Accounting MCQ Questions and Solutions with Explanations | Commerce

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81.
If earning per share of X Co. is Rs. 15 and the price earning ratio of other similar companies is 10, then the market value of shares of X Co. will be:

A. Rs. 300

B. Rs. 150

C. Rs. 75

D. Rs. 25

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82.
The original cast of a asset is Rs. 4,15,000 is. The useful life of the asset is 20 year and net residual value of estimated at Rs. 65,000. The amount of depreciation each year will be

A. Rs. 17,000

B. Rs. 17,500

C. Rs. 18,000

D. Rs. 18,500

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83.
Deficiency or surplus account in the liquidation of a company is called

A. List-C

B. List-D

C. List-G

D. List-H

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84.
The basis of generally accepted accounting principles are

A. Assumptions

B. Rules

C. Standards

D. Conventions

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85.
The bad debts that have been written off, if recovered subsequently then they are credited to

A. Debtors account

B. Sales account

C. Trading account

D. Profit and loss account

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86.
Secret Reserve in a concern be created by the following:

A. Undervaluing fixed assets

B. Treating revenue expenses as capital expenses

C. Undervaluing liabilities

D. By A & B

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87.
'Provision' under the companies act, 1956 means with holding of profit for the following

A. For a known liability whose amount can be very accurately determined

B. For a known liability whose amount cannot be very accurately determined

C. For any unknown liability

D. For any general or specific purpose

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88.
If two companies have different accounting policies with respect to the same item, then they make necessary changes to adopt accounting policies.

A. Uniform

B. Fifo method

C. Lifo method

D. None of the above

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89.
Everything a firm owns, it also owes out to somebody. This co-incidenceis explained by the . . . . . . . . concept.

A. dual aspect

B. prudence

C. money measurement

D. revenue recognition

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90.
In journal transactions are recorded on

A. Chronological basis

B. Analytical basis

C. Convenience basis

D. Selective basis

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Accounting MCQ Questions and Solutions with Explanations | Commerce

81. If earning per share of X Co. is Rs. 15 and the price earning ratio of other similar companies is 10, then the market value of shares of X Co. will be:

Answer & Solution

82. The original cast of a asset is Rs. 4,15,000 is. The useful life of the asset is 20 year and net residual value of estimated at Rs. 65,000. The amount of depreciation each year will be

Answer & Solution

83. Deficiency or surplus account in the liquidation of a company is called

Answer & Solution

84. The basis of generally accepted accounting principles are

Answer & Solution

85. The bad debts that have been written off, if recovered subsequently then they are credited to

Answer & Solution

86. Secret Reserve in a concern be created by the following:

Answer & Solution

87. 'Provision' under the companies act, 1956 means with holding of profit for the following

Answer & Solution

88. If two companies have different accounting policies with respect to the same item, then they make necessary changes to adopt accounting policies.

Answer & Solution

89. Everything a firm owns, it also owes out to somebody. This co-incidenceis explained by the . . . . . . . . concept.

Answer & Solution

90. In journal transactions are recorded on

Answer & Solution

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81.
If earning per share of X Co. is Rs. 15 and the price earning ratio of other similar companies is 10, then the market value of shares of X Co. will be:

82.
The original cast of a asset is Rs. 4,15,000 is. The useful life of the asset is 20 year and net residual value of estimated at Rs. 65,000. The amount of depreciation each year will be

83.
Deficiency or surplus account in the liquidation of a company is called

84.
The basis of generally accepted accounting principles are

85.
The bad debts that have been written off, if recovered subsequently then they are credited to

86.
Secret Reserve in a concern be created by the following:

87.
'Provision' under the companies act, 1956 means with holding of profit for the following

88.
If two companies have different accounting policies with respect to the same item, then they make necessary changes to adopt accounting policies.

89.
Everything a firm owns, it also owes out to somebody. This co-incidenceis explained by the . . . . . . . . concept.

90.
In journal transactions are recorded on