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Objective Questions

Latest RVUNL Junior Accountant Exam Question (Objective Questions), MCQ in English

Subjects : Profession Knowledge (Accountant), Reasoning & Mental Ability, General Knowledge, General English, General Hindi, Mathematics

Question Bank RVUNL Junior Accountant Exam - English
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Profession Knowledge (Accountant)

Question 1Single Answer
The capital of a company is divided into units called:
  1. A
    Debentures
  2. B
    Bonds
  3. C
    Shares
  4. D
    Reserves
Question 2Single Answer
Under the Companies Act, share capital of a company limited by shares may broadly consist of:
  1. A
    Equity and preference share capital
  2. B
    Equity and debenture capital
  3. C
    Preference and loan capital
  4. D
    Bonds and debentures
Question 3Single Answer
Preference shareholders normally enjoy preferential rights regarding:
  1. A
    Management only
  2. B
    Appointment of auditors
  3. C
    Voting on every matter
  4. D
    Dividend and repayment of capital
Question 4Single Answer
Equity shareholders are generally regarded as:
  1. A
    Creditors of the company
  2. B
    Debenture holders
  3. C
    Trade creditors
  4. D
    Residual owners of the company
Question 5Single Answer
The maximum amount of share capital that a company is authorized to issue is called:
  1. A
    Issued capital
  2. B
    Subscribed capital
  3. C
    Called-up capital
  4. D
    Authorized capital
Question 6Single Answer
The portion of authorized capital offered for subscription is known as:
  1. A
    Uncalled capital
  2. B
    Reserve capital
  3. C
    Paid-up capital
  4. D
    Issued capital
Question 7Single Answer
The part of issued capital subscribed by investors is:
  1. A
    Subscribed capital
  2. B
    Nominal capital
  3. C
    Reserve capital
  4. D
    Unissued capital
Question 8Single Answer
The amount demanded by a company from shareholders on subscribed shares is:
  1. A
    Reserve capital
  2. B
    Authorized capital
  3. C
    Called-up capital
  4. D
    Unissued capital
Question 9Single Answer
Paid-up share capital is generally equal to called-up capital less:
  1. A
    Securities premium
  2. B
    Calls in advance
  3. C
    Calls in arrears
  4. D
    Capital reserve
Question 10Single Answer
The amount not yet called on subscribed shares is called:
  1. A
    Paid-up capital
  2. B
    Uncalled capital
  3. C
    Called-up capital
  4. D
    Issued capital
Question 11Single Answer
Reserve capital refers to the portion of:
  1. A
    Uncalled capital reserved for winding up
  2. B
    Authorized capital not issued
  3. C
    Issued capital forfeited
  4. D
    Securities premium
Question 12Single Answer
When shares are issued at their face value, they are issued:
  1. A
    At premium
  2. B
    At par
  3. C
    At discount
  4. D
    For consideration other than cash
Question 13Single Answer
When issue price exceeds the face value of a share, the excess is:
  1. A
    Capital reserve
  2. B
    Revenue reserve
  3. C
    Securities premium
  4. D
    General reserve
Question 14Single Answer
Securities premium received on issue of shares is credited to:
  1. A
    Statement of Profit and Loss
  2. B
    Securities Premium Account
  3. C
    General Reserve
  4. D
    Share Forfeiture Account
Question 15Single Answer
Money received along with applications for shares is initially credited to:
  1. A
    Share Capital Account
  2. B
    Share Allotment Account
  3. C
    Securities Premium Account
  4. D
    Share Application Account
Question 16Single Answer
When application money becomes due for transfer to capital, Share Application Account is:
  1. A
    Credited
  2. B
    Closed through cash account only
  3. C
    Debited
  4. D
    Transferred to general reserve
Question 17Single Answer
The amount demanded from shareholders after application money is generally called:
  1. A
    Interest
  2. B
    Dividend
  3. C
    Redemption money
  4. D
    Allotment money
Question 18Single Answer
Calls made after allotment may be known as:
  1. A
    First call and final call
  2. B
    Dividend calls
  3. C
    Reserve calls only
  4. D
    Redemption calls
Question 19Single Answer
When applications received exceed the number of shares offered, it is called:
  1. A
    Under-subscription
  2. B
    Private placement
  3. C
    Over-subscription
  4. D
    Buyback
Question 20Single Answer
When applications are received for fewer shares than offered, it is:
  1. A
    Over-subscription
  2. B
    Pro-rata allotment
  3. C
    Under-subscription
  4. D
    Forfeiture
Question 21Single Answer
In case of oversubscription, excess application money may be:
  1. A
    Always forfeited
  2. B
    Refunded or adjusted against amounts due
  3. C
    Transferred to revenue reserve only
  4. D
    Treated as dividend
Question 22Single Answer
Pro-rata allotment means allotment:
  1. A
    To promoters only
  2. B
    At a discount
  3. C
    Without application money
  4. D
    In a fixed proportion to applications received
Question 23Single Answer
If 20,000 shares are allotted pro-rata to applicants for 25,000 shares, the allotment ratio is:
  1. A
    4:5
  2. B
    5:4
  3. C
    2:5
  4. D
    1:2
Question 24Single Answer
Calls in arrears represent:
  1. A
    Amount received before it is called
  2. B
    Uncalled share capital
  3. C
    Excess application money
  4. D
    Called-up amount not paid by shareholders
Question 25Single Answer
Calls in advance represent:
  1. A
    Unpaid calls
  2. B
