Accounting MCQ Questions and Solutions with Explanations | Commerce

A. Rs. 7,20,000

B. Rs. 7,60,000

C. Rs. 8,00,000

D. Rs. 9,60,000

A. 2.43 : 1

B. 3 : 2

C. 3.4 : 1.7

D. 4.75 : 1.43

A. Convention of conservation

B. Convention of disclosure

C. Convention of materiality

D. Money measurement concept

A. a-4, b-3, c-1, d-2

B. a-4, b-1, c-2, d-3

C. a-4, b-3, c-2, d-1

D. a-3, b-4, c-1, d-2

A. Bank overdraft

B. Closing stock

C. Debtors

D. Bills receivable

A. redemption of redeemable preference shares

B. redemption of redeemable debentures

C. reorganisation of share capital

D. issue of bonus shares

A. In case memorandum account is opened, the assets and liabilities appear in the new Balance Sheet at their revised values

B. In case the newly admitted partner pays cash for his share of goodwill, it will be credited to old partner's capital accounts in their sacrificing ratio

C. All accumulated profits and reserves are to be transferred to the profit and loss adjustment account on admission of a new partner

D. When goodwill account is appearing in the books at a proper value, the new partner has to pay proportionate amount by way of good will to the old partners

A. Reserve

B. Provision

C. Liability

D. None of these

A. 14%

B. 6%

C. 20%

D. None of these

A. Original entry

B. Final entry

C. Adjustment entry

D. Rectification entry