Corporate Accounting MCQs and Notes

M

Mr. Dubey • 51.17K Points
Coach

Q 761. Hitesh Ltd.’s purchase consideration is Rs.12,345 and Net Assets Rs.3,568, then...........

(A) Goodwill Rs. 8,777

(B) Capital Reserve Rs. 8,777

(C) Goodwill Rs. 15,913

(D) Capital Reserve Rs. 15,913

M

Mr. Dubey • 51.17K Points
Coach

Q 762. Which of the following statement is correct?

(A) The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only

(B) The amount of Goodwill or Capital Reserve is found out in the books of vendor company only.

(C) Goodwill = Net Assets – Purchase price

(D) The face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

M

Mr. Dubey • 51.17K Points
Coach

Q 763. The assets that can be easily converted into cash within a short period (i.e., 1 year or less is known as,

(A) Current assets

(B) Fixed assets

(C) Intangible assets

(D) Investments

M

Mr. Dubey • 51.17K Points
Coach

Q 764. Which of these best explains fixed assets?

(A) Are bought to be used in the business.

(B) Are expensive items bought for the business

(C) Are items which will not wear out quickly

(D) Are of long life and are not purchased specifically for resale

M

Mr. Dubey • 51.17K Points
Coach

Q 765. The long term assets that have no physical existence but, possess a value is known as,

(A) Current assets

(B) Fixed assets

(C) Intangible assets

(D) Investments

M

Mr. Dubey • 51.17K Points
Coach

Q 766. The process of recording financial data up to trial balance is

(A) Book keeping

(B) Classifying

(C) Summarizing

(D) Analyzing

M

Mr. Dubey • 51.17K Points
Coach

Q 767. International Public Sector Accounting Standards were issued by

(A) International Accounting Standards Board.

(B) International Auditing Practices Committee.

(C) International Federation of Accountants.

(D) None of the above

M

Mr. Dubey • 51.17K Points
Coach

Q 768. The global key professional accounting body is

(A) The International Accounting Standards Board

(B) The Institute of Chartered Accountants of India

(C) ---

(D) ---

Corporate Accounting

Q 761. Hitesh Ltd.’s purchase consideration is Rs.12,345 and Net Assets Rs.3,568, then...........

Q 762. Which of the following statement is correct?

Q 763. The assets that can be easily converted into cash within a short period (i.e., 1 year or less is known as,

Q 764. Which of these best explains fixed assets?

Q 765. The long term assets that have no physical existence but, possess a value is known as,

Q 766. The process of recording financial data up to trial balance is

Q 767. International Public Sector Accounting Standards were issued by

Q 768. The global key professional accounting body is

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