Miscellaneous in Commerce MCQ Questions and Solutions with Explanations

Miscellaneous in Commerce MCQ Questions and Solutions with Explanations | Commerce

Miscellaneous in Commerce MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Miscellaneous in Commerce MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-1

Transferring the debit and credit item from the journal to the respective accounts is called:

A) Compound journal B) Ledger C) Trial balance D) None of these

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Answer & Solution

Answer: Option B

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The machinery of a computer and associated equipments is called-

A) C. P. U. B) Printer C) Hardware D) Software

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Answer & Solution

Answer: Option C

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Fixed assets and current assets are categorized as per concept of:

A) Separate entity B) Going concern C) Consistency D) Time period

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Answer & Solution

Answer: Option B

Solution:

In accounting, fixed assets and current assets are categorized as per the concept of Going concern. The going concern concept assumes that the entity will continue its operations for the foreseeable future, and assets are classified based on their nature and usage in the ongoing business activities.

Therefore, the correct answer is Option B: Going concern.

Creating Provision against fluctuation in the price of investment is an example of which accounting convention:

A) Convention of conservatism B) Convention of full disclosure C) Convention of materiality D) Convention of consistency

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Answer & Solution

Answer: Option A

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Material concept tell about:

A) Disclosure of loss B) Disclosure of profit C) Disclosure of all information which are important for investor D) Disclosure of all information which are important for management

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Answer & Solution

Answer: Option C

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Which one of the following is not an example of Intangible Assets?

A) Patents B) Trademarks C) Copyright D) Land

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Answer & Solution

Answer: Option D

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The concept of separate entity is applicable to which of following types of businesses?

A) Sole proprietorship B) Corporation C) Partnership D) All of them

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Answer & Solution

Answer: Option D

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A company's telephone bill consisting of a Rs. 200 monthly base amount, plus long distance charges, would be classified as a:

A) Variable cost B) Committed fixed cost C) Direct cost D) Semi variable cost

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Answer & Solution

Answer: Option D

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Rent paid to landlord should be credited to:

A) Landlords account B) Rent account C) Cash account D) Expense account

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Answer & Solution

Answer: Option C

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A franking machine is used for:

A) Putting stamps on letters B) Folding letters C) Filing letters D) Copying letters

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Answer & Solution

Answer: Option A

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