Accounting MCQ Questions and Solutions with Explanations | Commerce

You have a large residual fund which you wish to invest in a firm for long term. Which of the following ratio would be most appropriate for you to decide

The Works Manager is entitled to 5% commission on net profits after charging his commission and General Manager's commission; the General Manager gets 10% commission on net profits remaining after charging his commision and Works Manager's commission. If the net prifits before charging any commission is Rs. 1,000 the General Manager's commission will be

A company issued Rs. 1,00,000 worth of $$7\frac{1}{2}\% $$  Debentures of Rs. 100 each at a discount of 5%. These debentures are repayable after 10 years in a lum-sum at a premium of 5%. The amount of loss on issue of debentures to be written-off each year will be

As per AS-2 this standard should be applied in accounting for inventories other than
1. work-in-progress arising under constrution contracts, including directly related service contracts (see Accounting Standard (AS)-7, construction contracts).
2. work-in-progress arising in the ordinary course of business of service providers.
3. shares, debentures and other financial instruments held as stock-in-trade.
4. producer's inventories of livestock, agricultural and forest products and mineral oils, ores and gases to the extent that they are measured at net realisable value in accordance with well established practices in those industries.
5. work-in-progress arising in the special course of business of service providers.
Select the correct answer:

On 1^st January, 2004, 'A' took a mine on lease for 10 years. The rate of profession fee is 50 paise per tonne and the minimum fare is Rs. 8,000 per annum. Short working amount has the right to be recovered till 31^st December, 2008. Production was as follows-
2004 ⇔ 3,000 ton, 2005 ⇔ 10,000 ton, 2006 ⇔ 20,000 ton, 2007 ⇔ 28,000 ton, 2008 ⇔ 14,200 ton.
The amount to be given to the landlord for the year 2006 is

When shares are forfeited, the share capital account is debited with . . . . . . . . and the share forfeiture accountis credited with . . . . . . . .

Redeemable preference shares can be redeemed

If profit is 25% of cost price and sales is Rs. 5,000 then what is amount of profit?

Interest is always calculated on the

The amount of goodwill brought in by new partner is transferred to old partners in . . . . . . . .