- Issue of fully paid bonus shares
- Write of Goodwill
- Payment of Dividends
- None of these
- a
-
Share Premium is also called Security Premium.
Accounting MCQs
Accounting MCQs are included in this portion of ETEST Website.All Accounting MCQs are solved with short detail. ETEST Team updates ETEST Website on daily basis.
Both debentures and term finance certificate are usually issued by:
- Private Companies
- Public Companies
- Listed Companies
- None of these
- b
If motor van cost is 12500, its accumulated depreciation is 4200, depreciation charged for the year is 2500, What will be the book value at the end of the period?
- 8300
- 5800
- 10000
- None of these
- b
Excess of Sales over cost goods in accounting period is termed as:
- Current Assets
- Net profit
- Gross profit
- Retained earning
- c
-
Gross Profit = Sales + Cost of Goods Sold
Net profit is equal to:
- Less sales cost of sale and operating expense
- Less gross profit and operating expenses
- Both A & B
- None of these
- C
Which of the following section deals with the qualification of auditor?
- Section 226 (1) and Section 226 (2)
- Section 224 (1) and Section 224 (2)
- Section 225 (1) and Section 225 (2)
- None of these
- A
What are analytical procedures?
- Substantive test design to study relationship between financial and non financial.
- Substantive test designed to evaluate the validity of management’s representation letter.
- Substantive test designed to assess control risk.
- None of the above
- c
The primary purpose of establishing quality control policies and procedure for deciding on client evaluation is to:
- Ensure Adherence to generally accepted audit standards
- Acceptance or retention clients whose management does not lack integrity.
- Ensure audit fee is charged according to the type of audit work assigned.
- All of the above
- d
Preference shares are those which carry preferential right in respect of:
- Payment of Capital
- Dividends
- Both A & B
- Nonce of these
- c
Goodwill should be classified as a:
- Intangible Asset
- Liquid Asset
- Floating Asset
- Current Asset
- a
-
Intangible Asset is an asset which have not physical presence.