Financial Accounting - Test 1(IOS, CR & PPI)

Capital reduction is implemented as per section ______ of companies Act..

The expenses related to company should be allocated to _____ period.

The excess of net assets over consideration paid is called _______

And reduced words are to be shown as in Balance sheet as per _______ requirement.

The interest paid to vendors should be allocated in the ratio of ______.

The cancellation of contingent liability is ___________ for the company.

The scheme of Internal reconstruction involves _____ company

Capital reduction is one variety of capital restructuring

Sub-division of shares results in gain for a company

Statutory reserve can be utilized to set-off loss under scheme of Capital Reduction

Various items in balance sheet should be allocated in the ratio of time for pre and post incorporation period.

The additional information given for some items of expenses should be ignoredin PPI

The final accounts prepared after reconstruction should be suffixed by words “and reduced”

Columnar trading account for pre and post incorporation period can never be prepared

The scheme of reconstruction requires approval of ________

Shareholders not approving scheme are called ________ shareholders

For allocation of income and expenses, the date of _______ is not to be considered

Share transfer fee is to be allocated to _____ period

The sub-division of shares does not result in ______ of capital

If value of net assets taken over is Lower than consideration, the difference is called _______.


Test based on the three important chapter in Multiple Choice format






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Institute By Choice [IBC]
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