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.

The nature of financial accounting is:

A) Historical B) Forward looking C) Analytical D) Social

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Answer & Solution

Answer: Option A

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Interest on drawings is:

A) Expenditure for the business B) Cost for the business C) Gain for the business D) None of the above

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Answer & Solution

Answer: Option C

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Which of these items would be accounted for as an expense?

A) Repayment of bank loan B) Dividend to stock holders C) The purchase of land D) Payment of current period rent

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Answer & Solution

Answer: Option D

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Debit the receiver credit the giver rule for:

A) Real a/c B) Personal a/c C) Nominal a/c D) None of these

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Answer & Solution

Answer: Option B

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Which of the following statements is correct in regards to tariff barrier?
1. It affects the price of imported goods.
2. It affects the quantity of imported goods.
Select the correct answer:

A) Only 1 B) Only 2 C) Both 1 and 2 D) Neither 1 nor 2

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Answer & Solution

Answer: Option A

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Liabilities in balance sheet include the following items:

A) Long-term loan B) Short-term loan C) Owner's fund D) All of these

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Answer & Solution

Answer: Option D

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P & L a/c is prepared for a period of one year by following:

A) Consistency concept B) Conservatism concept C) Accounting period concept D) Cost concept

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Answer & Solution

Answer: Option C

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The word accounting can be classified into:

A) Financial accounting and management accounting B) Financial accounting and cost accounting C) Financial accounting, management accounting and cost accounting D) Cannot be classified

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Answer & Solution

Answer: Option C

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The basic sequence in the accounting process can best be described as:

A) Transaction, journal entry, source document, ledger account, trial balance B) Source document, transaction, ledger account, journal entry, trial balance C) Transaction, source document, journal entry, trial balance, ledger account D) Transaction, source document, journal entry, ledger account, trial balance

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Answer & Solution

Answer: Option D

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Book-keeping is mainly concerned with:

A) Recording of financial data relating to business operation B) Designing the systems in recording classifying, summarizing the recorded data C) Interpreting the data for internal and external users D) None of these

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Answer & Solution

Answer: Option A

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