Miscellaneous in Commerce MCQ Questions and Solutions with Explanations | Commerce

A. a-1, b-2, c-4, d-3

B. a-3, b-1, c-2, d-4

C. a-1, b-3, c-4, d-2

D. a-4, b-3, c-2, d-1

A. Outstanding expenses

B. Cash a/c

C. Short-term loan

D. Creditors

A. Accrual concept

B. Cost concept

C. Continuity concept

D. Money measurement concept

A. Opportunity cost

B. Sunk cost

C. Incremental cost

D. Decremental cost

A. Nominal account - debit all expenses & losses

B. Real account - credit what comes in

C. Nominal account - credit all incomes & gains

D. Personal account - debit the receiver

A. The general ledger is a chronological record of transactions

B. The general ledger is posted from transactions recorded in the general journal

C. The trial balance provides the primary source document for recording transactions into the general journal

D. Transposition is the transfer of information from the general journal to the general ledger

A. Profit

B. Assets

C. Company

D. Books of A/c

A. Health of the managing director of the company

B. Quality of company goods

C. Value of plant and machinery

D. Health of labour in factory

A. Appropriation of profits

B. Estimates of profits

C. Estimates of costs

D. None of these

A. Income Statement

B. Cash Flow Statement

C. Balance Sheet

D. Fund Flow Statement