Accounting MCQ Questions and Solutions with Explanations | Commerce

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51.
Which is the accounting concept that requires the practice of crediting closing stock to the trading account?

A. Going concern

B. Cost

C. Realization

D. Matching

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52.
Which of the following is not an advance given by a bank?

A. loan

B. overdraft

C. deposit

D. cash credit

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53.
Account current is a journal is . . . . . . . .

A. True

B. False

C. Partly true

D. Partly false

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54.
If payment is made on the average due date it results in . . . . . . . .

A. loss of interest to the creditor

B. loss of interest to the debtor

C. no loss of interest to either of them

D. loss of interest to both the creditor and debtor

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55.
Which one of the following arrangements represents the order of liquidity?

A. Cash, Bills Receivable, Stock, Debtors

B. Cash, Bills Receivable, Debtors, Stock

C. Cash, Stock, Bills Receivable, Debtors

D. Cash, Debtors, Bills Receivable, Stock

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56.
. . . . . . . . implies issue and allotment of shares to a selected group of persons and not to general public.

A. Initial public offer

B. Right issue

C. Private placement

D. Pre-emptive right

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57.
Depreciation, as the term is used in accounting, means:

A. physical deterioration of a fixed asset

B. decline in the market value of an asset

C. allocation of the cost of fixed asset over its useful life

D. making a provision for the replacement of the fixed asset

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58.
Returns outward book makes a record of:

A. goods returned to the suppliers

B. goods returned to customers

C. goods returned to proprietor

D. goods returned to neighbours

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59.
The balance in capital reduction a/c after writing off all accumulated loss, fictitious assets and overvalued assets are transferred to . . . . . . . .

A. capital reserve

B. general reserve

C. reserve capital

D. goodwill

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60.
Forfeiture of shares results in compulsory termination of . . . . . . . . due to non-payment of allotment/call money.

A. allotment

B. membership

C. subscription

D. issue

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Accounting MCQ Questions and Solutions with Explanations | Commerce

51. Which is the accounting concept that requires the practice of crediting closing stock to the trading account?

Answer & Solution

52. Which of the following is not an advance given by a bank?

Answer & Solution

53. Account current is a journal is . . . . . . . .

Answer & Solution

54. If payment is made on the average due date it results in . . . . . . . .

Answer & Solution

55. Which one of the following arrangements represents the order of liquidity?

Answer & Solution

56. . . . . . . . . implies issue and allotment of shares to a selected group of persons and not to general public.

Answer & Solution

57. Depreciation, as the term is used in accounting, means:

Answer & Solution

58. Returns outward book makes a record of:

Answer & Solution

59. The balance in capital reduction a/c after writing off all accumulated loss, fictitious assets and overvalued assets are transferred to . . . . . . . .

Answer & Solution

60. Forfeiture of shares results in compulsory termination of . . . . . . . . due to non-payment of allotment/call money.

Answer & Solution

Read More Section(Accounting)

51.
Which is the accounting concept that requires the practice of crediting closing stock to the trading account?

52.
Which of the following is not an advance given by a bank?

53.
Account current is a journal is . . . . . . . .

54.
If payment is made on the average due date it results in . . . . . . . .

55.
Which one of the following arrangements represents the order of liquidity?

56.
. . . . . . . . implies issue and allotment of shares to a selected group of persons and not to general public.

57.
Depreciation, as the term is used in accounting, means:

58.
Returns outward book makes a record of:

59.
The balance in capital reduction a/c after writing off all accumulated loss, fictitious assets and overvalued assets are transferred to . . . . . . . .

60.
Forfeiture of shares results in compulsory termination of . . . . . . . . due to non-payment of allotment/call money.