Advanced Corporate Accounting solved MCQs

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1. _______________ are the financial statements of a group of companies.

a. Subsidiary Accounts

B. Group Accounts

c. Holding Accounts

d. None of the above

2. ___________ establishes principles for presenting and preparingconsolidated financial statements when an entity controls one or more other entities.

a. IFRS 12

B. IFRS 17

c. IFRS 10

d. IFRS 11

3. A _________ includes the income and expenses of a subsidiary in theconsolidated financial statements from the date it gains control until the date when the reporting entity ceases to control the subsidiary.

a. Holding entity

B. Reporting entity

c. Group Accounts

d. AS 110

4. ______________ is an asset representing the future economic benefitsarising from other assets acquired in a business combination that are not individually identified and separately recognized.

a. Goodwill

B. Capital Reserve

c. Plant and Machinery

d. Drawings

5. ___________ transactions are transactions between entities within a groupof entities and that group is consolidated into one set of Consolidated Financial Statements.

a. Inter-group

B. Intra-group

c. Group

d. Financial

6. The _____________ account appear in the Balance Sheet of the Holdingcompany at the time of consolidation.

a. Bonus Share

B. Security Premium

c. share premium

d. Capital Reserve

7. __________ is the corporate management term for the act of reorganizingthe legal, ownership, operational or other structures of a company for the purpose of making it more profitable or better organized for its present needs.

a. Merger

B. Restructuring

c. External Reconstruction

d. Consolidation

8. A merger is defined as the joining of two or more companies to form asingle legal entity.

a. Acquisition

B. Restructuring

c. Merger

d. Internal Construction

9. All business combinations must be treated as _________ for accountingpurposes.

a. Acquisition

B. Restructuring

c. Merger

d. Internal Construction

10. In external reconstruction, the liquidated company is called______________________.

a. Purchasing Company

B. Vendor Company

c. Holding Company

d. Group Company

11. The tax effect on the timing differences is termed as ___________________.

a. Current Tax expense

B. Income tax

c. Deferred Tax

d. Provision for tax

12. The objective of ________________is to prescribe, for lessees and lessors,the appropriate accounting policies and disclosures to apply in relation to finance and operating leases.

a. IAS 11

B. IAS 17

c. IAS 7

d. IAS 19

13. In finance lease agreement, the option for the lessee to purchase theproperty or equipment at a specific price is known as __________________________.

a. Balloon

B. Operating Leasing

c. Running Cost

d. Administrative Expense

14. ________________ provides information to the management regardinghuman resource cost and value.

a. MIS

B. Human Resource Accounting

c. Financial Statements

d. Cost Sheet

15. ______________________is the assistance of finance professionals to settledisputes concerning allegations, fraudulence, suspicion of fraud and misconduct in business.

a. Forensic accounting

B. Human Resource Accounting

c. Financial Accounting

d. Cost Accounting

16. ____________ aims to measure and inform the general public about thesocial welfare activities undertaken by the enterprise and their effects on the society

a. Corporate Accounting

B. Forensic Accounting

c. Social Audit

d. Environmental Accounting

17. ________________ also called green accounting.

a. Corporate Social Responsibility

B. Corporate Accounting

c. Environmental accounting

d. Forensic Accounting

18. ______________manages business finances effectively, make the rightdecisions and maximize your profits.

a. Corporate Accounting

B. Inflation Accounting

c. Environmental Accounting

d. Proactive Accounting

19. _____________ refers to the process of adjusting the financial statements ofa company to show the real financial position of the company during the inflationary period.

a. Corporate Accounting

B. Inflation Accounting

c. Environmental Accounting

d. Proactive Accounting

20. Increase in the price of various goods and services over a period of time isknown as ___________________

a. Deflation

B. Price Level Changes

c. Shift

d. Inflation

21. During inflation the purchasing power of money ___________________.

a. Increases

B. Does not change

c. Shift

d. Decreases

22. Price for changes accounting can be done by the followingmethod__________________.

a. Current purchasing power, Current Value Accounting

B. Replacement Cost Accounting, Current Cost Accounting

c. Both a and b

d. None of the Above

23. _________________Accounting deals with employees and management inan organization.

a. Inflation

B. Human Resource

c. Environment

d. Forensic

24. Forensic Accounting is very much useful to _____________ industry.

a. Banking

B. Communication

c. Insurance

d. None of the above

25. A branch of accounting which decodes the human nature to hide failures,conceal problems, defend wrong decisions, and cover up mistakes is known as___________________.

a. Inflation Accounting

B. Human Resource Accounting

c. Environment Accounting

d. Forensic Accounting

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