Accounting MCQ Questions and Solutions with Explanations | Commerce

Home / Commerce / Accounting

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

Answer & Solution Discuss in Board Save for Later

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

Answer & Solution Discuss in Board Save for Later

28.
The parties to joint venture are called

A. Friends

B. Principal and agent

C. Partners

D. Co-ventures

Answer & Solution Discuss in Board Save for Later

29.
Under diminishing balance method, depreciation

A. Is constant every year

B. Increases every year

C. Decreases every year

D. None of the above

Answer & Solution Discuss in Board Save for Later

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'

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10 11 12 13

Read More Section(Accounting)

Each Section contains maximum 70 questions. To get more questions visit other sections.