Accounting MCQ Questions and Solutions with Explanations | Commerce

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91.
Rebate on bills discounted is also called . . . . . . . .

A. unexpired discount

B. earned discount

C. expired discount

D. received discount

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92.
The system of recording transactions based on dual aspect concept is called:

A. double account system

B. double entry system

C. single entry system

D. single account system

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93.
Receipts and payments account is a . . . . . . . .

A. Personal account

B. Nominal account

C. Real account

D. Representative account

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94.
Which of the following is/are capitalised along with the purchase price a fixed asset?
I. Import duty
II. Delivery and handling cost
III. Cash discount
IV. Cost of installation
Select the correct answer using the options given below:

A. III only

B. II and III

C. I, II and IV

D. I, II, III and IV

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95.
Accumulated depreciation account is shown in the final accounts:

A. on the liability side of the balance sheet

B. on the debit side of the profit and loss account

C. by deducting from the related asset account in the balance sheet

D. on the credit side of the profit and loss account

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96.
Buyback of shares should not exceed . . . . . . . . of paid up capital and free reserve of the company.

A. 50%

B. 10%

C. 5%

D. 25%

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97.
An example of revenue expenditure is . . . . . . . .

A. Purchase of land

B. Salaries

C. Lease

D. Purchase of buildings

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98.
Which of the following does not involve liquidation of any company?

A. internal reconstruction

B. amalgamation

C. absorption

D. external reconstruction

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99.
Which account is generally used for rectification of errors?

A. Memorandum account

B. Suspense account

C. Rectification account

D. Adjustment account

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100.
The balance sheet is a . . . . . . . . of the assets, liabilities and capital of a concern as on particular date.

A. Statement

B. Document

C. Picture

D. Balance

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. Rebate on bills discounted is also called . . . . . . . .

Answer & Solution

92. The system of recording transactions based on dual aspect concept is called:

Answer & Solution

93. Receipts and payments account is a . . . . . . . .

Answer & Solution

94. Which of the following is/are capitalised along with the purchase price a fixed asset? I. Import duty II. Delivery and handling cost III. Cash discount IV. Cost of installation Select the correct answer using the options given below:

Answer & Solution

95. Accumulated depreciation account is shown in the final accounts:

Answer & Solution

96. Buyback of shares should not exceed . . . . . . . . of paid up capital and free reserve of the company.

Answer & Solution

97. An example of revenue expenditure is . . . . . . . .

Answer & Solution

98. Which of the following does not involve liquidation of any company?

Answer & Solution

99. Which account is generally used for rectification of errors?

Answer & Solution

100. The balance sheet is a . . . . . . . . of the assets, liabilities and capital of a concern as on particular date.

Answer & Solution

Read More Section(Accounting)

91.
Rebate on bills discounted is also called . . . . . . . .

92.
The system of recording transactions based on dual aspect concept is called:

93.
Receipts and payments account is a . . . . . . . .

94.
Which of the following is/are capitalised along with the purchase price a fixed asset?
I. Import duty
II. Delivery and handling cost
III. Cash discount
IV. Cost of installation
Select the correct answer using the options given below:

95.
Accumulated depreciation account is shown in the final accounts:

96.
Buyback of shares should not exceed . . . . . . . . of paid up capital and free reserve of the company.

97.
An example of revenue expenditure is . . . . . . . .

98.
Which of the following does not involve liquidation of any company?

99.
Which account is generally used for rectification of errors?

100.
The balance sheet is a . . . . . . . . of the assets, liabilities and capital of a concern as on particular date.