MCQ Questions on Joint Stock Company / Financial Accounting of Company
1. A company is formed by
(a) Government
(b) Directors
(c) Promoters
(d) Owners
Answer: (c)
2. The word limited should appear after the name of
(a) Partnership
(b) Registered company
(c) Statutory company
(d) Chartered company
Answer: (b)
3. Deferred shares are generally issued to:
(a) Promoters
(b) Government
(c) General Public
(d) Managing agents
Answer: (a)
4. The minimum members in public limited company are:
(a) 4
(b) 2
(c) 8
(d) 7
Answer: (d)
5. Share premium is shown in the balance sheet as an:
(a) Deducted from the asset side.
(b) Liability
(c) Deduction in paid up capital
(d) Asset
Answer: (b)
6. Share premium money can be used for:
(a) Issue of fully paid bonus shares
(b) Payment of debentures
(c) Payment of dividend
(d) Writing of good will
Answer: (a)
7. Debenture can be issued at:
(a) At discount
(b) At premium
(c) At par
(d) All of the above
Answer: (d)
8. How many members have to sign a memorandum of association in case of a private company?
(a) Five
(b) Seven
(c) Two
(d) Ten
Answer: (c)
9.The official signature of a company is called:
(a) Prospectus
(b) Debentures
(c) Shares
(d) Common seal
Answer: (d)
10. The company is managed by the group of persons known as:
(a) Board of directors
(b) Group of member
(c) Team of shareholders
(d) None of the above
Answer: (a)
11.Opening balance of profit & Loss A/c was ₹ 7,500, Dividend paid ₹ 1,500 ending
balance of profit & Loss A/c was ₹ 5,000. Net income/net loss was
(A) Net Loss ₹ 1,000 (B) Net Loss ₹ 2,000
(C)Net Income ₹ 1,000 (D) Net income ₹ 6,500
Ans: A
12. Balance Sheet as on 31st March, 2013______
Share Capital ₹ 20,00,000
Profit & Loss Account (1.4.2012) ₹ 67,000
Profit for the year ₹ 1,90,610
The Company wants to transfer Rs, 50,000 to debtor redemption reserve and declare
10% dividend. The balance in the Statement of Retained Earnings is____
(A) ₹ 2,47,610
(B) ₹ 1,88,549
(C) ₹ 8,610
(D) ₹ 1,81,849
Ans: A
13. The Company has 5% Government Securities having face value of ₹ 1,00,000 and cost
of ₹ 95,000. The interest on Government Securities wills be_____
(A) ₹ 5,000 (B) ₹ 4,750
(C) ₹ 9,750 (D) None of the above
Ans: A
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