Which one of the following statements is incorrect?
A. Share premium received on issue of shares can be utilized for writing off the preliminary expenses
B. Capital Redemption Reserve is available only for issuing fully paid Bonus Shares
C. Discount on issue of shares is shown as a reduction from capital
D. At the time of Right issue, the existing share holders gain because the share are generally issued at a price lower than the market price
Answer: Option C
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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