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MCQ - Company Accounts
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James is an accountant and operates as a sole trader. Which items would not appear in his statement of financial position?
1) long-term loan
2) retained earnings
3) trade payables
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1 point
1 and 2
1 and 3
2 only
2 and 3
The directors of a company provided the following information.
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1 point
$451000
$476000
$501000
$516000
What is called-up share capital?
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1 point
the amount received by the company for issued share
the amount requested from shareholders by the company
the value of shares the company could issue
the value of shares actually issued by the company
What would not be included in a statement of changes in equity?
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1 point
ordinary share dividend paid which relates to the previous year
ordinary share dividend proposed which relates to the current year
profit for the year
transfer to general reserve
Which is a feature of debentures?
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1 point
are a long-term liability of a company
carry a fixed rate of dividend
carry voting rights
on liquidation are paid back after shareholders
Which item is shown in the income statement of a company and statement of changes in equity?
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1 point
interest on debentures accrued
ordinary share dividend paid
profit for the year
transfer to general reserve
Which statement about debentures is not correct?
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1 point
Debentures have a fixed rate of interest
Debenture interest must be paid regardless of profit made
Debentures are a non-current liability.
Debentures carry voting rights.
Which statement about preference shares is not correct?
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1 point
Preference shareholders do not have voting rights.
Preference shareholders receive a fixed dividend.
Preference shareholders have a prior claim before ordinary shareholders in the event of liquidation.
Preference shareholders receive their dividend after the ordinary shareholders have been paid.
Which statements about debentures are correct?
1) Debentures carry a fixed rate of interest.
2) Debentures do not carry voting rights.
3) Debenture holders are members of the company.
4) Debenture interest depends on the profit of the company
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1 point
1 and 2
1 and 4
2 and 3
3 and 4
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