Corporate Accounting (SYBCOM) || Question Bank

Corporate Accounting (SYBCOM) || Question Bank

Holding Company Accounts

Short Answer Questions

1. What are subsidiaries companies?

2. What are wholly and partly owned subsidiaries?

3. How is minority interest treated in consolidated financial statements?

4. What are the types of intercompany transactions of interest in consolidated financial statements?

Long Answer Questions

1. Explain the treatment of cost of control, calculation of capital and revenue profit and unrealized profit ofstock in consolidated financialstatements.

2. Anthony & Co. Ltd. acquired 8,000 Equity Shares of Canning & Co. Ltd., on 1st January 2016. The following are the Balance Sheets of the two companies as at 31st December, 2016.

Absorption of Companies

Short Answer Questions

1. What does AS 14 say about the amalgamation scheme?

2. Define the terms vendor and purchasing company.

3. Write short notes on the concepts of (a) taking over of business, (b)

trade liabilities and liabilities and (c) taking over liabilities and paying of liabilities.

4. How is investment allowance treated?

5. Briefly explain the methods in which purchase consideration is calculated.

Long Answer Questions

1. Explain the scheme of merger or amalgamation under the Companies Act.

2. Describe the entries to be passed in the books of vendor company and purchasing company in case of absorption of companies.

3. Discuss the two main methods of accounting for amalgamations in the books of the transferee company.

Accounting for Liquidation of Companies

Short Answer Questions

1. What are the modes or cases in which on petition filed can a company

be wound up by the National Company Law Tribunal?

2. Who are the persons who can file petition for winding up of the company?

3. What is the condition under which the petition presented by a company for winding up admitted?

4. Write a short note on Deficiency or Surplus Account.

5. List the pointsto be kept in mind while preparing the Statement ofAffairs and Deficiency or Surplus Account.

Long Answer Questions

1. Discuss the consequences which generally follow a company’s winding up decision.

2. Explain the persons who are required to file a Statement of Affairs and the particulars to be included therein.

3. Describe the points to be kept in mind while preparing a liquidator’s statement of account.

Forensic Accounting

Short Answer Questions

1. What is the reason behind the emergence of forensic accounting?

2. What are the objectives of forensic accounting?

3. Mention the principles of forensic accounting.

4. Briefly discuss the growth of forensic accounting.

Long Answer Questions

1. Explain the meaning and types of services offered by forensic accounting.

2. Discuss the tasks, ethical principles and responsibilities of forensic accountants.