    Amount received before it becomes due
  3. C
    Forfeited amount
  4. D
    Securities premium
Question 26Single Answer
Calls in advance are:
  1. A
    Part of share capital
  2. B
    Revenue income
  3. C
    Capital reserve
  4. D
    A liability until the relevant call becomes due
Question 27Single Answer
A company may pay interest on calls in advance subject to:
  1. A
    Applicable legal/articles provisions
  2. B
    No restriction whatsoever
  3. C
    Approval of customers
  4. D
    Income-tax assessment
Question 28Single Answer
Forfeiture of shares generally occurs due to:
  1. A
    Excess dividend
  2. B
    Issue at premium
  3. C
    Over-subscription
  4. D
    Non-payment of allotment or call money
Question 29Single Answer
At the time of forfeiture, Share Capital Account is debited by:
  1. A
    Amount received
  2. B
    Amount called up on forfeited shares
  3. C
    Face value of all company shares
  4. D
    Premium received only
Question 30Single Answer
Amount already received on forfeited shares is generally credited to:
  1. A
    Share Forfeiture Account
  2. B
    General Reserve
  3. C
    Securities Premium Account
  4. D
    Capital Redemption Reserve
Question 31Single Answer
Share Forfeiture Account is in the nature of:
  1. A
    Revenue receipt
  2. B
    Capital gain relating to forfeited shares
  3. C
    Operating expense
  4. D
    Current liability
Question 32Single Answer
Forfeited shares may generally be reissued:
  1. A
    Only at par
  2. B
    Only at premium
  3. C
    Only at discount
  4. D
    At par, premium or discount subject to restrictions
Question 33Single Answer
Discount on reissue of forfeited shares cannot exceed:
  1. A
    Face value of shares
  2. B
    Authorized capital
  3. C
    Securities premium balance
  4. D
    Amount forfeited on those shares
Question 34Single Answer
Discount allowed on reissue of forfeited shares is debited to:
  1. A
    Share Forfeiture Account
  2. B
    Statement of Profit and Loss
  3. C
    Securities Premium Account
  4. D
    General Reserve
Question 35Single Answer
Profit on reissue of forfeited shares is transferred to:
  1. A
    Revenue reserve
  2. B
    Capital reserve
  3. C
    Securities premium
  4. D
    Dividend account
Question 36Single Answer
The amount transferred to Capital Reserve after reissue relates to:
  1. A
    All forfeited shares irrespective of reissue
  2. B
    Forfeited amount pertaining to shares actually reissued, less reissue discount
  3. C
    Entire authorized capital
  4. D
    Securities premium only
Question 37Single Answer
A ₹10 share on which ₹7 has been received is forfeited and reissued at ₹8 fully paid. Profit on reissue is:
  1. A
    ₹2
  2. B
    ₹8
  3. C
    ₹7
  4. D
    ₹5
Question 38Single Answer
A ₹10 fully called share with ₹6 received is forfeited. The Share Forfeiture Account is credited by:
  1. A
    ₹4
  2. B
    ₹16
  3. C
    ₹10
  4. D
    ₹6
Question 39Single Answer
A ₹10 forfeited share with ₹6 forfeited can be reissued as fully paid at a minimum price of:
  1. A
    ₹4
  2. B
    ₹2
  3. C
    ₹6
  4. D
    ₹10
Question 40Single Answer
If a ₹10 forfeited share is reissued at ₹12, the ₹2 excess is credited to:
  1. A
    Share Forfeiture Account
  2. B
    General Reserve
  3. C
    Capital Reserve
  4. D
    Securities Premium Account
Question 41Single Answer
When shares issued at premium are forfeited and premium had already been received, Securities Premium Account is:
  1. A
    Debited
  2. B
    Transferred to capital reserve
  3. C
    Normally not reversed
  4. D
    Closed
Question 42Single Answer
If securities premium had become due but was not received before forfeiture, it is generally:
  1. A
    Credited again
  2. B
    Debited to Securities Premium Account on forfeiture
  3. C
    Transferred to general reserve
  4. D
    Ignored in all cases
Question 43Single Answer
Share allotment becoming due is recorded by debiting:
  1. A
    Bank Account
  2. B
    Share Forfeiture Account
  3. C
    Share Capital Account
  4. D
    Share Allotment Account
Question 44Single Answer
On receipt of allotment money, the account debited is:
  1. A
    Share Capital
  2. B
    Share Allotment
  3. C
    Bank
  4. D
    Securities Premium
Question 45Single Answer
Issue of shares for consideration other than cash may occur when shares are issued to:
  1. A
    Vendors
  2. B
    Customers only
  3. C
    Employees only
  4. D
    Government only
Question 46Single Answer
When shares are issued to a vendor for purchase of assets, the vendor's account is:
  1. A
    Credited when shares are issued
  2. B
    Debited when shares are issued
  3. C
    Transferred to revenue reserve
  4. D
    Never affected
Question 47Single Answer
A company purchases machinery for ₹5,00,000 and issues 50,000 shares of ₹10 each at par. Vendor's account will be settled by:
  1. A
    ₹50,000
  2. B
    ₹4,50,000
  3. C
    ₹55,00,000
  4. D
    ₹5,00,000
Question 48Single Answer
Shares issued to promoters for their services represent issue:
  1. A
    For cash
  2. B
    Through calls in arrears
  3. C
    For consideration other than cash
  4. D
    Through redemption
Question 49Single Answer
The nominal value of a share is also known as:
  1. A
    Market value
  2. B
    Yield value
  3. C
    Face value
  4. D
    Intrinsic value
Question 50Single Answer
Market value of a share is:
  1. A
    Necessarily equal to face value
  2. B
    Fixed permanently by the memorandum
  3. C
    Always equal to book value
  4. D
    Price at which it trades in the market
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