Miscellaneous in Commerce MCQ Questions and Solutions with Explanations

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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-7 section-1

Each section contains 100 MCQs on Miscellaneous in Commerce .

Which type of asset class includes those assets which have only definite use and become valueless when the yield is over?

A) Fixed asset B) Current asset C) Fictitious asset D) Wasting asset

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Cash Purchases:

A) Increases assets B) Results in no change in the total assets C) Decreases assets D) Increases liability

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Payment of salary is recorded by:

A) Debiting salary a/c; crediting cash a/c B) Debiting cash a/c; crediting salary a/c C) Debiting employee a/c; crediting cash a/c D) Debiting employee a/c; crediting salary a/c

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Payment received from Debtor:

A) Decreases the Total Assets B) Increases the Total Assets C) Results in no change in the Total Assets D) Increases the Total Liabilities

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Accountant should follow the same principles of accounting continuously is as per which accounting convention:

A) Convention of conservatism B) Convention of full disclosure C) Convention of consistency D) None of these

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Cost accounting is applied to:

A) Public undertakings only B) Large business enterprise only C) Small business concerns only D) Manufacturing and service concern

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Franking machine is used for-

A) Folding letters B) To sew the envelope C) In sealing the envelops D) Printing of stamp on envelops

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following is a real (permanent) account?

A) Goodwill B) Sales C) Accounts Receivable D) Both Goodwill and Accounts Receivable

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following functions is managerial accounting intended to facilitate?

A) Planning B) Decision making C) Control D) All of these

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The revenue recognition principal dictates that all types of incomes should be recorded or recognized when:

A) Cash is received B) At the end of accounting period C) When they are earned D) When interest is paid

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

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Miscellaneous in Commerce MCQ Questions and Solutions with Explanations | Commerce