Solution-Declaration or payment of dividend

Declaration or payment of dividend

Reference no: EM131046882

1. Which one of the following is not a valid observation with reference to the declaration or payment of dividend for any financial year?

(A) Depreciation for the current financial year must be provided
(B) Arrears of depreciation must be provided
(C) Losses incurred in previous year(s) must be set off
(D) 10% of the profits must be transferred to the reserves in all cases.

See Answer:

2. The auditor must ensure that the amount of premium on the issue of shares is not utilised for-

(A) issue of bonus shares
(B) writing off commission paid on the issue of shares
(C) providing for premium payable on redemption of preference shares
(D) transfer to capital redemption reserve

Reference no: EM131046882

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Declaration or payment of dividend

Reference no: EM131046882

Reference no: EM131046882

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