Company account2

The financial statements as prescribed under the companies Act 2013 are.............
Vertical in nature
Horizontal in nature
Do not kno

The company's balance sheet has ........ major heads
Three
Two
Four

Debentures issued as collateral security can be ............... or .............
RECORDED
Unrecorded
Do not know

If the assets taken over by a company are more than the amount of liabilities and purchase consideration payable to vendor,the difference is shown as.............
Capital reserve
Capital loss
Goodwill

Debenturehoders have the priority over equity and shareholders for being repaid if the company goes into liquidation
True
False
Do not know

Memorandum of association shows the rules of internal management.
False
True
Do not know

The death of a partner can result into dissolution of firm but the death of a member in a company cannot due to.........
Feature of perpetual succession
Feature of limited liability
Both given

The head of shareholders fund includes
Share capital
Reserves and surplus
Money received against share warrants
All the above

Match the following
Part of short termprovision
Part of share capital
Part of long termborowwings
Part of trade payables
Shares
Debentures
Creditors for goods
Provision for tax

Can debentures be issued at discount?
Yes
No
Do not know

Debentures are shown in which heading and subheading in balance sheet?
Non-current liabilities and long term borrowings
Current liabilities and short term borrowings
Do not know

Which type of a company resemble to solve proprietorship?
Private limited
Limited
One person company

The company is a legal person?
Yes
No
Do not know

Two companies can form a partnership?
Yes
No
Do not know

Forfeiture of shares does not entitle a defaulting member to claim back money already paid on shares being forfeited?
Yes
No
Do not know

The calls arrears account is opened in............?
Credit
Debit
Do not know

The calls in advance account is opened in ...........
Debit
Credit
Do not know

Can forfeited shares be issued at premium?
Yes
No
Do not know

Explain three differences between shares and debentures