Accounting MCQ Questions and Solutions with Explanations | Commerce

A. All partners are insolvent

B. All partners are solvent

C. Some partners are insolvent

D. None of the above

A. Current assets - Working capital

B. Working capital - Current assets

C. Current assets + Working capital

D. None of these

A. Opening stock = Cost of good sold - closing stock + Total purchase

B. Opening stock = cost of goods sold - closing stock - Total purchase

C. Opening stock = cost of goods sold + closing stock + Total purchase

D. Opening stock = cost of goods sold + closing stock - Net purchase

A. Liabilities side of balance sheet

B. Asset side of balance sheet

C. Dr. side of profit and loss account

D. Dr. side of profit and loss account

A. On signing the contrast

B. On payment of first installment

C. On payment of last installment

D. When the seller so desires

A. Trading account

B. Asset side of balance sheet

C. Both A and B

D. None of the above

A. Sales, revenues and incomes should not be anticipated or materially overstated

B. There must be proper cut off accounting for inventories and liabilities for costs and expenses

C. Non-recurring and extraordinary gains and losses should be recognised in the period they accrue, but should be shown separately from the usual operations

D. Long-term investments in securities should ordinarily be carried at market quotations

A. Minimum number of partner in partnership is three

B. Minimum number of members in private company is two

C. Sole-proprietorship is oldest form of business organisation

D. It is necessary to register a public company

A. Misapplication of the resources of the community

B. Better application of the resources of the community

C. Over-utilization of the resources of the community

D. Causing no harm to the use of the resources of the community

A. Rs. 1,27,700

B. Rs. 1,22,360

C. Rs. 1,32,940

D. Rs. 1,36,730