Accounting MCQ Questions and Solutions with Explanations | Commerce
Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-17
Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet. Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer:
Wages Outstanding' is appearing in the Trial Balance of a company. While preparing the Income Statement and Balance Sheet, 'Wages Outstanding' should appear in-
Interest on loan be allowed to partners where there is no express agreement between partners to this effect and also partnership deed does not have any provision regarding this
The cost of the motor car as on 1st January 1987 is Rs. 70,000. The rate of depreciation is 10% P.A. The balance of motor car on 1st January 1991 by fixed installation method and by written down value method will be
