Commerce MCQ Questions and Answers Quiz

11. If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies.

  1. Lifo method
  2. Fifo method
  3. Weighted method
  4. Uniform

12. In amalgamation of two companies

  1. Both companies lose their existence
  2. Both companies continue
  3. Any one company continues
  4. None of the above

13. In case of existing company takes over the business of another company and no new company is formed.

  1. Amalgamation
  2. Absorption
  3. Reconstruction
  4. None of the Above

14. In case of public limited company, after getting the ..................the company can start the business

  1. Memorandum of Association
  2. Table A
  3. Certificate of commencement of business
  4. Articles of Association

15. Maximum number of members in public limited company is

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

16. Minimum number of members in case of public company is

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

17. Net Assets minus Capital Reserve is

  1. Goodwill
  2. Total assets
  3. Purchase consideration
  4. None of these

18. Premium on issue of shares can be used for

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

19. Premium received on issue of shares cannot be utilised for

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

20. Premium received on issue of shares is shown on

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

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