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ISC Class 12 Financial Accounting & Debentures — practice questions — page 2

Explore 64 free Financial Accounting & Debentures questions in ISC Class 12 Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Financial Accounting & Debentures questions and exercises with answers

Showing questions 31–60 of 64.

The liability of the shareholders of a company limited by shares is limited to:Read the answer and worked solution →Asked for or received?Read the answer and worked solution →True or false about share capitalRead the answer and worked solution →Share capital numbersRead the answer and worked solution →If applications received exceed the number of shares offered, the issue is said to be:Read the answer and worked solution →Debentures that can be converted into equity shares after a specified period are:Read the answer and worked solution →Repayment of the amount of debentures by the company is referred to as ___ of debentures:Read the answer and worked solution →Debentures secured by a charge on the assets of the company are called:Read the answer and worked solution →Interest paid on debentures is a:Read the answer and worked solution →The fixed rate of interest carried by a debenture is known as its:Read the answer and worked solution →The maximum amount of capital a company is authorised to raise, as stated in its Memorandum, is the:Read the answer and worked solution →Cancelling the shares of a member who fails to pay the call money is known as:Read the answer and worked solution →A debenture represents a:Read the answer and worked solution →That part of the issued capital which the public has agreed to subscribe is the:Read the answer and worked solution →A company is best described as an artificial person created by:Read the answer and worked solution →Financial statements bingoRead the answer and worked solution →Obligations that are due to be paid within twelve months are classified as:Read the answer and worked solution →Plant, machinery and buildings of a company are classified as:Read the answer and worked solution →The statement that shows the revenue earned and expenses incurred to arrive at profit or loss is the:Read the answer and worked solution →Financial statements are prepared mainly to help ___ make economic decisions:Read the answer and worked solution →Share capital bingoRead the answer and worked solution →The financial statements of a company chiefly comprise the Balance Sheet and the:Read the answer and worked solution →When a share of face value ₹10 is issued for ₹13, the extra ₹3 is the:Read the answer and worked solution →Where does it go?Read the answer and worked solution →Holders of equity shares are regarded as the ___ of the company:Read the answer and worked solution →Match the kind of debentureRead the answer and worked solution →The portion of the subscribed capital that the company has asked shareholders to pay is the:Read the answer and worked solution →When a share of face value ₹10 is issued for ₹10, it is said to be issued:Read the answer and worked solution →When a debenture of face value ₹100 is issued for ₹110, it is issued:Read the answer and worked solution →Debentures that are repaid by the company after a fixed period are:Read the answer and worked solution →

Worked practice questions

The liability of the shareholders of a company limited by shares is limited to:

  1. the unpaid amount on their shares
  2. the company's total debts
  3. an unlimited amount
  4. their personal assets
Show answer and solution

Correct answer: A. the unpaid amount on their shares

In a company limited by shares, liability is limited to the unpaid amount on shares.

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Asked for or received?

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Left
Asked for
Items
  1. Item
    Called up capital
    Answer
    Asked for
  2. Item
    Call made
    Answer
    Asked for
  3. Item
    Demanded amount
    Answer
    Asked for
  4. Item
    Paid up capital
    Answer
    Received
  5. Item
    Money in hand
    Answer
    Received
  6. Item
    Amount collected
    Answer
    Received
Right
Received
Instructions
Swipe left for amounts asked for, right for amounts received.
_Source: syllabus Accountancy, Ch 1 'Accounting for Share Capital'_

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True or false about share capital

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Questions
  1. Statement is true
    No
    Statement
    Issued capital can exceed authorised capital.
  2. Statement is true
    Yes
    Statement
    Subscribed capital is the part the public applied for.
  3. Statement is true
    Yes
    Statement
    Called up capital is what the company has asked for.
  4. Statement is true
    Yes
    Statement
    Paid up capital is money actually received.
  5. Statement is true
    No
    Statement
    Unissued capital has already been offered.
Instructions
Decide whether each statement is true or false.
_Source: syllabus Accountancy, Ch 1 'Accounting for Share Capital'_

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