Test Your Financial Accounting Knowledge
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Questions and Answers

Which one of the following is shown under Current Liabilities?

  • Contingent
  • Fixed Liabilities
  • Current Assets
  • Unclaimed Dividend (correct)

    • Which one of the following is the meaning of capital reduction?

  • Reduction in paid-up capital
  • Reduction in uncalled capital (correct)
  • Reduction in authorized capital
  • Reduction in called capital

    • What is required for capital reduction?

  • Manager order
  • Court order
  • Company order (correct)
  • Interim order

    • When fictitious assets are written off, which account is it written off to?

    <p>Assets A/c</p> Signup and view all the answers

    Under which category are Bills Receivable shown?

    <p>Loans and advances</p> Signup and view all the answers

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