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Corporate Accounting I
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Avg score: 19% • Most missed: “Discount and loss on issue of debentures are shown under ---------------.”
Corporate Accounting I
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25 Questions

1. Profit on cancellation of own debentures are transferred to--------------.
2. When the shares are issued to purchase the fixed asset, -------------should be credited.
3. The maximum remuneration payable to a part time director (without managing director(s) or whole time director(s), or manager) should not exceed-----------------.
4. Bad debts recovered which was written off before purchase of business should be-----------.
5. -----------section of the companies Act provides the power of issuing debentures.
6. Assets which have physical existence are called------------------.
7. When shares are issued to promoters for their services,-----------is to be debited.
8. Securities premium account is shown under ------------head.
9. If the quoted price includes the interest on the debenture form the previous interest to till the date of sale, the price is-------------
10. Own debentures account (at the time of purchase of own debentures) is always debited with
11. Minimum subscription decided by------------.
12. Trade payables include----------------------.
13. According to companies Act-----------% of interest is to be paid on calls in arrears.
14. Redeemable preference shares can be redeemed out of ------------------.
15. Only --------------shares can be redeemed.
16. Debentures are shown in the balance sheet under the heading
17. Preference share holders receive--------------.
18. Premium received on issue of shares is shown on-----------.
19. The amount on shares paid by share holders before it is actually due is-------------------.
20. The underwriting commission in case of preference shares/ debentures beyond Rs. 5 lakhs as per SEBI guidelines, should not exceed
21. For ascertaining Pre incorporation profits, establishment expenses are apportioned in the ------------------
22. Gross profit to be apportioned between pre and post incorporation period in ---------------.
23. Sinking fund can be created out of------------------.
24. Debentures can be issued ----------------.
25. Debentures redeemable after 10 years of issue are shown as----------------------.

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