The 'External Confirmation' from a bank is an example of: MCQ with Answer and Explanation
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Question #1
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'Bonus Shares' are issued by:
Correct Answer: Option A
Explanation:
Bonus shares are issued to existing shareholders without consideration, by capitalizing reserves.
Bonus shares are issued to existing shareholders without consideration, by capitalizing reserves.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Companies Act 2013, a 'Small Company' is defined based on paid-up share capital and turnover. As per the latest amendments, the paid-up share capital should not exceed:
Correct Answer: Option C
Explanation:
The Companies (Specification of Definition Details) Amendment Rules, 2021, increased the paid-up share capital limit for a Small Company to ₹4 Crores (or ₹10 Crores as per turnover, whichever is lower, but the capital limit was raised to ₹4 Cr).
The Companies (Specification of Definition Details) Amendment Rules, 2021, increased the paid-up share capital limit for a Small Company to ₹4 Crores (or ₹10 Crores as per turnover, whichever is lower, but the capital limit was raised to ₹4 Cr).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A 'Drawings' account is a:
Correct Answer: Option D
Explanation:
Drawings account represents the proprietor, hence it is a personal account.
Drawings account represents the proprietor, hence it is a personal account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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