Accounting MCQ Questions and Solutions with Explanations | Commerce
Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-1 section-27
Consider the following statement, while preparing annual financial statements, the balance of bills receivable account can be treated as-
I. an accrued income
II. an item of assets
III. a "personal account" balance
Of these statement:
A firm which keeps its books of accounts on single entry system has opening balance and closing balance of Bills Receivable as Rs. 9,000 and Rs. 11,000 respectively. Bills collected during the financial period amount to Rs. 20,000. Bills receivable received during the financial period amount to:
