Accountancy MCQs for Class 12 with Answers Chapter 7 Issue of Shares

Find here the NCERT Book Multiple Choice Questions from Class 12 Accounting book with Answers Pdf free download as per CBSE new exam pattern. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Class 12 Accounting. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

Q1. Who are the real owners of a company?

(A) Government
(B) Board of Directors
(C) Equity shareholders
(D) Debentureholders

(C) Equity shareholders

Q2. A Company is created by :

(A) Special act of the Parliament
(B) Companies Act
(C) Investors
(D) Members

(B) Companies Act

Q3. An artificial person created by Law is called :

(A) Sole Tradership
(B) Partnership Firm
(C) Company
(D) All of the Above

(C) Company

Q4. The liability of members in a Company is :

(A) Limited
(B) Unlimited
(C) Stable
(D) Fluctuating

(A) Limited

Q5. Liability of a shareholder is limited to ………………… of the shares allotted to him :

(A) Paid up Value
(B) Called up value
(C) Face value
(D) Reserve Price

(C) Face value

Q6. Maximum number of members in a private company is:

(A) 7
(B) 200
(C) 20
(D) No Limit

(B) 200

Q7. Capital of a Company is divided in units which is called :

(A) Debenture
(B) Share
(C) Stock
(D) Bond

(B) Share

Q8. The difference between subscribed capital and called up capital is called :

(a) Calls-in-arear
(b) Calls-in-advance
(c) Uncalled capital
(d) None of these

(c) Uncalled capital

Q9. Which statement is issued before the issue of shares ?

(a) Prospectus
(b) Articles of Association
(c) Memorandum of Association
(d) All of these

(d) All of these

Q10. Company can utilise securities premium for :

(a) Writing off loss incurred on revaluation of asset
(b) Issuing fully paid bonus shares
(c) Paying divided
(d) Writing off trading loss

(b) Issuing fully paid bonus shares

Q11. When a company issues fully paid shares to promoters
for their services, the journal entry will be:

(a) Bank A/c Dr.
To Share Capital A/c
(b) Good will A/c Dr.
To Share Capital A/c
(c) Promoters Personal A/c Dr.
To Share Capital A/c
(d) Promotion Expenses A/c Dr.
To Share Capital A/c

(b) Good will A/c Dr. To Share Capital A/

Q12. When a company issues shares at a premium, amount of premium may be received by the company :

(a) Along with application money
(b) Along with application money
(c) Along with calls
(d) Along with any of the above

(d) Along with any of the above

Q13. Share Application Account is :

(a) Personal Account
(b) Real Account
(c) Nominal/ Account
(d) None of these

(a) Personal Account

Q14. Secrities Premium can not be applied :

(a) For paying dividend to members
(b) For issuing bonus shares to members
(c) For writing off preliminary expenses of company
(d) For writing off discount on issue of debentures

(a) For paying dividend to members

Q15. A joint stock company is :

(a) An artificial legal person
(b) Natural person
(c) A general person
(d) None of these

(a) An artificial legal person

Q16. Minimum number of members in a public company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(b) 7

Q17. Minimum number of members in a private company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(a) 2

Q18. Maximum number of members in a private company:

(a) 7
(b) 50
(c) 100
(d) 200.

(d) 200.

Q19. Maximum number of members in a public company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(d) No limit.

Q20. Equity shareholders are the _ of the company.

(a) Owners
(b) Creditors
(c) Money lenders
(d) Customers.

(a) Owners

Q21. Debenture holders are the __ of the company.

(a) Owners
(b) directors
(c) Moneylenders
(d) Customers.

(c) Moneylenders

Accountancy MCQ Class 12 Part 1 and Accounts MCQ Class 12 Part 2

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