Accounting MCQ Questions and Solutions with Explanations | Commerce

A, B and C are partners in a firm. Their profit sharing ratio is 4 : 3 : 2. What will be their sacrificing ratio upon admission of D?

When liquidation expenses are paid and borne by the seller company, then it is debited to

The benefits of debt financing over equity financing are likely to be highest in which of the following situations?

Recording of business transaction in a systematic manner and classifying them in ledger is called

Preparation of consolidated statement as per AS-21 is

Income and Expenditure A/c includes figures relating to:

Statement I IFRS are issued by International Accounting Standard Board (IASB).
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1^st January, 2019.

Share can be issued at a discount only after . . . . . . . . year from the commencement of business.

Consider the following statements.
1. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns.
2. Assets are to be shown in the balance sheet at their replacement cost on liquidation.
3. Money measurement concept takes into account changes in the value of monetary unit.
4. When a creditor is paid, this results in decrease of one asset and a corresponding increase in other asset.
Which of the statements given above are correct?

Which of the following statement about a minor partner is incorrect?