Accounting MCQ Questions and Solutions with Explanations | Commerce

If a partner takes leaves from the firm then his share of goodwill is debited to remaining partners capital account in . . . . . . . . ratio?

After redemption of debentures, the balance of Sinking Fund Account is transferred to

Assessment year starts from:

A company incorporated on 1^st April 2001 took over a running business from 1^st January, 2001 and prpared its final accounts on 31^st December, 2001. Its grows profit was Rs. 24,000 and sales were as under:
January - Twice the average sale
February - Equal to average sale
May to August - $${\frac{1}{4}^{{\text{th}}}}$$ of average sale, each month
October and November - 3 times the average sale each month
What is the Gross Profit prior to incorporation:

Match the following:

List-I	List-II
a. A new partner can be admitted with the consent of . . . . . . . . existing partners.	1. current
b. Increase in liability at the time of retirement is debited to . . . . . . . . account.	2. all
c. Buying and selling is . . . . . . . . power of partners.	3. revaluation
d. The . . . . . . . . account of partner may have a debit or credit balance.	4. implied

Which of the following is the base for preparing trial balance?

If a person starts business with Rs. 50,000 cash, goods worth Rs. 50,000 and fixed assets worth Rs. 1,00,000 then his capital would be:

Discount allowed on reissue of forfeited shares is debited to

Income is measured on the basis of

Which of the following techniques for appraisal of investment proposals are based on time value of money?
1. Accounting Rate of Return
2. Internal Rate of Return
3. Profitability Index Method
4. Earnings Per Share