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BU Corporate Accounting Unit 5 COMPANY FINIAL ACCOUNT Imp Questions With Answers

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Corporate Accounting is a special branch of accounting which deals with the accounting for companies ,preparation of their final accounts and cash flow statements, analysis and interpretation of companies’s financial results and accounting for specific events like amalgamation, absorption, preparation of consolidated

1. What is the profit &Loss account?

    It is an account that is prepared to ascertain the net profit or net loss of a business concern during a particular accounting period.

2, State any Four non-current assets.

The Four non-Current assets are;
1.Plant and machinery
2.Land &Building
3.Patents
4.Goodwill

3. What is the corporate dividend tax?

dividend tax is a tax imposed by a tax authority on dividends received by shareholders (stockholders) of a company

4, Give the meaning of Interim Dividend.

An interim dividend is a distribution to shareholders that has been both declared and paid before a company has determined its full-year earnings. Such dividends are frequently distributed to the holders of a company’s common stock on either a quarterly or semi-annual basis

5 what do you mean by calls in arrears

Definition of Call in arrears. When a company calls for an unpaid amount of shares it has issued and an investor fails to pay the amount fully or partially, then it is known as call in arrears. In simple words, it refers to the amount of difference between called up capital and paid up capital

6 what is contingent liabilities

Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit.

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