Accounting MCQ Questions and Solutions with Explanations | Commerce

Assertion (A): A joint stock company can issue Bonus shares out of its Capital Reserve.
Reason (R): The company can satisfy the share holders and avoid the outflow of cash from business by utilizing only the Capital reserve for the issue of bonus shares.
Select the correct answer:

In balance sheet redeemable debenture whose payment has not been received by the debenture holder will be shown in

A machine is purchased on 1^st January, 2001 for Rs. 1,00,000. Depreciation is to be charged at the rate of 10% P.A. by diminishing balance method. What will be the amount of depreciation shown is the profit and loss account for the year ending 31^st December, 2004?

Earned net profit + Non activity and non-fund expenses are equal to

Which of the following items cannot be shown as reserves?

Cost of Goods sold in Hire-purchase system is transferred to

Measuring cost and value of personnel for organisation is related to:

Read the following statements and give your answer according to the codes given below:
i. Credit on investment is calculated as a part of the final account preparation process
ii. Stock valuation is necessary to determine profit by creating a business account
iii. Working audit is a statutory requirement for auditing a company
iv. Garner vs. Murray case deals with the settlement of accounts in case of bankruptcy of a partner of a partnership firm

Imprest system relates to:

Outstanding salary given inside trial balance will be shown in