Accounting MCQ Questions and Solutions with Explanations | Commerce

A. Environment

B. Community

C. Energy

D. All of the above

A. Only cash sales

B. Only credit sales

C. Both cash and credit sales

D. None of the above

A. Net profit + increase in current assets

B. Net profit + decrease in current liabilities

C. Profit from operation ± Adjustment of increase and decrease in current assets and liabilities

D. Fund from operation ± Adjustment of increase and decrease in current assets and current liabilities

A. goodwill

B. preliminary expenses

C. deferred revenue expenses

D. all of the above

A. Credit purchase of goods

B. Cash sale of an old motor car

C. Issue of equity shares in lieu of some machinery

D. Cash purchase of a machine

A. 10%

B. 20%

C. 25%

D. $$33\frac{1}{3}\% $$

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

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

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

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

A. Interest Coverage Ratio

B. Cash Flow Coverage Ratio

C. Debt Service Coverage Ratio

D. Fixed Assets Coverage Ratio

A. Profit and loss account

B. Profit and loss adjustment account

C. Asset side of balance sheet

D. Liabilities side of balance sheet

A. shareholders

B. registered office

C. place at books of accounts are kept

D. none of the above