Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6

26.
Liability for bill discounted is a

A. Contingent liability

B. Fixed liability

C. Current liability

D. None of the above

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27.
Interest on debentures is calculated on

A. Purchase value of debentures

B. Market value of debentures

C. Face value of debentures

D. All of the above

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28.
The parties to joint venture are called

A. Friends

B. Principal and agent

C. Partners

D. Co-ventures

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29.
Under diminishing balance method, depreciation

A. Is constant every year

B. Increases every year

C. Decreases every year

D. None of the above

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30.
Legal expenses incurred on a suit for breach of contract to supply goods is a

A. Capital expenditure

B. Deferred Revenue expenditure

C. Revenue expenditure

D. Both 'b' and 'c'

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Accounting MCQ Questions and Solutions with Explanations | Commerce

26. Liability for bill discounted is a

Answer & Solution

27. Interest on debentures is calculated on

Answer & Solution

28. The parties to joint venture are called

Answer & Solution

29. Under diminishing balance method, depreciation

Answer & Solution

30. Legal expenses incurred on a suit for breach of contract to supply goods is a

Answer & Solution

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26.
Liability for bill discounted is a

27.
Interest on debentures is calculated on

28.
The parties to joint venture are called

29.
Under diminishing balance method, depreciation

30.
Legal expenses incurred on a suit for breach of contract to supply goods is a