'Calls-in-Arrears' is shown in Balance Sheet by: MCQ with Answer and Explanation

Question
'Calls-in-Arrears' is shown in Balance Sheet by:
A. Separate liability
B. Adding to share capital
C. Contingent liability
D. Deducting from called-up capital
Answer: Option D
Solution (By JKSSB Mock Tests)
Calls-in-arrears is shown as deduction from called-up capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is considered a 'Recent Development' in environmental accounting?
A. Cash Book Management
B. Trial Balance Preparation
C. Carbon Credit Accounting
D. Double Entry System
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Correct Answer: Option C

Explanation:
Accounting for carbon credits (emissions trading) is a modern concept dealing with intangible assets related to environmental compliance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A 'Debenture Redemption Reserve' is required to be created as per:
A. Income Tax Act
B. GST Act
C. Companies Act, 2013
D. SEBI regulations
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Correct Answer: Option C

Explanation:
Companies Act 2013 requires creation of Debenture Redemption Reserve for debentures issued.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Target Costing' approach begins with:
A. Calculating actual cost
B. Setting a desired selling price and then deducting desired profit margin to arrive at target cost
C. Budgeting
D. Determining cost of production
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Correct Answer: Option B

Explanation:
Target costing is a market-driven approach: Target cost = Target selling price - Desired profit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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