ISC Final Accounts of Companies MCQs With Solved Answer

ISC Final Accounts of Companies MCQs With Solved Answer

ISC Final Accounts of Companies MCQs With Solved Answer

(Question 1 to 5)

ISC Final Accounts of Companies MCQs With Solved Answer
ISC Final Accounts of Companies MCQs With Solved Answer

1. Income based on Income Tax Law or According to provision for income tax law is called:

(a) Taxable Income.
(b) Accounting Income.
(c) Business Income.

(d) None of these

2. Income based on Accounting Law or According to provision for company law is called :

(a) Taxable Income.
(b) Accounting Income.
(c) Business Income.

(d) None of these

3. When Accounting Income is more than the Taxable Income, it result in deferred tax ………………

(a) Assets .

(b) Liability.

(c) Profit.
(d) None of these.

4.When Accounting Income is less than the Taxable Income, it result in deferred tax………….. 

(a) Assets .

(b) Liability.

(c) Profit.
(d) None of these.

5. Accounting Income is Rs. 40,00,000

Taxable Income Rs.35,00,000

Rate of Tax is 40% . Amount of deferred tax liability should be….

(a) Rs. 16,00,000.

(b) Rs. 14,00,000.

(c) Rs. 2,00,000.
(d) None of these.

Issue of Debentures MCQs With Solved Answer

Note: Answers are ginen below at the end.

ISC Final Accounts of Companies MCQs With Solved Answer

(Question 6 to 10)

ISC Final Accounts of Companies MCQs With Solved Answer
ISC Final Accounts of Companies MCQs With Solved Answer

6. Accounting Income is Rs. 35,00,000

Taxable Income Rs.40,00,000

Rate of Tax is 40% . Amount of deferred tax Assets should be….

(a) Rs. 16,00,000.

(b) Rs. 14,00,000.

(c) Rs. 2,00,000.
(d) None of these.

7. The major heads under ‘Equity and Liabilities’ part  I of the company’s Balance Sheet include :

1. Shareholders’ Funds,

2. Share Application Money Pending Allotment,

3.Non-current Liabilities,

4.Current Liabilities

5. Current Assets

6. Non-Current Assets

(a) 1,2,3,4.

(b) 2,3,4,5.

(c) 3,4,5,6.
(d) 1,2,5,6.

8. The major heads under ‘which the Assets side  of a company’s Balance Sheet include :

1. Non-Current Assets,

2. Current Assets 

3. Non-current Liabilities,

4.Current Liabilities

(a) 1,2,3,4.

(b) 1,2,3.

(c) 3,4.
(d) 1,2.

9. Securities Premium Reserve is shown on the Equity and Liabilities part of the Balance Sheet under the head:

(a)  Reserves and Surplus.

(b) Current Liabilities.

(c) Non-Current Liabilities.
(d) Share Capital.

10. Which of the following will not covered under finance cost?
(a) Discount on issue of debentures written off.
(b) Interest paid on bank overdraft.
(c) Bank charges.
(d) Premium payable on redemption of debentures written off.

ISC Economics 12 Demand MCQs With Solved Answer

Note: Answers are ginen below at the end.

ISC Final Accounts of Companies MCQs With Solved Answer

(Question 11 to 15)

ISC Final Accounts of Companies MCQs With Solved Answer
ISC Final Accounts of Companies MCQs With Solved Answer

11.Long term provisions does not include:
(a) Provision for Gratuity
(b) Provision for earned leave
(c) Provision for employees benefit
(d) Provision for warrenty

12. Objectives or Purposes of Financial StatementAnalysis are:

(a) To measure the of the business Profitability or Earning Capacity.
(b) To measure the of the business Financial Strength.
(c) To judge the Efficiency of Management.
(d) To provide Useful Information’s to the Management.
(e) To find out the Capability for payment of interest, dividend etc.

(f) All of these

13. Other Current Liabilities include:
(a) Unpaid Dividend
(b) Interest accrued and due on borrowings
(c) Calls in advance
(d) Outstanding expenses etc

(e) All of these

14. Other Current Assets include:
(a) Prepaid expenses
(b) Accrued Incomes
(c) Advance Tax

(e) All of these

15. Items that is not  included under Inventories.
(a) Raw materials and Stock-in-trade
(b) Work-in-progress and Finished goods
(c) Stores and spares and Loose tools
(d) Trade Receivables

ISC Accounts Redemption of Debentures MCQs With Solved Answer

ISC Final Accounts of Companies MCQs With Solved Answer

(Question 16 to 20)

ISC Final Accounts of Companies MCQs With Solved Answer
ISC Final Accounts of Companies MCQs With Solved Answer

16. Which of the following item will not be shown under head of current liabilities and sub head of other current liabilities:

(a) Unclaimed dividend

(b) Calls in advances

(c) Interest accrued but not due on debentures

(d) Cash Credit

17. Which of the following item will not be shown under head of current Assets and sub head of other current assets:

(a) Prepaid Expenses

(b) Advance Tax

(c) Dividend Receivable

(d) Cash in hand

18. Which of the following item will not be shown under head of current Assets and sub head of cash and equivalents:

(a) Balances with banks

(b) Cheques, drafts on hand

(c) Licences and franchise

(d) Cash in hand

19. Which of the following item will not be shown under head of Non-current Assets and sub head of Intangible Assets:

(a) Goodwill

(b) Licences and franchise

(c) Trademark

(d) Computer software

(e)  Loose Tools

20. Which of the following items will  be shown under head of Non-current Assets and sub head of Tangible Assets:

(a) Land

(b) Building

(c) Plant and Machinery

(d) Furniture and Fixtures

(e)  All of these

ISC Final Accounts of Companies MCQs With Solved Answer

ISC Final Accounts of Companies MCQs With Solved Answer
ISC Final Accounts of Companies MCQs With Solved Answer

Management Accounting MCQs with solved answers (Ratio analysis)

Answer – Question Number 1 To 30

1. Answer- (a) Taxable Income.

2. Answer-(b) Accounting Income.

3. Answer-(b) Liability.

4. Answer-(a) Assets .

5. Answer-(c) Rs. 2,00,000.

6. Answer-(c) Rs. 2,00,000.

7. Answer-(a) 1,2,3,4.

8. Answer-(d) 1,2.

9. Answer-(a) Reserves and Surplus.

10. Answer-(c) Bank charges.

11. Answer-(c) Provision for employees benefit

12. Answer-(f) All of these

13. Answer-(e) All of these

14. Answer-(e) All of these

15. Answer-(d) Trade Receivables

16. Answer- (d) Cash Credit

17. Answer- (d) Cash in hand

18. Answer- (c) Licences and franchise

19. Answer- (e)  Loose Tools

20. Answer- (e)  All of these

Dissolution of partnership firm MCQs With Solved Answer 12 Cbse

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