Classical

Financial and Management Accounting - Financial and Management Accounting Practice Questions

31:  
The dissolution of partnership takes place in the following cases
1. On the expiry of the period of partnership if constituted for a fixed period.
2. On completion of a venture if constituted to carry out a venture.
3. On death of a partner.
4. On adjudication of a partner as an insolvent.
Select the correct answer using the codes given below:
A.

1 and 3

B.

2,3 and 4

C.

1,2,3 and 4

D.

None of the above

 
 

Option: C

Explanation :


32:  
Premium received on issue of shares shall be credited to a separate account called
A.

Share premium account

B.

Securities premium account

C.

Securities reserve account

D.

Premium account

 
 

Option: A

Explanation :


33:  
Company may pay dividend on advance calls, if it is authorised by the
A.

Company Law Board

B.

Articles of Association

C.

Registrar of Companies

D.

Memorandum of Association

 
 

Option: B

Explanation :


34:  
Which of the following is not a type of a share?
A.

Debenture

B.

Equity

C.

Preference

D.

Bonus

 
 

Option: A

Explanation :


35:  
Profit from the date of ------ to the date of __ is called as profit prior to incorporation.
A.

Purchase, commencement of business

B.

Purchase, incorporation

C.

Commencement of business, incorporation

D.

Incorporation, commencement of business.

 
 

Option: B

Explanation :




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