Contracts and Accounts MCQ with Answers PDF

Contracts and Accounts MCQ with Answers - Summary

Contracts and Accounts MCQ with Answers is an essential resource to help you grasp the concepts of legal obligations and accounting principles. A contract involves self-imposed legal responsibilities that can be enforced in court, ensuring that both parties meet their duties. You can easily download the PDF of Contracts and Accounts MCQ with Answers in high resolution and printable format using the link below.

Understanding Contracts and Accounts

An account is a record of assets, liabilities, income, expenses, and equity. These elements are documented on individual ledger pages where any changes in value are noted chronologically using debit and credit entries. These entries, referred to as postings, play a crucial role in a book of final entry or ledger, helping you track financial activities effectively.

Contracts and Accounts Multiple Choice Questions with Answers

Test your knowledge with these multiple-choice questions:

Share allotment account is a ——————.

1. personal account
2. Real account
3. Nominal account
4. Impersonal account

Holders of preference shares will have the right to vote if the dividend remains unpaid for a period of not less than:

1. 2 years
2. 3 years
3. 6 years
4. none of these

The minimum share application money is ———–.

1. 5% of the face value of shares
2. 10% of the issue price of shares
3. Re. 1 per share
4. 15% of the face value of shares

Premium received on the issue of shares is shown on———–.

1. the asset side of the balance sheet
2. the liability side of the balance sheet
3. the credit side of the P&L a/c.
4. the debit side of the P & L a/c

Premium on the issue of shares can be used for ———–.

1. distribution of dividend
2. writing off capital losses
3. transferring to general reserve
4. paying fees to directors

Premium received on the issue of shares cannot be utilized for ———.

1. issue of bonus shares
2. writing off preliminary expenses
3. providing premium payable on redemption
4. distribution of dividend

Section ———–of the Companies Act 1956 deals with the scheme of stock investment:

1. 69 to 70
2. 69 to 71
3. 69 to 72
4. 69 to 73

When shares are issued at a premium, which of the following accounts is credited?

1. Share premium account
2. Share first call account
3. Share allotment account
4. Share forfeited account

The minimum number of members in the case of a public company is———.

1. 4
2. 5
3. 6
4. 7

The maximum number of members in a public limited company is —————.

1. 10
2. 20
3. 50
4. unlimited

You can easily download the Contracts and Accounts MCQ in PDF format using the link provided below.

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