Accounting MCQ Questions and Solutions with Explanations | Commerce

Which of the following is not an accounting convention:

A purchase invoice for Rs. 1,250 was entered in the purchase book at Rs. 1,520 is called:

On issue of shares, the application money should not be less than

The margin of safety/residue of security is equal to

A and B are partners with a profit-sharing ratio of 2 : 1 and capitals of Rs. 3,00,000 and Rs. 2,00,000, respectively. They are allowed 6% per annum interest on their cap itals and are charged 10% per annum interest on their drawings. Their drawings during the year were Rs. 60,000 for A and Rs. 40,000 for B. B's share of net profit as per profit and loss appropriation account amounted to Rs. 40,000. The net profit of the firm before any appropriation was

Which statement is true in case of Receipt and Payment A/c:

Advanced money received from a customer for supply of goods in future is a/an

The sum of the shares sacrificed by the old partners is equal to the share given to . . . . . . . . .

If Opening Stock is Rs. 10,000, Net Purchase Rs. 70,000, Wages Rs. 2,500, Carriage Inward Rs. 500 and Closing Stock Rs. 15,000. What is the Manufacturing Cost?

A worker is paid Rs. 1 per hour, and the standard time fixed in 10 hours. Whereas the rate of premium is 50%. One worker is able to complete the work in 8 hours. The wages payable to him under Halsey Plan will be: