Accounting MCQ Questions and Solutions with Explanations | Commerce

A. Any tax/freight is paid on purchases

B. General salaries paid to laborers

C. Tax & freight paid on sale

D. Interest on deposits

A. Cash at bank

B. Bank overdraft

C. Over payment to creditors

D. Cash in hand

A. Creates future benefits

B. Incurred to acquire fixed assets

C. Incurred to increase the economic life of existing fixed assets

D. Reduce the profit of the concern

A. Accounts receivable

B. Accounts payable

C. Sales revenue

D. Marketable securities

A. Negative balance

B. Debit balance

C. Positive balance

D. Credit balance

A. Voucher

B. General Journal

C. General Ledger

D. Trial Balance

A. Operating expenses

B. Product cost

C. Deferred expenses

D. Direct cost

A. Revenue expense

B. Capital expense

C. Administrative expense

D. Operating expense

A. Asset side of the Balance sheet

B. Liability side of the Balance sheet

C. Credit side of the Trading account

D. All of the above

A. Current assets

B. Liquid asset

C. Floating assets

D. Fixed asset