Advanced financial Accounting

When a partner leaves the firm with the consent of other partners, it is called

• Voluntary

• Death

• Retirement

• personal issues

In ordinary business, ___ are intended to be used and not sold

• Land and machinery

• assets

• Fixed assets

• liabilities

The business of a company is being carried out by ___

• Share holders

• Partners

• Board of directors

• Capital

The maximum number of members excluding persons who are employees of the company is ___ for a private company

• 10

• 6

• 5

• 12

In the case of unlimited companies, the liability of members is ___

• Limited to the extent unpaid on the shares held by them.

• Limited to the amount which the members undertake to contribute to the event of the winding-up of the company.

• Unlimited

• Limited to the extent paid on the shares held by them.

Companies that are created by special acts of the Legislature are ___

• Registered companies

• Private companies

• Statutory companies

• Public companiees

To form an incorporated public company, a group of ___ persons should subscribe their names to the Memorandum of Association.

• 14

• 10

• 7

• 6

___ is the nominal value of the shares which are offered to the public for subscription

• stock

• debentures

• Issued Capital

• assets

In the case of cumulative preference shares unpaid dividend is treated as ___

• unpaid capital

• remuneration

• Arrears

• cumulative preference

When the company receives applications for less number of shares than offered to the public for subscription, it is said to be ___

• Over subscription

• Subscription

• Under subscription

• fixed subscription