T.Y B.COM
SEMESTER - 5
MID SEMESTER EXAMINATION
ADVANCED ACCOUNTING
MCQS = NOVEMBER - 2014
(1) As per AS-14 purchase consideration includes payments made to ________ of Transferor Company.
(A) Only Preference share holders
(B) Only Equity Shareholders
(C) Both Equity and Preference Share holders
(D) Equity & Preference shareholders and Debenture holders
(2) Survey expense for marine insurance claims must be -
(a) Added to law charges
(b) Shown as a separate item
(c) Added to claims
(d) Added to management expense
(3) Which one of the following is not the method of calculating purchase consideration:
(a) Share Exchange Method
(b) Net Payment method
(c) Purchase method
(d) Net asset method
(4) Bonus payable only on the maturity of the policy is called ______ bonus.
(a) In reduction of premium
(b) Interim
(c) Reversionary
(d) Cash
(5) Policy maturing only on the death of the insured is termed as ______
(a) With Profit Policy
(b) Whole Life Policy
(c) Endowment Policy
(d) Without Profit Policy
(6) In case of marine cargo business, _________ % of premium is to be created as a reserve for unexpired risk.
(a) 100%
(b) 70%
(c) 60%
(d) 50%
(7) An intangible asset should be measured initilly at ________
(a) Fair Market Value
(b) Cost
(c) Cost or fair market value whichever is less
(d) None of the above
(8)When amalgamation is in the nature of Purchase, the accounting method to be followed is:
(a) Purchase method
(b) Equity method
(c) Consolidated method
(d) Pooling of interests method
(9) As per AS -14, ______ Company means the company which is amalgamated into another company.
(A) Transferor company
(B) Transferee Company
(C) Selling company
(D) Purchasing Company
(10) Under the "purchase method of accounting" the transferee companies incorporate in its-books :
(a) The assets and liabilities of the transferor company
(b) The assets, liabilities and statutory reserves of the transferor company
(c) The assets, liabilities and non-statutory reserves of the transferor company
(d) The assets, liabilities and reserves of the transferor company
MCQS = SEPTEMBER - 2015
(1) A Company has issued capital of 20,000 equity shares of Rs.5 each folly paid. It decides to convert its capital into 10,000 equity shares of Rs. 10 each. It is a case of-
(a) Sub-division of share capital
(b) Consolidation of share capital
(c) Decrease in unissued share capital
(d) None of the (a), (b) and (c)
(2) The balance in the Capital Reduction Account, after writing off accumulated losses is transferred to:
(a) Capital Reserve
(b) Security Premium
(c) General Reserve
(d) Share Capital
(3) in case or pooling of interest method of accounting for amalgamation, all the assets & liabilities of transferor company are to be taken over in the books of transferee company at ______ value.
(a) Book
(b) Net Realizable
(c) Market
(d) Agreed
(4) Reserve for unexpired risk is to be calculated on ________.
(a) Net Premium
(b) Premium
(c) Commission
(d) Net Claims
(5) When an insurance company finds the risk heavy, part of the risk is insured with another insurance company. Such a procedure is known as _________
(a) Commission on re-insurance ceded
(b) Commission on re-insurance accepted
(c) Re-insurance
(d) Surrenders
(6) The concept of surrender value is peculiar _______
(a) Life Insurance
(b) General insurance
(c) Reinsurance
(d) None of (a), ( b) and (c)
(7) An intangible asset should be measured initially at ---------.
(a) Fair Market Value
(b) Cost
(c) Cost or Fair Market value whichever is less
(d) None of the (a), (b) and (c)
(8) Which of the following is not the characteristic of Intangible asset;
(a) Monetary Asset
(b) identifiable
(c) Without physical substance
(d) Non Monetary Asset
(9) When There is goodwill arising on amalgamation in the financial statements of Transferee Company, such goodwill should be amortized to income. The amortization period should not exceed:
(a) 6 years
(b) 5 years
(c) 7 years
(d) 10 years
(10) Under the "Purchase method" of accounting for Amalgamation, the transferee company incorporate in its books:
(a) The assets and liabilities of the transferor company
(b) The assets, liabilities and statutory reserves of the transferor company
(c) The assets, liabilities and non-statutory reserves of the transferor company
(d) The assets, liabilities and reserves of the transferor company
MCQS = OCTOBER - 2015
(1) Amalgamation Adjustment Account is opened in the books of Transferee Company to incorporate;
(A) The liabilities of the transferor company
(B) The assets of the transferor company
(C) The statutory reserves of the transferor company
(D) The non-statutory reserves of the transferor company
(2) A company has issued capital of 1,00,000 equity shares of Rs,10 each fully paid, it decides to convert its capital into 2,00,000 equity shares of Rs. 5 each. it is a case of -
.
(A) Sub-division of share capital
(B) Consolidation of share capital
(C) Decrease in unissued share capital
(D) None of the (a), (b) and (c)
(3) In case of purchase method of accounting for amalgamation, all the assets & liabilities of transferor Company are to be taken over in the books of transferee company at ______ value.
(A) Book
(B) Net Realizable
(C) Market
(D) Agreed
(4) The process of liquidating the existing company and forming a new company with a View to take over the business of existing company for restructuring is known as __________.
(A) internal Reconstruction
(B) External Reconstruction
(C) Merger
(D) None of the above
(5) As per AS-14 purchase consideration includes payments made to ________ of Transferor Company.
(A) Only Preference share holders
(B) Only Equity Shareholders
(C) Both Equity and Preference Share holders
(D) Equity & Preference shareholders and Debenture holders
(6) " ________" means transferring the whole or a part of the risk undertaken by an Insurer to another insurer.
(A) Life Insurance
(B) insurance
(C) Re-insurance
(D) General insurance
(7) In case of marine cargo business, ________ % of premium is to be created as a reserve for unexpired risk.
(A) 100%
(B) 70%
(C) 50%
(D) 60%
(8) Which one of the following is not a non-monetary asset?
(A) Bills Receivables
(B) Trademark
(C) Patents
(D) Goodwill
(9) _______ is formal written document containing the terms of Contract of Insurance.
(A) Financial Statement
(B) Policy
(C) Premium
(D) Insurance
(10) Reserve for unexpired risk is to be calculated on __________
(A) Net Premium
(B) Premium
(C) Commission
(D) Net Claims
No comments:
Post a Comment