Company Account & Fund – 32 Easy MCQs

Here are the 32 Solved MCQs of the Company Account and & Fund Sources & Applications. These MCQs will develop your concept and help to improvise your exams preparation. A soft copy of these MCQs is also available.

Final Accounts of Companies (1-12 MCQs)

  • Balance sheet of a limited company is prepared in the
    • Vertical form
    • Horizontal form
    • None of the above
    • Both of the above
  • In the balance sheet of the company, fixed deposit are shown under the head
    • Unsecured loan
    • Contingent liability
    • Secured loan
    • Current liability
  • Interest paid on debenture is shown in
    • Profit and loss appropriation account
    • Income statement
    • Current liability side of balance sheet
    • All of the above
  • Final accounts of the company are prepared and comprises of the following
    • Balance sheet
    • Income statement
    • Both of the above
    • None of the above
  • Unclaimed dividend is shown on the liability side of the balance sheet under the head
    • Miscellaneous items
    • Current liabilities
    • Reserve and surplus
    • Provisions
  • Calls in arrear by deducting the amount from the called-up capital is shown in the balance sheet on the
    • Asset side
    • Liability side
    • Current asset side
    • None of the above
  • In the balance sheet of a company, provision for taxation is shown under
    • Provisions
    • Contingent liability
    • Current liability
    • Reserves and surplus
  • In the balance sheet of a company, which of the following is not a current liability?
    • Acceptance
    • Interest accrued but on due on loan
    • Loan from bank
    • Unclaimed dividend
  • The company’s final accounts are prepared in _____________ form
    • Vertical
    • Horizontal
    • Both of the above
    • None of the above
  • The final accounts of companies are to be prepared in accordance with the provision of which of the following Companies Act:
    • Schedule VI
    • Schedule III
    • Schedule IX
    • Schedule II
  • The amount of debtors due for more than how months is to be shown separately
    • Five
    • Two
    • Six
    • Nine
  • Uncalled amount on shares held as investment is shown under the heading __________
    • contingent liability
    • current assets
    • loans & advances
    • current liabilities

Quiz with Answers

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Final Accounts of Companies

Quiz with Answers

1 / 12

Balance sheet of a limited company is prepared in the

2 / 12

In the balance sheet of the company, fixed deposit are shown under the head

3 / 12

Interest paid on debenture is shown in

4 / 12

Final accounts of the company are prepared and comprises of the following

5 / 12

Unclaimed dividend is shown on the liability side of the balance sheet under the head

6 / 12

Calls in arrears by deducting the amount from the called-up capital is shown in the balance sheet on the

7 / 12

In the balance sheet of a company, provision for taxation is shown under

8 / 12

In the balance sheet of a company, which of the following is not a current liability?

9 / 12

The company’s final accounts are prepared in _____________ form

10 / 12

The final accounts of companies are to be prepared in accordance with the provision of which of the following Companies Act:

11 / 12

The amount of debtors due for more than how months is to be shown separately

12 / 12

Uncalled amount on shares held as an investment is shown under the heading

Fund Sources & Applications (1 – 20 MCQs)

  • The flow of fund is said to have taken place when
    • Machinery is purchased for cash
    • Cash is received from debtors
    • Cash is paid to creditors
    • None of the above
  • Current assets include the following except
    • Cash and bank balance
    • Inventory
    • Furniture
    • Debtors
  • All of the following are fixed assets except
    • Building
    • Fixtures
    • Stock
    • Land
  • Which of the following is a current liability?
    • Share capital
    • Long-term loans
    • Debentures
    • Outstanding wagers
  • Cash sales result into
    • Application of fund
    • Source of fund
    • Zero flow of funds
    • None of the above
0

Statement of Sources & Applications of Funds

Quiz with Answers

1 / 20

The flow of fund is said to have taken place when

2 / 20

Current assets include the following except

3 / 20

All of the following are fixed assets except

4 / 20

Which of the following is a current liability?

5 / 20

Cash sales result into

6 / 20

Redemption of preference capital results into

7 / 20

Cash receive from debtors results into

8 / 20

Which of the following results in the flow of funds?

9 / 20

Rent paid results into

10 / 20

A transaction resulting in the flow of funds when

11 / 20

Which of the following is not a source of funds?

12 / 20

Which of the following terms is added to net profit in order to arrive at the figure of funds from the operation?

13 / 20

When total source of funds are more than total applications of funds, the net effect is

14 / 20

Payment of interim dividend is a

15 / 20

Increase in share premium account results in a

16 / 20

The term “funds” as used in “funds flow statement” means

17 / 20

Which of the following financial statements explain changes in the assets and liabilities that may have taken place between two dates?

18 / 20

The term current liabilities is used to describe such obligations which are paid within one year and

19 / 20

All of the following are current assets except

20 / 20

Which of the following is a non-current liability?

  • Redemption of preference capital results into
    • No flow of funds
    • Application of fund
    • Source of fund
    • Limitation of fund
  • Cash receive from debtors results into
    • No flow of fund
    • Source of fund
    • Application of fund
    • All of the above
  • Which of the following results in the flow of funds?
    • Loss on the sale of machinery
    • Creditors to general reserve
    • Transfer to general reserve
    • Building sold on credit
  • Rent paid results into
    • No flow of fund
    • Source of fund
    • Application of fund
    • Limitation of fund
  • A transaction resulting in the flow of funds when
    • Debentures are redeemed
    • Preference share capital is issued
    • Non-current asset is purchased out of current assets
    • All of the above
  • Which of the following is not a source of fund?
    • Profit earned during the year
    • Purchase of machinery
    • Issue of share capital
    • Long-term loan raised
  • Which of the following terms is added to net profit in order to arrive at the figure of funds from operation?
    • Profit on revaluation of land
    • Depreciation on machinery
    • Profit on revaluation of building
    • Profit on sale of machinery
  • When total source of funds are more than total applications of funds, the net effect is
    • Zero net working capital
    • No effect on networking capital
    • Increase in networking capital
    • Decrease in networking capital
  • Payment of interim dividend is a
    • Limited flow of fund
    • Source of fund
    • No flow of fund
    • Application of fund
  • Increase in share premium account results in a
    • Source of fund
    • Application of fund
    • No flow of fund
    • Limited flow of fund
Company Account & Fund
Company Account & Fund
  • The term “funds” as used in “funds flow statement” means
    • Current assets
    • Cash
    • Current liabilities
    • Current assets minus current liabilities
  • Which of the following financial statements explain changes in the assets and liabilities that may have taken place between two dates?
    • Funds statement
    • Income statement
    • Position statement
    • None of the above
  • The term current liabilities is used to describe such obligations which are paid within one year and
    • Out of current assets
    • Out of fixed assets
    • By creating current liabilities
    • A and B
  • All of the following are current assets except
    • Stock
    • Debtor
    • Cash
    • Building
  • Which of the following is a non-current liability?
    • Long-term loan
    • Bank overdraft
    • Sundry creditors
    • Bills payable

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