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Financial Acc II
Financial Accounting II
| Question | Answer |
|---|---|
| Capital investments for the branches are made by | Head office |
| Branches are units physically segregated from the main office called | Head office |
| The price of goods sent by head office to branch at a price higher than cost price called‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | Invoice price |
| "‐‐‐‐Account is prepared wth a view to ascertain the gross profit of branch." | Branch adjustment a/c |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ represents goods sent by head office to the branch or by the branch to the head office but not received by other | Goods in transit |
| Books of accounts which are not maintained according to double entry system are known as ‐‐‐‐‐‐‐‐‐‐‐‐‐. | Incomplete records |
| "Cash paid to creditors under single entry system can be ascertained from" | Total creditors account |
| Under single entry system, the credit sales is computed from the | Total debtors account |
| A head office account prepared by an independent branch is purely ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐account | Personal |
| Incomplete records are maintained usually by a | Sole trader |
| "If provided in the agreement interest on capital will be paid to partners out of" | Current profits |
| Partners current A/c may have | Credit balance |
| In absence of any agreement profits and losses are shared in | Capital ratio |
| For finding unit value capital is divided by | Profit Sharing Ratio |
| Contingent liabilities are the liabilities which are | Contingent on happening of certain event in future |
| Profit & Loss Account debit balance should be | Added to Capitals |
| The amount finally left unpaid on partner's capital account should be in | Capital ratio |
| Any reserve in the Balance sheet on the date of dissolution should be distributed among the partners in | Equal ratio |
| The minimum share application money is | 5% of nominal value of shares |
| Rights shares are offered in ratio of _____. | face value of shares |
| Share allotment account is a ------------------. | personal account |
| Premium received on issue of shares is shown on-----------. | liability side of the balance sheet |
| Premium received on issue of shares cannot be utilised for---------. | for distribution of dividend |
| Minimum number of members in case of public company is---------. | 7 |
| The amount of capital mentioned in MOA is ----------. | authorised capital |
| The difference between called up capital and paid up capital is --------------. | unpaid capital |
| " When the shares are issued to purchase the fixed asset, ------------- should be credited." | share capital a/c |
Created by:
bhushan.sonawane1986
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