Development costs related to improving an existing product are treated as what?

What is 'Cost Control'?

What is 'Cost Reduction'?

Which statement best describes the nature of Cost Reduction?

Which of the following is a technique of Cost Reduction?