{"id":49698,"date":"2024-04-15T22:59:33","date_gmt":"2024-04-15T22:59:33","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=49698"},"modified":"2024-04-15T22:59:33","modified_gmt":"2024-04-15T22:59:33","slug":"money-received-in-advance-from-shareholders-before-it-is-called-up-by-the-directors-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/money-received-in-advance-from-shareholders-before-it-is-called-up-by-the-directors-is\/","title":{"rendered":"Money received in advance from shareholders before it is called-up by the directors is:"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a972fde16778\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Debited to calls in arrears account                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Debited to calls in advance account                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Credited to calls in arrears account                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    Credited to calls in advance account                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>D. Credited to calls in advance account<\/strong><\/p>\n<p>Money received in advance from shareholders before it is called-up by the directors is credited to calls in advance account. This is because the money is not yet due, and the shareholders have not yet been called upon to pay it. The money is therefore treated as a liability of the company, and is recorded in the calls in advance account.<\/p>\n<p>The calls in advance account is a liability account that is used to track the amount of money that has been received from shareholders in advance of calls. The account is typically credited when money is received from shareholders, and debited when the money is called up.<\/p>\n<p>The calls in advance account is a useful tool for tracking the amount of money that is owed to shareholders. It can also be used to determine the amount of money that is available to the company for other purposes.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>A. Debited to calls in arrears account<\/strong><\/li>\n<\/ul>\n<p>This option is incorrect because the money has not yet been called up. The calls in arrears account is used to track the amount of money that is owed by shareholders who have not yet paid their calls.<\/p>\n<ul>\n<li><strong>B. Debited to calls in advance account<\/strong><\/li>\n<\/ul>\n<p>This option is incorrect because the money has already been received from shareholders. The calls in advance account is used to track the amount of money that has been received from shareholders in advance of calls.<\/p>\n<ul>\n<li><strong>C. Credited to calls in arrears account<\/strong><\/li>\n<\/ul>\n<p>This option is incorrect because the money has not yet been called up. The calls in arrears account is used to track the amount of money that is owed by shareholders who have not yet paid their calls.<\/p>\n<ul>\n<li><strong>D. Credited to calls in advance account<\/strong><\/li>\n<\/ul>\n<p>This option is correct because <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> the money has already been received from shareholders. The calls in advance account is used to track the amount of money that has been received from shareholders in advance of calls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Money received in advance from shareholders before it is called-up by the directors is:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/money-received-in-advance-from-shareholders-before-it-is-called-up-by-the-directors-is\/\" \/>\n<meta property=\"og:locale\" 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