Accountancy MCQs for Class 12 with Answers Chapter 7 Issue of Shares with Answer

Accounts MCQ Class 12 : Accountancy MCQs for Class 12 with Answers Chapter 7 “Issue of Shares“. Practicing CBSE RBSE and NCERT Accountancy MCQ Questions for Class 12 with Answers is one of the best ways to prepare for the CBSE Class 12 board exam.

Accountancy MCQs for Class 12 with Answers Chapter 7 Issue of Shares with Answer

Accountancy MCQs for Class 12 with Answers Chapter 7 Issue of Shares with Answer

Q1. Who are the real owners of a company?

(A) Government
(B) Board of Directors
(C) Equity shareholders
(D) Debentureholders

(C) Equity shareholders


Q2. A Company is created by :

(A) Special act of the Parliament
(B) Companies Act
(C) Investors
(D) Members

(B) Companies Act


Q3. An artificial person created by Law is called :

(A) Sole Tradership
(B) Partnership Firm
(C) Company
(D) All of the Above

(C) Company


Q4. The liability of members in a Company is : Accountancy MCQs for Class 12 with Answers Chapter 7

(A) Limited
(B) Unlimited
(C) Stable
(D) Fluctuating

(A) Limited


Q5. Liability of a shareholder is limited to ………………… of the shares allotted to him :

(A) Paid up Value
(B) Called up value
(C) Face value
(D) Reserve Price

(C) Face value


Q6. Maximum number of members in a private company is:

(A) 7
(B) 200
(C) 20
(D) No Limit

(B) 200


Q7. Capital of a Company is divided in units which is called : Accountancy MCQs for Class 12 with Answers Chapter 7

(A) Debenture
(B) Share
(C) Stock
(D) Bond

(B) Share


Q8. The difference between subscribed capital and called up capital is called :

(a) Calls-in-arear
(b) Calls-in-advance
(c) Uncalled capital
(d) None of these

(c) Uncalled capital


Q9. Which statement is issued before the issue of shares ?

(a) Prospectus
(b) Articles of Association
(c) Memorandum of Association
(d) All of these

(d) All of these


Q10. Company can utilise securities premium for : Accountancy MCQs for Class 12 with Answers Chapter 7

(a) Writing off loss incurred on revaluation of asset
(b) Issuing fully paid bonus shares
(c) Paying divided
(d) Writing off trading loss

(b) Issuing fully paid bonus shares


Q11. When a company issues fully paid shares to promoters
for their services, the journal entry will be:

(a) Bank A/c Dr.
To Share Capital A/c
(b) Good will A/c Dr.
To Share Capital A/c
(c) Promoters Personal A/c Dr.
To Share Capital A/c
(d) Promotion Expenses A/c Dr.
To Share Capital A/c

(b) Good will A/c Dr. To Share Capital A/


Q12. When a company issues shares at a premium, amount of premium may be received by the company :

(a) Along with application money
(b) Along with application money
(c) Along with calls
(d) Along with any of the above

(d) Along with any of the above


Q13. Share Application Account is : Accountancy MCQs for Class 12 with Answers Chapter 7

(a) Personal Account
(b) Real Account
(c) Nominal/ Account
(d) None of these

(a) Personal Account


Q14. Secrities Premium can not be applied :

(a) For paying dividend to members
(b) For issuing bonus shares to members
(c) For writing off preliminary expenses of company
(d) For writing off discount on issue of debentures

(a) For paying dividend to members


Q15. A joint stock company is :

(a) An artificial legal person
(b) Natural person
(c) A general person
(d) None of these

(a) An artificial legal person


Q16. Minimum number of members in a public company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(b) 7


Q17. Minimum number of members in a private company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(a) 2


Q18. Maximum number of members in a private company: Accountancy MCQs for Class 12 with Answers Chapter 7

(a) 7
(b) 50
(c) 100
(d) 200.

(d) 200.


Q19. Maximum number of members in a public company:

(a) 2
(b) 7
(c) 50
(d) No limit.

(d) No limit.


Q20. Equity shareholders are the _ of the company.

(a) Owners
(b) Creditors
(c) Money lenders
(d) Customers.

(a) Owners


Q21. Debenture holders are the __ of the company.

(a) Owners
(b) directors
(c) Moneylenders
(d) Customers.

(c) Moneylenders

Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Download

MCQs for Class 12 Accountancy Chapter 1 Accounting for Partnership Firms — Fundamentals
MCQs for Class 12 Accountancy Chapter 2 Change in Profit Sharing Ratio among the Existing Partners
MCQs for Class 12 Accountancy Chapter 3 Admission of a Partner
MCQs for Class 12 Accountancy Chapter 4 Retirement or Death of a Partner
MCQs for Class 12 Accountancy Chapter 5 Dissolution of a Partnership Firm
MCQs for Class 12 Accountancy Chapter 6 Financial Statements of Not-for-Profit Organisations (N.P.O.)
MCQs for Class 12 Accountancy Chapter 7 Issue of Shares
MCQs for Class 12 Accountancy Chapter 8 Issue of Debentures
MCQs for Class 12 Accountancy Chapter 9 Redemption of Debentures
MCQs for Class 12 Accountancy Chapter 10 Financial Statements of Companies
MCQs for Class 12 Accountancy Chapter 11 Financial Statements Analysis
MCQs for Class 12 Accountancy Chapter 12 Comparative Statements
MCQs for Class 12 Accountancy Chapter 13 Common Size Statements
MCQs for Class 12 Accountancy Chapter 14 Accounting Ratios
MCQs for Class 12 Accountancy Chapter 15 Cash Flow Statement

Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Free Download will help you. Accountancy MCQs for Class 12 with Answers Chapter 7 Issue of Shares with Answer