Accounting MCQ Questions and Solutions with Explanations | Commerce

. . . . . . . . profit means profit which would otherwise be available for distribution of dividend.

Which of the following accounts is increased by debit entries?

Sales A/c Dr To Trading A/c Is an example of . . . . . . . .

Bills Payable book is to keep a record of . . . . . . . .

Which of the following does not represent application of fund of a company?

The basic function of financial accounting is to:

Assets in the beginning of the year Rs. 10,000, Assets at the end of the year Rs. 18,000, Drawing during the year Rs. 2,000. Therefore the profit is:

Conversion of physical shares into electronic securities is called . . . . . . . .

Company accounting conforms more to dual aspect concept than to incomplete recording system because:
I. Companies Act insists upon the adoption of double entry systems of book keeping
II. Balance sheet could not be preprared under sec. 211 of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure
Select the correct answer from the options given below and mark your answer sheet accordingly.

The prime function of accounting is to: