Corporate Accounting MCQ
Given below are Corporate Accounting MCQ with answers. These multiple choice questions are useful for BBA, B Com, MBA, MMS, M Com, BA, MA, and PGDM students. These corporate accounting mcq questions can also be used for UGC NET, SET, Ph D, UPSC, and MPSC competitive entrance exams.
Corporate Accounting MCQ
51) Which of the following statement is correct?
A. Fixed assets must always be shown at market value
B. Book-keeping and accounting are different terms
C. Owner’s Equity = Assets + Liabilities
D. Patents is an example of current asset
Option: A
52) Bonus shares can be issued by a company
A. Out of the Reserves created by revaluation of fixed assets
B. Out of share premium not collected in cash
C. Without any provision for it in the Articles of Association of the company
D. Out of free reserves built out of genuine profit
Option: D
53) Current assets include
A. Stores & Spare parts
B. Stock in trade
C. Sundry Debtors
D. All of the above
Option: D
54) Which of the following accounting equation is correct?
A. Capital + Liabilities= Assets
B. Capital = Assets + Liabilities
C. Capital- Liabilities = Assets
D. Capital + Assets = Liabilities
Option: A
55) Goods withdrawn by the proprietor for his personal use are
A. Shown as a deduction from the purchases
B. Shown as a deduction from the sales
C. Treated as sales at cost price
D. Added to the purchases
Option: A
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56) Unpaid calls are shown in the balance sheet of a company
A. By adding it to the share capital
B. By deducting it from the called-up share capital
C. Under the head ‘current assets’
D. Under the head ‘current liabilities’
Option: B
57) Stock is
A. Included in the category of fixed assets
B. Part of current assets
C. Intangible
D. Tangible
Option: B
58) Which of the following is not included in the category of ‘Intangible Assets’ ?
A. Patents rights
B. Copy rights
C. Competitive benefit and privileges
D. Machinery
Option: D
59) AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply
A. Forests, plantations and similar regenerative natural resources
B. Wasting assets including material rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources
C. Expenditure on real estate development and livestock
D. None of the above
Option: D
60) Which of the following assets are dealt with by AS – 10 (Accounting Standard on Fixed Assets)?
A. Land, building, plant and machinery, vehicles, furniture and fittings
B. Goodwill and patents
C. Trademarks and designs
D. All of the above
Option: D
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