Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting – II (112): - Question Paper

III. A credit to Bank account with the amount of tax.
IV. A credit to Tax deducted at source account with the amount of tax.
(a)
Both (I) and (III) above
(b)
Both (II) and (III) above
(c)
Both (II) and (IV) above
(d)
Both (I) and (IV) above
(e)
(I), (II) and (IV) above.
(1 mark)
< ans >
48.
If the articles of a company permits, ranging from 2 annual general meetings theDirectors can declare
(a)
Interim dividend
(b)
Bonus problem
(c)
Rights problem
(d)
Redemption of debentures
(e)
Redemption of preference shares.
(1 mark)
< ans >
49.
According to the Companies Act, 1956, which of the subsequent items does not fallunder the head ‘Provisions’ in the balance sheet?
(a)
Provision for taxation
(b)
Proposed dividends
(c)
Unclaimed dividends
(d)
Provisions for insurance, pension and similar staff benefit schemes
(e)
Provision for doubtful debts.
(1 mark)
< ans >
50.
The Adams Ltd. paid a dividend of Rs.1,20,000 at the end of March 31, 2006. Atthe beginning of April 01, 2005, there was Rs.40,000 of dividends in arrears. If thecompany’s capital structure was 5,000 shares of Rs.100 par, 9%, cumulativepreferred shares and 10,000 equity shares of Rs.30 par value, How much didAdams Ltd. pay in dividends to its common shareholders?
(a)
Percentage not provided
(b)
Rs.75,000
(c)
Rs.45,000
(d)
Rs.35,000
(e)
Rs.80,000.
(1 mark)
< ans >
51.
Which of the subsequent should be deducted from the share capital to obtain out paid-up capital?
(a)
Calls-in-advance
(b)
Calls-in-arrears
(c)
Share forfeiture
(d)
Discount on problem of shares
(e)
Share premium.
(1 mark)
< ans >
52.
Which of the subsequent need not be said in the Director’s Report?
(a)
Technology absorption
(b)
Financial state of affairs of the company
(c)
Foreign exchange earnings of the company
(d)
Statement of accounting policies
(e)
Conservation of energy.
(1 mark)
< ans >
53.
The balance of Profit and Loss account of Sahara Ltd. as on March 31, 2006 and ason April 01, 2005 was Rs.80,000 and Rs.35,000 respectively. On July 01, 2005,Hemanth Ltd. acquired 80% of the shares of Sahara Ltd. During the year 2005-2006, an amount of Rs.15,000 was declared as dividend out of the profits of the year 2004-2005. Assuming that the profit is accrued evenly throughout the year, the amoun

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