Ch 7: Introduction to Company Accounts — Chapter Test
CSEET
📚 Fundamentals of Accounting
📖 Ch.7 — INTRODUCTION TO COMPANY ACCOUNTS
⭐ V1: Previous Year Question (PYQ)
⚡ Free Mode (Answers Locked)
⏱ Duration: 25 Mins
🎯 Total Marks: 20
Passed at: 10 Marks
Max Attempts: 10
Standard ICSI CSEET objective examination for Introduction to Company Accounts. 20 MCQs with instant scoring and detailed explanations.
📑 Exam Questions
20 Questions • Total 20 MarksQuestion 1:
1 Marks
What is the maximum amount of share capital that a company is authorized to issue during its lifetime, as stated in its Memorandum of Association?
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Question 2:
1 Marks
The portion of the subscribed capital that the company has demanded from its shareholders for payment is known as:
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Question 3:
1 Marks
According to Section 52 of the Companies Act, 2013, which of the following is NOT a permissible use of the Securities Premium Account?
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Question 4:
1 Marks
When a company receives application money for shares, the journal entry to record this transaction would typically be:
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Question 5:
1 Marks
As per Table F of Schedule I to the Companies Act, 2013, what is the maximum rate of interest chargeable on calls in arrears, if the Articles of Association do not specify a rate?
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Question 6:
1 Marks
If a company's Articles of Association are silent, what is the maximum rate of interest payable on calls in advance as per Table F of Schedule I to the Companies Act, 2013?
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Question 7:
1 Marks
When shares are forfeited, the Share Capital Account is debited with:
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Question 8:
1 Marks
The balance in the Forfeited Shares Account, after reissue of all forfeited shares, representing the profit on reissue, is transferred to:
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Question 9:
1 Marks
The maximum discount allowed on the reissue of forfeited shares cannot exceed:
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Question 10:
1 Marks
Debentures represent:
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Question 11:
1 Marks
Which of the following methods of debenture redemption involves purchasing debentures from the open market?
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Question 12:
1 Marks
The part of the issued capital that has been taken up by the public is known as:
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Question 13:
1 Marks
When shares are issued at a premium, the premium amount is credited to:
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Question 14:
1 Marks
Calls in Arrears Account is shown in the Balance Sheet:
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Question 15:
1 Marks
Calls in Advance Account is shown in the Balance Sheet under:
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Question 16:
1 Marks
When shares are forfeited for non-payment of call money, the journal entry involves debiting:
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Question 17:
1 Marks
If forfeited shares are reissued at a price higher than their face value, the excess amount over the face value is credited to:
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Question 18:
1 Marks
Interest on debentures is generally:
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Question 19:
1 Marks
Debentures that can be converted into equity shares after a specified period are known as:
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Question 20:
1 Marks
The amount of capital that has actually been paid by the shareholders to the company is termed as:
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