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-9 section-4

Franking machine is used for which of the following work?

A) To issue multiple copies of a letter B) To print ticket C) For accounting work D) For punching card

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Answer & Solution

Answer: Option B

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Franco Invoice includes

A) all costs upto putting the goods at the door of the buyer B) cost, insurance and freight C) all the costs upto Railway Station D) all costs upto loading the goods into the railway wagons

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Answer & Solution

Answer: Option A

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The final accounts of a Joint Stock Company are prepared in accordance with:

A) Schedule VI of Section 211 of the Companies Act B) Schedule III of Section 211 of the Companies Act C) Schedule V of Section 211 of the Companies Act D) Section 210 of the Companies Act

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Answer & Solution

Answer: Option A

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The practice of appending notes regarding contingent liabilities in accounting statements is in pursuance to:

A) Convention of consistency B) Money measurement concept C) Convention of conservatism D) Convention of disclosure

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Answer & Solution

Answer: Option D

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Under which concept it is assumed that the enterprises has neither the intention nor the necessity of liquidation or of curtailing materiality the scale of operation?

A) Revenue realization concept B) Matching cost concept C) Going concern concept D) None of these

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Answer & Solution

Answer: Option C

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Prepaid expense is treated as:

A) Current asset B) Current liability C) Short-term liability D) None of these

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Answer & Solution

Answer: Option A

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A business has the following items in it:
Land Rs. 1,000,000
Machinery Rs. 20,000
Cash Rs. 10,000
Debt Rs. 0
Owner's equity? What is the valve of owner's equity?

A) Rs. 1020000 B) Rs. 1010000 C) Rs. 1030000 D) None of the above

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Answer & Solution

Answer: Option C

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The following comments each relate to the recording of journal entries. Which statement is true?

A) For any given journal entry, debits must exceed credits B) It is customary to record credits on the left and debits on the right C) The chart of accounts reveals the amount to debit and credit to the affected accounts D) Journalization is the process of converting transactions and events into debit/credit format

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Answer & Solution

Answer: Option D

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The term 'capital structure' implies:

A) Share Capital + Reserves + Long-Term Debts B) Share Capital + Long and Short-Term Debts C) Share Capital + Long-Term Debts D) Equity and Preference Share Capital

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Answer & Solution

Answer: Option A

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Under Management Reporting System, Control Reports and Information Reports are integral part of

A) Financial Reports B) Operating Reports C) Both Financial Reports and operating Reports D) Reports to be given to shares holders

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Answer & Solution

Answer: Option B

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