Accounting Mcqs

Page No. 15

An asset that is NOT physical in nature is called


aIntangible asset

✓


bLiquid asset

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cCurrent asset

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dFixed asset

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View Answer Intangible asset

Commercial accounting is based on


aSingle entry book keeping

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bDouble entry book keeping

✓


cBoth single and double entry book keeping

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dCash basis of book keeping

✖



Which of the following is non-profit organization?


aSole proprietorship

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bPartnership

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cLimited company

✖


dTrust

✓


View Answer Trust

Shares for which amount is paid by public are called ____ shares


aAuthorized

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bPaid up

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cBonus shares

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dAll of the above

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View Answer Paid up

Which of the following can be distributed among the shareholders?


aCapital reserve

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bGeneral reserve

✓


cRevaluation reserve

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dAll of the above

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View Answer General reserve

Which of the following items of balance sheet are useful in evaluating a company's liquidity?


aCurrent assets and other assets

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bCurrent liabilities and current assets

✓


cCurrent liabilities and plant and equipment

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dIn current liabilities and other assets

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Which of the following capital is taken up by the general public?


aIssued capital

✓


bSubscribed capital

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cAuthorized capital

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dReserve capital

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View Answer Issued capital

Merchandise on hand at either the beginning or end of the accounting period is called


aRaw material

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bCost of goods sold

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cWork in progress

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dInventory

✓


View Answer Inventory

The charter of a company which defines the limitations and powers of the company is called


aMemorandum of Association

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bArticles of Association

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cStatutory Report

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dCertificate of Commencement

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Which of the following is (are) type(s) of Public Limited Companies?


aListed companies

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bNon listed companies

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cPrivate limited companies

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dBoth listed and non listed companies

✓



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