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-9
The profits of a firm for the last five years are Rs. 80,000, Rs. 90,000, Rs. 70,000, Rs. 85,000 and Rs. 1,00,000 respectively. The goodwill of the firm is calculated on basis of three year purchase of average profits of five years. The value of goodwill is
As per AS-ll construction contracts, costs that may be attributable to contract activity in general and can be allocated to specific contracts include
1. insurance
2. freight
3. costs of design and technical assistance that is not directly related to a specific contract
4. manufacturing overheads
5. construction overheads
Select the correct answer:
A company issues 10% irredeemable preference shares. The face value per share is Rs. 100, but the issue price is Rs. 95. What is the cost of preference share?
A, B and C are partners in a firm without any agreement. They have contributed Rs. 7,50,000, Rs. 7,30,000 and Rs. 7,20,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of the year, the firm earned a profit of Rs. 7,15,000. A's share in the profit will be
