Accounting Mcqs

Page No. 15

An asset that is NOT physical in nature is called


aIntangible asset


bLiquid asset


cCurrent asset


dFixed asset


View Answer Intangible asset

Commercial accounting is based on


aSingle entry book keeping


bDouble entry book keeping


cBoth single and double entry book keeping


dCash basis of book keeping



Which of the following is non-profit organization?


aSole proprietorship


bPartnership


cLimited company


dTrust


View Answer Trust

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


aAuthorized


bPaid up


cBonus shares


dAll of the above


View Answer Paid up

Which of the following can be distributed among the shareholders?


aCapital reserve


bGeneral reserve


cRevaluation reserve


dAll of the above


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


bCurrent liabilities and current assets


cCurrent liabilities and plant and equipment


dIn current liabilities and other assets



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


aIssued capital


bSubscribed capital


cAuthorized capital


dReserve capital


View Answer Issued capital

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


aRaw material


bCost of goods sold


cWork in progress


dInventory


View Answer Inventory

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


aMemorandum of Association


bArticles of Association


cStatutory Report


dCertificate of Commencement



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


aListed companies


bNon listed companies


cPrivate limited companies


dBoth listed and non listed companies



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