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Financial and Management Accounting - Financial and Management Accounting Practice Questions

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1:  
The major sources where from debentures can be redeemed are
1. Profits
2.Capital
3. Provisions made for redemption
4. Conversion into shares or new debentures.
Select the correct answer using the codes given below:
A.

1,3 and 4
B.

1 and 4
C.

3 and 4
D.

1,2,3 and 4
 
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Option: D

Explanation :

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2:  
General donations of relatively large amount is recorded on the
1. Income side of Income and Expenditure Account
2. Liabilities side of Balance Sheet
3. Receipts side of Receipts and Payments Account
Select the correct answer using the codes given below:
A.

1 only
B.

2 and 3
C.

1 and 3
D.

3 only
 
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Option: B

Explanation :

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3:  
Amalgamation of firms takes place to
1. Avoid competition
2. Reduce unnecessary advertisement expenditure
3. Gain monopoly in the market
4. Have more capital and skill
5. To secure internal and external economies of scale.
Select the correct answer using the codes given below:
A.

1,3,4 and 5
B.

2,3,4 and 5
C.

1,2, and 3
D.

1,2,3,4 and 5
 
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Option: D

Explanation :

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4:  
Which of the following profits are capital profits?
l. Profit prior to incorporation
2. Premium received on issue of shares or debentures
3. Profit made on redemption of debentures
4. Profit set aside for redemption of preference shares.
Select the correct answer using the codes given below:
A.

2,3 and 4
B.

1,3 and 4
C.

1,2 and 3
D.

1,2,3 and 4
 
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Option: D

Explanation :

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5:  
According to guidelines issued by SEBI, a new company set up by entrepreneurs without a track record can issue capital to public only
A.

At par
B.

At premium
C.

at discount
D.

all of the above
 
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Option: A

Explanation :

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  • These objective type questions answers can be used to gain a credit score in various undergraduate and post graduate commerce courses like B com and Mcom
  • These questions answers can be used in the preparation of ugc net exams.
  • These questions can be downloaded as Financial and management  accounting online study material pdf.
  • This section can be used for the preparation of quizzes by any commerce student.
  • This section can also be used by commerce students for improving their knowledge in Financial and management accounting
  • These mcq can also be used by any student of XI or XII standard who has opted to study commerce to increase his knowledge.

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